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Superior Uniform Group, Inc. Reports Operating Results For 2012

"We believe that 2012 was a transition year for the Company as we worked to improve our internal sales and marketing support systems for both our Uniforms and Related Products segment and our Remote Staffing Solutions segment. We enter 2013 in a very strong position and anticipate reporting continued significant improvement in our operating results."

ABOUT SUPERIOR UNIFORM GROUP, INC.

Superior Uniform Group, Inc. (Nasdaq:SGC), established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Headquartered in Seminole, Fla., Superior Uniform Group manages award-winning uniform apparel programs for major corporations nationwide.  Leaders in innovative uniform program design, global manufacturing and state-of-the-art distribution, Superior Uniform Group helps companies achieve a professional appearance and communicate their brands—particularly those in the healthcare, hospitality, food service, retail and private security industries. The company's commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, support customers' diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Superior Uniform Group is the parent company to The Office Gurus® and everyBODY media®.  For more information, call (800) 727-8643 or visit www.superioruniformgroup.com.

Statements contained in this press release which are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties, including without limitation, those identified in the Company's SEC filings, which could cause actual results to differ from those projected.

Comparative figures for 2012 and 2011 are as follows:

Superior Uniform Group, Inc. and Subsidiaries
Consolidated Statements of Income
     
  Three Months Ended December 31,
  (Unaudited)
  2012 2011
Net sales  $ 31,044,000  $ 27,238,000
     
Costs and expenses:    
Cost of goods sold  20,437,000  17,954,000
Selling and administrative expenses  8,550,000  8,663,000
Intangible asset impairment  1,226,000  -- 
Interest expense  6,000  6,000
   30,219,000  26,623,000
     
Income before taxes on income  825,000  615,000
Taxes on income  340,000  (110,000)
Net income  $ 485,000  $ 725,000
     
Weighted average number of shares outstanding during the period    
 (Basic)  6,091,377  5,987,598
(Diluted)  6,140,372  6,137,137
     
Per Share Data:    
     
Basic:    
Net earnings   $ 0.08  $ 0.12
Diluted:     
Net earnings  $ 0.08  $ 0.12
     
Dividends per common share  $ 0.675  $ 0.135
 
 
Superior Uniform Group, Inc. and Subsidiaries
     
Consolidated Statements of Income
Years Ended December 31, 
     
  2012 2011
Net sales  $ 119,486,000  $ 112,373,000
     
Costs and expenses:    
Cost of goods sold  79,723,000  72,114,000
Selling and administrative expenses  33,886,000  34,646,000
Intangible asset impairment  1,226,000  -- 
Interest expense  30,000  27,000
   114,865,000  106,787,000
     
Income before taxes on income  4,621,000  5,586,000
Taxes on income  1,590,000  1,450,000
     
Net income  $ 3,031,000  $ 4,136,000
     
Weighted average number of shares outstanding during the period    
 (Basic)  6,061,691  5,987,062
(Diluted)  6,142,997  6,094,914
Per Share Data:    
Basic:    
Net earnings  $ 0.50  $ 0.69
Diluted:    
Net earnings  $ 0.49  $ 0.68
     
Dividends per common share  $ 1.08  $ 0.54
 
 
Superior Uniform Group, Inc. and Subsidiaries
Consolidated Balance Sheets
     
December 31,     
     
ASSETS
(Unaudited)
  2012 2011
CURRENT ASSETS    
Cash and cash equivalents  $ 3,554,000  $ 2,804,000
Accounts receivable  16,655,000  15,942,000
Accounts receivable - other  2,995,000  3,745,000
Inventories  39,246,000  41,208,000
Prepaid expenses and other current assets  2,794,000  2,525,000
TOTAL CURRENT ASSETS  65,244,000  66,224,000
PROPERTY, PLANT AND EQUIPMENT, NET  8,723,000  8,412,000
OTHER INTANGIBLE ASSETS  559,000  2,749,000
DEFERRED INCOME TAXES  4,205,000  3,455,000
OTHER ASSETS  182,000  107,000
   $ 78,913,000  $ 80,947,000
     
LIABILITIES AND SHAREHOLDERS' EQUITY
     
CURRENT LIABILITIES     
Accounts payable  $ 6,629,000  $ 5,941,000
Other current liabilities  3,222,000  4,499,000
TOTAL CURRENT LIABILITIES  9,851,000  10,440,000
LONG-TERM DEBT  --   640,000
LONG-TERM PENSION LIABILITY  10,468,000  8,086,000
OTHER LONG-TERM LIABILITIES  736,000  735,000
DEFERRED INCOME TAXES  70,000  -- 
COMMITMENTS AND CONTINGENCIES    
TOTAL SHAREHOLDERS' EQUITY  57,788,000  61,046,000
   $ 78,913,000  $ 80,947,000
CONTACT: Andrew D. Demott, Jr., CFO
         (727) 803-7135

Stock quotes in this article: SGC 

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