Business
Lakeland Industries, Inc. Reports Fiscal 2024 First Quarter Financial Results
Net sales of $28.7 million and gross margin of 43.4%Strong growth in high-value, strategic product lines, led by 103% increase in FireHUNTSVILLE, AL /
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net sales of $28.7 million and gross margin of 43.4%Strong growth in high-value, strategic product lines, led by 103% increase in FireHUNTSVILLE, AL / ACCESSWIRE / June 7, 2023 / 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 2024 first quarter ended April 30, 2023.Fiscal 2024 First Quarter Financial Results HighlightsNet sales of $28.7 million, up 5.2% year-over-yearGross margin of 43.4%, compared to 40.5% in the prior year periodNet income of $1.3 million or $0.18 per basic common share in 1Q24Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA)* of $2.8 million in 1Q24, compared to $2.3 million in 1Q23*Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Reconciliations are provided in the tables of this press release.Management Comments\"We were pleased with our fiscal first quarter results, which included solid revenue growth in our high focus strategic products, as well as profitability margins in line with the Company's three-to-five-year targets,\" said Charlie Roberson, President and Chief Executive Officer of Lakeland Industries. \"While we delivered year-over-year revenue growth in the quarter, particularly within our Fire and High-Performance product categories, we continued to face headwinds in China in sales of disposables products. During the quarter, we were especially pleased to see gross profit and Adjusted EBITDA margins increase significantly due to an improved product mix, a continued focus on cost savings, and contribution from our recently acquired Eagle Technical Products. Eagle saw positive revenue growth in the quarter, further supporting our strategic initiative to shift into higher-value products and markets, particularly non-disposable safety gear.\"\"Our Fire Turnout product category experienced significant year-over-year organic growth, which was further aided by Eagle, whose sales are growing rapidly in this important category in key geographic markets outside of the U.S. We are very pleased with the Eagle integration efforts year-to-date, and we remain focused on further integrating our fire turnout gear product design and s...