HEALTHCARE APPAREL | BRANDED PRODUCTS | CONTACT CENTERS Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward- looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this pr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _______________ Commission File Number 001-05869 SUPERIOR GROUP OF COMPANIES, INC. (Exact Name of Registrant as Specified in Its Charter) Flori ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) This section provides an overview of the company's financial results for Q4 2023 and the full-year 2024 outlook [Fourth Quarter 2023 Results](index=1&type=section&id=Fourth%20Quarter%202023%20Results) In Q4 2023, net sales slightly decreased to $147.2 million, while net income and EBITDA significantly improved | Financial Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $147.2 million | $148.6 million | -0.9% | | Pretax Income | $4.2 million | $1.2 million | +250% | | Net Income | $3.6 million | $2.2 million | +63.6% | | Diluted EPS | $0.22 | $0.14 | +57.1% | | EBITDA | $9.9 million | $3.5 million (Adjusted) | +182.9% | - On an adjusted basis, Q4 2023 net income of **$3.6 million** compares to an adjusted net loss of **$0.9 million** in Q4 2022[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO highlighted Q4 2023 as the best quarter of the year, with improved profitability, positive cash flow, and a stronger balance sheet - Management emphasized key achievements and positive trends in Q4 2023: - Strongest quarter of the year with sequential improvement - Enhanced profitability and continued positive cash flow - Substantially improved balance sheet - Optimism for 2024 driven by strong client retention and new wins[2](index=2&type=chunk) [2024 Full-Year Outlook](index=1&type=section&id=2024%20Full-Year%20Outlook) The company forecasts 2024 net sales between $558 million and $568 million, with diluted EPS projected from $0.61 to $0.68 | Metric | 2024 Forecast | 2023 Actual | | :--- | :--- | :--- | | Net Sales | $558 million - $568 million | $543 million | | Diluted EPS | $0.61 - $0.68 | $0.54 (Adjusted) | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statements of operations, balance sheets, and cash flows [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For FY 2023, net sales decreased to $543.3 million, but the company achieved a net income of $8.8 million, reversing a prior-year loss | Metric | Year Ended Dec 31, 2023 (in thousands) | Year Ended Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | Net sales | $543,302 | $578,831 | | Cost of goods sold | $339,755 | $385,472 | | Goodwill impairment charge | $0 | $45,918 | | Income (loss) before income tax | $9,769 | $(38,035) | | Net income (loss) | $8,772 | $(31,970) | | Diluted EPS | $0.54 | $(2.03) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets decreased to $422.5 million, driven by lower inventories and a significant reduction in long-term debt | Metric | Dec 31, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Inventories | $98,067 | $124,976 | | Total current assets | $279,360 | $317,983 | | Total assets | $422,450 | $456,941 | | **Liabilities & Equity** | | | | Long-term debt | $88,789 | $151,567 | | Total liabilities | $224,812 | $264,342 | | Total shareholders' equity | $197,638 | $192,599 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated strong net cash from operating activities of $78.9 million in 2023, primarily due to effective working capital management | Metric | Year Ended Dec 31, 2023 (in thousands) | Year Ended Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $78,929 | $(2,604) | | Net cash used in investing activities | $(5,508) | $(17,425) | | Net cash provided by (used in) financing activities | $(71,616) | $28,846 | | Net increase in cash and cash equivalents | $2,174 | $8,787 | [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations of GAAP to non-GAAP financial measures for a clearer view of core operating performance [Reconciliation of GAAP to Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Adjusted EBITDA for FY 2023 increased to $33.5 million, and for Q4 2023, it rose significantly to $9.9 million | Metric | Q4 2023 (in thousands) | Q4 2022 (in thousands) | FY 2023 (in thousands) | FY 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $3,557 | $2,194 | $8,772 | $(31,970) | | **Adjusted EBITDA** | **$9,898** | **$3,454** | **$33,482** | **$27,927** | | **Adjusted net income (loss)** | **$3,557** | **$(917)** | **$8,772** | **$10,033** | | Diluted adjusted net income (loss) per share | $0.22 | $(0.06) | $0.54 | $0.62 | [Segment Performance](index=8&type=section&id=Segment%20Performance) This section details the financial performance of the company's Branded Products, Healthcare Apparel, and Contact Centers segments [Segment Financial Data](index=8&type=section&id=Segment%20Financial%20Data) In FY 2023, Branded Products remained the largest segment, Healthcare Apparel improved significantly, and Contact Centers saw sales growth Full Year Segment Performance (In thousands) | Segment | Net Sales 2023 | Net Sales 2022 | Adj. EBITDA 2023 | Adj. EBITDA 2022 | | :--- | :--- | :--- | :--- | :--- | | Branded Products | $342,680 | $387,931 | $33,146 | $31,144 | | Healthcare Apparel | $113,878 | $113,321 | $7,997 | $(2,747) | | Contact Centers | $91,500 | $84,218 | $12,408 | $18,521 | Q4 Segment Performance (In thousands) | Segment | Net Sales Q4 2023 | Net Sales Q4 2022 | Adj. EBITDA Q4 2023 | Adj. EBITDA Q4 2022 | | :--- | :--- | :--- | :--- | :--- | | Branded Products | $97,725 | $102,040 | $11,690 | $10,797 | | Healthcare Apparel | $28,003 | $26,426 | $1,441 | $(6,469) | | Contact Centers | $22,565 | $21,415 | $2,310 | $3,753 | [Additional Information](index=2&type=section&id=Additional%20Information) This section provides details on the conference call, company overview, and forward-looking statements [Conference Call and Webcast Information](index=2&type=section&id=Conference%20Call%20and%20Webcast%20Information) A conference call and webcast were scheduled for March 13, 2024, at 5:00 pm ET to discuss the financial results - A conference call and webcast to discuss results was scheduled for **5:00 pm ET on March 13, 2024**[6](index=6&type=chunk) [About Superior Group of Companies, Inc.](index=2&type=section&id=About%20Superior%20Group%20of%20Companies%2C%20Inc.) Superior Group of Companies, established in 1920, operates through three segments: Healthcare Apparel, Branded Products, and Contact Centers - The company is comprised of three business segments: - Healthcare Apparel - Branded Products - Contact Centers[9](index=9&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to various risks and uncertainties, including supply disruptions and inflation - The report includes forward-looking statements that are subject to risks and uncertainties, such as supply disruptions, inflation, and competition[7](index=7&type=chunk)[8](index=8&type=chunk)

Superior Group of Companies, Inc. (NASDAQ:SGC) Q3 2023 Earnings Conference Call November 6, 2023 5:00 PM ET Company Participants Michael Benstock - Chief Executive Officer Mike Koempel - Chief Financial Officer Conference Call Participants Kevin Steinke - Barrington Research Jim Sidoti - Sidoti & Company David Marsh - Singular Research Operator Good afternoon, everyone, and welcome to the Superior Group of Companies Third Quarter 2023 Conference Call. With us today are Michael Benstock, Chief Executive Offi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to __________ Commission file number: 001-05869 Exact name of registrant as specified in its charter: SUPERIOR GROUP OF COMPANIES, INC. State or other jurisd ...

Financial Data and Key Metrics Changes - The company generated consolidated second quarter revenues of $129 million, down from $148 million in the same period last year, while adjusted EBITDA increased to $7 million from $5 million in the prior year quarter [3][7][41] - The net income for the second quarter was $1.2 million or $0.08 per diluted share, compared to a net loss of $26.7 million or $1.70 per diluted share in the prior year quarter [8][41] - The updated full-year revenue outlook is now between $550 million to $560 million, down from the previous range of $585 million to $595 million, with earnings per diluted share expected to be between $0.45 to $0.55, down from $0.92 to $0.97 [9] Business Line Data and Key Metrics Changes - Healthcare Apparel revenues increased to $28 million from $26 million in the prior year, reflecting a 7% growth despite soft market conditions [4] - Contact Centers generated second quarter revenues of $23 million, up 6% year-over-year, with adjusted EBITDA of $3.3 million, reflecting a margin of 14% [56] - Branded Products revenues decreased to $80 million from $102 million a year ago, with adjusted EBITDA of $7 million, slightly up from the previous year [73] Market Data and Key Metrics Changes - The company noted that while there are positive signs in the market, there remains uncertainty with some budgets opening up and others not [12][63] - The backlog of orders has increased significantly, indicating potential future revenue growth [12] Company Strategy and Development Direction - The company aims to grow its market share in the Healthcare Apparel segment, targeting the large addressable market of caregivers [55] - There is a focus on improving gross margins and managing expenses in the Branded Products segment to navigate economic uncertainty [73] - The company plans to be more active in M&A next year, contingent on improving leverage ratios [24][102] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of the year, expecting a backend-loaded performance with improved sales trends [9][63] - The company is focused on achieving inventory equilibrium by year-end and is optimistic about the healthcare business improving [27][97] - Management highlighted the importance of reducing debt levels and improving cash flow to position the company for future growth [35][71] Other Important Information - The company reported a slight improvement in its net leverage ratio to 3.7 times trailing 12-month covenant EBITDA, remaining within covenant requirements [59] - The company has made significant progress in operating cash flow, generating $38 million in the first half of the year [71] Q&A Session Summary Question: What has changed regarding the outlook for Branded Products? - Management noted that clients are being more cautious, impacting the outlook for Branded Products [77][78] Question: How close is the company to achieving equilibrium inventory levels? - Management indicated that the next two quarters are critical for reaching inventory equilibrium, with expectations for improvement in the healthcare business [27][97] Question: What is the status of pricing in the Contact Centers segment? - Management confirmed that pricing increases have been implemented to offset higher labor costs, but demand for agents has fluctuated [29][80] Question: How does the company plan to grow market share in Branded Products? - Management emphasized the importance of acquiring salespeople from competitors and potentially pursuing M&A opportunities when leverage ratios improve [90][102] Question: Is the company comfortable with its current covenant compliance? - Management expressed confidence in remaining compliant with covenants and does not anticipate needing further amendments [107]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the d ...

Superior Group of Companies, Inc. (NASDAQ:SGC) Q1 2023 Earnings Conference Call May 8, 2023 5:00 PM ET Company Participants Michael L. Benstock - Chief Executive Officer & Director, Superior Group of Cos., Inc. Michael Koempel - Chief Financial Officer, Superior Group of Cos., Inc. Conference Call Participants Mitra Ramgopal - Sidoti & Co. LLC Kevin Mark Steinke - Barrington Research Associates, Inc. Tim Moore - EF Hutton Group Operator Good afternoon, everyone. Welcome to the Superior Group of Companies’ F ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to __________ Commission file number: 001-05869 Exact name of registrant as specified in its charter: SUPERIOR GROUP OF COMPANIES, INC. State or other ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _______________ Commission File Number 001-05869 SUPERIOR GROUP OF COMPANIES, INC. (Exact Name of Registrant as Specified in Its Charter) Flori ...