• 7% Increase in Net Sales for the Quarter
  • 42% Increase in Earnings per Share

SEMINOLE, Fla., July 22, 2010 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2010, sales were $26,629,161, compared with 2009 second quarter sales of $24,971,523. Net earnings were $983,170 or $.17 per share (diluted), compared with earnings of $701,272 or $.12 per share (diluted) in the 2009 second quarter.

For the six months ended June 30, 2010, sales were $52,609,023, compared with sales of $48,687,617 in the six months ended June 30, 2009. Net earnings for the six months ended June 30, 2010 were $1,491,387 or $.25 per share (diluted), versus earnings of $198,327 or $.03 per share (diluted) in the first six months of 2009.

Michael Benstock, Chief Executive Officer, commented: "We are quite pleased to report continued significant improvement in our operating results in the current period. Net sales for the second quarter of 2010 increased almost 7%, primarily as a result of sales to customers acquired in our acquisition of Blade in the fourth quarter of 2009. More significantly, our earnings per share increased approximately 42% in the same period in comparison to the second quarter of 2009. This substantial improvement in earnings is partially due to the increased net sales in the current period and more significantly as a result of our streamlined cost structure.

"We continue to be well received in the marketplace and are seeing increased activity with potential customers. We are well positioned both financially and organizationally to be able to continue to report improved operating results as the economy recovers. 

"We are quite pleased with the integration of the customers that we acquired in the Blade acquisition into our business. We are continuing to search for strategic acquisition opportunities in the marketplace."

ABOUT SUPERIOR

Superior Uniform Group, Inc., established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Superior manages award-winning apparel programs for major corporations. They are leaders in innovative uniform program designs, global manufacturing, and state-of-the-art distribution.   Superior, through their subsidiary "The Office Gurus" is also a near-shore premium provider of cost effective bilingual contact center and office solutions.

Superior's financial strength and resources support a customer's diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Their commitment to service, technology, quality and value-added benefits separates them from the competition in each of their seven primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., Government Service, Private Security, and Rental Service. For more information please call (800) 727-8643, or visit their Web site at: www.superioruniformgroup.com. The Office Gurus ( www.theofficegurus.com) enhance the overall customer experience for their strategic partners' internal and external customers.

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
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED JUNE 30, 
(Unaudited)
     
     
  2010 2009
     
Net sales  $ 26,629,161  $ 24,971,523
     
Costs and expenses:  
 Cost of goods sold 17,245,178 16,689,786
 Selling and administrative expenses 7,845,209 7,235,529
 Interest expense 5,604 24,936
  25,095,991 23,950,251
     
     
Earnings before taxes on income  1,533,170 1,021,272
Income tax expense 550,000 320,000
Net earnings  $ 983,170  $ 701,272
     
Per Share Data:    
Basic:    
Net earnings  $ 0.17  $ 0.12
     
Diluted:     
Net earnings  $ 0.17  $ 0.12
     
Cash dividends per common share  $ 0.135  $ 0.135
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
SIX MONTHS ENDED JUNE 30, 
(Unaudited)
     
  2010 2009
     
Net sales  $ 52,609,023  $ 48,687,617
     
Costs and expenses:    
 Cost of goods sold 34,293,552 32,998,920
 Selling and administrative expenses 15,966,006 15,305,657
 Interest expense 8,078 64,713
  50,267,636 48,369,290
     
Earnings before taxes on income  2,341,387 318,327
Income tax expense 850,000 120,000
Net earnings  $ 1,491,387  $ 198,327
     
Per Share Data:    
Basic:    
Net earnings  $ 0.25  $ 0.03
     
Diluted:     
Net earnings  $ 0.25  $ 0.03
     
Cash dividends per common share  $ 0.27  $ 0.27
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
     
CONDENSED CONSOLIDATED BALANCE SHEETS
     
JUNE 30, 
(Unaudited)
     
ASSETS
     
  2010 2009
     
CURRENT ASSETS    
 Cash and cash equivalents  $ 7,157,084  $ 5,634,150
 Accounts receivable and other current assets 20,798,608 18,246,222
 Inventories 31,866,207 35,282,883
     
 TOTAL CURRENT ASSETS 59,821,899 59,163,255
     
PROPERTY, PLANT AND EQUIPMENT, NET 10,528,435 11,389,504
OTHER INTANGIBLE ASSETS 1,103,541  416,778
DEFERRED INCOME TAXES 2,340,000  3,025,000
OTHER ASSETS 207,239 252,381
     
   $74,001,114  $74,246,918
     
LIABILITIES AND SHAREHOLDERS' EQUITY
     
CURRENT LIABILITIES    
 Accounts payable  $ 5,629,374  $ 4,730,988
 Other current liabilities 2,280,582 2,342,173
     
 TOTAL CURRENT LIABILITIES 7,909,956 7,073,161
     
LONG-TERM PENSION LIABILITY 4,941,550 7,020,296
OTHER LONG-TERM LIABILITIES 735,000 690,000
SHAREHOLDERS' EQUITY 60,414,608 59,463,461
     
   $74,001,114  $74,246,918
CONTACT:  Superior Uniform Group, Inc.           Andrew D. Demott, Jr., CFO          (727) 803-7135

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