SEMINOLE, Florida – October 25, 2007 - Superior Uniform Group, Inc. (AMEX: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2007, net sales were $31,235,531 compared with 2006 third quarter net sales of $33,440,168. Net earnings were $1,217,372 or $.18 per common share (diluted), compared with net earnings of $912,215 or $.14 per common share (diluted) in the 2006 third quarter.
For the nine months ended September 30, 2007, net sales were $91,527,855, compared with net sales of $96,081,293 in the nine months ended September 30, 2006. Net earnings for the nine months ended September 30, 2007 were $2,002,010 or $.30 per common share (diluted) versus net earnings of $2,094,109 or $.30 per common share (diluted) in the first nine months of 2006.
Michael Benstock, Chief Executive Officer, commented: “We are pleased with the continued improvement in our earnings this quarter despite the decrease in sales. Net sales in the current quarter were unfavorably impacted as a result of the deferral of significant portions of the sales related to the new programs that we discussed in our earnings release last quarter. Portions of these programs were postponed until the fourth quarter of 2007 and the first quarter of 2008. We still expect these programs to provide significant net sales gains going forward. In addition to these postponements, overall demand from our existing customers was lower in the current period. We continue to reap the rewards of our emphasis on reducing operating costs and from improved sourcing of our products. We expect significant improvement in our operating results in the coming periods as these significant new programs ramp up.”
Superior Uniform Group®, through its Signature marketing brands – Fashion Seal®, Fashion Seal Healthcare™, Martin’s®, Worklon®, UniVogue™ and Sope Creek® – manufactures and sells a wide range of uniforms, image apparel and accessories. Superior specializes in managing comprehensive uniform programs, and is dedicated to servicing the Healthcare, Hospitality, Restaurant/Food Services, Retail Employee I.D., Governmental/Public Safety, Entertainment, Commercial, Cleanroom and Resortwear markets. For more information, please visit www.superioruniformgroup.com.
Statements contained in this press release which are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties, including without limitation those identified in the Company’s SEC filings, which could cause actual results to differ from those projected.