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Superior Uniform earnings drop, company starts Office Gurus unit |
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Written by Administrator
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Monday, 02 March 2009 10:36 |
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Thursday, February 26, 2009, Tampa Bay Business Journal - Superior Uniform Group earnings dipped into the red in the fourth quarter of 2008, as the company determined that it had no more intangible assets and wrote its goodwill off the books. The company reported a net loss of $822,015, or 13 cents a share, for the three months ended Dec. 31, compared to net earnings of $547,318, or 8 cents a share, in the same period a year earlier. Sales were down in the fourth quarter of 2008 to $28.2 million, compared to $31.4 million in the year-earlier period. A downward economic spiral nationally hit Superior (NASDAQ: SGC) in the fourth quarter, as customers reduced their work forces, experienced lower turnover and held the line on buying uniforms, Michael Benstock, chief executive of the Seminole-based manufacturing firm, said in a release. Some orders were deferred or cancelled, resulting in a fourth quarter that was considerably below budget and erasing sales gains from earlier in the year, Benstock said. Link: Read the article
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