Superior Uniform Group, Inc. Reports Second Quarter Operating Results
SEMINOLE, Fla. -- Superior Uniform Group, Inc. (NASDAQ:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2017, net sales increased 1.5 percent to $65.6 million compared with 2016 second quarter net sales of $64.7 million. Net income for the 2017 second quarter was $4.3 million, or $0.29 per diluted share, compared with $3.3 million, or $0.22 per diluted share, reported for the quarter ended June 30, 2016.
Michael Benstock, Chief Executive Officer, commented, “We are very pleased to report a 31.2 percent increase in net income despite net sales only increasing 1.5 percent. Net sales in our Uniforms and Related Products segment increased 1.7 percent in the second quarter as customer purchases continue to be somewhat stalled, awaiting more clarity in the political arena. We are seeing increases in our sales activity with larger volumes of opportunities although they are moving through the pipeline at a slower pace. The Office Gurus, our Remote Staffing Solutions segment, delivered an excellent second quarter reporting a 28.8 percent increase in net sales. We are seeing a significant increase in activity in this segment as we continue to broaden our footprint in this underserved market niche. BAMKO, our Promotional Products segment, reported a decrease in net sales of 10.0 percent. As we have stated in the past, BAMKO’s sales will fluctuate more widely on a quarter to quarter basis, given the nature of their sales cycle, in contrast with our other segments. We are very confident in the BAMKO team, and we expect sales performance to return to strong double-digit growth in the third quarter. We are actively pursuing acquisition opportunities in promotional products and are working through a solid pipeline of candidates.”
About Superior Uniform Group, Inc.
Superior Uniform Group® (NASDAQ:SGC), established in 1920, is one of America’s foremost providers of fine uniforms and image apparel. Headquartered in Seminole, Fla., Superior Uniform Group manages award-winning uniform apparel programs for major corporations nationwide. Leaders in innovative uniform program design, global manufacturing, and state-of-the-art distribution, Superior Uniform Group helps companies achieve a more professional appearance and better communicate their brands – particularly those in healthcare, private security, retail, hospitality, transportation and food service industries.
The company’s commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, support customers’ diverse needs while embracing a “Customer 1st, Every Time!” philosophy and culture. Superior Uniform Group sells its wide range of products through its signature brands Superior I.D.™, Fashion Seal Healthcare® and HPI Direct®. Superior Uniform Group is also the parent company for The Office Gurus®, which provides call center and BPO solutions to a variety of customers, and BAMKO®, its innovative promotional products company that provides custom branding solutions to some of the nation’s strongest brands.
For more information, call (800) 727-8643 or visit www.SuperiorUniformGroup.com.