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Superior Uniform announces year-end operating results

26
Feb '07
Superior Uniform Group Inc announced its fourth quarter and year-end operating results for 2006.

The Company announced that for the year ended December 31, 2006, sales were $127,695,735, compared to 2005 sales of $133,312,351. Net earnings for the year ended December 31, 2006 was $2,197,267 or $.32 per share (diluted) compared to $1,244,185 or $.17 per share (diluted) reported for the year ended December 31, 2005.

Michael Benstock, Chief Executive Officer, commented: "We are very pleased with the progress of our operating results for the current year. Net earnings increased over 76% as a result of our previously announced cost-saving measures as well as continued improvements in our gross margins."

The actual improvement is even more significant when you take into account the fact that we began expensing stock-based compensation effective January 1, 2006. This new accounting standard reduced 2006 net earnings by approximately $439,000 or $.06 per share (diluted). Additionally, we made a decision in the fourth quarter to exit the corporate sales portion of our Sope Creek business and to focus on the resort sales market for this brand.

As a result, we took a pre- tax charge in cost of goods sold of approximately $450,000 in the fourth quarter for the write-down of the remaining corporate inventory and approximately $800,000 for the full year in write-downs and closeout sales at losses related to this inventory. The effect of these charges was to reduce net earnings per share (diluted) by approximately $.04 in the fourth quarter of 2006 and by $.08 for the full year 2006.


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