Business
Superior Group of Companies Reports Second Quarter 2023 Results
– Total Net Sales of $129.2 Million versus $147.9 million in Prior Year Second Quarter –– Net Income of $1.2 Million versus ($26.7) Million in Prior Year
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"– Total Net Sales of $129.2 Million versus $147.9 million in Prior Year Second Quarter –– Net Income of $1.2 Million versus ($26.7) Million in Prior Year Second Quarter, which included non-cash after-tax charges of $28 million – – Adjusted EBITDA of $7.4 Million versus $4.8 Million in Prior Year Second Quarter –– Board of Directors Approves Another $0.14 Per Share Quarterly Dividend –– Provides Updated Full-Year Guidance – ST. PETERSBURG, Fla., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its second quarter 2023 results. Second Quarter Results For the second quarter ended June 30, 2023, net sales decreased 12.7% to $129.2 million, compared to second quarter 2022 net sales of $147.9 million. Pretax income was $1.4 million compared to a pretax loss of ($29.0) million in the second quarter of 2022. Net income was $1.2 million or $0.08 per diluted share compared to a net loss of ($26.7) million, or ($1.70) per diluted share for the second quarter of 2022. In the prior year second quarter of 2022, the Company recognized pre-tax, non-cash impairment charges related to goodwill of $24.5 million ($23.6 million net of tax, or $1.50 per diluted share) and tradenames of $5.6 million ($4.4 million net of tax, or $0.28 per diluted share). On an adjusted basis, which excludes impairment charges made in the prior year second quarter, this quarter’s net income of $1.2 million or $0.08 per diluted share compares to $1.3 million or $0.08 per diluted share in the second quarter of 2022. At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items. “During these uncertain economic times, we delivered on our commitment to drive positive free cash flow, reduce debt and improve our leverage position, all while strategically investing to capture market share in the quarters ahead,” said Michael Benstock, Chief Executive Officer. “As we indicated in May, we remain poised to generate even stronger results in the second half of the year, and the steps we’re taking now will clearly benefit our growth and profitability once macro conditions and economic visibility normalize. I’m pleased that our Board has again approved our quarterly dividend, reflecting our shared confidence in the compelling opportunities a...