Superior Group Q3 net loss $12.7M on $21.5M goodwill impairment; sales up 12.5%

SUPERIOR GROUP OF COMPANIES, INC.

2022-Q3 EPS reported -$2.17 revenue$430,218,000

Net loss of ($12.7M) or ($0.80)/share vs net income $8.2M ($0.51) a year ago; includes $17.1M after-tax goodwill impairment.
Adjusted net income (ex-impairment) $4.4M ($0.27/diluted share) vs $8.2M ($0.51); adjusted EBITDA $9.7M vs $12.6M.
Total sales +12.5% to $138.7M; Branded Products +21%, Contact Center +30%; Healthcare Apparel market soft.
Board declares $0.14/share dividend payable Dec 2, record Nov 18 (unchanged from prior quarter).
Full-year 2022 sales guidance narrowed to $570-580M from $575-590M, citing inflation, interest rates, foreign exchange.

item 2.02 item 7.01 item 9.0

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SUPERIOR GROUP OF COMPANIES, INC. reported the third quarter ended September 30, 2022 results: revenue $138.7 million, net income ($12.7) million or ($0.80) per share. Guidance lowered.

Period: the third quarter ended September 30, 2022
Revenue: $138.7 million
Net income: ($12.7) million or ($0.80) per share
Guidance: lowered
Result: reported results

Exact text from the filing

RELEASE SUPERIOR GROUP OF COMPANIES, INC. REPORTS OPERATING RESULTS FOR THE THIRD QUARTER ENDED September 30, 2022 – Total Sales Increased 12.5% Over Prior Year Quarter to $139 Million – – Sales Growth of 21% in Branded Products and 30% in Contact Center – – Net Loss of ($12.7) Million Including a Non-cash Goodwill, After-tax Charge of $17.1 Million, versus Net

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Source: SEC EDGAR

accession 0001437749-22-026190

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