Business
Lakeland Industries, Inc. Reports Fiscal 2021 First Quarter Financial Results
- Revenues Increase 85% to $45.6 Million as Net Income Jumps to $8.6 Million, Both Record Levels;- Performance Driven by COVID-19 Demand as Manufacturing
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"- Revenues Increase 85% to $45.6 Million as Net Income Jumps to $8.6 Million, Both Record Levels;- Performance Driven by COVID-19 Demand as Manufacturing Capabilities and Operating Leverage Magnified;- Company Ends Quarter with Cash Increasing $8.9 Million to $23.5 MillionDECATUR, AL / ACCESSWIRE / June 9, 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 2021 first quarter ended April 30, 2020.Fiscal 2021 First Quarter Financial Results Highlights Net sales for 1Q21 of $45.6 million, up 84.7% as compared with 1Q20 of $24.7 million1Q21 sales include approximately $11.2 million of demand directly attributable to COVID-19Gross profit for 1Q21 of $22.1 million, compared with 1Q20 of $7.6 millionGross margin as a percentage of net sales in 1Q21 was 48.6%, compared to 30.6% in 1Q20Operating expenses of $9.8 million in 1Q21, up from $7.9 million in 1Q20Operating profit of $12.4 million in 1Q21, up from an operating loss of $(315,000) in 1Q20Net income of $8.6 million or $1.08 per basic common share in 1Q21, up from a net loss of $(465,000) or $(0.06) per basic common share in 1Q20Earnings before interest, taxes, depreciation and amortization (EBITDA)* of $12.8 million, compared with $68,000 in 1Q20Capital expenditures for fiscal 2021 first quarter were approximately $0.2 million, the same as in the comparable fiscal 2020 periodCash of $23.5 million at 4/30/20, up 61% from $14.6 million at beginning of the fiscal year$0.1 million in short term debt as of 4/30/20, down from $1.2 million at beginning of fiscal yearStockholders' equity at the end of 1Q21 increased by $8.5 million to $93.5 million from $85.0 million at the beginning of fiscal yearNo shares were acquired in 1Q21 as part of the Company's $2.5 million stock repurchase program which was approved on July 19, 2016.* EBITDA is a non-GAAP financial measure. Reconciliation is provided in the tables of this press release.Management's CommentsCharles D. Roberson, President and Chief Executive Officer of Lakeland Industries, stated, \"Our fiscal 2021 first quarter performance was extraordinary with record setting financial results that validate our belief that ownin...