• 10% Increase in Earnings per Share for the Quarter
  • 100% Increase in Earnings per Share Year to Date

SEMINOLE, Fla., Oct. 21, 2010 (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, 2010, net sales were $27,301,355 compared with 2009 third quarter net sales of $27,605,397. Net earnings were $1,372,088 or $.23 per common share (diluted), compared with net earnings of $1,256,954 or $.21 per common share (diluted) in the 2009 third quarter. 

For the nine months ended September 30, 2010, net sales were $79,910,378, compared with net sales of $76,293,014 in the nine months ended September 30, 2009. Net earnings for the nine months ended September 30, 2010 were $2,863,475 or $.48 per share (diluted), versus earnings of $1,455,281 or $.24 per share (diluted) in the first nine months of 2009.    

Michael Benstock, Chief Executive Officer, commented: "We are pleased to continue to report improved operating results in the current period despite the continued sluggish economy. While net sales were down slightly in the current quarter compared to the prior year quarter, it was the highest quarter in net sales for the last year.   Earnings per share for the quarter increased by 10% in comparison to the prior year quarter and earnings per share for the first nine months of 2010 increased 100% in comparison with the first nine months of 2009. 

"We continue to aggressively pursue new business opportunities in the marketplace in order to strengthen our market position. Our balance sheet positions us to continue to be able to do this and allows us to pursue strategic acquisitions despite the current economic environment."

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 six primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., Private Security, and Rental Service. For more information please call (800) 727-8643, or visit their Web site at: 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
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
 
THREE MONTHS ENDED SEPTEMBER 30, 
(Unaudited)
     
  2010 2009
     
Net sales $ 27,301,355 $ 27,605,397
     
Costs and expenses:    
Cost of goods sold 17,357,408 18,638,756
Selling and administrative expenses 7,953,631 7,241,362
Interest expense 8,228 28,325
  25,319,267 25,908,443
     
Earnings before taxes on income  1,982,088 1,696,954
Income tax expense 610,000 440,000
Net earnings  $ 1,372,088 $ 1,256,954
     
Per Share Data:    
Basic:    
Net earnings $ 0.23 $ 0.21
     
Diluted:    
Net earnings $ 0.23 $ 0.21
     
Cash dividends per common share $ 0.135 $ 0.135
 
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
     
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
     
NINE MONTHS ENDED SEPTEMBER 30, 
(Unaudited)
     
  2010 2009
     
     
Net sales $ 79,910,378 $ 76,293,014
     
Costs and expenses:    
Cost of goods sold 51,650,960 51,637,676
Selling and administrative expenses 23,919,637 22,547,019
Interest expense 16,306 93,038
  75,586,903 74,277,733
     
Earnings before taxes on income  4,323,475 2,015,281
Income tax expense 1,460,000 560,000
     
Net earnings  $ 2,863,475 $ 1,455,281
     
Per Share Data:    
Basic:    
Net earnings $ 0.49 $ 0.24
     
Diluted:    
Net earnings $ 0.48 $ 0.24
     
Cash dividends per common share $ 0.405 $ 0.405
 
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
       
CONDENSED CONSOLIDATED BALANCE SHEETS
       
SEPTEMBER 30,
ASSETS
(Unaudited)
       
    2010 2009
       
CURRENT ASSETS:       
Cash and cash equivalents   $ 10,353,829 $ 8,489,744
Accounts receivable and other current assets   19,366,370 20,894,234
Inventories   30,929,183 31,269,921
       
TOTAL CURRENT ASSETS   60,649,382 60,653,899
       
PROPERTY, PLANT AND EQUIPMENT, NET   9,816,575 11,142,850
OTHER INTANGIBLE ASSETS   1,007,384 357,238
DEFERRED INCOME TAXES   1,910,000 2,690,000
OTHER ASSETS   191,805 260,567
    $ 73,575,146 $ 75,104,554
       
       
LIABILITIES AND SHAREHOLDERS' EQUITY
       
CURRENT LIABILITIES:      
Accounts payable   $ 5,776,951 $ 5,537,370
Other current liabilities    3,297,347 1,968,104
       
TOTAL CURRENT LIABILITIES   9,074,298 7,505,474
       
LONG-TERM PENSION LIABILITY    2,550,357 7,002,418
OTHER LONG-TERM LIABILITIES    700,000 640,000
SHAREHOLDERS' EQUITY   61,250,491 59,956,662
       
    $ 73,575,146 $ 75,104,554
CONTACT:  Superior Uniform Group, Inc.          Andrew D. Demott, Jr., CFO          (727) 803-7135

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