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Superior Uniform Group, Inc. Reports First Quarter Operating Results

"Our financial position remains very strong and has us positioned to make further investments in all of our operations as we continue to pursue acquisitions and other opportunities to accelerate the growth of our business."

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 are as follows:

 
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
     
CONSOLIDATED STATEMENTS OF INCOME
     
THREE MONTHS ENDED MARCH 31, 
(Unaudited)
     
  2013 2012
     
Net sales  $ 30,985,000  $ 28,508,000
     
Costs and expenses:    
Cost of goods sold 19,672,000 19,046,000
Selling and administrative expenses 9,557,000 8,914,000
Interest expense 7,000 11,000
  29,236,000 27,971,000
     
Income before taxes on income 1,749,000 537,000
Income tax expense  520,000 210,000
     
Net income  $ 1,229,000  $ 327,000
     
Per Share Data:    
     
Basic:    
Net income  $ 0.20  $ 0.05
     
Diluted:    
Net income  $ 0.20  $ 0.05
     
Cash dividends per common share  $ --   $ 0.135
 
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
     
 CONSOLIDATED BALANCE SHEETS
     
MARCH 31, 
(Unaudited)
     
ASSETS
  2013 2012
     
CURRENT ASSETS:    
Cash and cash equivalents  $ 3,493,000  $ 2,929,000
Accounts receivable - trade 17,318,000 16,036,000
Accounts receivable - other 3,312,000 3,737,000
Prepaid expenses and other current assets 2,665,000 2,152,000
Inventories 39,340,000 40,398,000
     
TOTAL CURRENT ASSETS 66,128,000 65,252,000
     
PROPERTY, PLANT AND EQUIPMENT, NET 8,962,000 8,461,000
OTHER INTANGIBLE ASSETS 523,000 2,509,000
DEFERRED INCOME TAXES 4,630,000 3,695,000
OTHER ASSETS 163,000 142,000
     
   $ 80,406,000  $ 80,059,000
     
LIABILITIES AND SHAREHOLDERS' EQUITY
     
CURRENT LIABILITIES:    
Accounts payable  $ 6,246,000  $ 5,515,000
Other current liabilities 2,843,000 2,770,000
     
TOTAL CURRENT LIABILITIES 9,089,000 8,285,000
     
LONG-TERM DEBT 120,000 1,160,000
LONG-TERM PENSION LIABILITY  10,545,000 8,173,000
OTHER LONG-TERM LIABILITIES 700,000 750,000
DEFERRED INCOME TAXES 90,000 20,000
     
SHAREHOLDERS' EQUITY  59,862,000  61,671,000
     
   $ 80,406,000  $ 80,059,000
CONTACT: Superior Uniform Group, Inc.
         Andrew D. Demott, Jr., CFO
         (727) 803-7135

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