Specialty apparel dealer Superior Uniform Group Inc announced that for the third quarter ended September 30, 2006, net sales were $33,440,168 compared with 2005 third quarter net sales of $34,194,000.
Net earnings were $912,215 or $.14 per common share (diluted), compared with net earnings of $158,550 or $.02 per common share (diluted) in the 2005 third quarter.
For the nine months ended September 30, 2006, net sales were $96,081,293, compared with net sales of $100,910,004 in the nine months ended September 30, 2005.
Net earnings for the nine months ended September 30, 2006 were $2,094,109 or $.30 per common share (diluted) versus net earnings of $944,524 or $.13 per common share (diluted) in the first nine months of 2005.
Michael Benstock, Chief Executive Officer, commented: "We are very pleased with our operating results for the current quarter. Net earnings increased over 475% as a result of our previously announced cost-saving measures as well as continued improvements in our gross margins.”
“Our service issues that we experienced in the first half of 2005 are behind us and we are actively working to improve our customers' experience at every point of contact with the Company.”
“While our sales were down slightly for the quarter in comparison to the prior year quarter, they have increased almost 7% versus the average sales in our first two quarters of this year."
"We are experiencing success in our sales initiatives in our target markets and continue to rebuild our sales base. We are very optimistic about our position in the market and expect to continue to report improving operating results as we go forward."
Superior Uniform Group Inc