Business
Lakeland Industries, Inc. Reports Fiscal 2022 Third Quarter Financial Results
HUNTSVILLE, AL / ACCESSWIRE / December 9, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"HUNTSVILLE, AL / ACCESSWIRE / December 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 third quarter ended October 31, 2021.Fiscal 2022 Third Quarter Financial Results HighlightsNet sales for 3Q22 were $30.0 million, compared with 2Q22 of $27.5 million and 3Q21 of $41.5 millionTraditional industrial activity continues to indicate strengthening demandCOVID-19 related sales of approximately $6.0 million in 3Q22 (as compared with $3.5 million in 2Q22 and $14.5 million in 3Q21) driven primarily by demand from AsiaHigh Performance Wear, High Visibility, and Wovens increase sequentially from 2Q22 to 3Q22Gross profit was $12.6 million in 3Q22, compared to 2Q22 of $12.7 million and $21.7 million in 3Q21Gross margin as a percentage of net sales in 3Q22 was 42.1%, compared to 46.3% in 2Q22 and 52.3% in 3Q21Operating expenses were $8.5 million in 3Q22, down from $8.8 million in 2Q22 and $9.2 million in 3Q21Operating profit was $4.1 million in 3Q22, up from $3.9 million in 2Q22 and down from $12.5 million in 3Q21Net income was $2.8 million in 3Q22, up from $2.6 million in 2Q22 and down from $9.3 million in 3Q21Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA)* of $4.9 million in 3Q22, compared with $4.7 million in 2Q22 and 13.8 million in 3Q21In 3Q22 the Company completed a $2.8 million investment in Bodytrak and funded $0.9 million in share repurchases* EBITDA and Adjusted EBITDA are non-GAAP financial measures. Reconciliation is provided in the tables of this press release.Management's CommentsCharles D. Roberson, President and Chief Executive Officer of Lakeland Industries, stated, \"In our fiscal 2022 third quarter ended October 31, 2021, Lakeland continued to demonstrate the durability of its post-COVID business model delivering strong financial results for the period. Revenues exceeded $30 million for the quarter, an increase of 9% sequentially from the second quarter. We maintained our gross margin improvement over pre-pandemic periods, and continued to exercise discipline in our operational expenses resulting in another profitable quarter. We accomplished this as ...