Superior Group of Companies, Inc. (NASDAQ: SGC) (the
“Company”), today announced its third quarter 2023 results.
Third Quarter Results
For the third quarter ended September 30, 2023,
net sales decreased 1.9% to $136.1 million, compared
to third quarter 2022 net sales of $138.7 million.
Pretax income was $3.3 million compared to a pretax
loss of ($17.0) million in the third quarter of
2022. Net income was $3.1 million or $0.19 per
diluted share compared to a net
loss of ($12.7) million, or ($0.80) per diluted
share for the third quarter of 2022.
In the prior year third quarter of 2022, the
Company recognized pre-tax, non-cash impairment charges related to
goodwill of $21.5 million ($17.1 million net of tax, or
$1.07 per diluted share). On an adjusted basis, which
excludes impairment charges made in the prior year third quarter,
this quarter’s net income of $3.1 million or $0.19 per
diluted share compares to $4.4 million or $0.27 per
diluted share in the prior year. At the conclusion of this press
release is a reconciliation of reported-to-adjusted results,
including a description of the significant items.
“We delivered stronger sequential results that
are consistent with our back-end weighted full-year outlook, while
again producing positive free cash flow, further reducing debt, and
strategically investing to capitalize on future demand,” said
Michael Benstock, Chief Executive Officer. “Our strong customer
retention reflects our sharp focus on customer service, and along
with new customer wins in each segment underscores our potential to
drive even stronger growth and profitability when economic
uncertainty lifts. Our Board’s latest quarterly dividend approval
reflects our shared confidence in the opportunities across all
three of our attractive end markets, and our ability to further
enhance shareholder value.”
Third Quarter 2023 Dividend
The Board of Directors declared a quarterly
dividend of $0.14 per share, payable December 6, 2023 to
shareholders of record as of November 22, 2023.
2023 Full-Year Outlook
For full-year 2023, the Company is updating its
Outlook to include a sales forecast range of $538 million to
$545 million compared to its earlier forecast of
$550 million to $560 million, and an earnings per share
forecast range of $0.46 to $0.53 compared to its earlier
forecast of $0.45 to $0.55.
Webcast and Conference Call
The Company will host a webcast and conference
call at 5:00 pm Eastern Time today. The live webcast and archived
replay can be accessed in the investor relations section of the
Company's website at
https://ir.superiorgroupofcompanies.com/Presentations. Interested
individuals may also join the teleconference by dialing
1-844-861-5505 for U.S. dialers and 1-412-317-6586 for
International dialers. The Canadian Toll-Free number is
1-866-605-3852. Please ask to be joined to the Superior Group of
Companies call. A telephone replay of the teleconference will be
available through November 20, 2023. To access the
replay, dial 1-877-344-7529 in the United States or 1-412-317-0088
from international locations. Canadian dialers can access the
replay at 855-669-9658. Please reference conference number 4364975
for replay access.
Disclosure Regarding Forward Looking
Statements
Certain matters discussed in this Form 10-Q are
“forward-looking statements” intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
generally be identified by use of the words “may,” “will,”
“should,” “could,” “expect,” "anticipate,” “estimate,” “believe,”
“intend,” “project,” “potential,” or “plan” or the negative of
these words or other variations on these words or comparable
terminology. Forward-looking statements in this Quarterly Report on
Form 10-Q may include, without
limitation: (1) projections of revenue, income, and other
items relating to our financial position and results of operations,
including short term and long term plans for cash, (2)
statements of our plans, objectives, strategies, goals and
intentions, (3) statements regarding the capabilities, capacities,
market position and expected development of our business
operations, (4) statements of expected industry and general
economic trends and (5) the projected impact of the
COVID-19 pandemic on our, our customers’, and our suppliers’
businesses.
Such forward-looking statements are subject to
certain risks and uncertainties that may materially adversely
affect the anticipated results. Such risks and uncertainties
include, but are not limited to, the following: the impact of
competition; uncertainties related to supply disruptions,
inflationary environment (including with respect to the cost of
finished goods and raw materials and shipping costs), employment
levels (including labor shortages) and general economic and
political conditions in the areas of the world in which the Company
operates or from which it sources its supplies or the areas of the
United States of America (“U.S.” or “United States”) in which the
Company’s customers are located; changes in the
healthcare, retail, hotel, food service, transportation
and other industries where uniforms and service apparel are
worn; our ability to identify suitable acquisition targets,
discover liabilities associated with such businesses during the
diligence process, successfully integrate any acquired businesses,
or successfully manage our expanding operations; the price and
availability of cotton and other manufacturing materials;
attracting and retaining senior management and key personnel; the
effect of the Company’s material weakness in internal control
over financial reporting; the Company’s ability to successfully
remediate its material weakness in internal control over
financial reporting and to maintain effective internal control over
financial reporting; lingering effects of the COVID-19 pandemic,
including existing and possible future variants, on the United
States and global markets, our business, operations, customers,
suppliers and employees, including the length and scope of
restrictions imposed by various governments and organizations and
the continuing success of efforts to deliver effective vaccines and
boosters, among other factors; and other factors described in the
Company’s filings with the Securities and Exchange Commission,
including those described in the “Risk Factors” section herein and
in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 and the Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023. Shareholders, potential investors
and other readers are urged to consider these factors carefully in
evaluating the forward-looking statements made herein and are
cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements made herein are only
made as of the date of this press release and we disclaim any
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances, except as may be
required by law.
About Superior Group of Companies, Inc.
(SGC):Established in 1920, Superior Group of Companies is
comprised of three attractive business segments each serving large,
fragmented and growing addressable markets. Across Healthcare
Apparel, Branded Products and Contact Centers, each segment enables
businesses to create extraordinary brand engagement experiences for
their customers and employees. SGC’s commitment to service,
quality, advanced technology, and omnichannel commerce provides
unparalleled competitive advantages. We are committed to enhancing
shareholder value by continuing to pursue a combination of organic
growth and strategic acquisitions. For more information, visit
www.superiorgroupofcompanies.com.
Investor Relations
Contact:Investors@superiorgroupofcompanies.com
Comparative figures are as follows:
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In thousands, except share and per share
data)
|
|
Three Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Net sales |
|
$ |
136,126 |
|
|
$ |
138,703 |
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
82,928 |
|
|
|
88,066 |
|
Selling and administrative expenses |
|
|
47,246 |
|
|
|
43,815 |
|
Goodwill impairment charge |
|
|
- |
|
|
|
21,460 |
|
Other periodic pension costs |
|
|
214 |
|
|
|
528 |
|
Interest expense |
|
|
2,464 |
|
|
|
1,794 |
|
|
|
|
132,852 |
|
|
|
155,663 |
|
Income (loss) before income
tax expense |
|
|
3,274 |
|
|
|
(16,960 |
) |
Income tax expense
(benefit) |
|
|
160 |
|
|
|
(4,241 |
) |
Net income (loss) |
|
$ |
3,114 |
|
|
$ |
(12,719 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
|
$ |
(0.80 |
) |
Diluted |
|
$ |
0.19 |
|
|
$ |
(0.80 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding during the period: |
|
|
|
|
|
|
|
|
Basic |
|
|
15,992,792 |
|
|
|
15,806,852 |
|
Diluted |
|
|
16,155,355 |
|
|
|
15,806,852 |
|
|
|
|
|
|
|
|
|
|
Cash dividends per common
share |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In thousands, except share and per share
data)
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Net sales |
|
$ |
396,061 |
|
|
$ |
430,218 |
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
248,159 |
|
|
|
281,667 |
|
Selling and administrative expenses |
|
|
134,007 |
|
|
|
131,998 |
|
Goodwill impairment charge |
|
|
- |
|
|
|
45,918 |
|
Intangible assets impairment charge |
|
|
- |
|
|
|
5,581 |
|
Other periodic pension costs |
|
|
642 |
|
|
|
1,584 |
|
Interest expense |
|
|
7,658 |
|
|
|
2,676 |
|
|
|
|
390,466 |
|
|
|
469,424 |
|
Income (loss) before income
tax expense |
|
|
5,595 |
|
|
|
(39,206 |
) |
Income tax expense
(benefit) |
|
|
380 |
|
|
|
(5,042 |
) |
Net income (loss) |
|
$ |
5,215 |
|
|
$ |
(34,164 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.33 |
|
|
$ |
(2.17 |
) |
Diluted |
|
$ |
0.32 |
|
|
$ |
(2.17 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding during the period: |
|
|
|
|
|
|
|
|
Basic |
|
|
15,954,264 |
|
|
|
15,739,381 |
|
Diluted |
|
|
16,132,832 |
|
|
|
15,739,381 |
|
|
|
|
|
|
|
|
|
|
Cash dividends per common
share |
|
$ |
0.42 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands,
except share and par value data)
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
17,729 |
|
|
$ |
17,722 |
|
Accounts receivable, less allowance for doubtful accounts of $5,267
and $7,622, respectively |
|
|
98,289 |
|
|
|
104,813 |
|
Accounts receivable - other |
|
|
86 |
|
|
|
3,326 |
|
Inventories |
|
|
105,134 |
|
|
|
124,976 |
|
Contract assets |
|
|
46,765 |
|
|
|
52,980 |
|
Prepaid expenses and other current assets |
|
|
10,824 |
|
|
|
14,166 |
|
Total current assets |
|
|
278,827 |
|
|
|
317,983 |
|
Property, plant and equipment,
net |
|
|
48,666 |
|
|
|
51,392 |
|
Operating lease right-of-use
assets |
|
|
18,806 |
|
|
|
9,113 |
|
Deferred tax asset |
|
|
10,677 |
|
|
|
10,718 |
|
Intangible assets, net |
|
|
52,098 |
|
|
|
55,753 |
|
Other assets |
|
|
12,983 |
|
|
|
11,982 |
|
Total assets |
|
$ |
422,057 |
|
|
$ |
456,941 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
45,168 |
|
|
$ |
42,060 |
|
Other current liabilities |
|
|
37,433 |
|
|
|
38,646 |
|
Current portion of long-term debt |
|
|
4,219 |
|
|
|
3,750 |
|
Current portion of acquisition-related contingent liabilities |
|
|
1,321 |
|
|
|
736 |
|
Total current liabilities |
|
|
88,141 |
|
|
|
85,192 |
|
Long-term debt |
|
|
103,134 |
|
|
|
151,567 |
|
Long-term pension
liability |
|
|
13,262 |
|
|
|
12,864 |
|
Long-term acquisition-related
contingent liabilities |
|
|
387 |
|
|
|
2,245 |
|
Long-term operating lease
liabilities |
|
|
13,440 |
|
|
|
3,936 |
|
Other long-term
liabilities |
|
|
8,582 |
|
|
|
8,538 |
|
Total liabilities |
|
|
226,946 |
|
|
|
264,342 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $.001 par value - authorized 300,000 shares (none
issued) |
|
|
- |
|
|
|
- |
|
Common stock, $.001 par value - authorized 50,000,000 shares,
issued and outstanding 16,505,826 and 16,376,683 shares,
respectively |
|
|
16 |
|
|
|
16 |
|
Additional paid-in capital |
|
|
76,515 |
|
|
|
72,615 |
|
Retained earnings |
|
|
121,308 |
|
|
|
122,979 |
|
Accumulated other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
Pensions |
|
|
(990 |
) |
|
|
(1,113 |
) |
Foreign currency translation adjustment |
|
|
(1,738 |
) |
|
|
(1,898 |
) |
Total shareholders’ equity |
|
|
195,111 |
|
|
|
192,599 |
|
Total liabilities and shareholders’ equity |
|
$ |
422,057 |
|
|
$ |
456,941 |
|
|
|
|
|
|
|
|
|
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)(In thousands)
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
5,215 |
|
|
$ |
(34,164 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,331 |
|
|
|
9,504 |
|
Goodwill impairment charge |
|
|
- |
|
|
|
45,918 |
|
Intangible assets impairment charge |
|
|
- |
|
|
|
5,581 |
|
Inventory write-downs |
|
|
1,609 |
|
|
|
5,781 |
|
Provision for bad debts - accounts receivable |
|
|
64 |
|
|
|
1,565 |
|
Share-based compensation expense |
|
|
3,523 |
|
|
|
3,382 |
|
Deferred income tax benefit |
|
|
- |
|
|
|
(6,361 |
) |
Change in fair value of acquisition-related contingent
liabilities |
|
|
(442 |
) |
|
|
284 |
|
Change in fair value of written put options |
|
|
(460 |
) |
|
|
(1,791 |
) |
Changes in assets and liabilities, net of acquisition of
businesses: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
6,410 |
|
|
|
3,521 |
|
Accounts receivable - other |
|
|
3,240 |
|
|
|
978 |
|
Contract assets |
|
|
6,208 |
|
|
|
(10,222 |
) |
Inventories |
|
|
18,280 |
|
|
|
(19,242 |
) |
Prepaid expenses and other current assets |
|
|
3,462 |
|
|
|
579 |
|
Other assets |
|
|
(844 |
) |
|
|
2,677 |
|
Accounts payable and other current liabilities |
|
|
2,148 |
|
|
|
(9,561 |
) |
Payment of acquisition-related contingent liabilities |
|
|
(279 |
) |
|
|
(3,346 |
) |
Long-term pension liability |
|
|
561 |
|
|
|
1,662 |
|
Other long-term liabilities |
|
|
362 |
|
|
|
(1,249 |
) |
Net cash provided by (used in) operating activities |
|
|
59,388 |
|
|
|
(4,504 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Additions to property, plant
and equipment |
|
|
(4,023 |
) |
|
|
(11,221 |
) |
Acquisition of businesses |
|
|
- |
|
|
|
(11,202 |
) |
Net cash used in investing activities |
|
|
(4,023 |
) |
|
|
(22,423 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from borrowings of
debt |
|
|
4,000 |
|
|
|
320,143 |
|
Repayment of debt |
|
|
(51,813 |
) |
|
|
(274,898 |
) |
Debt issuance costs |
|
|
(300 |
) |
|
|
(869 |
) |
Payment of cash dividends |
|
|
(6,886 |
) |
|
|
(6,380 |
) |
Payment of acquisition-related
contingent liabilities |
|
|
(553 |
) |
|
|
(1,416 |
) |
Proceeds received on exercise
of stock options |
|
|
97 |
|
|
|
684 |
|
Tax withholdings on vesting of
restricted shares and performance based shares |
|
|
- |
|
|
|
(232 |
) |
Net cash provided by (used in) financing activities |
|
|
(55,455 |
) |
|
|
37,032 |
|
|
|
|
|
|
|
|
|
|
Effect of currency exchange
rates on cash |
|
|
97 |
|
|
|
(132 |
) |
Net increase in cash and cash
equivalents |
|
|
7 |
|
|
|
9,973 |
|
Cash and cash equivalents
balance, beginning of period |
|
|
17,722 |
|
|
|
8,935 |
|
Cash and cash equivalents
balance, end of period |
|
$ |
17,729 |
|
|
$ |
18,908 |
|
|
|
|
|
|
|
|
|
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES(Unaudited)(In thousands, except share and par value
data)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income (loss) |
|
$ |
3,114 |
|
|
$ |
(12,719 |
) |
|
$ |
5,215 |
|
|
$ |
(34,164 |
) |
Interest expense |
|
|
2,464 |
|
|
|
1,794 |
|
|
|
7,658 |
|
|
|
2,676 |
|
Income tax expense
(benefit) |
|
|
160 |
|
|
|
(4,241 |
) |
|
|
380 |
|
|
|
(5,042 |
) |
Depreciation and
amortization |
|
|
3,515 |
|
|
|
3,401 |
|
|
|
10,331 |
|
|
|
9,504 |
|
Goodwill impairment
charge |
|
|
- |
|
|
|
21,460 |
|
|
|
- |
|
|
|
45,918 |
|
Intangible assets impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
Adjusted EBITDA(1) |
|
$ |
9,253 |
|
|
$ |
9,695 |
|
|
$ |
23,584 |
|
|
$ |
24,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
3,114 |
|
|
$ |
(12,719 |
) |
|
$ |
5,215 |
|
|
$ |
(34,164 |
) |
Adjustment for items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
21,460 |
|
|
|
- |
|
|
|
45,918 |
|
Intangible assets impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
Tax impact of adjustments(2) |
|
|
- |
|
|
|
(4,345 |
) |
|
|
- |
|
|
|
(6,385 |
) |
Adjusted net income(3) |
|
$ |
3,114 |
|
|
$ |
4,396 |
|
|
$ |
5,215 |
|
|
$ |
10,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per
share |
|
$ |
0.19 |
|
|
$ |
(0.80 |
) |
|
$ |
0.32 |
|
|
$ |
(2.17 |
) |
Adjustment for items,
after-tax, per diluted share |
|
|
- |
|
|
|
1.07 |
|
|
|
- |
|
|
|
2.85 |
|
Diluted adjusted net income
per share(3) |
|
$ |
0.19 |
|
|
$ |
0.27 |
|
|
$ |
0.32 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted, as reported |
|
|
16,155,355 |
|
|
|
15,806,852 |
|
|
|
16,132,832 |
|
|
|
15,739,381 |
|
Diluted, as adjusted(4) |
|
|
16,155,355 |
|
|
|
16,196,767 |
|
|
|
16,132,832 |
|
|
|
16,195,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA, which is a non-GAAP
financial measure, is defined as net income (loss) excluding
interest expense, income tax expense, depreciation and amortization
expense, impairment charges and the other items described in the
following sentence. The Company believes Adjusted EBITDA is an
important measure of operating performance because it allows
management, investors and others to evaluate and compare the
Company’s core operating results from period to period by removing
(i) the impact of the Company’s capital structure (interest expense
from outstanding debt), (ii) tax consequences, (iii) asset base
(depreciation and amortization), (iv) the non-cash charges from
asset impairments and (v) gains or losses on the sale of property,
plant and equipment. The Company uses Adjusted EBITDA
internally to monitor operating results and to evaluate the
performance of its business. In addition, the compensation
committee has used Adjusted EBITDA in evaluating certain components
of executive compensation, including performance-based annual
incentive programs. Adjusted EBITDA is not a measure of financial
performance under GAAP and should not be considered in isolation or
as an alternative to net income (loss), cash flows from operating
activities or any other measure determined in accordance with GAAP.
The items excluded to calculate Adjusted EBITDA are significant
components in understanding and assessing the Company’s results of
operations. The presentation of the Company’s Adjusted EBITDA
may change from time to time, including as a result of changed
business conditions, new accounting pronouncements or
otherwise. If the presentation changes, the Company undertakes
to disclose any change between periods and the reasons underlying
that change. The Company’s Adjusted EBITDA may not be
comparable to a similarly titled measure of another company because
other entities may not calculate Adjusted EBITDA in the same
manner.
(2) The tax impact of adjustments includes the
tax effect of each separate adjustment based on the statutory tax
rate for the jurisdiction(s) in which the adjustment was taxable or
deductible, and the tax effect of items that relate to tax specific
financial transactions.
(3) Adjusted net income and diluted adjusted net
income per share, which are non-GAAP measures, are defined as net
income (loss) and net income (loss) per share, excluding the
impacts of impairment charges. Management believes adjusted net
income and diluted adjusted net income per share provides useful
information to investors because it allows management, investors
and others to evaluate and compare our operating results from
period to period by removing the impact of impairment charges that
are not reflective of our core business.
(4) Diluted weighted average shares
outstanding used to calculate diluted adjusted net income per share
includes shares of common stock of 389,915 and
455,774 for the three and nine months ended
September 30, 2022, respectively. These shares were excluded
from diluted weighted average shares outstanding used to calculate
diluted net income (loss) per share, as the Company recognized a
net loss their inclusion would have been antidilutive.
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
BY SEGMENT(Unaudited)(In thousands)
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Other |
|
|
Total |
|
As of and For the Three Months Ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,114 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160 |
|
Income (loss) before income tax expense |
|
$ |
5,506 |
|
|
$ |
1,991 |
|
|
$ |
3,173 |
|
|
$ |
(7,396 |
) |
|
$ |
3,274 |
|
Interest expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,464 |
|
|
|
2,464 |
|
Depreciation and amortization |
|
|
1,452 |
|
|
|
1,064 |
|
|
|
880 |
|
|
|
119 |
|
|
|
3,515 |
|
Adjusted EBITDA(1) |
|
$ |
6,958 |
|
|
$ |
3,055 |
|
|
$ |
4,053 |
|
|
$ |
(4,813 |
) |
|
$ |
9,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Other |
|
|
Total |
|
As of and For the Three Months
Ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(12,719 |
) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,241 |
) |
Income (loss) before income tax expense |
|
$ |
(17,635 |
) |
|
$ |
1,237 |
|
|
$ |
4,390 |
|
|
$ |
(4,952 |
) |
|
$ |
(16,960 |
) |
Interest expense |
|
|
87 |
|
|
|
32 |
|
|
|
- |
|
|
|
1,675 |
|
|
|
1,794 |
|
Depreciation and amortization |
|
|
1,724 |
|
|
|
973 |
|
|
|
653 |
|
|
|
51 |
|
|
|
3,401 |
|
Goodwill impairment charge |
|
|
21,460 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,460 |
|
Adjusted EBITDA(1) |
|
$ |
5,636 |
|
|
$ |
2,242 |
|
|
$ |
5,043 |
|
|
$ |
(3,226 |
) |
|
$ |
9,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Other |
|
|
Total |
|
As of and For the Nine Months
Ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,215 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
380 |
|
Income (loss) before income tax expense |
|
$ |
16,630 |
|
|
$ |
3,542 |
|
|
$ |
7,888 |
|
|
$ |
(22,465 |
) |
|
$ |
5,595 |
|
Interest expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,658 |
|
|
|
7,658 |
|
Depreciation and amortization |
|
|
4,826 |
|
|
|
3,014 |
|
|
|
2,210 |
|
|
|
281 |
|
|
|
10,331 |
|
Adjusted EBITDA(1) |
|
$ |
21,456 |
|
|
$ |
6,556 |
|
|
$ |
10,098 |
|
|
$ |
(14,526 |
) |
|
$ |
23,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Other |
|
|
Total |
|
As of and For the Nine Months
Ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(34,164 |
) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,042 |
) |
Income (loss) before income tax expense |
|
$ |
(15,730 |
) |
|
$ |
(19,627 |
) |
|
$ |
13,071 |
|
|
$ |
(16,920 |
) |
|
$ |
(39,206 |
) |
Interest expense |
|
|
205 |
|
|
|
84 |
|
|
|
- |
|
|
|
2,387 |
|
|
|
2,676 |
|
Depreciation and amortization |
|
|
4,696 |
|
|
|
2,942 |
|
|
|
1,697 |
|
|
|
169 |
|
|
|
9,504 |
|
Goodwill impairment charge |
|
|
25,595 |
|
|
|
20,323 |
|
|
|
- |
|
|
|
- |
|
|
|
45,918 |
|
Intangible assets impairment charge |
|
|
5,581 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
Adjusted EBITDA(1) |
|
$ |
20,347 |
|
|
$ |
3,722 |
|
|
$ |
14,768 |
|
|
$ |
(14,364 |
) |
|
$ |
24,473 |
|
(1) Adjusted EBITDA, which is a non-GAAP
financial measure, is defined above.
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESSUPPLEMENTAL INFORMATION - REPORTABLE SEGMENTS BY
QUARTER(Unaudited)(In thousands)
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
For the Three Months Ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
83,512 |
|
|
$ |
29,649 |
|
|
$ |
24,121 |
|
|
$ |
(1,156 |
) |
|
$ |
- |
|
|
$ |
136,126 |
|
Cost of goods sold |
|
|
54,588 |
|
|
|
18,165 |
|
|
|
10,724 |
|
|
|
(549 |
) |
|
|
- |
|
|
|
82,928 |
|
Gross margin |
|
|
28,924 |
|
|
|
11,484 |
|
|
|
13,397 |
|
|
|
(607 |
) |
|
|
- |
|
|
|
53,198 |
|
Selling and administrative expenses |
|
|
23,418 |
|
|
|
9,493 |
|
|
|
10,224 |
|
|
|
(607 |
) |
|
|
4,718 |
|
|
|
47,246 |
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
214 |
|
|
|
214 |
|
Interest expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,464 |
|
|
|
2,464 |
|
Income (loss) before income tax expense |
|
$ |
5,506 |
|
|
$ |
1,991 |
|
|
$ |
3,173 |
|
|
$ |
- |
|
|
$ |
(7,396 |
) |
|
$ |
3,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
For the Three Months Ended
June 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
79,592 |
|
|
$ |
28,072 |
|
|
$ |
22,758 |
|
|
$ |
(1,260 |
) |
|
$ |
- |
|
|
$ |
129,162 |
|
Cost of goods sold |
|
|
53,952 |
|
|
|
17,653 |
|
|
|
10,554 |
|
|
|
(593 |
) |
|
|
- |
|
|
|
81,566 |
|
Gross margin |
|
|
25,640 |
|
|
|
10,419 |
|
|
|
12,204 |
|
|
|
(667 |
) |
|
|
- |
|
|
|
47,596 |
|
Selling and administrative expenses |
|
|
20,362 |
|
|
|
9,466 |
|
|
|
9,614 |
|
|
|
(667 |
) |
|
|
4,607 |
|
|
|
43,382 |
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
214 |
|
|
|
214 |
|
Interest expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,624 |
|
|
|
2,624 |
|
Income (loss) before income tax expense |
|
$ |
5,278 |
|
|
$ |
953 |
|
|
$ |
2,590 |
|
|
|
- |
|
|
$ |
(7,445 |
) |
|
$ |
1,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
For the Three Months Ended
March 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
81,851 |
|
|
$ |
28,154 |
|
|
$ |
22,056 |
|
|
$ |
(1,288 |
) |
|
$ |
- |
|
|
$ |
130,773 |
|
Cost of goods sold |
|
|
55,952 |
|
|
|
18,054 |
|
|
|
10,267 |
|
|
|
(608 |
) |
|
|
- |
|
|
|
83,665 |
|
Gross margin |
|
|
25,899 |
|
|
|
10,100 |
|
|
|
11,789 |
|
|
|
(680 |
) |
|
|
- |
|
|
|
47,108 |
|
Selling and administrative expenses |
|
|
20,053 |
|
|
|
9,502 |
|
|
|
9,664 |
|
|
|
(680 |
) |
|
|
4,840 |
|
|
|
43,379 |
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
214 |
|
|
|
214 |
|
Interest expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,570 |
|
|
|
2,570 |
|
Income (loss) before taxes on income |
|
$ |
5,846 |
|
|
$ |
598 |
|
|
$ |
2,125 |
|
|
$ |
- |
|
|
$ |
(7,624 |
) |
|
$ |
945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESSUPPLEMENTAL INFORMATION - REPORTABLE SEGMENTS BY
QUARTER(Unaudited)(In thousands)
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
For the Three Months Ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
86,769 |
|
|
$ |
30,039 |
|
|
$ |
23,363 |
|
|
$ |
(1,468 |
) |
|
$ |
- |
|
|
$ |
138,703 |
|
Cost of goods sold |
|
|
60,600 |
|
|
|
18,609 |
|
|
|
9,453 |
|
|
|
(596 |
) |
|
|
- |
|
|
|
88,066 |
|
Gross margin |
|
|
26,169 |
|
|
|
11,430 |
|
|
|
13,910 |
|
|
|
(872 |
) |
|
|
- |
|
|
|
50,637 |
|
Selling and administrative expenses |
|
|
22,257 |
|
|
|
10,161 |
|
|
|
9,520 |
|
|
|
(872 |
) |
|
|
2,749 |
|
|
|
43,815 |
|
Goodwill impairment charge |
|
|
21,460 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,460 |
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
528 |
|
|
|
528 |
|
Interest expense |
|
|
87 |
|
|
|
32 |
|
|
|
- |
|
|
|
- |
|
|
|
1,675 |
|
|
|
1,794 |
|
Income (loss) before income tax expense |
|
$ |
(17,635 |
) |
|
$ |
1,237 |
|
|
$ |
4,390 |
|
|
$ |
- |
|
|
$ |
(4,952 |
) |
|
$ |
(16,960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
For the Three Months Ended
June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
102,039 |
|
|
$ |
26,288 |
|
|
$ |
21,466 |
|
|
$ |
(1,860 |
) |
|
$ |
- |
|
|
$ |
147,933 |
|
Cost of goods sold |
|
|
72,954 |
|
|
|
18,904 |
|
|
|
8,692 |
|
|
|
(750 |
) |
|
|
- |
|
|
|
99,800 |
|
Gross margin |
|
|
29,085 |
|
|
|
7,384 |
|
|
|
12,774 |
|
|
|
(1,110 |
) |
|
|
- |
|
|
|
48,133 |
|
Selling and administrative expenses |
|
|
24,004 |
|
|
|
9,801 |
|
|
|
8,402 |
|
|
|
(1,110 |
) |
|
|
4,872 |
|
|
|
45,969 |
|
Goodwill impairment charge |
|
|
4,135 |
|
|
|
20,323 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24,458 |
|
Intangible assets impairment charge |
|
|
5,581 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
528 |
|
|
|
528 |
|
Interest expense |
|
|
63 |
|
|
|
34 |
|
|
|
- |
|
|
|
- |
|
|
|
486 |
|
|
|
583 |
|
Income (loss) before income tax expense |
|
$ |
(4,698 |
) |
|
$ |
(22,774 |
) |
|
$ |
4,372 |
|
|
$ |
- |
|
|
$ |
(5,886 |
) |
|
$ |
(28,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
For the Three Months Ended
March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
97,083 |
|
|
$ |
30,568 |
|
|
$ |
17,974 |
|
|
$ |
(2,043 |
) |
|
$ |
- |
|
|
$ |
143,582 |
|
Cost of goods sold |
|
|
68,868 |
|
|
|
18,553 |
|
|
|
7,293 |
|
|
|
(913 |
) |
|
|
- |
|
|
|
93,801 |
|
Gross margin |
|
|
28,215 |
|
|
|
12,015 |
|
|
|
10,681 |
|
|
|
(1,130 |
) |
|
|
- |
|
|
|
49,781 |
|
Selling and administrative expenses |
|
|
21,557 |
|
|
|
10,087 |
|
|
|
6,372 |
|
|
|
(1,130 |
) |
|
|
5,328 |
|
|
|
42,214 |
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
528 |
|
|
|
528 |
|
Interest expense |
|
|
55 |
|
|
|
18 |
|
|
|
- |
|
|
|
- |
|
|
|
226 |
|
|
|
299 |
|
Income (loss) before taxes on income |
|
$ |
6,603 |
|
|
$ |
1,910 |
|
|
$ |
4,309 |
|
|
$ |
- |
|
|
$ |
(6,082 |
) |
|
$ |
6,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Superior Group of Compan... (NASDAQ:SGC)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Superior Group of Compan... (NASDAQ:SGC)
Gráfica de Acción Histórica
De May 2023 a May 2024