Superior Group of Companies, Inc. (NASDAQ:SGC) Q4 2022 Results Conference Call March 15, 2023 5:00 PM ET
Company Participants
Michael Benstock - Chief Executive Officer
Michael Koempel - Chief Financial Officer
Conference Call Participants
Kevin Steinke - Barrington Research
Tim Moore - EF Hutton
Mitra Ramgopal - Sidoti
BJ Cook - Singular Research
Operator
Good afternoon, everyone, and welcome to Superior Group of Companies' Fourth Quarter of
2022 Conference Call. With us today are Michael Benstock, the company's Chief Executive Officer; and, Mike Koempel, the Chief Financial Officer. And, as a reminder, this conference call is being recorded.
This call may contain forward-looking statements regarding the company's plans, initiatives and
strategies, and the anticipated financial performance of the company including, but not limited to, sales and revenue. Such statements are based upon the management's current expectations, projections, estimates and assumptions. Words such as will, expect, believe, anticipate, think, outlook, hope and variations of such words and similar expressions identify such forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. Such risks and uncertainties are further disclosed in the company's periodic filings with the Securities and Exchange Commission including, but not limited to, the company's most recent Annual Report on Form 10-K and the quarterly reports on Form 10-Q.
Shareholders, potential investors and other readers are urged to consider these factors carefully in
evaluating the forward-looking statements made herein, and we are cautioned not to place undue
reliance on such forward-looking statements. The company does not undertake to update the forward-looking statements contained herein, except as required by law.
With that, I would like to turn the call over to Mr. Benstock. Please go ahead.
Michael Benstock
Thank you for the introduction and welcome, everyone, to our 2022 earnings call. I'll begin today by sharing the highlights of our Q4 results. I'll then discuss the performance for each of our three business segments, providing an update on the macro environment and our strategy to grow the business moving forward. After that I'll turn it over to Mike to walk us through the financial results in greater detail and to provide our outlook for 2023. Mike and I will then be available for Q&A.
We finished 2022 with continued top-line growth in the fourth quarter Consolidated revenues were $149 million up 5% over the prior year quarter driven by growth in both our Branded Products and Contact Center segments. As a result we achieved full year sales of $579 million in 2022, which was near the top- end of our annual guidance range. Our consolidated fourth quarter adjusted EBITDA was $3 million down from $8 million in the fourth quarter last year primarily due to an incremental inventory write-down of $6 million in our Healthcare Apparel segment.