SEMINOLE, Fla. — Superior Uniform Group Inc. is reporting a 29% increase in net earnings for the third quarter of 2009 compared to the same period last year, as well as a 79% increase in comparison to the second quarter of 2009.
“We are very pleased to report a 29% increase in net earnings in the current quarter despite the tough market conditions,” says Michael Benstock, chief executive officer. “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.”
For the third quarter ended Sept. 30, 2009, net sales were $27,605,397, compared to 2008 third-quarter net sales of $30,613,175. Earnings from continuing operations were $1,256,954, or $.21 per share (diluted), compared to earnings from continuing operations of $984,786, or $.15 per share (diluted), in third-quarter 2008.
“We have generated in excess of $15 million in cash from operations this year, and we have eliminated all of our outstanding debt,” says Benstock. “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 Sept. 30, 2009.”