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Superior Uniform Group Q2 net income falls on lower sales

27
Jul '06
Superior Uniform Group Inc, manufacturer of uniforms, career apparel and accessories, announced that for the second quarter ended June 30, 2006, sales were $31,504,585 compared with 2005 second quarter sales of $34,858,915.

Net income was $629,668 or $.09 per share (diluted), compared with net income of $646,533 or $.09 per share (diluted) in the 2005 second quarter.

For the six months ended June 30, 2006, sales were $62,641,128, compared with sales of $66,716,004 in the six months ended June 30, 2005. Net income for the six months ended June 30, 2006 was $1,181,894 or $.17 per share (diluted) versus net income of $785,975 or $.10 per share (diluted) in the first six months of 2005.

Michael Benstock, CEO, said, "Our decrease in sales revenue in the second quarter is attributed to several factors: First, the prior year second quarter included revenues of approximately $1.5 million carried over from the first quarter of 2005 due to the difficulties we encountered in delivering product during the warehouse upgrade. Secondly, approximately $0.9 million in sales to one customer that shipped in the second quarter of 2005 will be shipping in the third quarter of 2006. The remainder of the decline is attributed primarily to lost volume due to service issues experienced early in 2005. These declines have more than offset the additional business that we have added in the hospitality and government services markets in the current period."

"We are continuing to see increased opportunities in these markets; however, we are still in a position of having to replace business that was lost during the last year primarily as a result of our service issues. While we are disappointed with the sales profile of the company, we continue to see benefits from our prior year cost savings measures and expect to continue to report improved earnings results. We are actively engaged in pursuing our newest sales initiatives, as well as evaluating our sales coverage in all markets. Additionally, our Customer Excellence (C1) program is in full swing and is geared towards improving the customer experience at every point of contact with the company as we continue to focus our efforts on tapping the potential of our primary markets," he added.

Superior Uniform Group, through its Signature marketing brands - Fashion Seal, Fashion Seal Healthcare, Martin's, Worklon, Sope Creek and UniVogue - manufactures and sells a wide range of uniforms, image apparel and accessories.

Superior Uniform Group Inc


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