EXHIBIT 99.1
Superior Uniform Group Reports Improved Operating Results
* Net sales up 15.9%
* Net Earnings from Continuing Operations up 280%
SEMINOLE, Fla., April 24, 2008 (PRIME NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2008, earnings from continuing operations were $914,808 or $.14 per share (diluted) compared to $240,488 or $.04 per share (diluted) reported for the quarter ended March 31, 2007. Net sales for the 2008 first quarter were $33,282,630 compared with 2007 first quarter sales of $28,713,303.
Net earnings were $801,370 or $.12 per share (diluted) compared to 2007 first quarter earnings of $124,595 or $.02 per share (diluted).
In making the earnings announcement, Michael Benstock, Chief Executive Officer, stated: "We are delighted to report an increase of 15.9% in our net sales for the quarter and an increase of approximately 280% in our net earnings from continuing operations for the quarter ended March 31, 2008 in comparison to 2007. These significant increases were the result of several new launches of programs carried over from the second half of 2007. Additionally, we are continuing to distribute these new programs as well as quite a few other new programs with existing customers in the first half of 2008. While we are pleased with the results from our sales organization, the current economic outlook appears more demanding. We expect this economic weakness to continue through the second half of 2008. Therefore, we are approaching the second half of 2008 with a measured level of cautiousness, even though our activity level for new opportunities is on an ever-increasing scale."
ABOUT SUPERIOR
Superior Uniform Group, Inc., established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Superior manages award-winning apparel programs for major corporations. They are leaders in innovative uniform program designs, global manufacturing, and state-of-the-art distribution. Superior's financial strength and resources support a customer's diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Their commitment to service, technology, quality and value-added benefits separates them from the competition in each of their seven primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., Government Service, Private Security, and Rental Service. For more information please call (800) 727-8643, or visit their Web site at: www.superioruniformgroup.com.
Statements contained in this press release that 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.
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED MARCH 31,
(Unaudited)
2008 2007
------------ ------------
Net sales $ 33,282,630 $ 28,713,303
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Costs and expenses:
Cost of goods sold 22,374,053 19,173,674
Selling and administrative expenses 9,299,628 9,077,049
Interest expense 104,141 92,092
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31,777,822 28,342,815
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Earnings from continuing operations
before taxes on income 1,504,808 370,488
Taxes on income 590,000 130,000
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Earnings from continuing operations 914,808 240,488
Loss from discontinued operations,
net of tax benefit of $65,000 and
$60,000, respectively (113,438) (115,893)
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Net earnings $ 801,370 $ 124,595
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Per Share Data:
Basic
Earnings from continuing operations $ 0.14 $ 0.04
Loss from discontinued operations,
net of tax benefits (0.02) (0.02)
------------ ------------
Net earnings $ 0.12 $ 0.02
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Diluted
Earnings from continuing operations $ 0.14 $ 0.04
Loss from discontinued operations,
net of tax benefits (0.02) (0.02)
------------ ------------
Net earnings $ 0.12 $ 0.02
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Cash dividends per common share $ 0.135 $ 0.135
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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31,
(Unaudited)
2008 2007
----------- -----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 782,244 $ 3,128,433
Accounts receivable and other
current assets 24,458,942 28,578,800
Inventories 47,650,278 34,413,438
----------- -----------
TOTAL CURRENT ASSETS 72,891,464 66,120,671
PROPERTY, PLANT AND EQUIPMENT, NET 12,981,091 15,394,660
GOODWILL 1,617,411 1,617,411
OTHER INTANGIBLE ASSETS 714,476 952,635
OTHER ASSETS 2,189,107 1,512,428
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$90,393,549 $85,597,805
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LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 5,700,404 $ 5,841,698
Other current liabilities 2,923,461 2,538,045
Current portion of long-term debt 1,577,691 1,471,929
----------- -----------
TOTAL CURRENT LIABILITIES 10,201,556 9,851,672
LONG-TERM DEBT 5,354,150 1,823,840
LONG-TERM PENSION LIABILITY 939,653 1,115,819
OTHER LONG-TERM LIABILITIES 640,000 642,000
DEFERRED INCOME TAXES 725,000 310,000
----------- -----------
SHAREHOLDERS' EQUITY 72,533,190 71,854,474
----------- -----------
$90,393,549 $85,597,805
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CONTACT: Superior Uniform Group, Inc.
Andrew D. Demott, Jr., CFO
(727) 803-7135
