| The company earned $.09 per share in the current quarter as compared to net loss of $0.08 per share in last quarter |
The first quarter operating results of Superior Uniform Group reported 10% increase in net sales and $0.17 increase in earnings per share.
Superior Uniform Group, Inc., manufacturer of uniforms, career apparel and accessories, announced that for the first quarter ended March 31, 2010, earnings were $508,217 or $0.09 per share (diluted) compared with a loss of $(502,945) or $(0.08) per share (diluted) reported for the quarter ended March 31, 2009. Net sales for the 2010 first quarter were $25,979,862 compared with 2009 first quarter sales of $23,716,094.
In making the earnings announcement, Michael Benstock, Chief Executive Officer, stated: "We are pleased to report earnings of $.09 per share in the current quarter in comparison to a net loss of $(0.08) per share in the prior year quarter. We are beginning to see an increase in activity as the economy appears to be stabilizing. We reported an increase of 10% in net sales in the current quarter with approximately 4% of the increase attributable to organic growth and the remaining 6% from our acquisition of Blade in the fourth quarter of 2009.
“We remain focused on improving our market share as we have continued to invest in our future in both our sales and marketing efforts. In addition, with the significant improvements in our cost structure, we have positioned ourselves to continue to be able to report much stronger financial results when the employment outlook improves.
“We have been able to achieve these significant reductions in our operating expenses without reducing our ability to take care of customers. I would like to take this opportunity to thank each and every one of our employees as their commitment and dedication to our customers has made this possible.”