USA: Postponed Orders Hit Superior Uniform Group
According to Gerald M Benstock, chairman and CEO, sales and operating results were hit by the economic slowdown as "our customers continue to postpone or cancel purchases in an effort to reduce the impact of the slowdown on their own operations.
"Our results were further impacted by the events of September 11, 2001 as reflected in a net decrease in September sales of 21 per cent versus a 10 per cent decrease for the first two months of the quarter. It is unclear at this time when the economic outlook will improve."
For the nine months ended 30 September 2001, sales were $113.56m, compared with sales of $126.05m in the comparable nine months last year. Net income for the nine month period was $4.36m or $.61 per share (diluted), compared to net income of $4.98m or $.69 per share (diluted) reported in the first nine months of 2000.
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