Superior Uniform Group Inc. Reports Operating Results for 2013

Superior Uniform Group Inc., manufacturer of uniforms, image apparel and accessories, announced its fourth quarter and year-end operating results for 2013.

• Net Sales Increase 26.8 percent
• HPI Reports Net Sales of $21,052,000, an Increase of 33.7 percent
• The Office Gurus Reports Net Sales Increase of 63.4 percent
• Net Earnings Per Share (Diluted) Increase by 87.8 percent

The company announced that for the year ended December 31, 2013, net sales increased 26.8% to $151,496,000, compared to 2012 net sales of $119,486,000. Net earnings for the year ended December 31, 2013 were $5,850,000 or $0.92 per share (diluted) compared to $3,031,000 or $0.49 per share (diluted) reported for the year ended December 31, 2012. We reported net sales increases of 7.6 percent in our Uniforms and Related Products segment excluding the impact of HPI. HPI contributed net sales in the second half of 2013 of $21,052,000, following our July 1, 2013 acquisition of their business, representing an increase of 33.7 percent from their prior year second half net sales. We reported an increase of 63.4 percent in net sales to outside customers in our Remote Staffing Solutions segment. Our net earnings in the current year included pre-tax expenses for costs associated with the acquisition of HPI totaling approximately $995,000. Exclusive of these acquisition expenses, HPI contributed approximately $0.07 earnings per share (diluted) in the second half of 2013.