| The company generated in excess of $17 million in cash from operations and eliminated all outstanding debt |
The 2009 operating results of Superior Uniform Group reported 67.4% (to $17.5 million) increase in cash flows from operations and a debt free balance sheet.
Superior Uniform Group, Inc., manufacturer of uniforms, image apparel and accessories, announced its fourth quarter and year-end operating results for 2009.
The Company reported that for the year ended December 31, 2009, net sales decreased 16.9% to $102,801,921, compared to 2008 net sales of $123,745,201. Earnings from continuing operations were $1,966,882 or $.33 per share (diluted) compared to $2,290,333 or $.35 per share (diluted) reported for the year ended December 31, 2008. Earnings from continuing operations for the year and for the fourth quarter ended December 31, 2008 include a non-cash goodwill impairment loss of $1,617,411. Net of the related tax benefit, the goodwill impairment loss amounted to approximately ($.20) per share (diluted).
Net earnings for the year ended December 31, 2009 were $1,966,882 or $.33 per share (diluted) compared to $2,133,773 or $.33 per share (diluted) reported for the year ended December 31, 2008.
From an overall economic standpoint, 2009 was one of the most challenging years in our history: Benstock |
Earnings from continuing operations for the fourth quarter ended December 31, 2009, were $511,601 or $0.09 per share (diluted) compared to a loss from continuing operations for the fourth quarter ended December 31, 2008, of $(820,065) or $(.13) per share (diluted).
Net earnings for the fourth quarter ended December 31, 2009 was $511,601 or $0.09 per share (diluted) compared to a net loss of $(822,015) or $(.13) per share (diluted) reported for the fourth quarter ended December 31, 2008.
Michael Benstock, Chief Executive Officer, commented: “From an overall economic standpoint, 2009 was one of the most challenging years in our history. While our sales were down 16.9% on a year over year basis, we showed steady improvement in our sales profile from a first quarter decrease in net sales of 28.7% to a decrease in net sales of 5.8% in the fourth quarter. Additionally, we made significant progress reducing our operating costs through the increased use of our Central American subsidiary, The Office Gurus, and improved operating efficiency.”
“We have generated in excess of $17 million in cash from operations this year and we have eliminated all of our outstanding debt. Our financial position remains very strong and has allowed us to successfully weather this current economic storm while continuing to invest in the future growth of our company. We completed the acquisition of Blade Sportswear at the beginning of November and we are actively pursuing other potential strategic acquisitions to help further this objective. Finally, we remain committed to reacquiring shares of our common stock. We have an active repurchase program with an outstanding authorization to repurchase an additional 441,000 shares as of December 31, 2009.”