Business
Lakeland Industries, Inc. Reports Fiscal 2021 Fourth Quarter and Year End Financial Results
- Annual Revenues Increase for Fourth Consecutive Year as Fiscal 2021 Sales Reach Record $159 Million, Up 47% from 2020, Primarily from COVID 19-Related
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"- Annual Revenues Increase for Fourth Consecutive Year as Fiscal 2021 Sales Reach Record $159 Million, Up 47% from 2020, Primarily from COVID 19-Related Demand- Net Income for Fiscal 2021 Increases 970% Driven by Operating Leverage- Revenues from International Markets Continue to Outpace Domestic Growth- Performance Bolstered by Sustainable Improvements from:Technology ImplementationIncreased Market Penetration Inventory and Manufacturing Production ManagementContinuing SKU Rationalization- Cash Jumps $38 Million in Fiscal 2021, Ending Year at $52.6 Million with No DebtDECATUR, AL / ACCESSWIRE / April 15, 2021 / 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 fourth quarter and full year ended January 31, 2021.Fiscal 2021 Fourth Quarter Financial Results Highlights Net sales for 4Q21 of $36.9 million, up 31% as compared with 4Q20 of $28.2 millionGross profit for 4Q21 of $18.1 million, up 71% as compared with $10.6 million in 4Q20Gross margin as a percentage of net sales in 4Q21 was 48.9%, compared to 37.7% in 4Q20Operating expenses of $8.8 million in 4Q21, down from $8.9 million in 4Q20Operating profit of $9.3 million in 4Q21, up 447% from $1.7 million in 4Q20Net income of $7.9 million or $0.99 per basic common share in 4Q21, up from $1.2 million or $0.15 per basic common share in 4Q20Earnings before interest, taxes, depreciation, and amortization (EBITDA)* of $10.3 million in 4Q21, up 348% from $2.3 million in 4Q20Capital expenditures for 4Q21 of $0.4 million, up from $0.3 million in 4Q20Fiscal 2021 Full Year Financial Results HighlightsNet sales for fiscal 2021 of $159.0 million, up from $107.8 million in fiscal 2020Fiscal 2021 sales include an estimated $48 million to $56 million (30% to 35%) of demand related to COVID 19, up from $1 million in fiscal 2020Gross profit for fiscal 2021 of $79.3 million, as compared with $37.9 million in fiscal 2020Gross margin as a percentage of net sales in fiscal 2021 was 49.8%, up from 35.2% in fiscal 2020Operating expenses of $35.4 million in fiscal 2021, up from $32.0 million in fiscal 2020Operating profit of $43.9 million in fiscal 2021, up from $5.9 million in fiscal 2...