Business
Lakeland Industries, Inc. Reports Fiscal 2023 Third Quarter Financial Results
Net sales of $28.4 million and gross margin of 43.3%HUNTSVILLE, AL / ACCESSWIRE / December 8, 2022 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net sales of $28.4 million and gross margin of 43.3%HUNTSVILLE, AL / ACCESSWIRE / December 8, 2022 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, today announced financial results for its fiscal 2023 third quarter ended October 31, 2022.Fiscal 2023 Third Quarter Financial Results HighlightsNet sales of $28.4 million, up 0.7% sequentiallyGross margin was 43.3%, above the Company's long-term target threshold of 40% and up from 41.3% in 2Q23Net income of $1.4 million or $0.19 per basic common share in 3Q23Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA)* of $3.0 million in 3Q23, compared to $2.5 million in 2Q23Completed $2.3 million of share repurchases during the quarter and announced new $5 million share repurchase program subsequent to quarter endCurrency headwinds of $1.6 million, due primarily to fluctuation in the Chinese yuan and Argentine pesoCompleted acquisition of Eagle Technical Products subsequent to quarter end, enhancing Lakeland's product portfolio and sales channels\"We are pleased to have delivered another quarter of sequential revenue improvement, driven primarily by volume growth, and strong profitability with a gross margin of over 43%,\" said Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries. \"We believe our third quarter results highlight the resilience of our business, as broader global industrial markets remain pressured outside of North America. Specific elements of our model, primarily the shift of human and technical assets, as well as the continued execution of our global manufacturing footprint strategy, have helped enhance our results in this post-COVID environment as disposable and non-disposable demand return to more normal patterns. Going forward, we are confident that we will continue to grow revenue and maintain a high level of profitability amid various challenging economic circumstances.\"Roberson concluded, \"Subsequent to the quarter's end, we announced the acquisition of Eagle Technical Products in early December. This opportunity will allow Lakeland to significantly enhance its global offerings, particularly in the fast growing and higher margin area ...