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Superior Uniform sales up 14% in Q4
28
Feb '13
Superior Uniform Group, Inc. manufacturer of uniforms, image apparel and accessories, announced its fourth quarter and year-end operating results for 2012. 
 
Highlights 
-6.3% Increase in Net Sales for 2012
-Records Non-Cash Impairment Charge for Intangible Assets of $1,226,000 before tax benefit
-14.0% Increase in Net Sales in Fourth Quarter 2012
-83.3% Increase in Earnings per Share in Fourth Quarter 2012 before Impairment Charge
 
The Company announced that for the year ended December 31, 2012, net sales increased 6.3% to $119,486,000, compared to 2011 net sales of $112,373,000. Net earnings for the year ended December 31, 2012 were $3,031,000 or $0.49 per share (diluted) compared to $4,136,000 or $0.68 per share (diluted) reported for the year ended December 31, 2011.
 
Net earnings for the fourth quarter ended December 31, 2012 were $485,000 or $0.08 per share (diluted) compared to net earnings of $725,000 or $0.12 per share (diluted) reported for the fourth quarter ended December 31, 2011.  Net earnings for the fourth quarter included non-cash, pre-tax intangible asset impairment loss of $1,226,000 to write off the remaining balance of its intangible asset associated with its licensing agreement with EyeLevel Interactive North America, LLC.  After tax, this charge resulted in a reduction of earnings per share (diluted) of approximately $0.14.
 
Michael Benstock, chief executive officer, commented: “We are very pleased to report a 6.3% increase in net sales for the year.  We are especially pleased to report our fourth quarter results as we achieved a 14.0% increase in net sales and an increase of approximately 83% in our earnings per share (diluted) before consideration of the intangible asset impairment loss.  We reported strong gains in net sales in the fourth quarter for both our Uniforms and Related Products segment at 12.8% and our Remote Staffing Solutions segment at 55%.  
 
“As we have discussed in our previous releases, our gross margins were greatly pressured in the first three quarters of 2012 as we worked our way through the higher priced inventory relative to the cotton crisis.  As a result, our gross margins for the year ended December 31, 2012 were 33.3% as compared to 35.8% for the prior year.  As expected, we saw significant improvement in our gross margins in the fourth quarter up to 34.2% compared to 33.0% for the first nine months of 2012.  We expect that this trend will continue in 2013.  
 
 


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