Superior Group restates 2021 earnings; net income up $2.2M on tax correction

SUPERIOR GROUP OF COMPANIES, INC.

Full-year 2021 net sales $537.0M (+2% YoY); net income $29.4M ($1.83 diluted EPS) vs $41.0M ($2.65) in 2020.
Correction reduced tax expense by $2.2M, increasing net income by $0.14 per diluted share.
Q4 2021 net sales $142.0M (-2.3% YoY); net income $4.4M ($0.27 diluted) vs $12.5M ($0.79).
Non-cash pension termination charge of $7.8M pre-tax reduced full-year net income by $0.32 per share.
Excluding PPE, BAMKO sales up 65% and The Office Gurus up 54% annually; PPE inventory write-down $2.0M.

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