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News Flash
Superior Uniform Group's FY sales declines, earnings up
23 Feb '06
3 min read
Superior Uniform Group Inc, manufacturer of uniforms, career apparel and accessories, has announced its fourth quarter and year-end operating results for 2005.
The company informed that for the year ended December 31st 2005, sales were $133,312,351 compared to 2004 sales of $143,567,473. Net income for the year ended December 31st 2005 was $1,244,185 or $.17 per share (diluted) compared to $5,378,687 or $.71 per share (diluted) reported for the year ended December 31st 2004.
Michael Benstock, Chief Executive Officer said, "The year ending December 31st 2005 was a very difficult year for the company. Our operating results were negatively affected by a variety of factors, including challenges associated with a necessary warehouse management system upgrade in our central distribution center, which during that period resulted in severe service interruptions affecting the first half of the year. In the latter part of the year, numerous major hurricanes virtually shut down all of the ports (New Orleans, Gulfport, Houston and Miami), where the vast majority of our finished products arrive weekly from Central America.
We were able, in spite of these setbacks, to lay a much stronger foundation for the Company's future and are now positioned to return the Company to the levels of profitability and sales growth that our shareholders deserve. During 2005, we accomplished the following major initiatives that will provide significant returns to the Company goingforward. We completed the upgrade of the warehouse system at our central warehouse facility allowing us to consolidate substantially all of the distribution operations of the Company into this one location. We released our largest-ever catalog, Defining Uniforms, with a greatly expanded line of quality uniforms and image apparel related to several of our focal markets, particularly Hospitality and Healthcare.
The company informed that for the year ended December 31st 2005, sales were $133,312,351 compared to 2004 sales of $143,567,473. Net income for the year ended December 31st 2005 was $1,244,185 or $.17 per share (diluted) compared to $5,378,687 or $.71 per share (diluted) reported for the year ended December 31st 2004.
Michael Benstock, Chief Executive Officer said, "The year ending December 31st 2005 was a very difficult year for the company. Our operating results were negatively affected by a variety of factors, including challenges associated with a necessary warehouse management system upgrade in our central distribution center, which during that period resulted in severe service interruptions affecting the first half of the year. In the latter part of the year, numerous major hurricanes virtually shut down all of the ports (New Orleans, Gulfport, Houston and Miami), where the vast majority of our finished products arrive weekly from Central America.
We were able, in spite of these setbacks, to lay a much stronger foundation for the Company's future and are now positioned to return the Company to the levels of profitability and sales growth that our shareholders deserve. During 2005, we accomplished the following major initiatives that will provide significant returns to the Company goingforward. We completed the upgrade of the warehouse system at our central warehouse facility allowing us to consolidate substantially all of the distribution operations of the Company into this one location. We released our largest-ever catalog, Defining Uniforms, with a greatly expanded line of quality uniforms and image apparel related to several of our focal markets, particularly Hospitality and Healthcare.
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