SUPERIOR GROUP OF COMPANIES, INC. REPORTS OPERATING RESULTS FOR THE SECOND QUARTER JUNE 30, 2019
- Net Sales increased 12 percent
- 27th Consecutive Quarter with Sales Increase
SEMINOLE, Fla. – July 30, 2019 – Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its second quarter operating results for 2019.
The Company announced that for the second quarter ended June 30, 2019, net sales increased
12.0 percent to $92.3 million, compared to second quarter 2018 net sales of $82.4 million. Pretax Income was $3.7 million compared to $5.1 million in 2018. Net income was $2.8 million or $0.18 per diluted share, compared to $0.25 per diluted share in 2018.
Michael Benstock, Chief Executive Officer, commented, “Across all of our segments, we continue to perform well in a challenging business environment. We’re currently investing in our companies and making the organizational changes necessary to support our current business and prepare for our next level of growth; all while realizing increased sales for our 27th consecutive quarter.
Our uniform segment sales were up 7.7% from last year, as we reached the first anniversary of our acquisition of CID Resources. We’re making good progress on the integration of our uniform businesses enabling operational efficiencies, improved resource alignment, product sourcing, and sales channels. Technology upgrades are moving forward in our distribution centers in Arkansas and Texas, and construction continues on our second manufacturing facility in Haiti. Our investments in these initiatives are designed to generate cost efficiencies, improve working capital usage, and better serve the needs of our customers.
We continue to see strong growth at BAMKO and The Office Gurus. During the second quarter, BAMKO, our promotional products segment posted sales growth of 24.9% to $23.7 million compared to the second quarter of last year. The Office Gurus, our remote staffing segment, continues to perform to our expectations with quarterly net sales growth to outside customers of 11.6% over the comparable period.”
Superior Group of Companies will hold a conference call on Tuesday, July
30, 2019 at 2:00 p.m. Eastern Time to discuss
the Company’s results.
Interested individuals may join the teleconference by dialing (844) 861-5505 for U.S. dialers and (412)
317-6586 for International dialers. The Canadian Toll Free number is (866) 605-3852.
Please ask to be joined
into the Superior
Group of Companies
call. The live webcast and archived replay can also be accessed
in the investor information section of the Company’s website at www.superiorgroupofcompanies.com.
A telephone replay of the teleconference will be available one hour after the end of the call through 2:00
p.m. Eastern Time on August 13, 2019. To access the replay, dial (877) 344-7529 in the United States or
(412) 317-0088 from international locations. Canadian dialers can access the replay at (855) 669-9658. Please reference conference number 10132243 for all replay access.
About Superior Group of Companies, Inc. (SGC):
Superior Group of Companies™, formerly Superior Uniform Group, established in 1920, is a combination of companies that help customers unlock the power of their brands by creating extraordinary brand experiences for employees and customers. It provides customized support for each of its divisions through its shared services model.
Fashion Seal Healthcare®, HPI™ and CID Resources are signature uniform brands of Superior Group of Companies. Each is one of America’s leading providers of uniforms and image apparel in the markets it serves. They specialize in innovative uniform program design, global manufacturing, and state-of-the-art distribution. Every day, more than 6 million Americans go to work wearing a uniform from Superior Group of Companies.
BAMKO®, Tangerine Promotions® and Public Identity® are signature promotional products and branded merchandise brands of Superior Group of Companies. They provide unique custom branding, design, sourcing, and marketing solutions to some of the world’s most successful brands.
The Office Gurus® is a global provider of custom call and contact center support. As a true strategic partner, The Office Gurus implements customized solutions for its customers in order to accelerate their growth and improve their customers’ service experiences.
SGC’s commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, provides unparalleled support for its customers’ diverse needs while embracing a “Customer 1st, Every Time!” philosophy and culture in all of its business segments.
Visit www.superiorgroupofcompanies.com for more information.
|Contact: Michael Attinella||Hala Elsherbini|
|Chief Financial Officer & Treasurer (727) 803-7170||Halliburton Investor Relations(972) 458-8000|
Please visit http://ir.superiorgroupofcompanies.com/ to view comparative figures for Q2 2019.