Business
Lakeland Industries, Inc. Reports Fiscal 2025 First Quarter Financial Results
Net sales of $36.3 million and gross margin of 44.6%Continued strong growth in high-value, strategic product lines, led by 92% increase in FireRaising FY25
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net sales of $36.3 million and gross margin of 44.6%Continued strong growth in high-value, strategic product lines, led by 92% increase in FireRaising FY25 Revenue and Adjusted EBITDA GuidanceHUNTSVILLE, AL / ACCESSWIRE / June 4, 2024 / 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 2025 first quarter ended April 30, 2024.Fiscal 2025 First Quarter Financial Results HighlightsNet sales of $36.3 million, up $7.6 million, or 27%, year-over-yearOrganic revenue(1), excluding Jolly and Pacific Helmets acquisitions, of $32.4 million, an increase of $3.7 million, or 13%, year-over-yearFire services business, a key strategic growth focus for the Company, grew over 92% versus the same period last yearGross margin of 44.6%, compared to 43.4% in the prior year periodNet income of $1.7 million or $0.22 per basic common share in Q1-FY25 versus $1.3 million or $0.18 per basic common share last yearAdjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA)(2) of $3.9 million in Q1-FY25, compared to $2.8 million in Q1-FY24Jolly and Pacific Helmets revenue of $2.2 million and $1.7 million, respectively(1)Organic revenue is total revenue excluding the effects of recent acquisitions, which management uses to assess the growth of its legacy business.(2)Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Reconciliations are provided in the tables of this press release.Management Comments\"Lakeland delivered strong first-quarter results as we continued to execute on our commitment to expand our fire services business globally through organic growth and strategic acquisitions and to accelerate the growth of our industrial safety products,\" said Jim Jenkins, President, Chief Executive Officer and Executive Chairman. \"Our Q1-FY25 net sales of $36.3 million is a 27% increase versus last year. We were very pleased to see organic revenue grow by $3.7 million, or 13%, year-over-year, driven by increases in our Fire, Chemical, Wovens and Disposables products. We also saw double-digit year-over-year organic growth across North and South America, including a 16% year-over-year growth in the U...