Superior Uniform Group's FY sales declines, earnings up
23 Feb '06
3 min read
We utilized our 2004 acquisition of UniVogue and this new catalog line as a platform to substantially increase our market share in the Hospitality market. We entered into agreements with a number of major hotel chains, state government agencies and buying groups and developed marketing materials to support our sales efforts in these markets. We continued to develop our sourcing networks around the globe to better meet the competitive requirements of our customers and markets. We streamlined our operations and were able to substantially reduce our workforce.
We reduced our inventory levels and generated approximately $11 million in cash from operating activities. We ended the year with over $3.2 million in cash on hand and have continued to build cash during the first quarter of 2006. We laid a more stable foundation for our Company and are now positioned to reap the rewards of our hard work. I know it has been difficult on our shareholders as we have worked through these issues. However, I truly believe we are positioned to have a tremendous year in 2006."
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 specializes in managing comprehensive uniform programs, and is dedicated to servicing the Healthcare, Hospitality, Restaurant/Food Services, Retail Employee I.D., Governmental/Public Safety, Entertainment, Commercial, Transportation, Cleanroom, Corporate Identity and Resortwear markets.
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