Home / Knowledge / News / Apparel/Garments / Lakeland posts fiscal 2012 Q1 financial results
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.


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search