updated 4/21/2011 7:16:17 AM ET 2011-04-21T11:16:17

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

SEMINOLE, Fla., April 21, 2011 (GLOBE NEWSWIRE) -- 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.

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."

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 visit www.superioruniformgroup.com.

Statements contained in this press release which 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. AND SUBSIDIARIES
     
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     
THREE MONTHS ENDED MARCH 31, 
(Unaudited)
     
  2011 2010
     
Net sales $26,898,600 $25,979,862
     
Costs and expenses:    
Cost of goods sold 17,047,681 17,048,374
Selling and administrative expenses 8,905,850 8,120,797
Interest expense 6,147 2,474
  25,959,678 25,171,645
     
Earnings before taxes on income 938,922 808,217
Income tax expense  340,000 300,000
     
Net earnings  $598,922  $508,217
     
Per Share Data:    
     
Basic:    
Net earnings   $0.10  $0.09
     
Diluted:    
Net earnings  $0.10  $0.09
     
Cash dividends per common share  $0.135  $0.135
 
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
     
CONDENSED CONSOLIDATED BALANCE SHEETS
     
MARCH 31, 
(Unaudited)
     
ASSETS
  2011 2010
     
CURRENT ASSETS:    
Cash and cash equivalents $1,888,926 $3,337,426
Accounts receivable and other current assets 27,517,775 21,532,975
Inventories 30,964,068 33,791,648
     
TOTAL CURRENT ASSETS 60,370,769 58,662,049
     
PROPERTY, PLANT AND EQUIPMENT, NET 9,354,258 10,894,889
OTHER INTANGIBLE ASSETS 3,472,341 1,199,700
DEFERRED INCOME TAXES 1,938,400 2,290,000
OTHER ASSETS 151,723 171,068
     
  $75,287,491 $73,217,706
     
LIABILITIES AND SHAREHOLDERS' EQUITY
     
CURRENT LIABILITIES:    
Accounts payable $5,672,752 $5,170,251
Other current liabilities 2,416,266 2,182,680
     
TOTAL CURRENT LIABILITIES 8,089,018 7,352,931
     
LONG-TERM PENSION LIABILITY 3,611,405 5,028,684
OTHER LONG-TERM LIABILITIES 770,000 705,000
     
SHAREHOLDERS' EQUITY  62,817,068  60,131,091
     
  $75,287,491 $73,217,706
CONTACT:  Superior Uniform Group, Inc.
          Andrew D. Demott, Jr., CFO
          (727) 803-7135

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