SEMINOLE — Superior Uniform Group Inc. announced it increased revenues and net income in the first quarter compared with the same quarter in 2012.
For the three months ending March 31, the uniform manufacturer increased earnings 300%, to $1.23 million, or 20 cents per share, compared with $327,000, or 5 cents per share, the same quarter of 2012, according to its filing with the Securities and Exchange Commission.
In addition, Superior (symbol: SGC, recent price: $11.66) increased revenue to $30.99 million in the first quarter, up 12% from $28.51 million in the same quarter of 2012.
Superior CEO Michael Benstock says the gain largely came from increasing gross margins in its uniform products and a 84% year-over-year increase in revenue in the first quarter from its remote staffing segment. “Our gross margins in our Uniforms and Related Products segment have returned to pre-cotton-crisis levels at 35.5% in the current-year period as compared to 32.8% in the prior-year period. We expect this trend to continue throughout 2013,” Benstock says in a release.
Established in 1920, Superior is one of America's leading providers of uniforms and commercial apparel.