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Superior Uniform Q1 net sales surge 32.4%

May 05, 2014 (United States Of America)

Superior Uniform Group, Inc., announced the first quarter earnings, ending on March 31, 2014 were $1,218,000 or $0.18 per share (diluted) compared with $1,229,000 or $0.20 per share (diluted) reported for the quarter ended March 31, 2013.  Net sales for the 2014 first quarter were $41,027,000 compared with 2013 first quarter sales of $30,985,000.
 
Highlights:
-Net Sales Increase 32.4%
-HPI Direct Reports Net Sales of $10,712,000, an Increase of 34%
-The Office Gurus Reports Net Sales Increase of 48.3% 
 
Michael Benstock, Chief Executive Officer, commented, “We are very pleased to continue to report significant sales gains in both of our operating segments.  HPI Direct has continued with their very strong momentum since the acquisition last July reporting a 34% increase in their net sales in the first quarter versus their net sales for the first quarter of 2013. 
 
“Additionally, we have been working to build inventories for several very large customer programs that will begin shipping during the second quarter of 2014 for both HPI Direct and our legacy uniform business. Our current backlog of business is larger than it has ever been. Our Uniforms and Related Product segment net sales, exclusive of HPI Direct, were down moderately in the first quarter. 
 
“January and February were down more significantly and a portion of that decrease is due to the impact of severe weather.  We did begin to see a pickup in activity in March and were back on track with a nice increase in net sales during March even though our shipping was again adversely affected by winter storms in the last few days of the month. We look forward to reporting significant increases in net sales and earnings in this segment in the second quarter and as the year continues.
 
“Our Remote Staffing Solutions segment is happy to once again report significant growth in net sales as the market response has been very favorable to our service offerings and we believe there is room for us to continue to grow substantially in this segment.
 
“Our financial position remains very strong and will continue to allow us to meet the demands of significant growth in all of our business segments as we move forward.”
 

Superior Uniform Group
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