Business
Lakeland Industries, Inc. Reports Fiscal 2021 Third Quarter Financial Results
Sustainable Improvements and Continued COVID 19 Demand Lead to Third Quarter Records for Revenues, Gross Margin, Operating Income, and Free Cash Flow Revenues
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Sustainable Improvements and Continued COVID 19 Demand Lead to Third Quarter Records for Revenues, Gross Margin, Operating Income, and Free Cash Flow Revenues from International Markets Outpace Domestic GrowthGross Margins of 52.3% Highest Level in Company History, up from 49.5% in 2Q21Operating Leverage Drives Significantly Improved EBITDA and Free Cash FlowCash Jumps to $40.2 Million at 10/31/20, Up 15% from End of 2Q21DECATUR, AL / ACCESSWIRE / December 10, 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 third quarter ended October 31, 2020.Fiscal 2021 Third Quarter Financial Results Highlights Net sales for 3Q21 of $41.5 million, up 50.9% as compared with 3Q20 of $27.5 millionGross profit for 3Q21 of $21.7 million, up 133% as compared with 3Q20 of $9.3 millionGross margin as a percentage of net sales in 3Q21 was 52.3%, compared to 33.9% in 3Q20Operating expenses of $9.2 million in 3Q21, up from $7.5 million in 3Q20; 3Q21 includes $0.7 million in non-cash expense for recapture of stock-based compensation dating back to 2018Operating profit of $12.5 million in 3Q21, up 594% from $1.8 million in 3Q20Net income of $9.3 million or $1.16 per basic common share in 3Q21, up from $1.1 million or $0.14 per basic common share in 3Q20Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)* of $13.9 million in 3Q21, up 632% from $1.9 million in 3Q20Capital expenditures for 3Q21 of $0.6 million, up from $0.1 million in 3Q20Cash of $40.2 million at 10/31/20, up 175% from 1/31/20Current ratio improves to 6.70:1 at 10/31/20, up 8.9% from 1/31/20Company continues to have no debtStockholders' equity of $113.6 million at 10/31/20, up $28.5 million from $85.1 million at 1/31/20* 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, \"The third quarter of fiscal 2021 for Lakeland further improved upon the record performance levels achieved earlier this year. We have demonstrated our ability to flex our global manufacturing capacity while ...