Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”),
today announced its fourth quarter 2023 results.
“We capped off 2023 with our best quarter of the
year, delivering sequential improvement, stronger profitability and
continued positive cash flow along with a substantially improved
balance sheet,” said Michael Benstock, Chief Executive Officer.
“Underlying fundamentals are moving in the right direction,
consistent with what we saw through much of 2023. With our strong
retention and new client wins, we are optimistic that we will
continue to drive improved performance and consistently solid
results. All three of our attractive end markets are growing and
highly fragmented, and we believe our stronger financial position
will enable us to take additional market share and enhance
shareholder value in 2024 and beyond.”
Fourth Quarter Results
For the fourth quarter ended December 31, 2023,
net sales decreased 0.9% to $147.2 million compared to fourth
quarter 2022 net sales of $148.6 million. Pretax income was
$4.2 million compared to $1.2 million in the fourth
quarter of 2022. Net income was $3.6 million or $0.22 per
diluted share compared to $2.2 million or $0.14 per diluted share
for the fourth quarter of 2022.
In the prior year fourth quarter, the Company
realized a pre-tax, non-operating gain of $3.4 million. On an
adjusted basis, which excludes the prior year’s pre-tax,
non-operating gain, this quarter’s net income
of $3.6 million or $0.22 per diluted share
compares to a net loss of $0.9 million or
$0.06 per diluted share for the prior year. At the conclusion
of this press release is a reconciliation of reported to adjusted
results, including a description of significant items.
2024 Full-Year Outlook
The Company is forecasting full year
2024 sales to be $558 million to
$568 million versus 2023 sales of
$543 million, and forecasting earnings per share to
be $0.61 to $0.68, compared to
$0.54 diluted adjusted earnings per share in 2023.
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 March 27, 2024. 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 2106897 for replay
access.
Disclosure Regarding Forward Looking
Statements
Certain matters discussed in this press release
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 press release 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, and (4) statements
of expected industry and general economic trends.
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
chain, 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 raw 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; and other factors described in the Company’s filings
with the Securities and Exchange Commission, including those
described in the “Risk Factors” section of our Annual Report
on Form 10-K for the fiscal year ended December 31, 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 shares and per
share data) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Net sales |
|
$ |
147,241 |
|
|
$ |
148,613 |
|
|
$ |
543,302 |
|
|
$ |
578,831 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
91,596 |
|
|
|
103,805 |
|
|
|
339,755 |
|
|
|
385,472 |
|
|
Selling and administrative expenses |
|
|
49,198 |
|
|
|
44,322 |
|
|
|
183,205 |
|
|
|
176,320 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
45,918 |
|
|
Intangible assets impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
|
Other periodic pension costs |
|
|
213 |
|
|
|
532 |
|
|
|
855 |
|
|
|
2,116 |
|
|
Interest expense |
|
|
2,060 |
|
|
|
2,218 |
|
|
|
9,718 |
|
|
|
4,894 |
|
| |
|
|
143,067 |
|
|
|
150,877 |
|
|
|
533,533 |
|
|
|
620,301 |
|
| Gain on sale of property,
plant and equipment |
|
|
- |
|
|
|
3,435 |
|
|
|
- |
|
|
|
3,435 |
|
| Income (loss) before income
tax expense |
|
|
4,174 |
|
|
|
1,171 |
|
|
|
9,769 |
|
|
|
(38,035 |
) |
| Income tax expense
(benefit) |
|
|
617 |
|
|
|
(1,023 |
) |
|
|
997 |
|
|
|
(6,065 |
) |
| Net income (loss) |
|
$ |
3,557 |
|
|
$ |
2,194 |
|
|
$ |
8,772 |
|
|
$ |
(31,970 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
|
$ |
0.14 |
|
|
$ |
0.55 |
|
|
$ |
(2.03 |
) |
|
Diluted |
|
$ |
0.22 |
|
|
$ |
0.14 |
|
|
$ |
0.54 |
|
|
$ |
(2.03 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
16,010,006 |
|
|
|
15,841,296 |
|
|
|
15,968,199 |
|
|
|
15,764,859 |
|
|
Diluted |
|
|
16,238,736 |
|
|
|
16,075,494 |
|
|
|
16,159,308 |
|
|
|
15,764,859 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends per common
share |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.56 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)(In thousands, except share and par value
data) |
| |
|
|
|
| |
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,896 |
|
|
$ |
17,722 |
|
|
Accounts receivable, less allowance for doubtful accounts of $4,237
and $7,622, respectively |
|
|
103,494 |
|
|
|
104,813 |
|
|
Accounts receivable - other |
|
|
307 |
|
|
|
3,326 |
|
|
Inventories |
|
|
98,067 |
|
|
|
124,976 |
|
|
Contract assets |
|
|
48,715 |
|
|
|
52,980 |
|
|
Prepaid expenses and other current assets |
|
|
8,881 |
|
|
|
14,166 |
|
|
Total current assets |
|
|
279,360 |
|
|
|
317,983 |
|
| Property, plant and equipment,
net |
|
|
46,890 |
|
|
|
51,392 |
|
| Operating lease right-of-use
assets |
|
|
17,909 |
|
|
|
9,113 |
|
| Deferred tax asset |
|
|
12,356 |
|
|
|
10,718 |
|
| Intangible assets, net |
|
|
51,160 |
|
|
|
55,753 |
|
| Other assets |
|
|
14,775 |
|
|
|
11,982 |
|
|
Total assets |
|
$ |
422,450 |
|
|
$ |
456,941 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
50,520 |
|
|
$ |
42,060 |
|
|
Other current liabilities |
|
|
43,978 |
|
|
|
38,646 |
|
|
Current portion of long-term debt |
|
|
4,688 |
|
|
|
3,750 |
|
|
Current portion of acquisition-related contingent liabilities |
|
|
1,403 |
|
|
|
736 |
|
|
Total current liabilities |
|
|
100,589 |
|
|
|
85,192 |
|
| Long-term debt |
|
|
88,789 |
|
|
|
151,567 |
|
| Long-term pension
liability |
|
|
13,284 |
|
|
|
12,864 |
|
| Long-term acquisition-related
contingent liabilities |
|
|
557 |
|
|
|
2,245 |
|
| Long-term operating lease
liabilities |
|
|
12,809 |
|
|
|
3,936 |
|
| Other long-term
liabilities |
|
|
8,784 |
|
|
|
8,538 |
|
| Total liabilities |
|
|
224,812 |
|
|
|
264,342 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
|
| 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 - 16,564,712 and 16,376,683 shares,
respectively |
|
|
16 |
|
|
|
16 |
|
|
Additional paid-in capital |
|
|
77,443 |
|
|
|
72,615 |
|
|
Retained earnings |
|
|
122,464 |
|
|
|
122,979 |
|
|
Accumulated other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Pensions |
|
|
(1,122 |
) |
|
|
(1,113 |
) |
|
Foreign currency translation adjustment |
|
|
(1,163 |
) |
|
|
(1,898 |
) |
|
Total shareholders’ equity |
|
|
197,638 |
|
|
|
192,599 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
422,450 |
|
|
$ |
456,941 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Unaudited)(In thousands) |
| |
|
|
|
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
8,772 |
|
|
$ |
(31,970 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
13,995 |
|
|
|
13,004 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
45,918 |
|
|
Intangible assets impairment charge |
|
|
- |
|
|
|
5,581 |
|
|
Inventory write-downs |
|
|
2,346 |
|
|
|
13,569 |
|
|
Provision for bad debts - accounts receivable |
|
|
539 |
|
|
|
2,891 |
|
|
Share-based compensation expense |
|
|
3,787 |
|
|
|
4,289 |
|
|
Deferred income tax benefit |
|
|
(1,635 |
) |
|
|
(12,352 |
) |
|
Gain on sale of property, plant and equipment |
|
|
- |
|
|
|
(3,435 |
) |
|
Change in fair value of acquisition-related contingent
liabilities |
|
|
(189 |
) |
|
|
(450 |
) |
|
Change in fair value of written put options |
|
|
489 |
|
|
|
(1,565 |
) |
|
Changes in assets and liabilities, net of acquisition of
businesses: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,051 |
|
|
|
680 |
|
|
Accounts receivable - other |
|
|
3,019 |
|
|
|
1,347 |
|
|
Contract assets |
|
|
4,310 |
|
|
|
(15,092 |
) |
|
Inventories |
|
|
24,672 |
|
|
|
(15,898 |
) |
|
Prepaid expenses and other current assets |
|
|
5,496 |
|
|
|
5,225 |
|
|
Other assets |
|
|
(2,012 |
) |
|
|
1,858 |
|
|
Accounts payable and other current liabilities |
|
|
13,310 |
|
|
|
(14,614 |
) |
|
Payment of acquisition-related contingent liabilities |
|
|
(279 |
) |
|
|
(3,346 |
) |
|
Long-term pension liability |
|
|
407 |
|
|
|
2,190 |
|
|
Other long-term liabilities |
|
|
851 |
|
|
|
(434 |
) |
|
Net cash provided by (used in) operating activities |
|
|
78,929 |
|
|
|
(2,604 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
| Additions to property, plant
and equipment |
|
|
(4,963 |
) |
|
|
(11,018 |
) |
| Proceeds from disposals of
property, plant and equipment |
|
|
- |
|
|
|
4,795 |
|
| Acquisition of businesses |
|
|
- |
|
|
|
(11,202 |
) |
| Other investments |
|
|
(545 |
) |
|
|
- |
|
|
Net cash used in investing activities |
|
|
(5,508 |
) |
|
|
(17,425 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
| Proceeds from borrowings of
debt |
|
|
6,000 |
|
|
|
332,143 |
|
| Repayment of debt |
|
|
(67,750 |
) |
|
|
(292,773 |
) |
| Debt issuance costs |
|
|
(300 |
) |
|
|
(869 |
) |
| Payment of cash dividends |
|
|
(9,188 |
) |
|
|
(8,653 |
) |
| Payment of acquisition-related
contingent liabilities |
|
|
(553 |
) |
|
|
(1,416 |
) |
| Proceeds received on exercise
of stock options |
|
|
175 |
|
|
|
728 |
|
| Tax withholdings on vesting of
restricted shares and performance based shares and on exercise of
stock rights |
|
|
- |
|
|
|
(314 |
) |
|
Net cash provided by (used in) financing activities |
|
|
(71,616 |
) |
|
|
28,846 |
|
| |
|
|
|
|
|
|
|
|
| Effect of currency exchange
rates on cash |
|
|
369 |
|
|
|
(30 |
) |
| Net increase in cash and cash
equivalents |
|
|
2,174 |
|
|
|
8,787 |
|
| Cash and cash equivalents
balance, beginning of year |
|
|
17,722 |
|
|
|
8,935 |
|
| Cash and cash equivalents
balance, end of year |
|
$ |
19,896 |
|
|
$ |
17,722 |
|
| |
|
|
|
|
|
|
|
|
| |
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESNON-GAAP FINANCIAL
MEASURES(Unaudited)(In thousands, except shares and per
share data) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Net income (loss) |
|
$ |
3,557 |
|
|
$ |
2,194 |
|
|
$ |
8,772 |
|
|
$ |
(31,970 |
) |
| Interest expense |
|
|
2,060 |
|
|
|
2,218 |
|
|
|
9,718 |
|
|
|
4,894 |
|
| Income tax expense
(benefit) |
|
|
617 |
|
|
|
(1,023 |
) |
|
|
997 |
|
|
|
(6,065 |
) |
| Depreciation and
amortization |
|
|
3,664 |
|
|
|
3,500 |
|
|
|
13,995 |
|
|
|
13,004 |
|
| Goodwill impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
45,918 |
|
| Intangible assets impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
| Gain on sale of property,
plant and equipment |
|
|
- |
|
|
|
(3,435 |
) |
|
|
- |
|
|
|
(3,435 |
) |
| Adjusted EBITDA(1) |
|
$ |
9,898 |
|
|
$ |
3,454 |
|
|
$ |
33,482 |
|
|
$ |
27,927 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
3,557 |
|
|
$ |
2,194 |
|
|
$ |
8,772 |
|
|
$ |
(31,970 |
) |
| Adjustment for items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
45,918 |
|
|
Intangible assets impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,581 |
|
|
Gain on sale of property, plant and equipment |
|
|
- |
|
|
|
(3,435 |
) |
|
|
- |
|
|
|
(3,435 |
) |
|
Tax impact of adjustments(2) |
|
|
- |
|
|
|
324 |
|
|
|
- |
|
|
|
(6,061 |
) |
| Adjusted net income
(loss)(3) |
|
$ |
3,557 |
|
|
$ |
(917 |
) |
|
$ |
8,772 |
|
|
$ |
10,033 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted net income (loss) per
share |
|
$ |
0.22 |
|
|
$ |
0.14 |
|
|
$ |
0.54 |
|
|
$ |
(2.03 |
) |
| Adjustment for items,
after-tax, per diluted share |
|
|
- |
|
|
|
(0.20 |
) |
|
|
- |
|
|
|
2.65 |
|
| Diluted adjusted net income
(loss) per share(3) |
|
$ |
0.22 |
|
|
$ |
(0.06 |
) |
|
$ |
0.54 |
|
|
$ |
0.62 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted, as reported |
|
|
16,238,736 |
|
|
|
16,075,494 |
|
|
|
16,159,308 |
|
|
|
15,764,859 |
|
| Diluted, as adjusted(4) |
|
|
16,238,736 |
|
|
|
15,841,296 |
|
|
|
16,159,308 |
|
|
|
16,165,240 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 (loss) and diluted adjusted net
income (loss) 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 and gains or
losses on the sale of property, plant and equipment. Management
believes adjusted net income (loss) and diluted adjusted net income
(loss) 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 and gains or losses on the sale of
property, plant and equipment that are not reflective of our core
business.
(4) Diluted weighted average shares outstanding used to
calculate diluted adjusted net loss per share excludes shares of
common stock of 234,198 for the three months ended December
31, 2022, as the Company recognized an adjusted net loss and their
inclusion would have been antidilutive. Diluted weighted average
shares outstanding used to calculate diluted adjusted net income
per share includes shares of common stock of 400,381 for the year
ended December 31, 2022. 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 and
their inclusion would have been antidilutive.
| |
|
SUPERIOR GROUP OF COMPANIES, INC. AND
SUBSIDIARIESSUPPLEMENTAL INFORMATION - REPORTABLE
SEGMENTS(Unaudited)(In thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
|
For the Year Ended December 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
342,680 |
|
|
$ |
113,878 |
|
|
$ |
91,500 |
|
|
$ |
(4,756 |
) |
|
$ |
- |
|
|
$ |
543,302 |
|
|
Cost of goods sold |
|
|
228,053 |
|
|
|
71,597 |
|
|
|
42,352 |
|
|
|
(2,247 |
) |
|
|
- |
|
|
|
339,755 |
|
|
Gross margin |
|
|
114,627 |
|
|
|
42,281 |
|
|
|
49,148 |
|
|
|
(2,509 |
) |
|
|
- |
|
|
|
203,547 |
|
|
Selling and administrative expenses |
|
|
88,225 |
|
|
|
38,209 |
|
|
|
39,682 |
|
|
|
(2,509 |
) |
|
|
19,598 |
|
|
|
183,205 |
|
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
855 |
|
|
|
855 |
|
|
Add: Depreciation and amortization |
|
|
6,744 |
|
|
|
3,925 |
|
|
|
2,942 |
|
|
|
- |
|
|
|
384 |
|
|
|
13,995 |
|
|
Segment Adjusted EBITDA(1) |
|
$ |
33,146 |
|
|
$ |
7,997 |
|
|
$ |
12,408 |
|
|
$ |
- |
|
|
$ |
(20,069 |
) |
|
$ |
33,482 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
| For the Year Ended December
31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
387,931 |
|
|
$ |
113,321 |
|
|
$ |
84,218 |
|
|
$ |
(6,639 |
) |
|
$ |
- |
|
|
$ |
578,831 |
|
|
Cost of goods sold |
|
|
273,134 |
|
|
|
80,719 |
|
|
|
34,439 |
|
|
|
(2,820 |
) |
|
|
- |
|
|
|
385,472 |
|
|
Gross margin |
|
|
114,797 |
|
|
|
32,602 |
|
|
|
49,779 |
|
|
|
(3,819 |
) |
|
|
- |
|
|
|
193,359 |
|
|
Selling and administrative expenses |
|
|
90,118 |
|
|
|
39,295 |
|
|
|
33,631 |
|
|
|
(3,819 |
) |
|
|
17,095 |
|
|
|
176,320 |
|
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,116 |
|
|
|
2,116 |
|
|
Add: Depreciation and amortization |
|
|
6,465 |
|
|
|
3,946 |
|
|
|
2,373 |
|
|
|
- |
|
|
|
220 |
|
|
|
13,004 |
|
|
Segment Adjusted EBITDA(1) |
|
$ |
31,144 |
|
|
$ |
(2,747 |
) |
|
$ |
18,521 |
|
|
$ |
- |
|
|
$ |
(18,991 |
) |
|
$ |
27,927 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
| For the Three Months Ended
December 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
97,725 |
|
|
$ |
28,003 |
|
|
$ |
22,565 |
|
|
$ |
(1,052 |
) |
|
$ |
- |
|
|
$ |
147,241 |
|
|
Cost of goods sold |
|
|
63,561 |
|
|
|
17,725 |
|
|
|
10,807 |
|
|
|
(497 |
) |
|
|
- |
|
|
|
91,596 |
|
|
Gross margin |
|
|
34,164 |
|
|
|
10,278 |
|
|
|
11,758 |
|
|
|
(555 |
) |
|
|
- |
|
|
|
55,645 |
|
|
Selling and administrative expenses |
|
|
24,392 |
|
|
|
9,748 |
|
|
|
10,180 |
|
|
|
(555 |
) |
|
|
5,433 |
|
|
|
49,198 |
|
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
213 |
|
|
|
213 |
|
|
Add: Depreciation and amortization |
|
|
1,918 |
|
|
|
911 |
|
|
|
732 |
|
|
|
- |
|
|
|
103 |
|
|
|
3,664 |
|
|
Segment Adjusted EBITDA(1) |
|
$ |
11,690 |
|
|
$ |
1,441 |
|
|
$ |
2,310 |
|
|
$ |
- |
|
|
$ |
(5,543 |
) |
|
$ |
9,898 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Branded Products |
|
|
Healthcare Apparel |
|
|
Contact Centers |
|
|
Intersegment Eliminations |
|
|
Other |
|
|
Total |
|
| For the Three Months Ended
December 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
102,040 |
|
|
$ |
26,426 |
|
|
$ |
21,415 |
|
|
$ |
(1,268 |
) |
|
$ |
- |
|
|
$ |
148,613 |
|
|
Cost of goods sold |
|
|
70,712 |
|
|
|
24,653 |
|
|
|
9,001 |
|
|
|
(561 |
) |
|
|
- |
|
|
|
103,805 |
|
|
Gross margin |
|
|
31,328 |
|
|
|
1,773 |
|
|
|
12,414 |
|
|
|
(707 |
) |
|
|
- |
|
|
|
44,808 |
|
|
Selling and administrative expenses |
|
|
22,300 |
|
|
|
9,246 |
|
|
|
9,337 |
|
|
|
(707 |
) |
|
|
4,146 |
|
|
|
44,322 |
|
|
Other periodic pension cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
532 |
|
|
|
532 |
|
|
Add: Depreciation and amortization |
|
|
1,769 |
|
|
|
1,004 |
|
|
|
676 |
|
|
|
- |
|
|
|
51 |
|
|
|
3,500 |
|
|
Segment Adjusted EBITDA(1) |
|
$ |
10,797 |
|
|
$ |
(6,469 |
) |
|
$ |
3,753 |
|
|
$ |
- |
|
|
$ |
(4,627 |
) |
|
$ |
3,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Segment Adjusted EBITDA is our primary measure of segment
profitability under U.S. GAAP ASC 280 “Segment Reporting”. Amounts
included in income (loss) before income tax expense and excluded
from Segment Adjusted EBITDA include: interest expense,
depreciation and amortization expense, impairment charges and the
other items not tied to the operational performance of the segment.
Total Segment Adjusted EBITDA is a non-GAAP financial measure.
Please see reconciliation of Adjusted EBITDA included in the
Non-GAAP Financial Measures table above.
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