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Net Sales Increase 14.9% Excluding Net Sales from HPI
HPI Reports Net Sales of $9,038,000, an Increase of 20.0%
Net Earnings per Share (Diluted) Increase 20%
SEMINOLE, Fla., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2013, net sales were $44,184,000 compared with 2012 third quarter net sales of $30,599,000. Net income was $1,508,000 or $.24 per common share (diluted), compared with net income of $1,242,000 or $.20 per common share (diluted) in the 2012 third quarter.
For the nine months ended September 30, 2013, net sales were $106,023,000, compared with net sales of $88,442,000 in the nine months ended September 30, 2012. Net income for the nine months ended September 30, 2013 were $4,175,000 or $.67 per share (diluted), versus net income of $2,546,000 or $.41 per share (diluted) in the first nine months of 2012.
Michael Benstock, Chief Executive Officer, commented: "We are very pleased to report an increase in net sales of 44.4% in the current quarter. The acquisition of HPI contributed net sales in the third quarter of $9,038,000 representing an increase in excess of 20% from their prior year third quarter sales. We reported net sales increases of 13.5% in our Uniforms and Related Products segment and excluding the impact of HPI. Our net earnings in the current quarter included pre-tax expenses for costs associated with the acquisition of HPI totaling approximately $765,000.
Excluding the acquisition related expenses, HPI contributed $261,000 of pre-tax earnings in the current quarter.
"The transition for HPI is proceeding very well at this point. They have a tremendous amount of momentum in the market as evidenced by the 20% growth rate experienced in the current quarter as well as several significant new accounts they have landed following the acquisition.