Superior Group of Companies Inc.

04/25/2019 | Press release | Distributed by Public on 04/25/2019 11:50

SUPERIOR GROUP OF COMPANIES, INC. REPORTS OPERATING...

SUPERIOR GROUP OF COMPANIES, INC. REPORTS OPERATING RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2019

- Net Sales increased 18 percent
- 26th Consecutive Quarter with Sales Increase

SEMINOLE, Fla. - April 25, 2019 - Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its first quarter operating results for 2019.

The Company announced that for the first quarter ended March 31, 2019, net sales increased 18.4 percent to $86.6 million, compared to first quarter 2018 net sales of $73.1 million. Pretax Income was $3.0 million compared to $3.3 million in 2018. Net income was $2.4 million or $0.16 per diluted share for both periods.

Michael Benstock, Chief Executive Officer, commented, 'Our uniform segment sales were up 22% from last year's first quarter, as a result of our acquisition of CID Resources. We've made substantial progress on the integration of our uniform businesses, both operationally and through product sourcing and sales channels. Our ERP and Web system integrations within our business are progressing on schedule and, once completed, will allow us to manage our entire uniform business more efficiently on a single platform. During this quarter we started the construction of our second manufacturing facility in Haiti which is scheduled for completion this summer. We also initiated our multi-year modernization initiative at our keystone distribution center in Eudora, Arkansas as well as our center supporting CID in Dallas. Our investments in these initiatives are designed to generate cost efficiencies, improve working capital usage, and allow us to better serve the needs of our customers.

We continue to see strong growth at BAMKO and The Office Gurus. During the first quarter, BAMKO, our Promotional Products segment, posted sales growth of 9 percent to $20.4 million compared to the first quarter of last year. The Office Gurus, our Remote Staffing segment, continues to perform to our expectations with quarterly net sales growth to outside customers of 20 percent over the comparable period.'

CONFERENCE CALL

Superior Group of Companies will hold a conference call on Thursday, April 25, 2019 at 2:00 p.m. Eastern Time to discuss the Company's results. Interested individuals may join the teleconference by dialing (844) 861-5505 for U.S. dialers and (412) 317-6586 for International dialers. The Canadian Toll Free number is (866) 605-3852. Please ask to be joined into the Superior Group of Companies call. The live webcast and archived replay can also be accessed in the investor information section of the Company's website at www.superiorgroupofcompanies.com.

A telephone replay of the teleconference will be available one hour after the end of the call through 2:00 p.m. Eastern Time on May 2, 2019. To access the replay, dial (877) 344-7529 in the United States or (412) 317-0088 from international locations. Canadian dialers can access the replay at (855) 669-9658. Please reference conference number 10130654 for all replay access.

About Superior Group of Companies, Inc. (SGC):

Superior Group of Companies™, formerly Superior Group of Companies, established in 1920, is a combination of companies that help customers unlock the power of their brands by creating extraordinary brand experiences for employees and customers. It provides customized support for each of its divisions through its shared services model.

Fashion Seal Healthcare®, HPI™ and CID Resources are signature uniform brands of Superior Group of Companies. Each is one of America's leading providers of uniforms and image apparel in the markets it serves. They specialize in innovative uniform program design, global manufacturing, and state-of-the-art distribution. Every day, more than 6 million Americans go to work wearing a uniform from Superior Group of Companies.

BAMKO®, Tangerine Promotions® and Public Identity® are signature promotional products and branded merchandise brands of Superior Group of Companies. They provide unique custom branding, design, sourcing, and marketing solutions to some of the world's most successful brands.

The Office Gurus® is a global provider of custom call and contact center support. As a true strategic partner, The Office Gurus implements customized solutions for its customers in order to accelerate their growth and improve their customers' service experiences.

SGC's commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, provides unparalleled support for its customers' diverse needs while embracing a 'Customer 1st, Every Time!' philosophy and culture in all of its business segments.

Visit www.superiorgroupofcompanies.com for more information.

Contact:
Michael Attinella
Chief Financial Officer & Treasurer
(727) 803-7170

-OR-

Hala Elsherbini
Halliburton Investor Relations
(972) 458-8000

Please visit our SEC Filings page to view comparative figures on our Quarterly Report.