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Net sales up in second quarter at Superior Uniform Group
01
Aug '11
Superior Uniform Group Inc, manufacturer of uniforms, career apparel and accessories, announced that for the second quarter ended June 30, 2011, sales were $27,505,656, compared with 2010 second quarter sales of $26,629,161. Net earnings were $932,399 or $.15 per share (diluted), compared with earnings of $983,170 or $.17 per share (diluted) in the 2010 second quarter.

For the six months ended June 30, 2011, sales were $54,404,256, compared with sales of $52,609,023 in the six months ended June 30, 2010. Net earnings for the six months ended June 30, 2011 were $1,531,321 or $.25 per share (diluted), versus earnings of $1,491,387 or $.25 per share (diluted) in the first six months of 2010.

Michael Benstock, Chief Executive Officer, commented: “We are very pleased to report increases of 3.3% in our net sales in the second quarter. Net earnings for the quarter were down slightly at $.15 per share (diluted), compared with $.17 per share (diluted) in the 2010 second quarter. We completed a significant consulting project in the second quarter as part of our ongoing strategic plan. This project, performed by a major international consulting firm, involved a detailed market analysis of our customers' requirements, our internal capability strengths and gaps and development of a roadmap to capitalize on the opportunities identified in the future.

The total pre-tax cost of this project was approximately $550,000 and resulted in a reduction of net earnings per share (diluted) of approximately $.06 per share in the second quarter of 2011. Additionally, as we previously announced, we launched our new division, everyBODY media during the first quarter of this year. Our operating results include approximately $330,000 of pre-tax expenses for the second quarter associated with this new venture. We are receiving favorable responses from the market relative to the concept and expect to begin generating revenues from this division in the fourth quarter of this year.

We continue to show significant growth in revenues from our near-shore call center business, The Office Gurus. Net sales for the second quarter of 2011 were $667,000 compared to $68,000 in the prior year second quarter. We expect to substantially grow this vertical going forward. Our financial position remains very strong and continues to provide us with the ability to invest in our existing business as well as new ventures such as everyBODY media and The Office Gurus and to continue to explore strategic acquisitions.”

Superior Uniform Group Inc

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