Home / Knowledge / News / Apparel/Garments / Q1 operating income turns positive at Lakeland
Q1 operating income turns positive at Lakeland
15
Jun '13
Lakeland Industries, Inc., a leading global manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, announced financial results for its first quarter of fiscal year 2014 ended April 30, 2013.

The Company earlier announced that the Company accepted a commitment letter from a bank for a Senior Credit Facility subject to certain terms and conditions and is currently working towards closing this financing.  However, no assurances can be given that this transaction or any transaction will be consummated.

Financial Results Highlights and Recent Company Developments:

- The Company has earned operating income in the US of $291,000 in Q1 this year compared with an operating loss in the US of $1,465,000 in Q1 last year.

- Sales of Lakeland worldwide, excluding Brazil, increased 6.3% year over year.

- Gross margin for Lakeland worldwide, excluding Brazil, increased from 26.7% last year to 29.0% this year.

- Operating expenses for Lakeland worldwide, excluding Brazil, decreased by $281,000 even as sales increased by $1,163,000. SGA as a percent of sales, excluding Brazil, decreased from 28.67% to 25.5%.

- Adjusted EBITDA for Lakeland worldwide, excluding Brazil, increased from $144,000 last year to $1,430,000 this year.

- Most of this improvement was generated in the United States.

- The Company believes it has largely recovered from the loss of the DuPont license in July 2011.

-  Net sales of $21.7 million in Q1FY14 compared with $24.0 million in Q1FY13.

- Operating loss of $237,000 Q1FY14 vs. a profit of $25,000 in Q1FY13, but this year includes an accrual for. $320,000 for plant relocation costs for its factory in Qingdao, China which is being sold.

- Net loss of $844,000 (0.16 per share) this year vs. $10,121,000 loss ($1.94 per share) last year.

- Operating and net losses in the more recent period primarily reflect the poor results generated from Brazilian operations.

Lakeland Industries


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search