{"id":740460,"date":"2023-03-15T16:27:46","date_gmt":"2023-03-15T20:27:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/superior-group-of-companies-reports-fourth-quarter-results\/"},"modified":"2023-03-15T16:27:46","modified_gmt":"2023-03-15T20:27:46","slug":"superior-group-of-companies-reports-fourth-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/superior-group-of-companies-reports-fourth-quarter-results\/","title":{"rendered":"Superior Group of Companies Reports Fourth Quarter Results"},"content":{"rendered":"
\n

SEMINOLE, Fla., March 15, 2023 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) (the \u201cCompany\u201d), today announced its fourth quarter\u00a0results for 2022.<\/p>\n

\n
\n \u2013 Total Sales Increased 5% Over Prior Year Quarter to $149 Million \u2013<\/strong>
\n <\/em>
\n
\n
\n \u2013 Net Income of $2 Million, versus $4 Million in Prior Year Quarter \u2013<\/strong>
\n <\/em>
\n
\n
\n \u2013 Adjusted Net Loss of ($0.9) Million, versus Adjusted Net Income of $5 Million in Prior Year Quarter \u2013<\/strong>
\n <\/em>
\n
\n
\n \u2013 Adjusted EBITDA of $3 Million, versus $8 Million in Prior Year Quarter \u2013<\/strong>
\n <\/em>
\n
\n
\n \u2013 Provides Initial 2023 Guidance \u2013<\/strong>
\n <\/em>\n <\/p>\n

\n Fourth Quarter Results<\/u>\n <\/p>\n

For the fourth quarter, net sales increased 5%\u00a0to $148.6 million compared to fourth quarter 2021 net sales of $142.0 million. Net income was $2.2 million or $0.14 per diluted share compared to net income of $4.4 million or $0.27 per diluted share in the fourth quarter of 2021.<\/p>\n

During the fourth quarter, the Company realized a pre-tax, non-operating gain on the sale of its corporate office of $3.4\u00a0million. Also, in the fourth quarter of 2021, the Company recognized a pre-tax, non-cash settlement charge related to the termination of its defined benefit pension plans of $0.9\u00a0million.<\/p>\n

On an adjusted basis, which excludes the above items in 2022 and 2021, net loss was ($0.9)\u00a0million or ($0.06)\u00a0per share for the fourth quarter of 2022 compared to net income of $5.0\u00a0million or $0.31\u00a0per diluted share for the fourth quarter of 2021. Adjusted EBITDA was $3.5\u00a0million for the fourth quarter of 2022 compared to $8.1\u00a0million in the fourth quarter of 2021. The fourth quarter of 2022 adjusted results include a $6 million incremental pre-tax\u00a0non-cash inventory write-down primarily related to the Company\u2019s\u00a0Healthcare Apparel segment.<\/p>\n

\u201cWe generated solid fourth quarter sales results at the high end of our guidance despite the still subdued economic backdrop, generating year-over-year growth in both our Branded Products and Contact Center segments, while the Healthcare Apparel market remained soft,\u201d said Michael Benstock, Chief Executive Officer. \u201cDespite the\u00a0incremental inventory write-down for Healthcare Apparel, SGC generated positive adjusted EBITDA. Looking ahead to 2023, we are optimistic that business conditions should gradually improve throughout the year for Healthcare Apparel and momentum will build during the year for Branded Products. Contact Centers will continue producing double digit top line growth. The end result should be solid full-year financial performance for SGC, driven by significant growth in the back half of the year. Our proven strategy is to tap into the emerging opportunities across all three of our diversified businesses, while maintaining focus on driving free cash flow, improving our net leverage position and prudently investing in longer-term growth opportunities. Our Board\u2019s latest quarterly dividend approval reflects our favorable growth prospects as our entire team strives to enhance long-term shareholder value.\u201d<\/p>\n

At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items.<\/p>\n

\n 2023 Full-Year Outlook<\/u>\n <\/p>\n

The Company is forecasting full year 2023 sales to be $585 million to $595 million\u00a0versus 2022 sales of $579\u00a0million. For the full year 2023, the Company is forecasting earnings per share to be\u00a0$0.92 to\u00a0$0.97,\u00a0compared to $0.62\u00a0adjusted earnings per share in 2022.\u00a0<\/p>\n

\n Conference Call<\/strong>\n <\/p>\n

The live webcast and archived replay can be accessed in the investor relations section of the Company\u2019s 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 29, 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 6322218 for all replay access.<\/p>\n

\n Disclosure Regarding Forward Looking Statements<\/strong>\n <\/p>\n

Certain matters discussed in this press release are \u201cforward-looking statements\u201d\u00a0intended 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 \u201cmay,\u201d\u00a0\u201cwill,\u201d\u00a0\u201cshould,\u201d\u00a0\u201ccould,\u201d\u00a0\u201cexpect,\u201d \u201canticipate,\u201d\u00a0\u201cestimate,\u201d\u00a0\u201cbelieve,\u201d\u00a0\u201cintend,\u201d\u00a0\u201cproject,\u201d\u00a0\u201cpotential,\u201d\u00a0or \u201cplan\u201d\u00a0or 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) the projected impact of the COVID-19 pandemic on our, our customers’, and our suppliers\u2019\u00a0businesses, (2) projections of revenue, income, and other items relating to our financial position and results of operations, (3) statements of our plans, objectives, strategies, goals and intentions, (4) statements regarding the capabilities, capacities, market position and expected development of our business operations, and (5) statements of expected industry and general economic trends.<\/p>\n

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; the effect of uncertainties related to the COVID-19 pandemic, including existing and possible future variants, on the United States of America (\u201cU.S.\u201d\u00a0or \u201cUnited States\u201d) and global markets, our business, operations, customers, suppliers and employees, including without limitation the length and scope of restrictions imposed by various governments and organizations and the success of efforts to deliver effective vaccines on a timely basis to a number of people sufficient to prevent or substantially lower the severity of incidents of infection or variants, among other factors; our ability to navigate successfully the challenges posed by current global supply disruptions; general economic conditions, including employment levels, in the areas of the United States in which the Company\u2019s 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\u2019s material weakness in internal control over financial reporting; the Company\u2019s 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\u2019s filings with the Securities and Exchange Commission, including those described in the \u201cRisk Factors\u201d\u00a0section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 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.<\/p>\n

About Superior Group of Companies, Inc. (SGC):\u00a0Superior Group of Companies\u2122, established in 1920, is a combination of companies that help our customers unlock the power of their brands by creating extraordinary brand engagement experiences for their employees and customers. SGC\u2019s commitment to service, technology, quality and value-added benefits, as well as our financial strength and resources, provides unparalleled support for our customers\u2019 diverse needs while embracing a \u201cCustomer 1st, Every Time!\u201d philosophy and culture in all of our business segments. Visit www.superiorgroupofcompanies.com for more information.<\/p>\n

Contact:<\/p>\n

Investor Relations
Investors@Superiorgroupofcompanies.com<\/p>\n

Comparative figures are as follows:<\/p>\n

\n SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES<\/strong>
\n
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong>
\n
(Unaudited)
(In thousands, except shares and per share data)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nThree Months Ended December 31,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nYears Ended December 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n$<\/td>\n148,613<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n142,026<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n578,831<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n536,986<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Costs and expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n103,805<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n98,027<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n385,472<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n350,972<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling and administrative expenses<\/td>\n\u00a0<\/td>\n44,322<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,984<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n176,320<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n142,060<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill impairment charge<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,918<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets impairment charge<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,581<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other periodic pension costs<\/td>\n\u00a0<\/td>\n532<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,116<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,786<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pension plan termination charge<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n2,218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n295<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,894<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,220<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n150,877<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n137,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n620,301<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n503,859<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sale of property, plant and equipment<\/td>\n\u00a0<\/td>\n3,435<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,435<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) before taxes on income<\/td>\n\u00a0<\/td>\n1,171<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,386<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(38,035<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,127<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n(1,023<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,065<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,687<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n$<\/td>\n2,194<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,389<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(31,970<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n29,440<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss) per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n$<\/td>\n0.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.28<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2.03<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n1.91<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n$<\/td>\n0.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2.03<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n1.83<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding during the period:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n15,841,296<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,572,112<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,764,859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,438,849<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n16,075,494<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,185,213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,764,859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,091,070<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash dividends per common share<\/td>\n$<\/td>\n0.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.54<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.46<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES<\/strong>
\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong>
\n
(Unaudited)
(In thousands, except share and par value data)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nDecember 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n ASSETS<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n17,722<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,935<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, less allowance for doubtful accounts of $7,622 and $6,393, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n104,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n107,053<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable – other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,326<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,546<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,976<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,555<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52,980<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,018<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,166<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,162<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n317,983<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n299,269<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,392<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,690<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,113<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,246<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,718<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,753<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,420<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,434<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,982<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,186<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n456,941<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n470,245<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n42,060<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n52,340<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,646<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,989<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of long-term debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,286<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of acquisition-related contingent liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n736<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,507<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85,192<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n111,122<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n151,567<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100,845<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term pension liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,864<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,420<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term acquisition-related contingent liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,245<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,569<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,936<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,729<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n359<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,538<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,211<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commitments and contingencies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shareholders\u2019 equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred stock, $.001 par value – authorized 300,000 shares (none issued)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $.001 par value – authorized 50,000,000 shares, issued and outstanding – 16,376,683 and 16,127,505 shares, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72,615<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69,351<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n122,979<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n163,836<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive income (loss), net of tax:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pensions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,113<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,577<\/td>\n)<\/td>\n<\/tr>\n
Cash flow hedges<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency translation adjustment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,898<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,683<\/td>\n)<\/td>\n<\/tr>\n
Total shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n192,599<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n226,990<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n$<\/td>\n456,941<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n470,245<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES<\/strong>
\n
\n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>
\n
(Unaudited)
(In thousands)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nYears Ended December 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM OPERATING ACTIVITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n(31,970<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n29,440<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income (loss) to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,004<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,291<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill impairment charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,918<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets impairment charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,581<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory write-downs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,771<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for bad debts – accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,891<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,260<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,289<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,010<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax benefit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,352<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,724<\/td>\n)<\/td>\n<\/tr>\n
Gain on sale of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,435<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of acquisition-related contingent liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(450<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,936<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of written put options<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,565<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pension plan termination charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in assets and liabilities, net of acquisition of businesses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n680<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,575<\/td>\n)<\/td>\n<\/tr>\n
Accounts receivable – other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,347<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,189<\/td>\n)<\/td>\n<\/tr>\n
Contract assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,092<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,212<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,898<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24,524<\/td>\n)<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,225<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,852<\/td>\n)<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,858<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,325<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable and other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,614<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,007<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payment of acquisition-related contingent liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,346<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,221<\/td>\n)<\/td>\n<\/tr>\n
Long-term pension liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,951<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(434<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,791<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,604<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,080<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM INVESTING ACTIVITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additions to property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,018<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,696<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from disposals of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,795<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Acquisition of businesses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,202<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16,434<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,425<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(34,130<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM FINANCING ACTIVITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from borrowings of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n332,143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n250,608<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayment of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(292,773<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(223,025<\/td>\n)<\/td>\n<\/tr>\n
Debt issuance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(869<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payment of cash dividends<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,653<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,237<\/td>\n)<\/td>\n<\/tr>\n
Payment of acquisition-related contingent liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,416<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,641<\/td>\n)<\/td>\n<\/tr>\n
Proceeds received on exercise of stock options<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n728<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,703<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tax withholdings on vesting of restricted shares and performance based shares and on exercise of stock rights<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(314<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(584<\/td>\n)<\/td>\n<\/tr>\n
Tax benefit from vesting of acquisition-related restricted stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n171<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock reacquired and retired<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,995<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of currency exchange rates on cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(182<\/td>\n)<\/td>\n<\/tr>\n
Net increase in cash and cash equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,787<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,763<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents balance, beginning of year<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,935<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,172<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents balance, end of year<\/td>\n\u00a0<\/td>\n$<\/td>\n17,722<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,935<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES<\/strong>
\n
\n NON-GAAP FINANCIAL MEASURES<\/strong>
\n
(Unaudited)
(In thousands, except shares and per share data)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended December 31,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nYears Ended December 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,194<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,389<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(31,970<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n29,440<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,218<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n295<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,894<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,220<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,023<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,065<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,687<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,500<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,572<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,004<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,291<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill impairment charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,918<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets impairment charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,581<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pension plan termination charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sale of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,435<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,435<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA(1)<\/td>\n\u00a0<\/td>\n$<\/td>\n3,454<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,129<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n27,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n51,459<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,194<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,389<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(31,970<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n29,440<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustment for items:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill impairment charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,918<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets impairment charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,581<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pension plan termination charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sale of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,435<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,435<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tax impact of adjustments(2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n324<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(226<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,061<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,636<\/td>\n)<\/td>\n<\/tr>\n
Adjusted net income (loss)(3)<\/td>\n\u00a0<\/td>\n$<\/td>\n(917<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n5,039<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n10,033<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,625<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted net income (loss) per share<\/td>\n\u00a0<\/td>\n$<\/td>\n0.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2.03<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n1.83<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustment for items, after-tax, per diluted share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.20<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.32<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted adjusted net income (loss) per share(3)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.06<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.15<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding during the period:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted, as reported<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,075,494<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,185,213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,764,859<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,091,070<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted, as adjusted(4)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,841,296<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,185,213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,165,240<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,091,070<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(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\u2019s core operating results from period to period by (i) removing the impact of the Company\u2019s capital structure (interest expense from outstanding debt), (ii) tax consequences, (iii) asset base (depreciation and amortization), (iv) the non-cash charges from the termination of the Company\u2019s pension plans and the goodwill and intangible asset impairments and (v) gains or losses on sale of non-operating 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\u2019s results of operations. The presentation of the Company\u2019s 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\u2019s 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.<\/p>\n

(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.<\/p>\n

(3) Adjusted net income (loss)\u00a0and diluted adjusted net income (loss)\u00a0per share, which are non-GAAP measures, are defined as net income (loss)\u00a0and net income (loss) per share, excluding the impacts of impairment and pension plan termination charges. 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 and pension plan termination charges that are not reflective of our core business.<\/p>\n

(4) 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 their inclusion would have been antidilutive. 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\u00a0ended December 31, 2022, as the Company recognized an adjusted net loss their inclusion would have been antidilutive.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

SEMINOLE, Fla., March 15, 2023 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) (the \u201cCompany\u201d), today announced its fourth quarter\u00a0results for 2022. \u2013 Total Sales Increased 5% Over Prior Year Quarter to $149 Million \u2013 \u2013 Net Income of $2 Million, versus $4 Million in Prior Year Quarter \u2013 \u2013 Adjusted Net Loss of ($0.9) Million, versus Adjusted Net Income of $5 Million in Prior Year Quarter \u2013 \u2013 Adjusted EBITDA of $3 Million, versus $8 Million in Prior Year Quarter \u2013 \u2013 Provides Initial 2023 Guidance \u2013 Fourth Quarter Results For the fourth quarter, net sales increased 5%\u00a0to $148.6 million compared to fourth quarter 2021 net sales of $142.0 million. Net income was $2.2 million or $0.14 … <\/p>\n

Continue reading “Superior Group of Companies Reports Fourth Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-740460","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSuperior Group of Companies Reports Fourth Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/superior-group-of-companies-reports-fourth-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Superior Group of Companies Reports Fourth Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SEMINOLE, Fla., March 15, 2023 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) (the \u201cCompany\u201d), today announced its fourth quarter\u00a0results for 2022. \u2013 Total Sales Increased 5% Over Prior Year Quarter to $149 Million \u2013 \u2013 Net Income of $2 Million, versus $4 Million in Prior Year Quarter \u2013 \u2013 Adjusted Net Loss of ($0.9) Million, versus Adjusted Net Income of $5 Million in Prior Year Quarter \u2013 \u2013 Adjusted EBITDA of $3 Million, versus $8 Million in Prior Year Quarter \u2013 \u2013 Provides Initial 2023 Guidance \u2013 Fourth Quarter Results For the fourth quarter, net sales increased 5%\u00a0to $148.6 million compared to fourth quarter 2021 net sales of $142.0 million. Net income was $2.2 million or $0.14 … Continue reading "Superior Group of Companies Reports Fourth Quarter Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/superior-group-of-companies-reports-fourth-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-15T20:27:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc4OTI3OSM1NDY0NTQ5IzIwMjg1OTM=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/superior-group-of-companies-reports-fourth-quarter-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/superior-group-of-companies-reports-fourth-quarter-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Superior Group of Companies Reports Fourth Quarter Results\",\"datePublished\":\"2023-03-15T20:27:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/superior-group-of-companies-reports-fourth-quarter-results\\\/\"},\"wordCount\":2458,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/superior-group-of-companies-reports-fourth-quarter-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODc4OTI3OSM1NDY0NTQ5IzIwMjg1OTM=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/superior-group-of-companies-reports-fourth-quarter-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/superior-group-of-companies-reports-fourth-quarter-results\\\/\",\"name\":\"Superior Group of Companies Reports Fourth Quarter Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/superior-group-of-companies-reports-fourth-quarter-results\/","og_locale":"en_US","og_type":"article","og_title":"Superior Group of Companies Reports Fourth Quarter Results - Market Newsdesk","og_description":"SEMINOLE, Fla., March 15, 2023 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) (the \u201cCompany\u201d), today announced its fourth quarter\u00a0results for 2022. \u2013 Total Sales Increased 5% Over Prior Year Quarter to $149 Million \u2013 \u2013 Net Income of $2 Million, versus $4 Million in Prior Year Quarter \u2013 \u2013 Adjusted Net Loss of ($0.9) Million, versus Adjusted Net Income of $5 Million in Prior Year Quarter \u2013 \u2013 Adjusted EBITDA of $3 Million, versus $8 Million in Prior Year Quarter \u2013 \u2013 Provides Initial 2023 Guidance \u2013 Fourth Quarter Results For the fourth quarter, net sales increased 5%\u00a0to $148.6 million compared to fourth quarter 2021 net sales of $142.0 million. 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