Superior Uniform at Sidoti’s Conference: Strategic Diversification

On Thursday, 12 June 2025, Superior Group of Companies (NASDAQ:SGC) showcased its strategic growth and challenges at Sidoti’s Small-Cap Virtual Conference. The company highlighted its diversified business model across healthcare apparel, branded products, and contact centers. Despite facing tariff challenges, SGC emphasized its entrepreneurial approach and proactive strategies to maintain growth.

Key Takeaways

• SGC reported revenue growth from $377 million in 2019 to $566 million in 2024, an 8% CAGR.
• The contact center segment, The Office Gurus, is the fastest-growing business with a 22% sales CAGR.
• SGC is investing in AI technology to enhance its contact center operations.
• The company is actively addressing tariff impacts through pricing adjustments and sourcing diversification.
• SGC completed a $10 million share repurchase program and initiated a new $17.5 million authorization.

Financial Results

• Revenues reached $566 million in 2024, up from $377 million in 2019, reflecting an 8% CAGR.
• The net leverage ratio decreased to 1.7 times trailing twelve-month covenant EBITDA.
• SGC completed a $10 million share repurchase in Q1 2025 and authorized a new $17.5 million program.
• Capital investments typically range from 1% to 1.5% of annual revenues.

Operational Updates

• Healthcare Apparel: Focus on omnichannel expansion, with a shift towards online sales, including platforms like Amazon and Walmart.
• Branded Products: Differentiation through high-quality merchandise for major brands such as Taco Bell and Tesla.
• Contact Centers: The Office Gurus operates from 10 offices across five countries, with significant investment in AI to improve services.

Future Outlook

• SGC plans to continue paying dividends and repurchasing shares.
• The company aims to invest in organic growth and consider strategic acquisitions.
• Healthcare apparel and branded products segments are expected to grow as market conditions normalize.
• Contact centers will leverage AI technology for business expansion and efficiency.

Q&A Highlights

• Tariffs: Healthcare apparel remains largely unaffected due to duty-free operations; branded products include tariffs in pricing.
• Capital Allocation: Emphasis on share repurchases and maintaining a consistent dividend policy.
• AI Investment: Significant investment in AI for contact centers, enhancing competitiveness.
• Customer Retention: Strong relationships with brands like Walmart and CVS, spanning decades.

SGC’s strategic initiatives and financial resilience position it well for future growth. For more details, refer to the full transcript below.

Full transcript - Sidoti’s Small-Cap Virtual Conference:

Jim, Unidentified role: The presentation. We should have time at the end for q and a. So if you do have a question, you can type it into the q and a box at the bottom of your screen. And with that out of the way, Mike, it’s all yours.

Mike Kempel, CFO, Superior Group of Companies: Thanks, Jim, and good morning, everyone. We appreciate your time and interest in the Superior Group of companies and are very excited to share the highlights of SGC and our compelling opportunities for growth. As Jim said, my name is Mike Kempel. I’m the CFO of of SGC. And joining me today is Michael Benstock, our CEO.

Michael’s family started the business over a hundred years ago, and Michael has worked in various positions throughout the business for forty six years, including twenty two years as our CEO. Here’s our safe harbor statement, which you can certainly read at your leisure on our website. And now I’ll move to just to share a few key investment highlights of Superior Group, and then we’ll we’ll certainly get into more detail further in the presentation. We have three attractive diversified businesses which operate in large profitable growth industries. The industries in which we participate are highly fragmented with ample opportunity for organic growth given our modest share of the market, which is further enabled by our very strong customer retention across all of our segments.

All of our segments have a history of growth and profitability with our contact center business representing our highest margin and fastest growing business. Lastly, we have a solid balance sheet driven by strong operating cash flow. We’ve consistently paid a dividend since 1977, and we have a share repurchase authorization currently in place. Here’s a quick look at our revenue growth over the years by segment as compared to 2024 with revenues of 566,000,000 as compared to 377,000,000 in 02/2019, which results in an 8% CAGR since 02/2019. Now I’ll turn it over to Michael so we can go deeper into each of our segments.

Michael Benstock, CEO, Superior Group of Companies: Thanks, Mike. Hello, everybody, and good morning. Thanks for being with us today. We’re gonna begin with a quick overview for those who are new to the story. Although we’ve been around a hundred plus years, you’ll learn as you get to know us that we’re extremely entrepreneurial and equally as opportunistic.

We’ve often been referred to as the 100 year old startup, and it’s that mentality that has really fueled us and empowered us to build three profitable businesses within a few different industries, which has resulted as you’ll learn in SGC becoming a very diversified company. The segment that we’re gonna discuss today is our oldest business, our health care apparel business. When you think of health care apparel, think of the scrubs that are worn by the 12,000,000 health care professionals in The US and other health care apparel worn by both caregivers and patients. We’re one of the largest and oldest providers of health care apparel in The United States. we have a synopsis of who wears health care apparel.

In the interest of time, I’m gonna skip most of this, but I do encourage you to spend some time with this if you’re unfamiliar with these markets. The part of our offering is what is referred to as institutional apparel. This is what you would see as a patient when you’re in a hospital in a in an acute setting. Scrubs, lab coats, isolation gowns, pajamas, patient gowns. These are the garments that are laundered generally by the hospital’s own laundry or more often by a party, and that party is our customer usually.

The largest component of health care apparel though is the consumer scrub business. The consumer base for this is made up of doctors, nurses, and other health care professionals who buy their scrubs through retailers or the many digital retailers, including us, and wear their scrubs home and launder their uniforms themselves. On the consumer portion of the business, we have two very strong brands, Wink, which is an internally developed brand that makes up the largest piece of our revenue. We complement that brand with an exclusive license from Carhartt, which we all know is one of the world’s most iconic apparel and accessory brands. On the institutional side of health care apparel servicing health care laundries and distributors, as we mentioned, we have one of the oldest and most well known brands in the industry, Fashion Seal Healthcare.

Fashion Seal was founded over a hundred years ago by my great grandmother. Let’s, move on a little bit. Let’s look at some of the highlights of our health care apparel and why we’re excited about this segment. An interesting fact is that more than 2,000,000 people wear our health care apparel every day. It’s clear that although we are one of the top 55 players in the industry, there’s just a ton of market share out there still for us to capture.

We estimate the TAM of what we address to be over $4,000,000,000 and growing, and we look to capture more than our fair share of this growth going forward. One of the things to note, we have all the channels of distribution covered. In other words, our health care offering is available via wholesale, including specialty stores, etailers, retailers, laundries, and distributors. And more recently, we’ve taken it a step further to adjust consumers directly and digitally. Our d to c channel is off to a great start.

And lastly, when you look at our impressive client list, you see that we have the privilege of serving a multitude of highly recognized customers. Our sales reach extends to some of the most prominent and influential health care organizations across various industries. Among those that we are proud to collaborate with are some of the leaders of the retail sector, as well as esteemed health care launderers servicing health care providers on a truly formidable scale. Let’s jump to our business segment, which is brand branded products. This is our our largest, business segment.

This segment is one that provides branded merchandise, also known as promotional products and logo uniforms, to some of the largest companies in the world. We build our clients for our clients gifts that are used for employee and customer incentive programs, uniform programs, confidence, conference giveaways, gifts with purchase, branded retail, revenue producing merchandise, and pretty much any item in the world that you can imagine with a logo on it. Typically, when investors hear about branded hear hear about branded products, they they immediately think of those little stress balls that are foisted upon them at conferences and that they immediately throw out as soon as they get back to their hotel room. And if there’s one thing I want you to take away from this conversation today is we are not the stress ball guys. Our goal in this segment is actually to help our customers solve true business problems, like improving employee retention or building deep brand loyalty or improving sales or developing buzz around a product or service launched.

We’re incentivizing customers by curating what we believe are the most beautiful gifts that people actually wanna keep and by developing branded retail products that customers will actually pay for and branded uniforms that employees are actually excited to wear. So what types of products do we make? I think by example, you’ll understand better. We make the uniforms for Taco Bell and have for a long time. But in addition to that, we built out and merchandise the entire Taco Bell taco shop in which we sell millions of dollars per year of really fun iconic items to Taco Bell loyalists, like the Taco Bell onesie or the Taco Bell beach cruiser.

For Dunkin’, we design and source a number of retail items like their drinkware that are sold in their actual stores with their logo, you know, emblazoned on all the merchandise. For Tesla, we produce their employee uniforms and a ton of really fun items that they use as employee gifts and customer gifts. And believe it or not, Elon Musk is actually involved in those purchases. For large retailers like Walmart and CVS, we make their uniforms for their employees that they wear each and every day. There’s a lot of gig economy customers that we’ve latched onto in our business.

We do the new driver kits for Instacart, DoorDash, Uber Eats, and Grubhub. For large tech companies like Microsoft, Amazon. We do millions of dollars of employee incentive giveaways to help them with their employee retention strategies. So let’s look a little bit behind the behind the scene what the numbers are in this industry. And most people are surprised to hear that this industry sits at about a $26,000,000,000 market.

Interesting fact. Our industry has 25,000 competitors, both small and large, and is highly fragmented as you can imagine. We’ve climbed from obscurity nine years ago to now being the largest and ranked the best in this business by multiple sources. We produce tens of millions of branded products per year. Another interesting fact that over 5,000,000 Americans go to work every day wearing uniforms made by us, made by HPI, which is part of this segment.

So similar to health care, we are a top 10 player in the industry but have so much upside potential of the market share to grab. As previously mentioned, our company proudly collaborates with some of the largest and most well renowned brands across the globe. Our ability our our ability to penetrate and thrive in these diverse industries showcase that we have an adaptability and expertise in which no sector goes untouched. It’s essential to highlight, you know, we have extraordinary customer retention in all of our companies, including this company. We fostered long standing relationships for decades with many of these brands.

It clearly signifies that we constantly deliver exceptional results, ensuring that our customers have a a true enduring trust in us and by consistently providing true value by exceeding their expectations. Next up, we’ll take a look at our final segment, the contact center segment. I’ll turn it over to Mike to do that.

Mike Kempel, CFO, Superior Group of Companies: Thank you, Michael. Contact centers is our business segment, which we operate as The Office Gurus. The Office Gurus is a group of near shore contact centers supporting both inbound and outbound call services on behalf of a number of different brands across a variety of industries. As you can see on this slide, there’s a number of compelling reasons for companies to outsource contact center operations. Outsourcing contact center operations enables companies to more quickly scale and gain cost leverage both in terms of labor as well as technology.

Additionally, customer support is not always a core competency of businesses, and outsource providers can deliver dependable, consistent customer experiences in multiple languages. Why do customers choose The Office Gurus? We’re a preferred provider for a number of reasons. Customers choose The Office Gurus because our clients prefer prefer a near shore capability that is more culturally aligned with reliable English fluency. Also, by focusing on the small to medium sized opportunities, we provide our clients with a high touch service as compared to larger engagements with thousands of agents largely focused on transactional services.

Lastly, we bring consistent processes, leverage analytics and technology, including artificial intelligence, which are all focused on improving the customer’s experience for our clients. As you can see here, The Office Gurus operates from 10 offices across five near shore countries, primarily in El Salvador and Belize, followed by Jamaica, The Dominican Republic, and a small footprint, in the state of Florida. Our footprint provides access to various pools of talent to continue to support growth as well as risk mitigation. This is an industry in which quality customer service is of utmost importance. And you can see in this slide, we’ve been recognized as a leader within the business process industry as well as being recognized as a great place to work.

Clearly, the current inflationary environment combined with the proliferation of remote work environments has accelerated many companies’ outsourced plans as they’ve realized the remote workforce is their future, particularly in lower cost near show near shore locations rather than in The US. Similar to the other two segments which Michael covered, in terms of growth in terms of growth opportunities, we represent a very small share of a of a very large market, in the contact center business. Again, we are a leading provider to what we believe is an underserved market represented by small and medium sized businesses. In fact, we get a lot of our business from customers who are outsourcing for the time. Our growth is fueled by both new customers as well as seat expansion with existing customers.

This is our single fastest growing business with a five year sales CAGR of almost 22% and an EBITDA margin of almost 13%. And and, again, consistent with what you’ve seen in the previous two segments, we have high customer retention. And in the case of our contact center business, we have net revenue retention exceeding a 100%. Again, turning to our customer footprint. As you can see on this slide, our contact center business services, a number of brands ranging from established well known brands to up and coming businesses.

And, again, our niche is small to medium sized opportunities that could range from as few as 10 seats initially to over a 100 seats. And for that reason, again, our services focus on higher quality conversational services versus large transactional based services with hundreds of seats that you might find in other industries. With that, I’ll I’ll shift to a couple of, overall financial highlights. Looking at our revenues, over an extended period of time, you can see that SGC has grown significantly at an annualized growth rate growth rate of 11% and growth across all of our segments. The SGC revenue growth has been really a combination of both organic growth in all of our segments as well as strategic acquisitions that have taken place in our branded products and health care apparel segments.

In terms of our financial position, you can see during 2023 and 02/2024, we made significant process progress driving positive free cash flow and reducing both working capital and debt. As a result, our net leverage ratio, as you as you can see, has decreased by more than 50% since 2022 to 1.7 times our trailing twelve month covenant EBITDA, and the business we operate has significant liquidity between cash and balance sheet and our outstanding revolver capacity. With that financial flexibility, we’re focused on really four main priorities from a capital allocation perspective. we recognize the importance of the dividend as a return to our shareholders. And for that reason, we’ve consistently paid a dividend since 1977, and at certain points in time have raised that dividend rate.

Secondly, we have taken advantage of opportunistic share repurchases, completed a share repurchase plan that was initiated in 02/2024, and currently have a repurchase plan active today. Thirdly, we’ll continue to make investments, necessary investments, capital investments in the organic growth of our business. Typically, on an annual basis, that ranges to be about one to one and a half percent of revenues. And then lastly, enabled by our financial position, we also will will consider strategic acquisitions. They’re highly accretive and complementary to our existing businesses.

Up from lastly, turning to our corporate social responsibility, you can find our latest report, on our website website, which you can certainly read at your leisure. We believe doing the right thing has always been at the core of who we are, and we will continue to support our employees and communities in which we live and work. So that concludes our presentation. Again, we appreciate your interest, and I’ll now turn it over to Jim to take any questions that you might have.

Jim, Unidentified role: Great. Trying to get my camera back. Great. Thank you. So I kind of call this the season of tariffs.

It seems to be the big issue that everybody wants to talk about. Now I know about a month ago, adjusted your guidance based on what you knew at the time about the current tariff situations. But, you know, now that we fast forward three or four weeks, you know, what are you thinking now? Do you think you made the right adjustments? And, you know, what do you see going forward?

Michael Benstock, CEO, Superior Group of Companies: I’ll jump in. You know, fortunately, our health care business really is not impacted by the tariffs. We operate duty free and so far, tariff free countries. Although and so they’re not as impacted by the tariffs, but you have to imagine that the countries who are not going to be impacted by the tariffs are gonna feel emboldened because everybody’s running to them saying, will you do work for me, to raise, you know, wage rates and everything else. So there there should be some pressure, and that’s fine.

We’ll rate we we already have a price increase going into effect in July and August depending on which side of that business it is. So we’re we’re in good shape, and we’re we’re doing everything we can to protect our margin. On the on the branded products business, it’s pretty much, you know, it’s mostly an ad hoc business of taking orders, and at the time you take it in, you price in the tariffs. We have tariff language in all of our, confirmations of purchase orders that we will, in case of a tariff, pass the tariff cost, at least the tariff cost onto and any additional logistic cost, by the way, to our buyers. They understand that’s a condition of doing business with us.

So overall, it’s you know, the the only place that really impacts us a little bit is the HPI portion, the the contracted uniform portion where we usually have one opportunity a year or one opportunity in a three year contract. Some of those contracts we’ve had for twenty, thirty, forty years, which answers another question that I saw pop up here. It’s very sticky business. People want we even have some customers who are indexed. If there’s a tariff, their prices automatically go up.

So we have all kinds of conditions. So we you know, there it it could it could follow a little bit on that side of the business, but, you know, that’s 25% of the business. It’s not a major portion of the branded products business. We think we’re in great shape. We we, in the Trump administration, started moving a lot of production out of China.

We are not heavily reliant on China for finished products now.

Jim, Unidentified role: And what do you think, the impact of the tariffs is on your branded prac, branded products customers? Do you see them, scaling back and hesitating? Or and have you seen

Michael Benstock, CEO, Superior Group of Companies: I I I think I think up till now, we’ve seen marketing budgets and HR budgets being a little bit tight. They’re spending less. They still have to spend. I mean, if you have a customer loyalty program, you you don’t just suspend it because of a because of a tariff. You still have to give gifts.

So you give gifts from places, you you have a lot of choices to make. And so, you give gifts from places that aren’t as highly impacted by the tariffs, and you negotiate with your vendor for a better price, and you wind up negotiating with your customer for a higher price. But I I think where it’s most impacted is on employee gifting, which is something you can halt for a while. But let’s face it, everybody is trying to hoard still employees. They’ve got good employees.

They’ve gone through a lot over the last five years to get themselves the right employees. They don’t want their employees leaving, and gifting is a retention tool. So, you know, it’s it’s kind of in steady state for us. We have taken market share, no doubt, because some of our customers are spending less or not spending at all. They’re they paused their purchasing.

And our our sales, as you’ve has not dropped on the branded product side. So when we come out of this, and maybe, you know, Trump’s pronouncements yesterday about there being a deal with China, could mean we are come gonna come out of sooner rather than later. Could be very good for our business. Because when we do come out, we will come out much stronger than even we had contemplated.

Jim, Unidentified role: And, you know, you mentioned on the health care apparel side, there’s plenty of share opportunity for you, plenty of share to be gained. You know, what are you doing to gain that share? I know you’ve opened that direct to consumer, website, new some new products. But, you know, can you just give us a little more color on what you’re doing to to gain share in that market?

Michael Benstock, CEO, Superior Group of Companies: Well, it’s really, becoming more omnichannel is the main thing. It’s not just direct consumer website. You have to understand that scrubs were not largely bought online prior to COVID. COVID changed that whole dynamic, and we did not have a digital presence prior to prior to COVID. So we had a we had a kinda scurry after all the noise of COVID and then then the supply chain issues that followed, to to get ourselves up and ramped up.

We’ve we’ve had digital real digital presence, I’d say, for two years now, and that’s both selling to amazon.com, walmart.com, and all the other .coms as well as our own direct to consumer. So it’s a shift away from store. We’re still emphasizing there’s still a lot of stores out there selling uniforms, and we are still selling them. But they’re you know, the the shift of and it’s still we estimate 35% or more of all uniforms of overall scrubs are bought online when they’re bought by the actual person and not supplied by their institution who launders them for them. That’s a major shift.

And we we have stepped in line with that shift, and we are creating higher brand awareness. But it really is bringing newness to the market faster than everybody else is our biggest strategy around that, and we’ve accomplished that. When everybody else had the overhang of inventory, we did too, but we were still because we had the wherewithal to do it and the financial wherewithal to do it, we still were creating newness. So once we got out of you know, we got that past us over a year ago, we were able to really start bringing to the market new products. Again, consumers are spending less also because of the uncertainty.

When they start spending at their normal levels and when institutions start selling they’re buying at their normal levels, we believe that we are highly positioned, to continue to grow the company even at higher levels.

Jim, Unidentified role: Alright. Can you talk a little bit about capital allocation? I know you you bought back, I think, about 7,000,000 of stock in 02/2024. I think you bought back about 4,000,000 in 02/2025. Are you continuing to buy back shares?

Is that on a on a program? Or, you know, how how does that work, and how much is left on the on the authorization?

Mike Kempel, CFO, Superior Group of Companies: Sure. We we, as you noted, Jim, we we had a program approved in 02/2024. It was for $10,000,000. We completed that, program, in the, first quarter of this year. And then upon completion of that program, the board approved a a authorization of up to 17,500,000.0, which we initiated in the in the first quarter.

And we are, you know, active in the market. Again, opportunistically, we we see the share price, we believe, as a at a very attractive value, which is why we’re in the market. And we will report here in the second quarter, where we stand in terms of, remaining capacity. But again, we’ll we’ll continue to to be in the market where there’s opportunities.

Jim, Unidentified role: Okay. Alright. I’m taking some questions from the audience. How well positioned are you for roll ups in the uniform and the branded products markets given this downturn? Do you think you’re more likely to be doing some more deals?

Michael Benstock, CEO, Superior Group of Companies: Yeah. We said when this, when we got past this, you know, cloud of uncertainty, we have deals on the back burner that we will do, both in the branded products business as well as to get us better geographically positioned in the call center business. I I saw there’s a question here, which I’ll answer at the same time. We are heavily invested in AI technology. I would say for a company our size in that business, we are more invested than anybody is, and we have invested, I believe, even to a greater degree than some of our very, very large competitors.

We believe it’s a it’s a it’s fundamental to our business that, it’s it’s a selling feature for us right now. We’ve actually won business because we have better AI technology than a lot of other call center businesses out there. But I I did wanna just answer that one question. I thought it was a very well thought out question.

Jim, Unidentified role: Yeah. There’s another question about CapEx investments. You know, what are you planning in the near term to improve your operating leverage, especially across contact center?

Michael Benstock, CEO, Superior Group of Companies: Contact center is very little CapEx in our business. I mean, we for a new employee, we buy a laptop, computer, a mouse, and a keyboard. And if they’re in center, we buy them a chair and a desk, and that’s pretty well it. And we still have a great percentage of our employees working from home in the countries that allow them to work from home. So we we have a lot of capacity without having to add any CapEx, particularly in that biz.

In our other businesses, we made in the last few years some very big investments in robotic technology in our distribution centers. We don’t contemplate any large investments going forward. Generally, our CapEx runs one, one and a half percent per year. Every five to seven years, it’ll ramp up to 3% because maybe we’re putting in the ERP or we’re we’re doing some major overhaul of something. But that’s that’s consistently been the history.

Jim, Unidentified role: Alright. There’s a question I think you might have addressed it quickly, but just to ask it again. You know, with with the major brands like CVS and Amazon and Walmart, once you get that business, how sticky is it and, you know, how likely is it that those contracts get renewed?

Michael Benstock, CEO, Superior Group of Companies: Walmart, we’ve had for, forty seven years. I know that. At least forty seven because I’ve been here forty seven years, and we’ve had it since day one when Sam Walton used to come to our our factory in Arkansas. We’re still Arkansas distribution center. And so that that’s how sticky that business is.

CVS, we I I don’t know the exact date. It’s close to thirty years we’ve been doing business with CVS for both their front of the house uniforms, their clerical uniforms, as well as their pharmacy uniforms. And Amazon, we we do both promotions for Amazon and some uniforms. That that is generally a contract that comes up every three years on one side and every five years on the other. Generally, our contracts are three year contracts.

You know, the companies that we deal with tend not to wanna change companies. They might go out and do a price check every three years. Most don’t. Usually, they wait till five years. They let the con the contracts have evergreen clauses, so they go on for four or five years.

And then they wake up, and it’s oh, we ought to do a we ought to do a price check. And, generally, we’re in line with the prices. And even if we’re a little bit higher, there’s a cost of change, which is why that business is so sticky. Our retention rates are phenomenal. And it’s actually in our investor deck on our website if you wanna look at that.

Jim, Unidentified role: Okay. I think we have time for one more. I just wanted to highlight the dividend. You know, I I think it today’s stock price, dividends of around 6%. I think you recently, increased it at the end of twenty twenty four.

You know, what what’s your plans for that? Do you think you’ll continue to move that up as as time goes on? And, do you continue to expect to pay a dividend?

Mike Kempel, CFO, Superior Group of Companies: Yeah. Actually, our our dividend rate’s been, I think, Jim, our our last increase was, I think, actually, a couple years ago. We’ve been at a 56 dividend rate for the, on an annual basis. And, you know, we we, of course, have active discussions with the board, you know, on a quarterly basis about the dividend. And, you know, we’ll we’ll evaluate the dividend rate in the future based on other capital needs, performance of the business, etcetera.

Again, as I mentioned in my prepared remarks, we certainly recognize that paying a consistent dividend is important to our shareholders, and that’s certainly a priority of ours. And, again, we’ll we’ll evaluate the rate, you know, from time to time as we move forward.

Jim, Unidentified role: K. Alright. Well, we are out of time. Thank you, Mike and Michael, for for presenting today and for taking the meetings, and thank you everyone for attending.

Michael Benstock, CEO, Superior Group of Companies: More time. We need more time next time, Jim.

Jim, Unidentified role: Yeah. Yeah. We’ll have to

Michael Benstock, CEO, Superior Group of Companies: A lot of unanswered questions, and we we invite people to take meetings with us whose questions are unanswered.

Jim, Unidentified role: Thank you. And anybody, if they do have questions, I’m sure if they email Mike or Michael, they would answer them, or you could email me directly, and then I will

Mike Kempel, CFO, Superior Group of Companies: Absolutely.

Jim, Unidentified role: Okay.

Mike Kempel, CFO, Superior Group of Companies: I’d be really happy to. Alright. Thank you, Kim. Thanks, everyone.

Jim, Unidentified role: Thank you.

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