| The net earnings and net sales have moved upward as compared to the last year's first quarter operating results |
The results show an increase of 15.9% in net sales for the quarter and an increase of approximately 280% in net earnings in comparison to the last year.
Superior Uniform Group, Inc., manufacturer of uniforms, career apparel and accessories, announced that for the first quarter ended March 31, 2008, earnings from continuing operations were $914,808 or $14 per share (diluted) compared to $240,488 or $ 04 per share (diluted) reported for the quarter ended March 31, 2007. Net sales for the 2008 first quarter were $33,282,630 compared with 2007 first quarter sales of $28,713,303.
Net earnings were $801,370 or $.12 per share (diluted) compared to 2007 first quarter earnings of $124,595 or $.02 per share (diluted).
In making the earnings announcement, Michael Benstock, Chief Executive Officer, stated: "We are delighted to report an increase of 15.9% in our net sales for the quarter and an increase of approximately 280% in our net earnings from continuing operations for the quarter ended March 31, 2008 in comparison to 2007. These significant increases were the result of several new launches of programs carried over from the second half of 2007. Additionally, we are continuing to distribute these new programs as well as quite a few other new programs with existing customers in the first half of 2008. While we are pleased with the results from our sales organization, the current economic outlook appears more demanding. We expect this economic weakness to continue through the second half of 2008. Therefore, we are approaching the second half of 2008 with a measured level of cautiousness, even though our activity level for new opportunities is on an ever-increasing scale."