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Superior Group of Companies Reports Third Quarter 2023 Results
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Superior Group of Companies Reports Third Quarter 2023 Results

– Total Net Sales of $136.1 million versus $138.7 million in Prior Year Third Quarter –
– Net Income of $3.1 million versus net loss of ($12.7) million in Prior Year Third Quarter –
– Adjusted EBITDA of $9.3 million versus $9.7 million in Prior Year Third Quarter –
– Board of Directors Approves $0.14 Per Share Quarterly Dividend
– Provides Updated Full-Year Outlook –

ST. PETERSBURG, Fla., Nov. 06, 2023 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its third quarter 2023 results.

Third Quarter Results

For the third quarter ended September 30, 2023, net sales decreased 1.9% to $136.1 million, compared to third quarter 2022 net sales of $138.7 million. Pretax income was $3.3 million compared to a pretax loss of ($17.0) million in the third quarter of 2022. Net income was $3.1 million or $0.19 per diluted share compared to a net loss of ($12.7) million, or ($0.80) per diluted share for the third quarter of 2022.

In the prior year third quarter of 2022, the Company recognized pre-tax, non-cash impairment charges related to goodwill of $21.5 million ($17.1 million net of tax, or $1.07 per diluted share). On an adjusted basis, which excludes impairment charges made in the prior year third quarter, this quarter’s net income of $3.1 million or $0.19 per diluted share compares to $4.4 million or $0.27 per diluted share in the prior year. At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items.

“We delivered stronger sequential results that are consistent with our back-end weighted full-year outlook, while again producing positive free cash flow, further reducing debt, and strategically investing to capitalize on future demand,” said Michael Benstock, Chief Executive Officer. “Our strong customer retention reflects our sharp focus on customer service, and along with new customer wins in each segment underscores our potential to drive even stronger growth and profitability when economic uncertainty lifts. Our Board’s latest quarterly dividend approval reflects our shared confidence in the opportunities across all three of our attractive end markets, and our ability to further enhance shareholder value.”

Third Quarter 2023 Dividend

The Board of Directors declared a quarterly dividend of $0.14 per share, payable December 6, 2023 to shareholders of record as of November 22, 2023.

2023 Full-Year Outlook

For full-year 2023, the Company is updating its Outlook to include a sales forecast range of $538 million to $545 million compared to its earlier forecast of $550 million to $560 million, and an earnings per share forecast range of $0.46 to $0.53 compared to its earlier forecast of $0.45 to $0.55.

Webcast and Conference Call

The Company will host a webcast and conference call at 5:00 pm Eastern Time today. The live webcast and archived replay can be accessed in the investor relations section of the Company’s website at https://ir.superiorgroupofcompanies.com/Presentations. Interested individuals may also join the teleconference by dialing 1-844-861-5505 for U.S. dialers and 1-412-317-6586 for International dialers. The Canadian Toll-Free number is 1-866-605-3852. Please ask to be joined to the Superior Group of Companies call. A telephone replay of the teleconference will be available through November 20, 2023. To access the replay, dial 1-877-344-7529 in the United States or 1-412-317-0088 from international locations. Canadian dialers can access the replay at 855-669-9658. Please reference conference number 4364975 for replay access.

Disclosure Regarding Forward Looking Statements

Certain matters discussed in this Form 10-Q are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by use of the words may,” “will,” “should,” “could,” “expect, "anticipate,” “estimate,” “believe,” “intend,” “project,” “potential, or plan or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements in this Quarterly Report on Form 10-Q may include, without limitation: (1) projections of revenue, income, and other items relating to our financial position and results of operations, including short term and long term plans for cash, (2) statements of our plans, objectives, strategies, goals and intentions, (3) statements regarding the capabilities, capacities, market position and expected development of our business operations, (4) statements of expected industry and general economic trends and (5) the projected impact of the COVID-19 pandemic on our, our customers, and our suppliers businesses.

Such forward-looking statements are subject to certain risks and uncertainties that may materially adversely affect the anticipated results. Such risks and uncertainties include, but are not limited to, the following: the impact of competition; uncertainties related to supply disruptions, inflationary environment (including with respect to the cost of finished goods and raw materials and shipping costs), employment levels (including labor shortages) and general economic and political conditions in the areas of the world in which the Company operates or from which it sources its supplies or the areas of the United States of America (U.S. or United States) in which the Companys customers are located; changes in the healthcare, retail, hotel, food service, transportation and other industries where uniforms and service apparel are worn; our ability to identify suitable acquisition targets, discover liabilities associated with such businesses during the diligence process, successfully integrate any acquired businesses, or successfully manage our expanding operations; the price and availability of cotton and other manufacturing materials; attracting and retaining senior management and key personnel; the effect of the Companys material weakness in internal control over financial reporting; the Companys ability to successfully remediate its material weakness in internal control over financial reporting and to maintain effective internal control over financial reporting; lingering effects of the COVID-19 pandemic, including existing and possible future variants, on the United States and global markets, our business, operations, customers, suppliers and employees, including the length and scope of restrictions imposed by various governments and organizations and the continuing success of efforts to deliver effective vaccines and boosters, among other factors; and other factors described in the Companys filings with the Securities and Exchange Commission, including those described in the Risk Factors section herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. 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. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.

About Superior Group of Companies, Inc. (SGC):
Established in 1920, Superior Group of Companies is comprised of three attractive business segments each serving large, fragmented and growing addressable markets. Across Healthcare Apparel, Branded Products and Contact Centers, each segment enables businesses to create extraordinary brand engagement experiences for their customers and employees. SGC’s commitment to service, quality, advanced technology, and omnichannel commerce provides unparalleled competitive advantages. We are committed to enhancing shareholder value by continuing to pursue a combination of organic growth and strategic acquisitions. For more information, visit www.superiorgroupofcompanies.com.

Investor Relations Contact:
Investors@superiorgroupofcompanies.com

Comparative figures are as follows:

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)

    Three Months Ended September 30,  
    2023     2022  
Net sales   $ 136,126     $ 138,703  
                 
Costs and expenses:                
Cost of goods sold     82,928       88,066  
Selling and administrative expenses     47,246       43,815  
Goodwill impairment charge           21,460  
Other periodic pension costs     214       528  
Interest expense     2,464       1,794  
      132,852       155,663  
Income (loss) before income tax expense     3,274       (16,960 )
Income tax expense (benefit)     160       (4,241 )
Net income (loss)   $ 3,114     $ (12,719 )
                 
Net income (loss) per share:                
Basic   $ 0.19     $ (0.80 )
Diluted   $ 0.19     $ (0.80 )
                 
Weighted average shares outstanding during the period:                
Basic     15,992,792       15,806,852  
Diluted     16,155,355       15,806,852  
                 
Cash dividends per common share   $ 0.14     $ 0.14  
                 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)

    Nine Months Ended September 30,  
    2023     2022  
Net sales   $ 396,061     $ 430,218  
                 
Costs and expenses:                
Cost of goods sold     248,159       281,667  
Selling and administrative expenses     134,007       131,998  
Goodwill impairment charge           45,918  
Intangible assets impairment charge           5,581  
Other periodic pension costs     642       1,584  
Interest expense     7,658       2,676  
      390,466       469,424  
Income (loss) before income tax expense     5,595       (39,206 )
Income tax expense (benefit)     380       (5,042 )
Net income (loss)   $ 5,215     $ (34,164 )
                 
Net income (loss) per share:                
Basic   $ 0.33     $ (2.17 )
Diluted   $ 0.32     $ (2.17 )
                 
Weighted average shares outstanding during the period:                
Basic     15,954,264       15,739,381  
Diluted     16,132,832       15,739,381  
                 
Cash dividends per common share   $ 0.42     $ 0.40  
                 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)

    September 30,     December 31,  
    2023     2022  
    (Unaudited)          
ASSETS                
Current assets:                
Cash and cash equivalents   $ 17,729     $ 17,722  
Accounts receivable, less allowance for doubtful accounts of $5,267 and $7,622, respectively     98,289       104,813  
Accounts receivable – other     86       3,326  
Inventories     105,134       124,976  
Contract assets     46,765       52,980  
Prepaid expenses and other current assets     10,824       14,166  
Total current assets     278,827       317,983  
Property, plant and equipment, net     48,666       51,392  
Operating lease right-of-use assets     18,806       9,113  
Deferred tax asset     10,677       10,718  
Intangible assets, net     52,098       55,753  
Other assets     12,983       11,982  
Total assets   $ 422,057     $ 456,941  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 45,168     $ 42,060  
Other current liabilities     37,433       38,646  
Current portion of long-term debt     4,219       3,750  
Current portion of acquisition-related contingent liabilities     1,321       736  
Total current liabilities     88,141       85,192  
Long-term debt     103,134       151,567  
Long-term pension liability     13,262       12,864  
Long-term acquisition-related contingent liabilities     387       2,245  
Long-term operating lease liabilities     13,440       3,936  
Other long-term liabilities     8,582       8,538  
Total liabilities     226,946       264,342  
Shareholders’ equity:                
Preferred stock, $.001 par value – authorized 300,000 shares (none issued)            
Common stock, $.001 par value – authorized 50,000,000 shares, issued and outstanding 16,505,826 and 16,376,683 shares, respectively     16       16  
Additional paid-in capital     76,515       72,615  
Retained earnings     121,308       122,979  
Accumulated other comprehensive loss, net of tax:                
Pensions     (990 )     (1,113 )
Foreign currency translation adjustment     (1,738 )     (1,898 )
Total shareholders’ equity     195,111       192,599  
Total liabilities and shareholders’ equity   $ 422,057     $ 456,941  
                 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

    Nine Months Ended September 30,  
    2023     2022  
CASH FLOWS FROM OPERATING ACTIVITIES                
Net income (loss)   $ 5,215     $ (34,164 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                
Depreciation and amortization     10,331       9,504  
Goodwill impairment charge           45,918  
Intangible assets impairment charge           5,581  
Inventory write-downs     1,609       5,781  
Provision for bad debts – accounts receivable     64       1,565  
Share-based compensation expense     3,523       3,382  
Deferred income tax benefit           (6,361 )
Change in fair value of acquisition-related contingent liabilities     (442 )     284  
Change in fair value of written put options     (460 )     (1,791 )
Changes in assets and liabilities, net of acquisition of businesses:                
Accounts receivable     6,410       3,521  
Accounts receivable – other     3,240       978  
Contract assets     6,208       (10,222 )
Inventories     18,280       (19,242 )
Prepaid expenses and other current assets     3,462       579  
Other assets     (844 )     2,677  
Accounts payable and other current liabilities     2,148       (9,561 )
Payment of acquisition-related contingent liabilities     (279 )     (3,346 )
Long-term pension liability     561       1,662  
Other long-term liabilities     362       (1,249 )
Net cash provided by (used in) operating activities     59,388       (4,504 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
Additions to property, plant and equipment     (4,023 )     (11,221 )
Acquisition of businesses           (11,202 )
Net cash used in investing activities     (4,023 )     (22,423 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Proceeds from borrowings of debt     4,000       320,143  
Repayment of debt     (51,813 )     (274,898 )
Debt issuance costs     (300 )     (869 )
Payment of cash dividends     (6,886 )     (6,380 )
Payment of acquisition-related contingent liabilities     (553 )     (1,416 )
Proceeds received on exercise of stock options     97       684  
Tax withholdings on vesting of restricted shares and performance based shares           (232 )
Net cash provided by (used in) financing activities     (55,455 )     37,032  
                 
Effect of currency exchange rates on cash     97       (132 )
Net increase in cash and cash equivalents     7       9,973  
Cash and cash equivalents balance, beginning of period     17,722       8,935  
Cash and cash equivalents balance, end of period   $ 17,729     $ 18,908  
                 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In thousands, except share and par value data)

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2023     2022     2023     2022  
Net income (loss)   $ 3,114     $ (12,719 )   $ 5,215     $ (34,164 )
Interest expense     2,464       1,794       7,658       2,676  
Income tax expense (benefit)     160       (4,241 )     380       (5,042 )
Depreciation and amortization     3,515       3,401       10,331       9,504  
Goodwill impairment charge           21,460             45,918  
Intangible assets impairment charge                       5,581  
Adjusted EBITDA(1)   $ 9,253     $ 9,695     $ 23,584     $ 24,473  
                                 
Net income (loss)   $ 3,114     $ (12,719 )   $ 5,215     $ (34,164 )
Adjustment for items:                                
Goodwill impairment charge           21,460             45,918  
Intangible assets impairment charge                       5,581  
Tax impact of adjustments(2)           (4,345 )           (6,385 )
Adjusted net income(3)   $ 3,114     $ 4,396     $ 5,215     $ 10,950  
                                 
Diluted net income (loss) per share   $ 0.19     $ (0.80 )   $ 0.32     $ (2.17 )
Adjustment for items, after-tax, per diluted share           1.07             2.85  
Diluted adjusted net income per share(3)   $ 0.19     $ 0.27     $ 0.32     $ 0.68  
                                 
Weighted average shares outstanding during the period:                                
Diluted, as reported     16,155,355       15,806,852       16,132,832       15,739,381  
Diluted, as adjusted(4)     16,155,355       16,196,767       16,132,832       16,195,155  
                                 

(1) Adjusted EBITDA, which is a non-GAAP financial measure, is defined as net income (loss) excluding interest expense, income tax expense, depreciation and amortization expense, impairment charges and the other items described in the following sentence. The Company believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company’s core operating results from period to period by removing (i) the impact of the Company’s capital structure (interest expense from outstanding debt), (ii) tax consequences, (iii) asset base (depreciation and amortization), (iv) the non-cash charges from asset impairments and (v) gains or losses on the sale of property, plant and equipment. The Company uses Adjusted EBITDA internally to monitor operating results and to evaluate the performance of its business. In addition, the compensation committee has used Adjusted EBITDA in evaluating certain components of executive compensation, including performance-based annual incentive programs. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss), cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate Adjusted EBITDA are significant components in understanding and assessing the Company’s results of operations. The presentation of the Company’s Adjusted EBITDA may change from time to time, including as a result of changed business conditions, new accounting pronouncements or otherwise. If the presentation changes, the Company undertakes to disclose any change between periods and the reasons underlying that change. The Company’s Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted EBITDA in the same manner.

(2) The tax impact of adjustments includes the tax effect of each separate adjustment based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible, and the tax effect of items that relate to tax specific financial transactions.

(3) Adjusted net income and diluted adjusted net income per share, which are non-GAAP measures, are defined as net income (loss) and net income (loss) per share, excluding the impacts of impairment charges. Management believes adjusted net income and diluted adjusted net income per share provides useful information to investors because it allows management, investors and others to evaluate and compare our operating results from period to period by removing the impact of impairment charges that are not reflective of our core business.

(4) Diluted weighted average shares outstanding used to calculate diluted adjusted net income per share includes shares of common stock of 389,915 and 455,774 for the three and nine months ended September 30, 2022, respectively. These shares were excluded from diluted weighted average shares outstanding used to calculate diluted net income (loss) per share, as the Company recognized a net loss their inclusion would have been antidilutive.

 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES BY SEGMENT
(Unaudited)
(In thousands)

    Branded Products     Healthcare Apparel     Contact Centers     Other     Total  
As of and For the Three Months Ended September 30, 2023:                                        
Net income                                   $ 3,114  
Income tax expense                                     160  
Income (loss) before income tax expense   $ 5,506     $ 1,991     $ 3,173     $ (7,396 )   $ 3,274  
Interest expense                       2,464       2,464  
Depreciation and amortization     1,452       1,064       880       119       3,515  
Adjusted EBITDA(1)   $ 6,958     $ 3,055     $ 4,053     $ (4,813 )   $ 9,253  
                                         
    Branded Products     Healthcare Apparel     Contact Centers     Other     Total  
As of and For the Three Months Ended September 30, 2022:                                        
Net loss                                   $ (12,719 )
Income tax benefit                                     (4,241 )
Income (loss) before income tax expense   $ (17,635 )   $ 1,237     $ 4,390     $ (4,952 )   $ (16,960 )
Interest expense     87       32             1,675       1,794  
Depreciation and amortization     1,724       973       653       51       3,401  
Goodwill impairment charge     21,460                         21,460  
Adjusted EBITDA(1)   $ 5,636     $ 2,242     $ 5,043     $ (3,226 )   $ 9,695  
                                         
    Branded Products     Healthcare Apparel     Contact Centers     Other     Total  
As of and For the Nine Months Ended September 30, 2023:                                        
Net income                                   $ 5,215  
Income tax expense                                     380  
Income (loss) before income tax expense   $ 16,630     $ 3,542     $ 7,888     $ (22,465 )   $ 5,595  
Interest expense                       7,658       7,658  
Depreciation and amortization     4,826       3,014       2,210       281       10,331  
Adjusted EBITDA(1)   $ 21,456     $ 6,556     $ 10,098     $ (14,526 )   $ 23,584  
                                         
    Branded Products     Healthcare Apparel     Contact Centers     Other     Total  
As of and For the Nine Months Ended September 30, 2022:                                        
Net loss                                   $ (34,164 )
Income tax benefit                                     (5,042 )
Income (loss) before income tax expense   $ (15,730 )   $ (19,627 )   $ 13,071     $ (16,920 )   $ (39,206 )
Interest expense     205       84             2,387       2,676  
Depreciation and amortization     4,696       2,942       1,697       169       9,504  
Goodwill impairment charge     25,595       20,323                   45,918  
Intangible assets impairment charge     5,581                         5,581  
Adjusted EBITDA(1)   $ 20,347     $ 3,722     $ 14,768     $ (14,364 )   $ 24,473  

(1) Adjusted EBITDA, which is a non-GAAP financial measure, is defined above.

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION – REPORTABLE SEGMENTS BY QUARTER
(Unaudited)
(In thousands)

    Branded Products     Healthcare Apparel     Contact Centers     Intersegment Eliminations     Other     Total  
For the Three Months Ended September 30, 2023:                                                
Net sales   $ 83,512     $ 29,649     $ 24,121     $ (1,156 )   $     $ 136,126  
Cost of goods sold     54,588       18,165       10,724       (549 )           82,928  
Gross margin     28,924       11,484       13,397       (607 )           53,198  
Selling and administrative expenses     23,418       9,493       10,224       (607 )     4,718       47,246  
Other periodic pension cost                             214       214  
Interest expense                             2,464       2,464  
Income (loss) before income tax expense   $ 5,506     $ 1,991     $ 3,173     $     $ (7,396 )   $ 3,274  
                                                 
    Branded Products     Healthcare Apparel     Contact Centers     Intersegment Eliminations     Other     Total  
For the Three Months Ended June 30, 2023:                                                
Net sales   $ 79,592     $ 28,072     $ 22,758     $ (1,260 )   $     $ 129,162  
Cost of goods sold     53,952       17,653       10,554       (593 )           81,566  
Gross margin     25,640       10,419       12,204       (667 )           47,596  
Selling and administrative expenses     20,362       9,466       9,614       (667 )     4,607       43,382  
Other periodic pension cost                             214       214  
Interest expense                             2,624       2,624  
Income (loss) before income tax expense   $ 5,278     $ 953     $ 2,590           $ (7,445 )   $ 1,376  
                                                 
    Branded Products     Healthcare Apparel     Contact Centers     Intersegment Eliminations     Other     Total  
For the Three Months Ended March 31, 2023:                                                
Net sales   $ 81,851     $ 28,154     $ 22,056     $ (1,288 )   $     $ 130,773  
Cost of goods sold     55,952       18,054       10,267       (608 )           83,665  
Gross margin     25,899       10,100       11,789       (680 )           47,108  
Selling and administrative expenses     20,053       9,502       9,664       (680 )     4,840       43,379  
Other periodic pension cost                             214       214  
Interest expense                             2,570       2,570  
Income (loss) before taxes on income   $ 5,846     $ 598     $ 2,125     $     $ (7,624 )   $ 945  
                                                 

SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION – REPORTABLE SEGMENTS BY QUARTER
(Unaudited)
(In thousands)

    Branded Products     Healthcare Apparel     Contact Centers     Intersegment Eliminations     Other     Total  
For the Three Months Ended September 30, 2022:                                                
Net sales   $ 86,769     $ 30,039     $ 23,363     $ (1,468 )   $     $ 138,703  
Cost of goods sold     60,600       18,609       9,453       (596 )           88,066  
Gross margin     26,169       11,430       13,910       (872 )           50,637  
Selling and administrative expenses     22,257       10,161       9,520       (872 )     2,749       43,815  
Goodwill impairment charge     21,460                               21,460  
Other periodic pension cost                             528       528  
Interest expense     87       32                   1,675       1,794  
Income (loss) before income tax expense   $ (17,635 )   $ 1,237     $ 4,390     $     $ (4,952 )   $ (16,960 )
                                                 
    Branded Products     Healthcare Apparel     Contact Centers     Intersegment Eliminations     Other     Total  
For the Three Months Ended June 30, 2022:                                                
Net sales   $ 102,039     $ 26,288     $ 21,466     $ (1,860 )   $     $ 147,933  
Cost of goods sold     72,954       18,904       8,692       (750 )           99,800  
Gross margin     29,085       7,384       12,774       (1,110 )           48,133  
Selling and administrative expenses     24,004       9,801       8,402       (1,110 )     4,872       45,969  
Goodwill impairment charge     4,135       20,323                         24,458  
Intangible assets impairment charge     5,581                               5,581  
Other periodic pension cost                             528       528  
Interest expense     63       34                   486       583  
Income (loss) before income tax expense   $ (4,698 )   $ (22,774 )   $ 4,372     $     $ (5,886 )   $ (28,986 )
                                                 
    Branded Products     Healthcare Apparel     Contact Centers     Intersegment Eliminations     Other     Total  
For the Three Months Ended March 31, 2022:                                                
Net sales   $ 97,083     $ 30,568     $ 17,974     $ (2,043 )   $     $ 143,582  
Cost of goods sold     68,868       18,553       7,293       (913 )           93,801  
Gross margin     28,215       12,015       10,681       (1,130 )           49,781  
Selling and administrative expenses     21,557       10,087       6,372       (1,130 )     5,328       42,214  
Other periodic pension cost                             528       528  
Interest expense     55       18                   226       299  
Income (loss) before taxes on income   $ 6,603     $ 1,910     $ 4,309     $     $ (6,082 )   $ 6,740  
                                                 

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