Business
Lakeland Industries, Inc. Reports Fiscal 2022 First Quarter Financial Results
Sustainable Performance Improvements Delivered as Growth Resumes in Industrial Segments,Margins Remain Strong, and Cash Balances ImproveDECATUR, AL /
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Sustainable Performance Improvements Delivered as Growth Resumes in Industrial Segments,Margins Remain Strong, and Cash Balances ImproveDECATUR, AL / ACCESSWIRE / June 9, 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 2022 first quarter ended April 30, 2021.Fiscal 2022 First Quarter Financial Results HighlightsNet sales for 1Q22 of $34.1 million, compared with 1Q21 of $45.6 million and $36.9 million in 4Q21COVID-19 demand contributed sales of approximately $4.4 million in 1Q22Traditional industrial economic growth strengthening as COVID-19 related sales decline; international markets continue to outpace domestic growthHigh Performance Wear, Fire and Woven product lines in 1Q22 increase over 1Q21 when PPE demand initially shifted to Disposables (and Chemical) garments for COVID-19Gross profit for 1Q22 of $14.4 million, compared with $22.1 million in 1Q21Gross margin as a percentage of net sales in 1Q22 was 42.2%, compared to 48.6% in 1Q21Operating expenses of $8.1 million in 1Q22, down from $9.8 million in 1Q21 and $8.8 million in 4Q21Operating profit of $6.2 million in 1Q22, compared with $12.4 million in 1Q21Net income of $4.6 million or $0.58/$0.57 per basic/diluted common share in 1Q22, from $8.6 million or $1.08/$1.07 per basic/diluted common share in 1Q21Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA)* of $7.1 million in 1Q22, compared with $12.9 million in 1Q21Capital expenditures for 1Q22 of $0.1 million, down from $0.2 million in 1Q21Solid current ratio of 7.8:1 at 4/30/21No shares were acquired in 1Q22 as part of the Company's $5.0 million stock repurchase programPerformance Bolstered by Sustainable ImprovementsInvestments in digital transformation: ERP, CRM and IT systemsOperating leverage opportunities through fixed and variable cost benefitsImproved working capital and cash managementGrowth Strategy AdvancementsCash of $60.3 million at 4/30/21, up by $7.7 million or 15% from beginning of fiscal yearNo debt at end of first quarter with up to $17.5 million available under credit facilitiesFilled newly created position for VP of Corporate DevelopmentInvest...