Business
Lakeland Industries, Inc. Reports Fiscal 2020 Fourth Quarter and Year End Financial Results
Annual Revenues Increase 9% to Record Level as Net Income Jumps 125%; Fourth Quarter Revenues Increase Over 12% Driven by Organic Growth and COVID-19
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Annual Revenues Increase 9% to Record Level as Net Income Jumps 125%; Fourth Quarter Revenues Increase Over 12% Driven by Organic Growth and COVID-19 DemandDECATUR, AL / ACCESSWIRE / April 15, 2020 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced financial results for its fiscal 2020 fourth quarter and year ended January 31, 2020.Fiscal 2020 Fourth Quarter Financial Results HighlightsNet sales for 4Q20 of $28.2 million, as compared with 4Q19 of $25.0 million4Q20 sales include approximately $1.0 million of demand related to COVID-19Gross profit for 4Q20 of $10.6 million, compared with 4Q19 of $6.9 millionGross margin as a percentage of net sales in 4Q20 was 37.7%, compared to 27.7% in 4Q19Operating expenses of $8.9 million in 4Q20, up from $8.4 million in 4Q19Operating profit of $1.7 million in 4Q20, up from an operating loss of $(1.5) million in 4Q19Net income of $1.2 million or $0.15 per basic/diluted share in 4Q20, up from a net loss of $(1.9) million or $(0.24) per basic/diluted share in 4Q19Earnings before interest, taxes, depreciation and amortization (EBITDA)* of $2.3 million, compared with a loss of $(0.9) million in 4Q19Capital expenditures for fiscal 2020 fourth quarter were approximately $0.3 million as compared with approximately $1.0 million in the fiscal 2019 periodAnnual HighlightsNet sales for fiscal 2020 of $107.8 million, up from $99.0 million in fiscal 2019Gross profit for fiscal 2020 of $37.9 million, as compared with $33.9 million in fiscal 2019Gross margin as a percentage of net sales in fiscal 2020 was 35.2%, up from 34.2% in fiscal 2019Operating expenses of $32.0 million in fiscal 2020, up from $30.3 million in fiscal 2019Operating profit of $5.9 million in fiscal 2020, up from $3.6 million in fiscal 2019Net income for fiscal 2020** of $3.3 million or $0.41 per basic/diluted share compares with fiscal 2019 net income of $1.5 million or $0.18 per basic/diluted share*EBITDA of $7.1 million for fiscal 2020, up from $5.3 million in fiscal 2019Capital expenditures for fiscal 2020 were $1.0 million, down from $3.1 million in fiscal 2019Cash of $14.6 million at 1/31/20, up from $12.8 million at beginning of the fiscal yearTotal de...