Business
Lakeland Industries, Inc. Reports Fiscal 2021 Second Quarter Financial Results
Second Quarter Records Set for Revenues, Operating Income, and Free Cash Flow Driven by COVID-19 Demand and New Industrial Customers;Gross Margins of 49.5% at
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Second Quarter Records Set for Revenues, Operating Income, and Free Cash Flow Driven by COVID-19 Demand and New Industrial Customers;Gross Margins of 49.5% at Highest Level in Company History;Improved Profitability Measures and Operating Efficiencies/Leverage Deliver 269% Increase in Operating Income;Visibility Raised for Sustained Improvements Post-COVID-19;Second Quarter Ends with Cash of $34.9 Million Up 49% from End of First QuarterDECATUR, AL / ACCESSWIRE / September 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 second quarter ended July 31, 2020.Fiscal 2021 Second Quarter Financial Results Highlights Net sales for 2Q21 of $35.0 million, up 27.5% as compared with 2Q20 of $27.5 millionGross profit for 2Q21 of $17.3 million, compared with 2Q20 of $10.4 millionGross margin as a percentage of net sales in 2Q21 was 49.5%, compared to 37.9% in 2Q20Operating expenses of $7.6 million in 2Q21, down from $7.8 million in 2Q20Operating profit of $9.7 million in 2Q21, up from $2.6 million in 2Q20Net income of $9.3 million or $1.17 per basic common share in 2Q21, up from $1.4 million or $0.17 per basic common share in 2Q20Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)* of $10.5 million, compared with $2.6 million in 2Q20Capital expenditures for 2Q21 of $0.5 million, up from $0.4 million in 2Q20Cash of $34.9 million at 7/31/20, up 49% from 4/30/20 and 139% from 1/31/20Debt paid off as of 7/31/20, down from $1.2 million at beginning of fiscal yearStockholders' equity of $103.4 million at 7/31/20, up $18.3 million from $85.1 million at 1/31/20No shares acquired in 2Q21 as part of $2.5 million stock repurchase program approved on 7/19/16* 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 Company has just set a new standard of excellence for PPE manufacturers anywhere in the world. Following our fiscal 2021 first quarter that was extraordinary with record setting financial results, we just exceeded that as meas...