• Q3 profit down 33.9% to $1.2m
  • Sales slipped 0.4% to $30.6m

Career and workwear manufacturer Superior Uniform Group has today (18 October) booked a 33.9% fall in third-quarter net profit.

Net income declined to US$1.2m for the quarter ended 30 September, compared to $1.8m the same period last year. Net sales edged down 0.4% to $30.6m, while selling and administrative expenses fell 2.9% to $8.3m.

CEO Michael Benstock said: "We are pleased to report strong operating results in the third quarter of 2012 as we worked our way through the higher-priced inventory from the 2011 cotton shortages. 

"While our net sales and earnings are down from the prior year third quarter, they continue to show the steady improvement over the last three quarters. The third quarter of 2011 was the company's single best earnings quarter in over 10 years and presented a very tough comparison for the current period."

"Our financial position remains very strong and we look forward to reporting continued improvement in our operating results as we move forward," Benstock added.

Show the press release

Superior Uniform Group Announces Third Quarter Operating Results

 

SEMINOLE, FL--(Marketwire - Oct 18, 2012) - Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2012, net sales were $30,599,000 compared with 2011 third quarter net sales of $30,731,000. Net income was $1,242,000 or $.20 per common share (diluted), compared with net income of $1,880,000 or $.31 per common share (diluted) in the 2011 third quarter. 

For the nine months ended September 30, 2012, net sales were $88,442,000, compared with net sales of $85,135,000 in the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2012 were $2,546,000 or $.41 per share (diluted), versus net income of $3,411,000 or $.56 per share (diluted) in the first nine months of 2011. 

Michael Benstock, Chief Executive Officer, commented: "We are pleased to report strong operating results in the third quarter of 2012 as we worked our way through the higher-priced inventory from the 2011 cotton shortages that we have previously discussed. While our net sales and earnings are down from the prior year third quarter, they continue to show the steady improvement over the last three quarters. The third quarter of 2011 was the Company's single best earnings quarter in over 10 years and presented a very tough comparison for the current period. We have worked our way through the higher priced inventory relative to the cotton crisis and our gross margins for our Uniforms and Related Products segment for the fourth quarter of 2012 are expected to be better than 2011 fourth quarter gross margins. We are well positioned to finish 2012 on a high note. 

"Sales in our Remote Staffing Solutions were flat in the third quarter of 2012, however, we ended the quarter with business in hand that should result in a solid increase in this segment in the fourth quarter of 2012. 

"Our financial position remains very strong and we look forward to reporting continued improvement in our operating results as we move forward."

ABOUT SUPERIOR UNIFORM GROUP, INC.

Superior Uniform Group, Inc. (NASDAQ: SGC), established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Headquartered in Seminole, Fla., Superior Uniform Group manages award-winning uniform apparel programs for major corporations nationwide. Leaders in innovative uniform program design, global manufacturing and state-of-the-art distribution, Superior Uniform Group helps companies achieve a professional appearance and communicate their brands -- particularly those in the healthcare, hospitality, food service, retail and private security industries. The company's commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, support customers' diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Superior Uniform Group is the parent company to The Office Gurus® and everyBODY media®. For more information, call (800) 727-8643 or visitwww.superioruniformgroup.com.

Original source: http://www.marketwire.com/press-release/superior-uniform-group-announces-third-quarter-operating-results-nasdaq-sgc-1714970.htm