- Enters Into License and Distribution Agreement for New Product Line
SEMINOLE, Fla., Feb. 24, 2011 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, image apparel and accessories, today announced its fourth quarter and year-end operating results for 2010.
The Company announced that for the year ended December 31, 2010, net sales increased 3.0% to $105,877,854, compared to 2009 net sales of $102,801,921. Net earnings for the year ended December 31, 2010 were $3,807,000 or $0.64 per share (diluted) compared to $1,966,882 or $0.33 per share (diluted) reported for the year ended December 31, 2009.
Net earnings for the fourth quarter ended December 31, 2010 were $943,525 or $0.16 per share (diluted) compared to net earnings of $511,601 or $0.09 per share (diluted) reported for the fourth quarter ended December 31, 2009.Michael Benstock, chief executive officer, commented: "We are very proud to report our operating results for 2010. Although the current economic environment continued to hamper sales, we were able to realize the fruits of our hard work by improving our cost structure. We reported an increase of approximately 94 percent in our earnings per share on a three percent increase in net sales. We have achieved these significant cost reductions while maintaining our 'Customer 1st, Every Time!' philosophy. Our balance sheet remains very strong and provides us with the financial wherewithal to continue to invest in our future—looking for strategic acquisitions to help increase our market share." As part of the effort to continue investing in the Company's future to help better serve current and potential new customers, Superior Uniform Group recently aligned with EYELEVEL INTERACTIVE, LLC (EI™), innovators of patented interactive media garment technology. The two companies entered into a licensing agreement on Jan. 4, 2011. This licensing agreement marks the introduction of EI's iPOPS™ (Interactive Point of Purchase System™) into the marketplace with the revolutionary concept of interchangeable panels that include digital and interactive advertising and promotions directly applied to the front and/or the back of the Superior Uniform Group employee uniform.