Business
Lakeland Industries, Inc. Reports Preliminary Fiscal 2022 Fourth Quarter and Year End Financial Results
Disciplined pricing execution evidenced by gross margin of 39.2% and 43.0% for the fiscal fourth quarter and full year 2022, respectivelyNew $5 Million Stock
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Disciplined pricing execution evidenced by gross margin of 39.2% and 43.0% for the fiscal fourth quarter and full year 2022, respectivelyNew $5 Million Stock Repurchase Program Announced on 4/13/2022HUNTSVILLE, AL / ACCESSWIRE / April 18, 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 2022 fourth quarter and full year ended January 31, 2022.Preliminary Fiscal 2022 Fourth Quarter Financial Results HighlightsNet sales declined 27% compared to 4Q21 as COVID-19 specific demand continued to abate and core demand from industrial markets and other segments continued to slowly return to pre-pandemic levelsGross margin was 39.2%, largely in-line with our long-term target threshold of 40% despite one-time items and short-term headwinds as our product mix and sales dispersion across markets normalize to pre-pandemic levelsNet income of $0.5 million or $0.06 per basic common share in 4Q22, down from $7.7 million or $0.97 per basic common share in 4Q21 reflects shipments returning to pre-pandemic levels, investment in sales and marketing activities and near-term pressure on operating margins as pace of returning demand from industrial customers, most notably the oil and gas sector, lags decline in COVID specific demandEarnings before interest, taxes, depreciation, and amortization (EBITDA)* of $2.2 million in 4Q22, down 79% from $10.5 million in 4Q21Completed $3.3 million of share repurchases during the quarterPreliminary Fiscal 2022 Full Year Financial Results HighlightsNet sales for fiscal 2022 of $118.4 million, down from $159.0 million in fiscal 2021 as overall demand began to rebase from COVID-19 induced spikes across 2021 and into early 2022 results.Gross margin was 43.0%Net income of $11.4 million or $1.44/$1.41 per basic/diluted shareAdjusted EBITDA* of $19.6 million for fiscal 2022, down from $47.6 million in fiscal 2021Cash of $52.7 million at 1/31/22, up from $52.6 million at beginning of the fiscal yearCompleted $9.2 million of share repurchases during the fiscal year\"Fiscal 2022 was a year of many accomplishments for Lakeland, as we benefitted from the accelerated and successful execution of long-term strateg...