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| The company reported 29% increase in net earnings in the current quarter despite the tough market conditions |
Superior Uniform Group registered a substantial amount of profit as it declared the third quarter operating results.
Superior Uniform Group, Inc., manufacturer of uniforms, career apparel and accessories, announced that for the third quarter ended September 30, 2009, net sales were $27,605,397 compared with 2008 third quarter net sales of $30,613,175. Earnings from continuing operations were $1,256,954 or $.21 per share (diluted), compared with earnings from continuing operations of $984,786 or $.15 per share (diluted) in the 2008 third quarter.
For the nine months ended September 30, 2009, net sales were $76,293,014, compared with net sales of $95,595,090 in the nine months ended September 30, 2008. Earnings from continuing operations for the nine months ended September 30, 2009 were $1,455,281 or $.24 per share (diluted), versus earnings from continuing operations of $3,110,398 or $.47 per share (diluted) in the first nine months of 2008.
Michael Benstock, Chief Executive Officer, commented: “We are very pleased to report a 29% increase in net earnings in the current quarter despite the tough market conditions. Although the current economic conditions, including general employment levels, remain negative, we were able to show an increase in net sales of 10.5% in comparison with the second quarter of this year. The improvement in our operating results reflects the significant progress we have made reducing our operating costs through both the increased use of our Central American subsidiary, The Office Gurus, and improved operating efficiency.”
“We have generated in excess of $15 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 are actively pursuing 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 539,000 shares as of September 30, 2009.”
