Business
Superior Group of Companies, Inc. Reports Operating Results for the Fourth Quarter and Year Ended December 31, 2020
Fourth quarter net sales up 34% and Annual net sales up 40%Fourth quarter earnings per share (diluted) increased 295% to $0.79 Net Sales and Year-End
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"Fourth quarter net sales up 34% and Annual net sales up 40%Fourth quarter earnings per share (diluted) increased 295% to $0.79 Net Sales and Year-End backlogs, excluding increases from PPE sales are the highest ever recorded Annual debt reduction of $31.6 million SEMINOLE, Fla., March 01, 2021 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its fourth quarter and year-end operating results for 2020. The Company announced that for the year ended December 31, 2020, net sales increased $150.0 million or 40% percent to $526.7 million compared to $376.7 million in 2019. Pre-tax income was $51.5 million compared to $15.3 million in 2019. Net income for the fiscal year 2020 was $41.0 million, or $2.65 per diluted share, compared to $12.1 million, or $0.79 per diluted share in 2019. Net sales for the fourth quarter ended December 31, 2020 were $145.4 million, an increase of 34% compared to the 2019 fourth quarter of $108.4 million. Pre-tax income was $15.9 million compared to $4.0 million in the 2019 fourth quarter. Net income for the fourth quarter ended December 31, 2020 was $12.5 million, or $0.79 per diluted share, compared to $3.0 million, or $0.20 per diluted share, reported for the fourth quarter 2019. Michael Benstock, Chief Executive Officer, commented, “While the pandemic made 2020 very challenging, we are very proud and grateful that our teams in all segments responded so strategically and collaboratively to the adversity which produced record setting results for our shareholders. We continued to benefit from our successful pivot to supplying a wider array of personal protective equipment (“PPE”) during the fourth quarter. For the full year 2020, net sales of PPE were approximately $131.2 million as compared to $3.9 million in 2019. While the pivot to PPE was key to our growth in net sales and net income, it is important to note that we actually had organic growth in net sales in 2020 in all three of our business segments exclusive of the increased sales from PPE. Sales at BAMKO, which comprises our Promotional Products Segment, grew 53% for the quarter and 88% for the year, eclipsing $202 million. Sales at The Office Gurus, our Remote Staffing Segment, returned to pre-pandemic growth levels in the fourth quarter with 31% and 18% growth for the quarter and year, respectively. Sales in our ...