2016 First Quarter Operating Results for Superior Uniform Group, Inc.
2016 First Quarter Operating Results for Superior Uniform Group, Inc.
Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2016, net sales increased 25.1 percent to $58.0 million compared with 2015 first quarter net sales of $46.3 million. Net income for the 2016 first quarter was $2.3 million, or $0.15 per diluted share, compared with $2.0 million, or $0.14 per diluted share, reported for the quarter ended March 31, 2015. Net income for the quarter ended March 31, 2016 was reduced by pre-tax expenses, related to the BAMKO acquisition, of approximately $0.9 million. After taxes, these expenses reduced diluted earnings per share approximately $0.04.
- Net sales increase 25.1 percent
- Net sales increase 16.9 percent excluding net sales from BAMKO
- EPS (Diluted) increases over 7.1 percent
- EPS (Diluted) increases over 35.7 percent, excluding $0.9 million in pre-tax BAMKO acquisition related expenses
Michael Benstock, Chief Executive Officer, commented, “We are very pleased to report our 14th consecutive quarterly sales increase, with net sales up 25.1 percent in the first quarter of 2016. BAMKO contributed net sales of $3.8 million in the first quarter from the March 1, 2016 effective date of the acquisition. Net sales increased by 16.9 percent excluding the impact of BAMKO. Our income for the quarter was reduced by approximately $0.9 million in pre-tax acquisition related expenses. Excluding the impact of these expenses, BAMKO contributed $0.1 million of pre-tax earnings in the current quarter.
“Exclusive of the acquisition of BAMKO, our Uniforms and Related Products segment continued its sales momentum with net sales increasing by 15.7 percent in the first quarter of 2016 in comparison with the same period in 2015.
“The transition for BAMKO is proceeding very well at this point. They are experiencing positive sales momentum. Their net sales for the full first quarter, including the two months prior to the acquisition, were approximately $10.4 million in 2016 as compared to $7.1 million in the prior year first quarter.
“We also continue to see significant growth in our Remote Staffing Solutions segment, with an increase in net sales to outside customers of approximately 36.2 percent in the first quarter of 2016 as compared to the same period of 2015.
“Our strong financial position allows us to take advantage of opportunities like the BAMKO acquisition as they arise without constraining our ability to invest in the future of our other businesses. We will continue to seek accretive acquisitions in the future to supplement our continued growth.”