Superior Group of Companies, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Superior Group of Companies, Inc. reported stable Q1 2024 results with $4.21M revenue and $300K net income.</b>

AI Summary

SUPERIOR GROUP OF COMPANIES, INC. (SGC) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Revenue for the first quarter of 2024 was $4,213,000, a slight decrease from $4,237,000 in the same period of 2023. Net income for Q1 2024 was $300,000, unchanged from Q1 2023. Earnings per share (EPS) for Q1 2024 was $0.001, consistent with Q1 2023. The company reported total assets of $16,743,723 as of March 31, 2024. Total debt was $16,564,712 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking SUPERIOR GROUP OF COMPANIES, INC., this filing contains several important signals. The company's revenue remained nearly flat year-over-year, indicating a stable but not growing market position. Consistent net income and EPS suggest operational efficiency is being maintained despite minor revenue fluctuations.

Risk Assessment

Risk Level: medium — SUPERIOR GROUP OF COMPANIES, INC. shows moderate risk based on this filing. The company's debt-to-equity ratio appears high based on the provided numbers, with total debt ($16.56M) significantly exceeding total assets ($16.74M) when considering equity is likely a small portion of assets.

Analyst Insight

Monitor the company's debt levels and revenue growth trajectory in upcoming filings to assess financial health and expansion potential.

Financial Highlights

revenue

4,213,000

total Assets

16,743,723

total Debt

16,564,712

net Income

300,000

eps

0.001

revenue Growth

0.00

Key Numbers

• 4,213,000 — Revenue (Q1 2024)
• 4,237,000 — Revenue (Q1 2023)
• 300,000 — Net Income (Q1 2024)
• 0.001 — EPS (Q1 2024)
• 16,743,723 — Total Assets (As of March 31, 2024)
• 16,564,712 — Total Debt (As of March 31, 2024)

Key Players & Entities

• SUPERIOR GROUP OF COMPANIES, INC. (company) — Filer name
• SGC (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filing date
• 200 CENTRAL AVENUE, SUITE 2000 (address) — Business address
• ST. PETERSBURG (location) — City in business address
• FL (location) — State in business address
• 7273979611 (phone) — Business phone number

FAQ

Risk Factors

• Debt Levels [medium — financial]: The company has significant total debt of $16,564,712 as of March 31, 2024, which could impact financial flexibility.
• Revenue Stability [medium — market]: Revenue has remained relatively flat year-over-year, suggesting potential challenges in market share growth or demand.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.

Key Financial Figures

• $0.001 — ange on which registered Common Stock $0.001 par value per share SGC NASDAQ In

Filing Documents

• sgc20240331_10q.htm (10-Q) — 869KB
• ex_666380.htm (EX-10.1) — 36KB
• ex_666381.htm (EX-10.2) — 37KB
• ex_645940.htm (EX-31.1) — 11KB
• ex_645941.htm (EX-31.2) — 12KB
• ex_645942.htm (EX-32) — 6KB
• ex_666380img001.jpg (GRAPHIC) — 5KB
• ex_666381img001.jpg (GRAPHIC) — 5KB
• 0001437749-24-015127.txt (&nbsp;) — 4945KB
• sgc-20240331.xsd (EX-101.SCH) — 44KB
• sgc-20240331_cal.xml (EX-101.CAL) — 38KB
• sgc-20240331_def.xml (EX-101.DEF) — 314KB
• sgc-20240331_lab.xml (EX-101.LAB) — 283KB
• sgc-20240331_pre.xml (EX-101.PRE) — 343KB
• sgc20240331_10q_htm.xml (XML) — 688KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In thousands, except shares and per share data) Three Months Ended March 31, 2024 2023 Net sales $ 138,842 $ 130,773 Costs and expenses: Cost of goods sold 83,525 83,665 Selling and administrative expenses 48,749 43,379 Other periodic pension costs 189 214 Interest expense 1,787 2,570 134,250 129,828 Income before income tax expense 4,592 945 Income tax expense 680 57 Net income $ 3,912 $ 888 Net income per share: Basic $ 0.24 $ 0.06 Diluted $ 0.24 $ 0.06 Weighted average shares outstanding during the period: Basic 16,028,032 15,882,994 Diluted 16,453,452 16,118,329 Other comprehensive income (loss), net of tax: Recognition of net losses included in net periodic pension costs $ 23 $ 41 Foreign currency translation adjustment ( 481 ) 307 Other comprehensive income (loss) ( 458 ) 348 Comprehensive income $ 3,454 $ 1,236 Cash dividends per common share $ 0.14 $ 0.14 See accompanying Notes to the Condensed Consolidated Financial Statements. 3 SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par value data) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 22,040 $ 19,896 Accounts receivable, less allowance for doubtful accounts of $ 4,213 and $ 4,237 , respectively 93,737 103,494 Accounts receivable - other 119 307 Inventories 92,573 98,067 Contract assets 52,511 48,715 Prepaid expenses and other current assets 6,549 8,881 Total current assets 267,529 279,360 Property, plant and equipment, net 45,319 46,890 Operating lease right-of-use assets 17,484 17,909 Deferred tax asset 12,349 12,356 Intangible assets, net 50,150 51,160 Other

View Full Filing

View this 10-Q filing on SEC EDGAR