For the nine months ended September 30, 2013, net sales were $106,023,000, compared with net sales of $88,442,000 in the nine months ended September 30, 2012. Net income for the nine months ended September 30, 2013 were $4,175,000 or $.67 per share (diluted), versus net income of $2,546,000 or $.41 per share (diluted) in the first nine months of 2012.
Michael Benstock, Chief Executive Officer, commented: "We are very pleased to report an increase in net sales of 44.4% in the current quarter. The acquisition of HPI contributed net sales in the third quarter of $9,038,000 representing an increase in excess of 20% from their prior year third quarter sales. We reported net sales increases of 13.5% in our Uniforms and Related Products segment and excluding the impact of HPI. Our net earnings in the current quarter included pre-tax expenses for costs associated with the acquisition of HPI totaling approximately $765,000.
Excluding the acquisition related expenses, HPI contributed $261,000 of pre-tax earnings in the current quarter.
"The transition for HPI is proceeding very well at this point. They have a tremendous amount of momentum in the market as evidenced by the 20% growth rate experienced in the current quarter as well as several significant new accounts they have landed following the acquisition.
"We are continuing to see significant growth in our Remote Staffing Solutions segment as well with an increase in net sales in this segment of 58.3% in the current quarter as compared to the third quarter of 2012. We believe this segment provides us with continuing opportunity for growth in net sales and earnings for the future.
"Our financial position remains very strong and allows us to continue to invest in the future of our Company. We are very optimistic as to the future of the Company and look forward to reporting continued improvement in our earnings in the future."
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