| The company will continue to focus its efforts for additional cost savings while moving forward in the business |
Net sales were up approximately 7.4% to $95,595,090 and net earnings were up approximately 47.6% to $2,955,788 this year.
Superior Uniform Group, Inc., manufacturer of uniforms, career apparel and accessories, announced that for the third quarter ended September 30, 2008, net sales were $30,613,175 compared with 2007 third quarter net sales of $30,391,919. Earnings from continuing operations were $984,766 or $.15 per share (diluted), compared with earnings from continuing operations of $1,352,277 or $.20 per share (diluted) in the 2007 third quarter. Net earnings were $976,145 or $.15 per common share (diluted), compared with net earnings of $1,217,372 or $.18 per common share (diluted) in the 2007 third quarter. Earnings from continuing operations and net earnings in the 2007 third quarter included approximately $185,000 or $.03 per common share (diluted) of earnings related to the Internal Revenue Service completing an audit of the Company’s federal tax returns for 2004 and 2005 and the reversal of accruals for uncertain tax positions.
For the nine months ended September 30, 2008, net sales were up approximately 7.4% to $95,595,090, compared with net sales of $89,043,720 in the nine months ended September 30, 2007. Earnings from continuing operations for the nine months ended September 30, 2008 were up approximately 29.5% to $3,110,398 or $.47 per share (diluted), versus earnings from continuing operations of $2,401,160 or $.36 per share (diluted) in the first nine months of 2007. Net earnings for the nine months ended September 30, 2008 were up approximately 47.6% to $2,955,788 or $.45 per common share (diluted) versus net earnings of $2,002,010 or $.30 per common share (diluted) in the first nine months of 2007.
Michael Benstock, Chief Executive Officer, commented: “We are pleased to be able to report even a small increase in net sales in the current economic environment in which we are operating. We were able to report this increase as sales to new customers and additional penetration of certain existing customers offset overall soft demand from the rest of our customer base. Pre-tax earnings from continuing operations were down slightly from the prior year as our cost reduction strategies were offset by general increases in operating costs in most areas of our business. We will continue to focus our efforts on additional cost saving measures as we move forward. We recognize the difficult current economic environment in which we are operating. We believe that our current customer service levels, commitment to customer excellence, new, already implemented sales strategies, as well as our strong financial position, have us well positioned to take additional market share. Additionally, we continue to believe that the market has undervalued our common shares and we remain committed to our share repurchase program. We have repurchased in excess of 400,000 shares under this program in the current year.”