Business
Superior Group Of Companies, Inc. Reports Revised 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 23, 2022 (GLOBE NEWSWIRE) -- On March 9, 2022, Superior Group of Companies, Inc. (the \"Company\") issued a press release announcing its financial results for the year ended December 31, 2021, and furnished the press release under Items 2.02 and 9.01 of Form 8-K on that day (the “Original Form 8-K”). Following the release, the Company discovered and corrected an income tax expense related to the non-cash pension termination charge recognized in 2021. More specifically, the Company determined that previously recorded deferred tax liabilities associated with the pension plans terminated in 2021 should have been eliminated to reduce tax expense. The correction resulted in a decrease of $2.2 million in tax expense for the year ended December 31, 2021, and an increase in prepaid and other current assets of $0.5 million and a decrease in deferred tax liabilities of $1.7 million, each as of December 31, 2021. The correction of the error resulted in increasing net income for year ended December 31, 2021 by $2.2 million and net income per diluted share by $0.14 per share. The correction also resulted in the second quarter 2021 financial statements being restated reducing tax expense by $1.8 million and increasing net income by $1.8 million or $0.12 per diluted share, the third quarter 2021 financial statements being restated to reflect the impact of the second quarter restatement and the fourth quarter results being adjusted to reduce tax expense and to increase net income by $0.4 million or $0.02 per diluted share. Our operating results and related statements for the fourth quarter and year ended December 31, 2021, revised as needed, follow: 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 $29.4 million, or $1.83 per diluted share, compared to $41.0 million, or $2.65 per diluted share in 2020. 2021 Pre-tax income was reduced...