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Records Non-Cash Impairment Charge for Intangible Assets of $1,226,000 Before Tax Benefit
14.0% Increase in Net Sales in Fourth Quarter 2012
83.3% Increase in Earnings Per Share in Fourth Quarter 2012 Before Impairment Charge
SEMINOLE, Fla., Feb. 26, 2013 (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 2012.
The Company announced that for the year ended December 31, 2012, net sales increased 6.3% to $119,486,000, compared to 2011 net sales of $112,373,000. Net earnings for the year ended December 31, 2012 were $3,031,000 or $0.49 per share (diluted) compared to $4,136,000 or $0.68 per share (diluted) reported for the year ended December 31, 2011.
Net earnings for the fourth quarter ended December 31, 2012 were $485,000 or $0.08 per share (diluted) compared to net earnings of $725,000 or $0.12 per share (diluted) reported for the fourth quarter ended December 31, 2011. Net earnings for the fourth quarter included a non-cash, pre-tax intangible asset impairment loss of $1,226,000 to write off the remaining balance of its intangible asset associated with its licensing agreement with EyeLevel Interactive North America, LLC. After tax, this charge resulted in a reduction of earnings per share (diluted) of approximately $0.14.
Michael Benstock, chief executive officer, commented: "We are very pleased to report a 6.3% increase in net sales for the year. We are especially pleased to report our fourth quarter results as we achieved a 14.0% increase in net sales and an increase of approximately 83% in our earnings per share (diluted) before consideration of the intangible asset impairment loss. We reported strong gains in net sales in the fourth quarter for both our Uniforms and Related Products segment at 12.8% and our Remote Staffing Solutions segment at 55%.