Business
Superior Group of Companies, Inc. Reports Operating Results for the Third Quarter Ended September 30, 2020
Net sales increased 43 percentEarnings per share (diluted) increased 142 percent to $0.63Debt reduced by $8.2 million SEMINOLE, Fla., Oct. 29, 2020 (GLOBE
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"Net sales increased 43 percentEarnings per share (diluted) increased 142 percent to $0.63Debt reduced by $8.2 million SEMINOLE, Fla., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its third quarter operating results for 2020.\n The Company reported that for the third quarter ended September 30, 2020, net sales increased 43 percent to $127.8 million, compared to third quarter 2019 net sales of $89.5 million. Pretax Income was $12.1 million compared to $4.6 million for the third quarter of 2019. Net income was $10.0 million, or $0.63 per diluted share, compared to $3.9 million, or $0.26 per diluted share, for the third quarter of 2019. Michael Benstock, Chief Executive Officer, commented, “Our third quarter continued the robust momentum of the first half of the year. The dedication and relentlessness of our team members has again yielded positive results. Our pre-existing strategy of selling to a diverse range of customers remains in place and bodes well for our future, especially as we continue to provide products and services to many essential businesses in all of our SGC segments. Both our uniform and promotional products segments have strong opportunity pipelines and backlogs. The Office Gurus segment continues to grow, including by leveraging its work from home solution to increase capacity. While we have no certainty as to how the pandemic will impact our customers in the future, we are fully prepared to meet the challenges that might face us. We have made the proper investments in our people, technology and product development, and we continue to do so at an accelerated pace when needed. While we are living in the most uncertain of times, we have met challenges throughout our 100 years with innovation and success. We will continue to do so going forward in a way that focuses on building long-term shareholder value. “As a result of the cash flow generated in the quarter from operating activities, we were able to further reduce our outstanding debt by an additional $8.2 million, resulting in more than a $42.5 million net debt repayment through the first three quarters of 2020. This additional reduction has bolstered our ability to capitalize on opportunities as they arise. “While we do not generally provide guidance on individual quarters or years, we are confident that we ...