Superior Uniform Group Inc (SGC, Financial) filed Quarterly Report for the period ended 2012-06-30.
Superior Uniform Group, Inc. has a market cap of $74.5 million; its shares were traded at around $12.43 with a P/E ratio of 19.5 and P/S ratio of 0.7. The dividend yield of Superior Uniform Group, Inc. stocks is 4.4%. Superior Uniform Group, Inc. had an annual average earning growth of 1.8% over the past 5 years.
Remote Staffing Solutions net sales increased 5.3% and 6.2% before intersegment eliminations and 1.3% and 9.7% after intersegment eliminations, respectively, for the three and six months ended June 30, 2012. This growth is attributed to additional market penetration in 2012. The rate of growth in this segment slowed in the current quarter as we have worked to integrate the new accounts from recent periods. We have additional new accounts set to start generating revenues in the third quarter and expect this segment to return to strong growth in the third quarter of this year.
As a percentage of net sales, cost of goods sold for our Uniforms and Related Products Segment was 67.6% for the three months ended June 30, 2012 and ÂÂÂÂÂÂÂ64.4% in the comparable period for 2011. The percentage increase in 2012 as compared to 2011 is primarily attributed to an increase in direct product costs as a percentage of net sales during the current year (3.6%) due to higher raw material costs primarily related to shortages of cotton. This increase was offset by a reduction in overhead costs as a percentage of sales as a result of higher volume in the current period (0.4%). As a percentage of net sales, cost of goods sold for our Uniforms and Related Products Segment was 67.4% for the six months ended June 30, 2012 and ÂÂÂÂÂÂÂ64.2% in the comparable period for 2011. The percentage increase in 2012 as compared to 2011 is primarily attributed to startup costs associated with taking on new programs.
As a percentage of net sales, selling and administrative expenses for our Uniforms and Related Products Segment approximated 28.4% for the three months ended June 30, 2012 and 32.1% in the comparable period for 2011. The decrease as a percentage of sales is attributed primarily to the impact of higher net sales to cover operating expenses (2.0%), a major consulting project completed in the second quarter of 2011 to study customer markets and refine our strategic plan to capitalize on the opportunities identified (2.0%) and reduced depreciation expense (0.7%) offset by minor increases in various other costs (1.0%). As a percentage of net sales, selling and administrative expenses for our Uniforms and Related Products Segment approximated 30.3% for the six months ended June 30, 2012 and 33.5% in the comparable period for 2011. The decrease as a percentage of sales is attributed primarily to the impact of higher net sales to cover operating expenses (1.9%), a major consulting project completed in the second quarter of 2011 to study customer markets and refine our strategic plan to capitalize on the opportunities identified (1.0%) and reduced depreciation expense (0.6%) offset by minor increases in various other costs (0.3%).
As a percentage of net sales, selling and administrative expenses for our Remote Staffing Solutions Segment approximated 32.5% for the three months ended June 30, 2012 and 30.2% in the comparable period for 2011. The increase as a percentage of sales is attributed primarily to higher salaries and benefits associated with increased hiring to provide infrastructure to support the projected growth of this business segment. As a percentage of net sales, selling and administrative expenses for our Remote Staffing Solutions Segment approximated 33.4% for the six months ended June 30, 2012 and 27.7% in the comparable period for 2011. The increase as a percentage of sales is attributed primarily to higher salaries and benefits associated with increased hiring to provide infrastructure to support the projected growth of this business segment.
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Superior Uniform Group, Inc. has a market cap of $74.5 million; its shares were traded at around $12.43 with a P/E ratio of 19.5 and P/S ratio of 0.7. The dividend yield of Superior Uniform Group, Inc. stocks is 4.4%. Superior Uniform Group, Inc. had an annual average earning growth of 1.8% over the past 5 years.
Highlight of Business Operations:
Net sales increased 6.7% from $27,505,000 for the three months ended June 30, 2011 to $29,335,000 for the three months ended June 30, 2012. The 6.7% increase in net sales for the quarter is primarily attributed to growth in our Uniforms and Related Products Segment. Net sales increased 6.3% from $54,404,000 for the six months ended June 30, 2011 to $57,843,000 for the six months ended June 30, 2012. The 6.3% increase in net sales for the six-month period is split between growth in our Uniforms and Related Products Segment (6.1%) and increases in net sales after intersegment eliminations from our Remote Staffing Solutions Segment (0.2%). Intersegment eliminations reduce total net sales for sales of remote staffing solutions to the Uniforms and Related Products segment by the Remote Staffing Solutions segment. See Note 7 to Consolidated Interim Financial Statements for more information and a reconciliation of segment net sales to total net sales.Remote Staffing Solutions net sales increased 5.3% and 6.2% before intersegment eliminations and 1.3% and 9.7% after intersegment eliminations, respectively, for the three and six months ended June 30, 2012. This growth is attributed to additional market penetration in 2012. The rate of growth in this segment slowed in the current quarter as we have worked to integrate the new accounts from recent periods. We have additional new accounts set to start generating revenues in the third quarter and expect this segment to return to strong growth in the third quarter of this year.
As a percentage of net sales, cost of goods sold for our Uniforms and Related Products Segment was 67.6% for the three months ended June 30, 2012 and ÂÂÂÂÂÂÂ64.4% in the comparable period for 2011. The percentage increase in 2012 as compared to 2011 is primarily attributed to an increase in direct product costs as a percentage of net sales during the current year (3.6%) due to higher raw material costs primarily related to shortages of cotton. This increase was offset by a reduction in overhead costs as a percentage of sales as a result of higher volume in the current period (0.4%). As a percentage of net sales, cost of goods sold for our Uniforms and Related Products Segment was 67.4% for the six months ended June 30, 2012 and ÂÂÂÂÂÂÂ64.2% in the comparable period for 2011. The percentage increase in 2012 as compared to 2011 is primarily attributed to startup costs associated with taking on new programs.
As a percentage of net sales, selling and administrative expenses for our Uniforms and Related Products Segment approximated 28.4% for the three months ended June 30, 2012 and 32.1% in the comparable period for 2011. The decrease as a percentage of sales is attributed primarily to the impact of higher net sales to cover operating expenses (2.0%), a major consulting project completed in the second quarter of 2011 to study customer markets and refine our strategic plan to capitalize on the opportunities identified (2.0%) and reduced depreciation expense (0.7%) offset by minor increases in various other costs (1.0%). As a percentage of net sales, selling and administrative expenses for our Uniforms and Related Products Segment approximated 30.3% for the six months ended June 30, 2012 and 33.5% in the comparable period for 2011. The decrease as a percentage of sales is attributed primarily to the impact of higher net sales to cover operating expenses (1.9%), a major consulting project completed in the second quarter of 2011 to study customer markets and refine our strategic plan to capitalize on the opportunities identified (1.0%) and reduced depreciation expense (0.6%) offset by minor increases in various other costs (0.3%).
As a percentage of net sales, selling and administrative expenses for our Remote Staffing Solutions Segment approximated 32.5% for the three months ended June 30, 2012 and 30.2% in the comparable period for 2011. The increase as a percentage of sales is attributed primarily to higher salaries and benefits associated with increased hiring to provide infrastructure to support the projected growth of this business segment. As a percentage of net sales, selling and administrative expenses for our Remote Staffing Solutions Segment approximated 33.4% for the six months ended June 30, 2012 and 27.7% in the comparable period for 2011. The increase as a percentage of sales is attributed primarily to higher salaries and benefits associated with increased hiring to provide infrastructure to support the projected growth of this business segment.
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