Superior Uniform EPS skyrockets 87.8%

24 Feb '14

4 min read

Superior Uniform Group, Inc., manufacturer of uniforms, image apparel and accessories, announced its fourth quarter and year-end operating results for 2013.

Highlights:

-Net Sales Increase 26.8%

-HPI Reports Net Sales of $21,052,000, an Increase of 33.7%

-The Office Gurus Reports Net Sales Increase of 63.4%

-Net Earnings Per Share (Diluted) Increase by 87.8%

The Company announced that for the year ended December 31, 2013, net sales increased 26.8% to $151,496,000, compared to 2012 net sales of $119,486,000. Net earnings for the year ended December 31, 2013 were $5,850,000 or $0.92 per share (diluted) compared to $3,031,000 or $0.49 per share (diluted) reported for the year ended December 31, 2012.

We reported net sales increases of 7.6% in our Uniforms and Related Products segment excluding the impact of HPI. HPI contributed net sales in the second half of 2013 of $21,052,000, following our July 1, 2013 acquisition of their business, representing an increase of 33.7% from their prior year second half net sales.

We reported an increase of 63.4% in net sales to outside customers in our Remote Staffing Solutions segment. Our net earnings in the current year included pre-tax expenses for costs associated with the acquisition of HPI totaling approximately $995,000. Exclusive of these acquisition expenses, HPI contributed approximately $0.07 earnings per share (diluted) in the second half of 2013.

Net earnings for the fourth quarter ended December 31, 2013 were $1,675,000 or $0.25 per share (diluted) compared to net earnings of $485,000 or $0.08 per share (diluted) reported for the fourth quarter ended December 31, 2012.

We reported net sales increases of 6.4% in our Uniforms and Related Products segment excluding the impact of HPI. HPI contributed net sales in the fourth quarter of 2013 of $12,014,000, representing an increase of 46.2% from their prior year fourth quarter net sales. We reported an increase of 42.1% in net sales to outside customers in our Remote Staffing Solutions segment. HPI contributed approximately $0.05 earnings per share (diluted) in the fourth quarter of 2013.

Net earnings for the fourth quarter of 2012 included a non-cash, pre-tax intangible asset impairment loss of $1,226,000 to write off the remaining balance of the intangible asset associated with the licensing agreement with EyeLevel Interactive North America, LLC. After tax, this charge resulted in a reduction of 2012 earnings per share (diluted) of approximately $0.14.

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