SGC’s First Quarter Results Showcase BAMKO’s 125-Percent Sales Growth
Superior Group of Companies, Inc. (SGC) has announced operating results for its first quarter of 2021, which ended March 31. The Seminole, Florida-headquartered company reports net sales up 49.4 percent to $140.8 million, and highlighted distributor BAMKO’s (PPAI 242148, D11) first-quarter net sales increase of 124.9 percent, to $58.9 million. The company also operates in the promotional products market through distributors Tangerine Promotions, Ltd. (PPAI 439779, D1) and Public Identity, Inc. (PPAI 230372, D1).
“We are very pleased to report another quarter of exceptional operating results,” says CEO Michael Benstock. “Our business continues to grow both organically and through strategic acquisitions, even without including the PPE sales related to the pandemic. PPE sales for the first quarter were approximately $26.8 million versus $1.5 million in the first quarter of 2020. We are continuing to book additional PPE sales, but at a significantly slowing rate. BAMKO delivered another remarkable quarter with net sales growth of almost 125 percent, or $32.7 million. PPE sales represented $14.2 million of this growth. The Office Gurus delivered a record quarter with net sales increasing 43.2 percent after intersegment eliminations in the first quarter as compared to the first quarter last year.”
SGC’s pretax income was $13.2 million, compared to $4.6 million in the first quarter of 2020. Net income was $10.5 million or $0.66 per diluted share compared to $3.4 million, or $0.22 per diluted share for the first quarter of 2020.
Benstock adds, “While we are optimistic in our outlook, we, along with other companies, are navigating logistical headwinds that originated in shipping ports that are now cascading throughout the transportation and logistics ecosystem. As a result, we ended the quarter with sizable backlogs in both our uniforms and our promotional product segments both with and without including the benefit of PPE.
“We remain enthusiastic and dedicated to continuing with our disciplined, long-term approach. It has, and we believe will continue, to yield sustainable organic growth in both our recurring customer base and with new customers across diverse end markets. We are relentless in our determination to excel, bring higher levels of service to our customers and to create greater shareholder value.”