Lakeland's Chemical suit & Wovens segment sales up

11 Jun '08

3 min read

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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