Business
Superior Group Of Companies, Inc. Reports Operating Results For The Third Quarter Ended September 30, 2022
– Total Sales Increased 12.5% Over Prior Year Quarter to $139 Million –– Sales Growth of 21% in Branded Products and 30% in Contact Center – – Net Loss of
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":" – Total Sales Increased 12.5% Over Prior Year Quarter to $139 Million –– Sales Growth of 21% in Branded Products and 30% in Contact Center – – Net Loss of ($12.7) Million Including a Non-cash Goodwill, After-tax Charge of $17.1 Million, versus Net Income of $8.2 Million in Prior Year Quarter –– Adjusted EBITDA of $9.7 Million versus $12.6 Million Prior Year Quarter –– Board of Directors approves a $0.14 dividend for next quarterly payment – SEMINOLE, Fla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”) today announced its third quarter operating results for 2022. Net sales increased 12.5% to $138.7 million, compared to third quarter 2021 net sales of $123.3 million. Net loss was ($12.7) million or ($0.80) per share compared to net income of $8.2 million or $0.51 per diluted share for the third quarter of 2021. In addition, the Company reported third quarter 2022 Adjusted EBITDA of $9.7 million compared to $12.6 million in the prior year third quarter. During the third quarter of 2022, the Company experienced a decline in market value resulting in a pre-tax, non-cash impairment charge related to our remaining goodwill of $21.5 million (or $17.1 million net of tax, or $1.07 per share). The charge does not affect the Company’s cash position, cash flow from operating activities or bank debt covenants, and has no impact on future operations. On an adjusted basis, excluding the impairment charge, third quarter net income was $4.4 million or $0.27 per diluted share compared to net income of $8.2 million, or $0.51 per diluted share for the third quarter of 2021. At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items. “Superior Group of Companies produced double digit sales growth with another consecutive quarter of strong year-over-year growth at our Branded Products and Contact Center segments,” said Michael Benstock, Chief Executive Officer. “While sales continue to grow, we recognize that rising interest rates and inflation combined with continued softness in the Healthcare Apparel market have impacted our earnings. We will continue to navigate macro headwinds by leveraging our diversification and the compelling secular growth opportunities across our addressable markets to gain market share. Our ...