• Q3 profit of US$1.5m, up from $1.2m 
  • Sales increase 44.4% to $44.2m versus $30.6m 
  • Uniform and relates products sales rose 13.5%

Career and workwear manufacturer Superior Uniform Group has recorded a 21.4% increase in third-quarter net profit, bolstered by its acquisition of rival HPI Direct earlier this year.

Sales at the company's uniform and related products division were up 13.5%, excluding its acquisition of HPI Direct earlier in July.

The remote staffing solutions segment saw sales increase 58.3% during the three months to 30 September, compared to the same period last year.

CEO Michael Benstock said: "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." 

"Our financial position remains very strong and allows us to continue to invest in the future of our company. We are very optimistic as to the future of the company and look forward to reporting continued improvement in our earnings in the future," he added.

Show the press release

Superior Uniform Group Announces Third Quarter Operating Results for 2013

Thu, 10/24/2013 - 08:00 -- Press Room

Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of uniformscareer 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. 

  • Net Sales Increase 44.4%
  • 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%

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.  

“We are continuing to see significant growth in our Remote Staffing Solutions segment as well with an increase in net sales in this segment of 58.3% in the current quarter as compared to the third quarter of 2012.  We believe this segment provides us with continuing opportunity for growth in net sales and earnings for the future.

“Our financial position remains very strong and allows us to continue to invest in the future of our Company.  We are very optimistic as to the future of the Company and look forward to reporting continued improvement in our earnings in the future.”

Original source: http://www.superioruniformgroup.com/news/420/superior-uniform-group-announces-third-quarter-operating-results-2013