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Superior Group of Companies, Inc. Reports Third Quarter Operating Results

  • Record Earnings Per Share at $0.39
  • Net Sales Increase of 41.4 percent 
  • 24th Consecutive Quarterly  Sales Increase

SEMINOLE, Fla., Oct. 25, 2018 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories (the “Company”), today announced that for the third quarter ended September 30, 2018, net sales increased 41.4 percent  to $95.9 million compared with 2017 third quarter net sales of $67.8 million.  Net income for the 2018 third quarter was $6.1 million, or $0.39 per diluted share, compared with $5.0 million, or $0.33 per diluted share, reported for the quarter ended September 30, 2017.  

Michael Benstock, Chief Executive Officer commented, “The strategic benefits of our 2017 and 2018 acquisitions remain clear, and we are well positioned for future sales and earnings growth as a result. We remain focused on continuing to successfully integrate these businesses to provide additional sales and operational efficiencies across our company portfolio. We are confident that this strategy will provide long term benefits to our stakeholders.

While organic growth within our Uniform and Promotional Products segments was lower than anticipated, we are bullish on the long term outlook for these segments, and believe our current investments in these segments will provide significant returns for the Company in the future.

The Office Gurus, our Remote Staffing segment reported another outstanding quarter with sales growth in excess of 35% as they continue to expand through both new customer acquisition and existing customer sales.       

/EIN News/ -- During the quarter we also hired a new Chief Financial Officer, Michael Attinella. Mike is an accomplished finance executive with significant public company and operational expertise.  We are thrilled to have someone with his background and proven experience join Superior’s leadership team.”

CONFERENCE CALL
Superior Group of Companies will hold a conference call on Thursday, October 25, 2018 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 November 1, 2018. 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 10124470 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:      
Mike Attinella OR Hala Elsherbini  
CFO & Treasurer   Halliburton Investor Relations  
(727) 803-7170   (972) 458-8000  
       

Comparative figures are as follows:

   
 SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
                       
THREE MONTHS ENDED SEPTEMBER 30,  
(Unaudited)  
(In thousands, except shares and per share data)  
                       
                2018   2017  
                       
Net sales           $ 95,870   $ 67,773  
                       
Costs and expenses:                
  Cost of goods sold         62,070   42,984  
  Selling and administrative expenses       25,482   17,386  
  Other periodic pension costs         96   348  
  Interest expense         940   213  
                88,588   60,931  
                       
Gain on sale of property, plant and equipment       -   -  
                       
                       
Income before taxes on income         7,282   6,842  
Income tax expense         1,160   1,880  
                       
Net income           $ 6,122   $ 4,962  
                       
Weighted average number of shares outstanding during the period        
             (Basic)     15,010,660     14,573,813  
            (Diluted)     15,499,894     15,229,722  
Per Share Data:                  
Basic                    
  Net income       $   0.41 $   0.34  
Diluted                    
  Net income       $   0.39 $   0.33  
                       
Cash dividends per common share       $   0.100 $   0.095  
                       


 SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                     
NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
(In thousands, except shares and per share data)
                     
                2018   2017
                     
Net sales           $ 251,349   $ 194,365
                     
Costs and expenses:              
  Cost of goods sold         163,396   123,987
  Selling and administrative expenses       69,991   51,809
  Other periodic pension costs         289   1,046
  Interest expense         1,974   593
                235,650   177,435
                     
Gain on sale of property, plant and equipment         -    1,018
                     
                     
Income before taxes on income         15,699   17,948
Income tax expense         3,310   4,810
                     
Net income           $ 12,389   $ 13,138
                     
Weighted average number of shares outstanding during the period      
             (Basic)     14,929,513     14,475,311
            (Diluted)     15,505,642     15,066,616
Per Share Data:                
Basic                  
  Net income       $   0.83 $   0.91
Diluted                  
  Net income       $   0.80 $   0.87
                     
Cash dividends per common share       $   0.290 $   0.270
                     

 


SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
                   
ASSETS
                   
              September 30,    
              2018     December 31,
              (Unaudited)   2017  
CURRENT ASSETS:           
    Cash and cash equivalents       $ 2,296     $ 8,130  
    Accounts receivable, less allowance for doubtful accounts        
    of  $1,810 and $ 1,382, respectively     65,023     50,569  
    Accounts receivable - other       2,249       1,848  
    Inventories         65,057       64,979  
    Contract assets         49,605      -   
    Prepaid expenses and other current assets       10,756       11,011  
    TOTAL CURRENT ASSETS         194,986     136,537  
                   
PROPERTY, PLANT AND EQUIPMENT, NET     28,961       26,844  
OTHER INTANGIBLE ASSETS, NET         67,279       29,061  
GOODWILL             33,835       16,032  
DEFERRED INCOME TAXES         -        2,900  
OTHER ASSETS         9,969       7,564  
              $ 335,030     $ 218,938  
                   
LIABILITIES AND SHAREHOLDERS' EQUITY
                   
CURRENT LIABILITIES:              
    Accounts payable         $ 25,024   $ 19,752  
    Other current liabilities       14,804       12,409  
    Current portion of long-term debt       6,000       6,000  
    Current portion of acquisition-related contingent liabilities   791       3,061  
    TOTAL CURRENT LIABILITIES         46,619       41,222  
                   
LONG-TERM DEBT         112,224     32,933  
LONG-TERM PENSION LIABILITY       7,761     8,319  
LONG-TERM ACQUISITION-RELATED CONTINGENT LIABILITIES   5,301     7,283  
DEFERRED INCOME TAXES       8,525     -  
OTHER LONG-TERM LIABILITIES       3,891     4,213  
COMMITMENTS AND CONTINGENCIES (NOTE 5)        
SHAREHOLDERS' EQUITY:            
  Preferred stock, $.001 par value - authorized 300,000 shares (none issued)        -  
  Common stock, $.001 par value - authorized 50,000,000 shares, issued and        
    outstanding - 15,299,207 and 15,081,947, respectively.   15     15  
  Additional paid-in capital       55,692     49,103  
  Retained earnings          102,062     83,129  
  Accumulated other comprehensive income (loss), net of tax:        
    Pensions           (6,635 )     (7,282 )
    Cash flow hedges         119       (90 )
    Foreign currency translation adjustment     (544 )     93  
TOTAL SHAREHOLDERS' EQUITY       150,709     124,968  
              $ 335,030     $ 218,938  
                   

 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
(In thousands)
                 
               
            2018     2017  
                 
CASH FLOWS FROM OPERATING ACTIVITIES        
  Net income       $ 12,389     $ 13,138  
  Adjustments to reconcile net income        
  to net cash provided by (used in)  operating activities:        
  Depreciation and amortization   5,745     4,081  
  Provision for bad debts - accounts receivable   409     814  
  Share-based compensation expense   1,867     1,654  
  Deferred income tax benefit     (278 )   (586 )
  Gain on sale of property, plant and equipment     -      (1,018 )
  Change in fair value of acquisition-related contingent liabilities   (1,212 )   115  
                 
  Changes in assets and liabilities, net of acquisition of business        
    Accounts receivable - trade   (5,542 )   (1,746 )
    Accounts receivable - other   (401 )   931  
    Contract assets     (3,779 )     -   
    Inventories     5,742     3,270  
    Prepaid expenses and other current assets   (226 )   (189 )
    Other assets     (2,343 )   (2,756 )
    Accounts payable and other current liabilities   (1,077 )   (725 )
    Long-term pension liability   292     (529 )
    Other long-term liabilities   (283 )   977  
  Net cash provided by operating activities    11,303     17,431  
                 
CASH FLOWS FROM INVESTING ACTIVITIES        
  Additions to property, plant and equipment    (3,881 )   (2,518 )
  Acquisition of businesses, net of acquired cash   (85,597 )   (766 )
  Proceeds from disposals of property, plant and equipment     -      2,858  
  Net cash used in investing activities   (89,478 )   (426 )
             
CASH FLOWS FROM FINANCING ACTIVITIES        
  Proceeds from long-term debt   170,713     72,543  
  Repayment of long-term debt   (91,423 )   (75,707 )
  Payment of cash dividends     (4,335 )   (3,874 )
  Payment of acquisition-related contingent liabilities   (3,032 )   (1,800 )
  Proceeds received on exercise of stock options   432     1,218  
  Purchase of common stock     (268 )     -   
  Tax benefit from vesting of acquisition-related restricted stock   445     650  
  Tax withholding on exercise of stock rights   (17 )   (421 )
                 
  Net cash provided by (used in) financing activities   72,515     (7,391 )
                 
  Effect of currency exchange rates on cash   (174 )   46  
                 
  Net (decrease) increase in cash and cash equivalents   (5,834 )   9,660  
               
Cash and cash equivalents balance, beginning of year   8,130     3,649  
                 
Cash and cash equivalents balance, end of period   $ 2,296     $ 13,309  
                 

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