1
FORM 10-Q
--------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-5869-1
SUPERIOR UNIFORM GROUP, INC.
Incorporated - Florida Employer Identification No.
11-1385670
10099 Seminole Boulevard
Post Office Box 4002
Seminole, Florida 33775-0002
Telephone No.: 727-397-9611
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
As of July 26, 2001, the registrant had 7,124,327 common shares
outstanding.
Page 1
2
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS
Three Months Ended June 30,
---------------------------
2001 2000
----------- -----------
(Unaudited)
Net sales $38,368,931 $44,732,763
----------- -----------
Costs and expenses:
Cost of goods sold 25,136,222 29,523,720
Selling and administrative expenses 9,697,745 11,569,230
Interest expense 396,168 548,472
----------- -----------
35,230,135 41,641,422
----------- -----------
Earnings before taxes on income 3,138,796 3,091,341
Taxes on income 1,150,000 1,130,000
----------- -----------
Net earnings $ 1,988,796 $ 1,961,341
=========== ===========
Weighted average number of shares out-
standing during the period (Basic) 7,124,327 Shs. 7,123,327 Shs.
(Diluted) 7,153,121 Shs. 7,127,588 Shs.
Basic earnings per common share $ 0.28 $ 0.28
=========== ===========
Diluted earnings per common share $ 0.28 $ 0.28
=========== ===========
Cash dividends declared per common
share $ 0.135 $ 0.135
=========== ===========
Six Months Ended June 30,
---------------------------
2001 2000
----------- -----------
(Unaudited)
Net sales $77,304,546 $83,554,033
----------- -----------
Costs and expenses:
Cost of goods sold 50,541,711 55,145,662
Selling and administrative expenses 20,505,013 22,316,827
Interest expense 923,757 908,858
----------- -----------
71,970,481 78,371,347
----------- -----------
Earnings before taxes on income 5,334,065 5,182,686
Taxes on income 1,950,000 1,890,000
----------- -----------
Net earnings $ 3,384,065 $ 3,292,686
=========== ===========
Weighted average number of shares out-
standing during the period (Basic) 7,123,994 Shs. 7,294,585 Shs.
(Diluted) 7,141,522 Shs. 7,300,897 Shs.
Basic earnings per common share $ 0.48 $ 0.45
=========== ===========
Diluted earnings per common share $ 0.47 $ 0.45
=========== ===========
Cash dividends declared per common
share $ 0.27 $ 0.27
=========== ===========
The results of the six months ended June 30, 2001 are not necessarily indicative
of results to be expected for the full year ending December 31, 2001.
See accompanying notes to condensed consolidated interim financial statements.
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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
June 30,
2001 December 31,
(Unaudited) 2000(1)
------------ -------------
CURRENT ASSETS:
Cash and cash equivalents $ 186,507 $ 188,288
Accounts receivable and other current assets 27,782,327 32,829,093
Inventories* 53,731,491 57,910,294
------------ -------------
TOTAL CURRENT ASSETS 81,700,325 90,927,675
PROPERTY, PLANT AND EQUIPMENT, NET 23,650,931 27,648,843
EXCESS OF COST OVER FAIR VALUE OF
ASSETS ACQUIRED 8,015,795 8,225,098
OTHER ASSETS 3,332,778 3,237,588
------------ -------------
$116,699,829 $ 130,039,204
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 7,403,077 $ 8,970,663
Other current liabilities 4,116,611 3,371,489
Current portion of long-term debt 2,958,407 4,224,950
------------ -------------
TOTAL CURRENT LIABILITIES 14,478,095 16,567,102
LONG-TERM DEBT 16,904,114 29,530,239
DEFERRED INCOME TAXES 2,370,000 2,300,000
SHAREHOLDERS' EQUITY 82,947,620 81,641,863
------------ -------------
$116,699,829 $ 130,039,204
============ =============
* Inventories consist of the following:
June 30,
2001 December 31,
(Unaudited) 2000
------------ -------------
Finished goods $ 40,586,194 $ 41,958,283
Work in process 3,669,879 4,331,287
Raw materials 9,475,418 11,620,724
------------ -------------
$ 53,731,491 $ 57,910,294
============ =============
(1) The balance sheet as of December 31, 2000 has been derived from the
audited balance sheet as of that date and has been condensed.
See accompanying notes to condensed consolidated interim financial statements.
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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED SUMMARY OF CASH FLOWS
Six Months Ended June 30,
---------------------------
2001 2000
------------ ------------
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 3,384,065 $ 3,292,686
Adjustments to reconcile net earnings to net
cash provided by (used in) operating activities:
Depreciation and amortization 2,480,432 2,428,273
Deferred income tax provision (benefit) 70,000 (15,000)
Changes in assets and liabilities
Accounts receivable and other current
assets 5,046,766 (3,880,809)
Inventories 4,178,803 (5,560,942)
Accounts payable (1,567,586) 332,653
Other current liabilities 582,122 (926,082)
------------ ------------
Net cash flows provided by (used in) operating
activities 14,174,602 (4,329,221)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (604,625) (1,535,599)
Reduction in property, plant & equipment 2,331,408 430
Other assets (95,190) (102,864)
------------ ------------
Net cash provided by (used in) investing activities 1,631,593 (1,638,033)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings -- 11,192,000
Repayments of long-term borrowings (13,892,668) (1,573,804)
Declaration of cash dividends (1,923,433) (1,984,049)
Proceeds received on exercised stock options 8,125 --
Common stock reacquired and retired -- (4,571,954)
------------ ------------
Net cash (used in) provided by financing activities (15,807,976) 3,062,193
------------ ------------
Net decrease in cash and cash equivalents (1,781) (2,905,061)
Cash and cash equivalents balance,
beginning of period 188,288 3,021,376
------------ ------------
Cash and cash equivalents balance,
end of period $ 186,507 $ 116,315
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Interest paid $ 1,076,804 $ 900,077
============ ============
Income taxes paid $ 1,814,963 $ 3,170,000
============ ============
See accompanying notes to condensed consolidated interim financial statements.
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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 1 - Summary of Significant Interim Accounting Policies:
a) Basis of presentation
The consolidated financial statements include the accounts of Superior Uniform
Group, Inc. and its wholly-owned subsidiary, formed by contribution of assets in
April 2001. Intercompany items have been eliminated in consolidation.
b) Recognition of costs and expenses
Costs and expenses other than product costs are charged to income in interim
periods as incurred, or allocated among interim periods based on an estimate of
time expired, benefit received or activity associated with the periods.
Procedures adopted for assigning specific cost and expense items to an interim
period are consistent with the basis followed by the Company in reporting
results of operations at annual reporting dates. However, when a specific cost
or expense item charged to expense for annual reporting purposes benefits more
than one interim period, the cost or expense item is allocated to the interim
periods.
c) Inventories
Inventories at interim dates are carried at the lower of cost or market and are
determined by using both perpetual records and gross profit calculations, which
is designed to approximate the first-in, first-out method.
d) Accounting for income taxes
The provision for income taxes is calculated by using the effective tax rate
anticipated for the full year.
e) Earnings per share
Historical basic per share data is based on the weighted average number of
shares outstanding. Historical diluted per share data is reconciled by adding to
weighted average shares outstanding the dilutive impact of the exercise of
outstanding stock options.
Three months
Ended June 30,
-------------------------
2001 2000
---------- ----------
Net Income used in the computation of
basic and diluted earnings per share $1,988,796 $1,961,341
---------- ----------
Weighted average shares outstanding 7,124,327 7,123,327
Common stock equivalents 28,794 4,261
---------- ----------
Total weighted average shares
outstanding 7,153,121 7,127,588
---------- ----------
Earnings per share:
Basic $ 0.28 $ 0.28
========== ==========
Diluted $ 0.28 $ 0.28
========== ==========
Six months
Ended June 30,
-------------------------
2001 2000
---------- ----------
Net Income used in the computation of
basic and diluted earnings per share $3,384,065 $3,292,686
---------- ----------
Weighted average shares outstanding 7,123,994 7,294,585
Common stock equivalents 17,528 6,312
---------- ----------
Total weighted average shares
outstanding 7,141,522 7,300,897
---------- ----------
Earnings per share:
Basic $ 0.48 $ 0.45
========== ==========
Diluted $ 0.47 $ 0.45
========== ==========
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f) Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
g) Comprehensive Income (Loss)
The Company adopted the provisions of FAS 130, "Reporting Comprehensive Income"
in the first quarter of 1998. FAS No. 130 requires disclosures of comprehensive
income including per-share amounts in addition to the existing income statement.
Comprehensive income is defined as the change in equity during a period, from
transactions and other events, excluding changes resulting from investments by
owners (e.g., supplemental stock offering) and distributions to owners (e.g.,
dividends). As of June 30, 2001, accumulated comprehensive income (loss)
consisted of the following:
Balance on December 31, 2000 $ --
Transition adjustment for SFAS 133 (48,000)
Net change during the period related to cash flow hedges (115,000)
----------
Balance on June 30, 2001 $ (163,000)
==========
h) Operating Segments
FAS No. 131 "Disclosures about Segments of an Enterprise and Related
Information" requires disclosures of certain information about operating
segments and about products and services, geographic areas in which the Company
operates, and their major customers. The Company has evaluated the effect of
this new standard and has determined that currently it operates in one segment,
as defined in this statement.
i) Derivative Financial Instruments
The Company has only limited involvement with derivative financial instruments.
The Company has one interest rate swap agreement to hedge against the potential
impact on earnings from increases in market interest rates of a variable rate
term loan. Under the interest rate swap agreement, the Company receives or makes
payments on a monthly basis, based on the differential between a specified
interest rate and one month LIBOR. A term loan of $10,065,329 is designated as a
hedged item for interest rate swaps at June 30, 2001.
This interest rate swap is accounted for as a cash flow hedge in accordance with
FAS 133 and FAS 138 which were implemented as of the beginning of the fiscal
year. As of the report date, the swap met the effectiveness test, and as such no
gains or losses were included in net income during the quarter related to hedge
ineffectiveness and there was no income adjustment related to any portion
excluded from the assessment of hedge effectiveness. A loss of $115,000 was
included in other comprehensive income (loss) for the six months ended June 30,
2001. The original term of the contract is ten years.
j) Reclassifications
Certain reclassifications to the 2000 financial information have been made to
conform to the 2001 presentation.
k) New Accounting Standards
In June 2001, the Financial Accounting Standards Board ("FASB") concluded the
voting process on its business combinations project and will issue Statement of
Financial Accounting Standard ("SFAS") No. 141, Business Combinations, and SFAS
No. 142, Goodwill and Other Intangible Assets in July 2001. SFAS No. 141
requires that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001. Use of the pooling-of-interests
method will be prohibited. SFAS No. 142 changes the accounting for goodwill from
an amortization method to an impairment-only approach. Thus, amortization of
goodwill, including goodwill recorded in past business combinations, will cease
upon adoption of SFAS No. 142, which is effective for the Company on January 1,
2002. The Company has not evaluated the effect, if any, that the adoption of
SFAS No. 141 and SFAS No. 142 will have on the Company's consolidated financial
statements.
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NOTE 2 - Long-Term Debt:
June 30 December 31,
2001 2000
----------- -----------
Note payable to First Union, pursuant to revolving
credit agreement, maturing March 26, 2004 $ 1,997,000 $ 9,365,944
6.75% term loan payable to First Union, with monthly
payments of principal and interest,
maturing April 1, 2009 10,065,329 10,539,246
6.65% note payable to MassMutual Life Insurance
Company, due $1,666,667 annually through 2005 7,500,192 8,333,333
Variable rate term loan payable to First Union, with
monthly principal payments of $83,333, plus
interest, maturing November 1, 2005 -- 4,916,666
9.9% note payable to MassMutual Life Insurance
Company, due $600,000 annually through 2001 300,000 600,000
----------- -----------
19,862,521 33,755,189
Less payments due within one year included
in current liabilities 2,958,407 4,224,950
----------- -----------
$16,904,114 $29,530,239
=========== ===========
On March 26, 1999, the Company entered into a 3-year credit agreement with
First Union that made available to the Company up to $15,000,000 on a
revolving credit basis. Interest is payable at LIBOR plus 0.60% based upon
the one-month LIBOR rate for U.S. dollar based borrowings (4.5% at June 30,
2001). The Company pays an annual commitment fee of 0.15% on the average
unused portion of the commitment. The available balance under the credit
agreement is reduced by outstanding letters of credit. As of June 30, 2001,
approximately $850,000 was outstanding under letters of credit. On March 27,
2001, the Company entered into an agreement with First Union to extend the
maturity of the revolving credit agreement. The revolving credit agreement
matures on March 26, 2004. At the option of the Company, any outstanding
balance on the agreement at that date will convert to a one-year term loan.
The remaining terms of the original revolving credit agreement remain
unchanged. The Company also entered into a $12,000,000 10-year term loan on
March 26, 1999 with the same bank. The term loan is an amortizing loan, with
monthly payments of principal and interest, maturing on April 1, 2009. The
term loan carries a variable interest rate of LIBOR plus 0.80% based upon
the one-month LIBOR rate for U.S.dollar based borrowings. Concurrent with
the execution of the term loan agreement, the Company entered into an
interest rate swap with the bank under which the Company receives a variable
rate of interest on a notional amount equal to the outstanding balance of
the term loan from the bank and the Company pays a fixed rate of 6.75% on a
notional amount equal to the outstanding balance of the term loan to the
bank.
On October 16, 2000, the Company entered into a 5-year term loan with First
Union. The term loan is an amortizing loan, with monthly payments of
principal in the amount of $83,333 plus interest, maturing on November 1,
2005. The term loan carried a variable interest rate of LIBOR plus 0.80%
based upon the one-month LIBOR rate for U.S. dollar based borrowings. The
proceeds of this term loan were utilized to reduce the outstanding balance
on the Company's revolving credit agreement. Concurrent with the execution
of the new term loan agreement, First Union and the Company amended the
March 26, 1999 term loan and the revolving credit agreement to revise the
net worth requirements. The net worth requirements included below reflect
this amendment. This term loan was paid in full in June 2001.
The credit agreement and the term loans with First Union and the agreements
with MassMutual Life Insurance Company contain restrictive provisions
concerning debt to net worth ratios, other borrowings, capital expenditures,
rental commitments, tangible net worth ($64,474,000 at June 30, 2001);
working capital ratio (2.5:1), fixed charges coverage ratio (2.5:1), stock
repurchases and payment of dividends. At June 30, 2001, under the most
restrictive terms of the debt agreements, retained earnings of approximately
$10,621,000 were available for declaration of dividends. The Company is in
full compliance with all terms, conditions and covenants of the various
credit agreements.
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NOTE 3 - Vendor Settlement:
On April 23, 2001, the Company received a one-time payment of $4.0 million in
connection with the resolution of outstanding vendor matters. This resulted in a
one time gain of $1,683,000 that is recorded as a reduction of selling and
administrative expenses in the quarter ended June 30, 2001. The remaining amount
of $2,317,000 was recorded as a reduction in the basis of certain property,
plant and equipment.
The interim information contained above is not certified or audited; it reflects
all adjustments (consisting of normal recurring accruals) which are, in the
opinion of management, necessary to a fair statement of the operating results
for the periods presented, stated on a basis consistent with that of the audited
financial statements.
The financial information included in this form has been reviewed by Deloitte &
Touche LLP, independent certified public accountants; such review was made in
accordance with established professional standards and procedures for such a
review.
All financial information has been prepared in accordance with the accounting
principles or practices reflected in the financial statements for the year ended
December 31, 2000, filed with the Securities and Exchange Commission. Reference
is hereby made to registrant's Financial Statements for 2000, heretofore filed
with registrant's Form 10-K.
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INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors
Superior Uniform Group, Inc.
Seminole, Florida
We have reviewed the accompanying condensed consolidated balance sheet of
Superior Uniform Group, Inc. and subsidiary as of June 30, 2001 and the related
condensed consolidated summaries of operations for the three-month and six-month
periods ended June 30, 2001 and 2000 and of cash flows for the six-month periods
ended June 30, 2001 and 2000. These financial statements are the responsibility
of the Company's management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and of making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States of America, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to such condensed consolidated financial statements for them to be in
conformity with accounting principles generally accepted in the United States of
America.
We have previously audited, in accordance with auditing standards generally
accepted in the United States of America, the balance sheet of Superior Uniform
Group, Inc. as of December 31, 2000, and the related statements of earnings,
shareholders' equity, and cash flows for the year then ended (not presented
herein); and in our report dated February 22, 2001, we expressed an unqualified
opinion on those financial statements. In our opinion, the information set forth
in the accompanying condensed balance sheet as of December 31, 2000 is fairly
stated, in all material respects, in relation to the balance sheet from which it
has been derived.
/s/ Deloitte & Touche, LLP
Tampa, Florida
July 18, 2001
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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
RESULTS OF OPERATIONS
Net sales decreased from $44,732,763 for the three months ended June 30, 2000 to
$38,368,931 for the three months ended June 30, 2001. Net sales decreased from
$83,554,033 for the six months ended June 30, 2000 to $77,304,546 for the six
months ended June 30, 2001. These decreases are attributed to lower purchasing
levels by existing customers and a reduction in the number of new uniform
programs in the current periods.
Cost of goods sold, as a percentage of sales, approximated 65.4% for the six
months ended June 30, 2001 compared to 66.0% for the six months ended June 30,
2000.
Selling and administrative expenses, as a percentage of sales, were
approximately 26.5% and 26.7%, respectively, for the first six months of 2001
and 2000. On April 23, 2001, the Company received a one-time payment of $4.0
million in connection with the resolution of outstanding vendor matters. This
resulted in a one time gain of $1,683,000 that is recorded as a reduction of
selling and administrative expenses in the quarter ended June 30, 2001. Without
this gain, selling and administrative expenses, as a percentage of sales, were
approximately 28.7%. This increase is due primarily to the reduction in sales in
the current period.
Interest expense of $923,757 for the six month period ended June 30, 2001
increased 1.6% from $908,858 for the similar period ended June 30, 2000 due to
higher average outstanding borrowings in the current period.
Net earnings increased 1.4% to $1,988,796 for the three months ended June 30,
2001 as compared to net earnings of $1,961,341 for the same period in 2000. Net
earnings for the six months ended June 30, 2001 increased 2.8% to $3,384,065 as
compared to net earnings of $3,292,686 for the same period in 2000.
Accounts receivable and other current assets decreased 15.4% from $32,829,093 on
December 31, 2000 to $27,782,327 as of June 30, 2001.
Inventories decreased 7.2% from $57,910,294 on December 31, 2000 to $53,731,491
as of June 30, 2001.
Accounts payable decreased 17.5% from $8,970,663 on December 31, 2000 to
$7,403,077 on June 30, 2001 primarily due to decreases in purchases of raw
material inventories.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents decreased by $1,781 from $188,288 on December 31, 2000
to $186,507 as of June 30, 2001. Total borrowings under long-term debt
agreements decreased by $13,892,668 from $33,755,189 on December 31, 2000 to
$19,862,521 as of June 30, 2001. The Company has operated without hindrance or
restraint with its present working capital, as income generated from operations
and outside sources of credit, both trade and institutional, have been more than
adequate.
In the foreseeable future, the Company will continue its ongoing capital
expenditure program designed to maintain and improve its facilities. The Company
at all times evaluates its capital expenditure program in light of prevailing
economic conditions. The Company believes that its cash flow from operating
activities together with other capital resources and funds from credit sources
will be adequate to meet all of its funding requirements for the remainder of
the year and for the foreseeable future.
During the six months ended June 30, 2001 and 2000, respectively, the Company
paid cash dividends of $1,923,433 and $1,984,049. During those same periods, the
Company reacquired and retired - 0 - and 471,500 shares, respectively, with
costs of $- 0 - and $4,571,954. The Company anticipates that it will continue to
pay dividends and that it will reacquire and retire additional shares of its
common stock in the future as financial conditions permit.
This quarterly report contains certain forward-looking statements that involve a
number of risks and uncertainties. Among the factors that could cause actual
results to differ materially are the following - general economic conditions in
the areas of the United States in which the Company's customers are located;
changes in the healthcare, resort and commercial industries where uniforms and
service apparel are worn; the impact of competition; and the availability of
manufacturing materials.
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PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
None.
ITEM 2. Changes in Securities
None.
ITEM 3. Defaults Upon Senior Securities
Inapplicable.
ITEM 4. Submission of Matters to a Vote of Security-holders
The Annual Meeting of Shareholders was held on May 4, 2001. Of the
7,124,327 shares outstanding and entitled to vote at the meeting, 6,365,469
shares were present at the meeting, in person or by proxy. At the meeting the
shareholders:
a) Voted for the nomination of all proposed Directors being, Messrs. G. M.
Benstock, A. D. Schwartz, M. Benstock, S. Schechter, P. Benstock, M.
Gaetan, PhD, S. Kirschner, and R. Hensley. The votes on all directors
nominated were as follows:
NOMINEE VOTES FOR: VOTES WITHHELD:
------- ---------- ---------------
Gerald M. Benstock 5,557,844 807,625
Saul Schechter 5,557,844 807,625
Alan D. Schwartz 5,557,844 807,625
Michael Benstock 5,556,444 809,025
Peter Benstock 5,557,744 807,725
Manuel Gaetan 6,324,944 40,525
Sidney Kirschner 6,324,944 40,525
Robin Hensley 6,323,579 41,890
b) Ratified the appointment of Deloitte & Touche LLP, independent certified
public accountants, as auditors for the Company's financial statements
for the year ending December 31, 2001 with 6,341,281 votes for the
motion, 22,438 votes against and 1,750 votes abstaining.
ITEM 5. None
ITEM 6. Exhibits and Reports on Form 8-K
a) Exhibits
15 Letter re: Unaudited Interim Financial Information.
b) Reports on Form 8-K
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 30, 2001 SUPERIOR UNIFORM GROUP, INC.
By /s/ Gerald M. Benstock
-----------------------------------------
Gerald M. Benstock
Chairman and Chief Executive Officer
By /s/ Andrew D. Demott, Jr.
-----------------------------------------
Andrew D. Demott, Jr.
Vice President, Chief Financial Officer
and Treasurer (Principal Accounting
Officer)
Page 12