BAMKO Sales Up In Superior Group Of Companies Second-Quarter Financial Statement
The Superior Group of Companies, Inc. has released its second-quarter operating results for 2019, showing net sales are up 12 percent, signifying the company’s 27th consecutive quarter of sales increases. The company, located in Seminole, Florida, operates in the promotional products market through its subsidiaries: distributors BAMKO, LLC (PPAI 242148), Tangerine Promotions, Ltd. (PPAI 439779) and Public Identity, Inc. (PPAI 230372).
For the second quarter ending June 30, net sales increased 12 percent to $92.3 million, compared to second quarter 2018 net sales of $82.4 million. Pretax income was $3.7 million compared to $5.1 million in 2018. Net income was $2.8 million or $0.18 per diluted share, compared to $0.25 per diluted share in 2018.
“Across all of our segments, we continue to perform well in a challenging business environment,” says CEO Michael Benstock. “We’re currently investing in our companies and making the organizational changes necessary to support our current business and prepare for our next level of growth, all while realizing increased sales for our 27th consecutive quarter.”
The company’s uniform segment sales were up 7.7 percent from last year, as it reached the first anniversary of its acquisition of CID Resources. Benstock adds, “We’re making good progress on the integration of our uniform businesses enabling operational efficiencies, improved resource alignment, product sourcing and sales channels. Technology upgrades are moving forward in our distribution centers in Arkansas and Texas, and construction continues on our second manufacturing facility in Haiti. Our investments in these initiatives are designed to generate cost efficiencies, improve working capital usage and better serve the needs of our customers.”
The Superior Group of Companies also reported strong growth at BAMKO and The Office Gurus. Benstock says, “During the second quarter, BAMKO, our promotional products segment, posted sales growth of 24.9 percent to $23.7 million compared to the second quarter of last year. The Office Gurus, our remote staffing segment, continues to perform to our expectations with quarterly net sales growth to outside customers of 11.6 percent over the comparable period.”