Business
Superior Group of Companies, Inc. Reports Operating Results For the Second Quarter Ended June 30, 2021
Compared to the second quarter 2020: Net Sales increased by 23.1% excluding PPE salesThe Office Gurus net sales increased 72.6%BAMKO net sales increased 85.2%
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"Compared to the second quarter 2020: Net Sales increased by 23.1% excluding PPE salesThe Office Gurus net sales increased 72.6%BAMKO net sales increased 85.2% excluding PPE sales SEMINOLE, Fla., July 28, 2021 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its second quarter operating results for 2021. The Company announced that for the second quarter ended June 30, 2021, net sales decreased 17.9% to $130.8 million, compared to second quarter 2020 net sales of $159.4 million. Pretax Income was $5.5 million compared to $18.9 million in the second quarter of 2020. Net income was $4.6 million or $0.28 per diluted share compared to $15.2 million, or $1.00 per diluted share for the second quarter of 2020. In the second quarter of 2021, the Company terminated its two noncontributory qualified defined benefit pension plans, which were fully funded. Consequently, the Company recognized a pre-tax settlement charge of $6.9 million during the second quarter of 2021. Net of related tax benefits, this charge reduced net income per diluted share by $0.39. The pension plan terminations did not require a cash outlay by the Company. Absent the non-cash charge for the pension plan terminations, we would have reported $0.67 net income per diluted share for the quarter. Michael Benstock, Chief Executive Officer, commented, “We are extremely excited by the exceptional momentum of our core businesses which face the most attractive outlook in our Company’s history. We are now at a stage where we believe that sales of any significant amount of crisis personal protective equipment (PPE) are behind us, and we are laser focused on our core products and services. Excluding the impact of PPE sales, we saw tremendous growth in our promotional products segment and our remote staffing solutions segment. This represented BAMKO’s third consecutive quarter of record quarterly sales of core promotional products. BAMKO finished the quarter with the largest backlog of sales in the history of the segment, with the backlog comprised of 99.6% of core promotional products. Additionally, The Office Gurus added significantly more new seats in the second quarter than we had originally forecasted for the full year. Uniform segment net sales, excluding PPE sales, were down slightly due to the significant pandemic demand for our core healt...