Superior Uniform Group Announces First Quarter Operating Results

Superior Uniform Group Announces First Quarter Operating Results

SEMINOLE, Florida – April 21, 2011 – Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2011, earnings were $598,922 or $0.10 per share (diluted) compared with $508,217 or $0.09 per share (diluted) reported for the quarter ended March 31, 2010.  Net sales for the 2011 first quarter were $26,898,600 compared with 2010 first quarter sales of $25,979,862.

  • Net Sales Increase 3.5%
  • Net Earnings Increase 17.8%

In making the earnings announcement, Michael Benstock, Chief Executive Officer, stated: “We are very pleased to report increases of 3.5% in our net sales and 17.8% in our net earnings in the first quarter.  Our core business has solidified and we continue to reap the rewards of the significant improvements we have made to our cost structure over the last several years.  We would be remiss if we did not acknowledge the uncertainty related to the shortage and skyrocketing prices of cotton and polyester, both of which are very important to our business continuity. We believe that we have taken reasonable precautions to mitigate the impacts of these unprecedented events. Additionally, as we previously announced, we launched our new division, everyBODY media® during the first quarter. Our operating results include approximately $325,000 of expenses associated with this new venture.  We have received very favorable responses from the market relative to the concept and expect to begin seeing revenues from this division in the latter part of this year.  Additionally, we are beginning to see significant growth in revenues from our near-shore call center business, The Office Gurus®.  Net sales for the first quarter of 2011 were $576,000 compared to $68,000 in the prior year first quarter. We expect to continue to see accelerated growth in our call center vertical going forward. Our financial position remains very strong and continues to provide us with the ability to invest in new ventures such as everyBODY media® and The Office Gurus® as well as to continue to explore strategic acquisitions.”

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