SUPERIOR UNIFORM GROUP REPORTS CONTINUED IMPROVEMENT IN OPERATING RESULTS
- Net Sales up 5.9%
- Net Earnings from Continuing Operations up 50%
SEMINOLE, Florida - July 24, 2008 - Superior Uniform Group, Inc., (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2008, sales were $31,699,285, compared with 2007 second quarter sales of $29,938,498. Earnings from continuing operations were $1,210,804 or $.18 per share (diluted), compared with earnings from continuing operations of $808,395 or $.12 per share (diluted) in the 2007, second quarter.
Net earnings were $1,178,273 or $.18 per share (diluted), compared with net earnings of $660,043 or $.10 per share (diluted) in the 2007 second quarter.
For the six months ended June 30, 2008, sales were $64,981,915, compared with sales of $58,651,801 in the six months ended June 30, 2007. Earnings from continuing operations for the six months ended June 30, 2008 were $2,125,612 or $.32 per share (diluted), versus earnings from continuing operations of $1,048,883 or $.16 per share (diluted) in the first six months of 2007. Net earnings for the six months ended June 30, 2008 were $1,979,643 or $.30 per share (diluted), versus net earnings of $784,638 or $.12 per share (diluted) in the first six months of 2007.
Michael Benstock, Chief Executive Officer, commented: "We are again very pleased to report improvement in our net sales and earnings for the second quarter of 2008, particularly in light of the significant economic downturn. We are continuing to find operating efficiencies in our business even while most costs associated with running our business are increasing at unprecedented rates.
Our financial position remains very strong with a current ratio of 6.8:1. We believe that the market has continued to undervalue our common shares. We have repurchased approximately 192,000 shares during the second quarter and we are actively looking for additional blocks of stock to repurchase at this time. “