Superior Uniform Group Reports Second Quarter Operating Results
Superior Uniform Group Inc., manufacturer of uniforms, career apparel and accessories, recently announced that for the second quarter ended June 30, 2013, sales were $30,854,000, compared with 2012 second quarter sales of $29,335,000. Net earnings were $1,438,000 or $0.23 per share (diluted), compared with earnings of $977,000 or $0.16 per share (diluted) in the 2012 second quarter.
- 5.2 Percent Increase in Net Sales
- 86.7 Percent Increase in Net Sales for Remote Staffing Solutions Segment
- 43.8 Percent Increase in Earnings Per Share (Diluted)
For the six months ended June 30, 2013, sales were $61,839,000, compared with sales of $57,843,000 in the six months ended June 30, 2012. Net earnings for the six months ended June 30, 2013 were $2,667,000 or $0.43 per share (diluted), versus earnings of $1,304,000 or $0.21 per share (diluted) in the first six months of 2012.
"We are very pleased to report a 5.2 percent increase in net sales for the second quarter of this year," said Michael Benstock, chief executive officer. "We reported gains in net sales in the quarter for both our uniforms and related products segment and our remote staffing solutions segment. We are especially pleased to report an increase of 43.8 percent in our earnings per share (diluted) from $0.16 per share in the second quarter of 2012 to $0.23 per share in 2013. Our gross margins in our Uniforms and Related Products segment have returned to pre-cotton crisis levels at 35.3 percent in the current-year period as compared to 32.4 percent in the prior-year period. We expect this trend to continue throughout 2013.
"We continue to reap the rewards of our significant investments in our staffing and infrastructure in our Remote Staffing Solutions segment over the past year. We are continuing to see accelerated growth in this segment with an increase of 86.7 percent in net sales of remote staffing solutions in the second quarter of 2013 in comparison with the second quarter of 2012.
"As we previously reported, we completed the acquisition of substantially all of the assets of HPI Direct on July 1, 2013. While this transaction was completed on the first day of the third quarter, our second quarter operating results include approximately $230,000 in pre-tax expenses associated with this transaction. Our strong financial position has positioned us to be able to pursue acquisitions of this nature and to continue to make further investments in all of our operations in order to accelerate the growth of our business."
For more information on Superior Uniform Group, visit www.superioruniformgroup.com.