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Lakeland posts fiscal 2012 Q1 financial results
09
Jun '11
Lakeland Industries Inc announced financial results for its first quarter fiscal year 2012 ended April 30, 2011.

Financial Results Highlights and Recent Company Developments

• International Sales Increased 13.4% in Q1FY12 from Q1FY11
• International Revenues were 42.9% of Total Sales in Q1FY12, Up Nearly 12% from 38.4% in Q1FY11
• Gross Margin As Percentage of Sales Increased to 31.3% in Q1FY12 from 25.2% in Q1FY11
• Gross Profit in Q1FY12 Increased 26% or $1.7 million to $8.1 million from $6.4 million in Q1FY11
• Operating Profit Increased 434% to $1.6 million in Q1FY12 from $0.3 million in Q1FY11
• Operating Margin Increased to 6.0% in Q1FY12 from 1.1% in Q1FY11
• Net Income Increased $2.5 million to $1.2 million in Q1FY12 from a Loss of $1.3 million in Q1FY11
• Earnings Per Share Increased to $0.22 for Q1FY12 from a Loss of ($0.25) in Q1FY11
• EBITDA Reaches Highest Level in 11 Quarters at 9.14% of Sales
• Cash balance of $6.1 Million and Bank Revolver Debt of $16.2 million with Remaining Availability of $7.3 Million as of April 30, 2011

Management's Comments

Commenting on the financial results and recent developments, Lakeland Industries President and Chief Executive Officer Christopher J. Ryan said, "International operations continue to fuel our performance as we delivered impressive growth in all major operating metrics. On a consolidated basis, we reported higher sales, gross profit and margin, operating profit and margin, net income and margin, and earnings per share.

“We are very pleased with the progress being made in building a diversified international platform that has significant operating leverage for long term growth and profitability, but we are not pleased with domestic performance. Therefore, we are completely reorganizing the US sales force and have appointed Stephen M. Bachelder, Chairman of the Board, as a National Sales Manager for domestic sales. Mr. Bachelder has a deep background in sales and intends to resuscitate eroding US revenues in the coming year.

"Consistent with our business strategy of pursuing market expansion outside of the US, particularly in 'BRIC' nations -- Brazil, Russia, India and China -- and nearby territories, we reported gains in most of our major foreign operations. This strength along with favorable currency exchange rates continues to offset the weakness in our domestic operations, which presently appear to be nearing stabilization.

“Through effective implementation of foreign sales and marketing strategies, we increased international sales by over 13% in the first quarter as compared to the same period of the prior year, approximately three times the rate of GDP growth in the markets in which we operate. International sales represented 42.9% of total first quarter revenues.

"This performance is without the benefit of large bid orders in Brazil, which we are working toward securing, although our Brazilian operations grew approximately 40% year over year. As a result, our quarterly international revenues of $11.1 million represent the highest level in the Company's history.

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