Superior Uniform Group Inc. (asi/90266) has announced that net sales reached $58 million in the first quarter of 2016, an increase of 25.1% when compared to $46.3 million in the first quarter of 2015. Net income for the first quarter of 2016 was $2.3 million compared with $2 million at the end of the first quarter of 2015. The company reports that this is its 14th consecutive quarterly sales increase.
First-quarter earnings for 2016 were $0.15 per diluted share, compared to $0.14 in the same time period last year, while net income for the first quarter of this year was brought down by approximately $900,000 in pre-tax expenses related to the acquisition of Los Angeles-based distributor BAMKO, Inc. (asi/131431). Superior CEO Michael Benstock said that BAMKO contributed net sales of $3.8 million in the first quarter after the March 1 acquisition date, and that net sales increased by 16.9% excluding the impact of BAMKO.
Benstock added that sales in the company’s Uniforms and Related Products segment, excluding the BAMKO acquisition, increased by 15.7% in the first quarter, when compared to the first quarter of 2015.
“The transition for BAMKO is proceeding very well at this point,” said Benstock. “They are experiencing positive sales momentum. Their net sales for the full first quarter, including the two months prior to the acquisition, were approximately $10.4 million in 2016 as compared to $7.1 million in the prior year first quarter. … Our strong financial position allows us to take advantage of opportunities like the BAMKO acquisition as they arise without constraining our ability to invest in the future of our other businesses. We will continue to seek accretive acquisitions in the future to supplement our continued growth.”
Superior Uniforms operates both a Uniforms and Related Products segment and Remote Staffing Solutions segment, which saw a net sales increase of 36.2% in the first quarter of this year when compared to the first quarter of 2015.