EXHIBIT 99.1
Superior Uniform Group, Inc.
An American Stock Exchange Listed Company
10055 Seminole Boulevard
Seminole, Florida 33772-2539
Telephone (727) 397-9611
Fax (727) 803-9623
Contact: Andrew D. Demott, Jr., CFO
(727) 803-7135
SUPERIOR UNIFORM GROUP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED MARCH 31,
(Unaudited)
| | | | | | |
| | | 2007 | | 2006 |
Net sales | | $ | 29,693,066 | | $ | 31,136,543 |
| | | | | | |
Costs and expenses: | | | | | | |
Cost of goods sold | | | 19,846,101 | | | 21,031,410 |
Selling and administrative expenses | | | 9,560,278 | | | 9,032,825 |
Interest expense | | | 92,092 | | | 120,082 |
| | | | | | |
| | | 29,498,471 | | | 30,184,317 |
| | | | | | |
Earnings before taxes on income | | | 194,595 | | | 952,226 |
Taxes on income | | | 70,000 | | | 400,000 |
| | | | | | |
Net earnings | | $ | 124,595 | | $ | 552,226 |
| | | | | | |
Basic net earnings per common share | | $ | 0.02 | | $ | 0.08 |
| | | | | | |
Diluted net earnings per common share | | $ | 0.02 | | $ | 0.08 |
| | | | | | |
Dividends per common share | | $ | 0.135 | | $ | 0.135 |
| | | | | | |
SUPERIOR UNIFORM GROUP, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31,
(Unaudited)
| | | | | | |
| ASSETS | | | | | | |
| | | 2007 | | 2006 |
CURRENT ASSETS: | | | | | | |
Cash and cash equivalents | | $ | 3,128,433 | | $ | 10,107,484 |
Accounts receivable and other current assets | | | 28,578,800 | | | 27,676,739 |
Inventories | | | 34,413,438 | | | 35,412,630 |
| | | | | | |
TOTAL CURRENT ASSETS | | | 66,120,671 | | | 73,196,853 |
| | |
PROPERTY, PLANT AND EQUIPMENT, NET | | | 15,394,660 | | | 17,266,675 |
GOODWILL | | | 1,617,411 | | | 1,617,411 |
OTHER INTANGIBLE ASSETS | | | 952,635 | | | 1,190,794 |
OTHER ASSETS | | | 1,512,428 | | | 2,809,800 |
| | | | | | |
| | $ | 85,597,805 | | $ | 96,081,533 |
| | | | | | |
| | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
| | |
CURRENT LIABILITIES: | | | | | | |
Accounts payable | | $ | 5,841,698 | | $ | 6,794,405 |
Accrued expenses | | | 2,538,045 | | | 3,375,485 |
Current portion of long-term debt | | | 1,471,929 | | | 1,706,013 |
| | | | | | |
TOTAL CURRENT LIABILITIES | | | 9,851,672 | | | 11,875,903 |
| | |
LONG-TERM DEBT | | | 1,823,840 | | | 3,295,769 |
LONG-TERM PENSION LIABILITY | | | 1,115,819 | | | — |
OTHER LONG-TERM LIABILITIES | | | 642,000 | | | — |
DEFERRED INCOME TAXES | | | 310,000 | | | 800,000 |
SHAREHOLDERS' EQUITY | | | 71,854,474 | | | 80,109,861 |
| | | | | | |
| | $ | 85,597,805 | | $ | 96,081,533 |
| | | | | | |
