Business
Superior Group of Companies, Inc. Reports Operating Results for the Fourth Quarter and Year Ended December 31, 2021
Excluding PPE sales, Fourth quarter net sales increased 28% and Annual net sales were up 26%Excluding PPE sales, BAMKO Fourth quarter net sales increased 41%
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"Excluding PPE sales, Fourth quarter net sales increased 28% and Annual net sales were up 26%Excluding PPE sales, BAMKO Fourth quarter net sales increased 41% and Annual net sales were up 65%The Office Gurus Fourth quarter net sales increased 45% and Annual net sales were up 54% SEMINOLE, Fla., March 09, 2022 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its fourth quarter and year-end operating results for 2021. The Company announced that for the year ended December 31, 2021, net sales increased $10.3 million or 2.0% to $537.0 million compared to $526.7 million in 2020. Pre-tax income was $33.1 million compared to $51.5 million in 2020. Net income for the fiscal year 2021 was $27.2 million, or $1.69 per diluted share, compared to $41.0 million, or $2.65 per diluted share in 2020. 2021 Pre-tax income was reduced by a noncash charge of $7.8 million related to the termination of the Company’s two defined benefit pension plans. Net income for 2021 was reduced by $7.2 million or $0.45 per diluted share as a result of these charges. Net sales for the fourth quarter ended December 31, 2021 were $142.0 million, a decrease of 2.3% compared to the 2020 fourth quarter of $145.4 million. Pre-tax income was $4.4 million compared to $15.9 million in the 2020 fourth quarter. Net income for the fourth quarter ended December 31, 2021 was $4.0 million, or $0.25 per diluted share, compared to $12.5 million, or $0.79 per diluted share, reported for the fourth quarter 2020. Net income for the fourth quarter was reduced by $0.9 million as a result of final charges associated with the termination of the pension plans discussed above. Michael Benstock, Chief Executive Officer, commented, “We are very pleased to report that we exceeded our sales guidance for 2021, in spite of the impacts of the pandemic and supply chain difficulties. It was quite an achievement to be able to exceed 2020 net sales in 2021 despite the fact that net sales of PPE in 2021 decreased to $38.6 million as compared to $131.2 million of PPE sales in 2020. From a bottom line perspective, inflationary and other cost pressures intensified during the year, negatively impacting our results. Additionally, as the supply of PPE goods overwhelmed the market, we determined that it was necessary to take write downs against our remaining PPE inventory of...