USA: Superior Uniforms Announces Q3 Earnings
Superior Uniform Group, manufacturer of uniforms, career apparel, and accessories, today announced that for the third quarter ended September 30, 2000, sales increased to $42,496,735 compared with 1999 third quarter sales of $42,133,377. Net income was $1,687,394 or $.24 per share (diluted), compared with net income of $2,173,121 or $.28 per share (diluted) in the 1999 third quarter.For the nine months ended September 30, 2000, sales were $126,050,768, compared with sales of $122,463,593 in the nine months ended September 30, 1999. Net income for the nine month period was $4,980,080 or $.69 per share (diluted), compared to net income of $6,174,228 or $.79 per share (diluted) reported in the first nine months of 1999.Gerald M. Benstock, chairman and CEO, said: "Sales gains for the quarter ended September 30, 2000, did not meet our expectations. This shortfall is partially attributed to delays in receiving goods from our Caribbean Basin factories due to bad weather conditions in the Caribbean. As a result of the sales shortfall, as well as consulting costs associated with our computer system SAP/Apparel Footwear Solution, our earnings were negatively impacted. Without these consulting expenses, net income for the quarter would have been $.28 per share. We expect these consulting costs to continue to decline through the end of the current year. Based upon our current backlog levels as well as significant orders received recently, we expect to have stronger sales growth in the fourth quarter."
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