Superior Uniform Group, Inc., (Amex: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2000, sales increased 4% to $44,732,763 compared with 1999 second quarter sales of $42,826,112. Net income was $1,961,341 or $.28 per share (diluted), compared with net income of $2,189,112 or $.28 per share (diluted) in the 1999 second quarter.

For the six months ended June 30, 2000, sales were $83,554,033, compared with sales of $80,330,216 in the six months ended June 30, 1999. Net income for the six-month period was $3,292,686 or $.45 per share (diluted), compared to net income of $4,001,107 or $.51 per share (diluted) reported in the first six months of 1999.

Gerald M. Benstock, Chairman and C.E.O., commented: ``We have made significant progress with the implementation of our new computer system SAP/AFS (Apparel Footwear Solution) during the second quarter. However, our second quarter earnings were negatively impacted by costs associated with the implementation. The most significant costs continue to be related to computer consultants engaged to assist with the implementation. Without these consulting expenses, net income for the quarter would have been $.33 per share. We are beginning to see reductions in these additional expenses and expect that they will continue to decline. We remain convinced that we will, over the long term, be able to significantly improve our inventory management, better service our customers and substantially grow our business as a result of this implementation. Our present backlogs remain very strong and should result in solid sales gains for the remainder of 2000.''

Superior Uniform Group, through its marketing divisions -- Fashion Seal Uniforms, Martin's, Empire, Appel, Worklon, Universal, and Sope Creek -- manufactures and sells a wide range of uniforms, corporate I.D., career apparel and accessories for the hospital and healthcare fields; hotels; fast food and other restaurants; and public safety, industrial, transportation and commercial markets, as well as corporate and resort embroidered sportswear.

Statements contained in this press release that 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.
(Unaudited)

For the Three Months Ended June 30,
 
2000
1999
 
Net Sales
$44,732,763
$42,826,112
Earnings before Income Taxes
$3,091,341
$3,457,112
Provision for Income Taxes
$1,130,000
$1,268,000
Net Income
$1,961,341
$2,189,112
Basic Earnings per Share
$.28
$.28
Diluted Earnings per Share
$.28
$.28
Average Shares Outstanding (Basic)
7,123,327
7,779,473
Average Shares Outstanding (Diluted)
7,127,588
7,817,253
For the Six Months Ended June 30,
2000
1999
Net Sales
$83,554,033
$80,330,216
Earnings before Income Taxes
$5,182,686
$6,320,107
Provision for Income Taxes
$1,890,000
$2,319,000
Net Income
$3,292,686
$4,001,107
Basic Earnings per Share
$.45
$.51
Diluted Earnings per Share
$.45
$.51
Average Shares Outstanding (Basic)
7,294,585
7,813,364
Average Shares Outstanding (Diluted)
7,300,897
7,856,305