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Lakeland's Chemical suit & Wovens segment sales up
11
Jun '08
Lakeland Industries Inc announced financial results for its first quarter fiscal year 2009 ended April 30, 2008.

Financial Results Highlights and Recent Company Developments:
• Revenue rose to $27.3 million -- representing the highest quarterly revenue in Company's history and growth of 6.62% over last year's fiscal first quarter
• Margins improvement primarily due to completion of sales rebate on Tyvek (which impacted prior-year results) and lack of Mexican restructuring costs (also affecting last year)
• Operating Profit increased 45.6% in 1Q09 from 1Q08
• International Sales Growth Continues
• Brazil Acquisition closed in May -- operations to be included in fiscal second quarter
• New Australian Distributor Agreement -- sales in Q1 were $424,000
• Progress made with new product introductions and marketing initiatives
• First quarter results were impacted by approximately $(0.03) per share resulting from a proxy dispute

First Quarter Fiscal Year 2009 Financial Results Summary:
Net sales were a record $27.3 million in the first quarter of 2009, up 6.6% from $25.6 million in the comparable 2008 period and an increase of 9.3% sequentially from the fourth quarter of 2008. Gross profit increased by $1.3 million, or 24.3%, to $6.7 million for the first quarter of 2009, as compared to $5.4 million for the same period in 2008. Gross profit as a percentage of net sales rose to 24.5% for the quarter ended April 30, 2008 from 20.0% last year.


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