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Lakeland posts fiscal 2012 Q1 financial results
09 Jun '11
4 min read
"Confirming our belief that our business model's international operations are far superior to what we had been working with during the prior two decades when we had been focused domestically, our profits and margins significantly improved in the first quarter.
"Through global sourcing of raw materials, geographically dispersed manufacturing facilities, enhanced pricing power and an improved sales mix of Lakeland branded products and higher margin garment lines, our fiscal 2012 first quarter consolidated gross and operating margins increased to 31.3% and 6.0%, respectively, as compared with the 25.2% and 1.1% in the prior year.
"There remains significant operating leverage due to the investments we have made in personnel and manufacturing facilities. In anticipation of continued growth, we have added inventory to all of our major operations around the world. Given higher spending levels and capital investments, which provide us with the opportunity for a substantial increase in our production capacity, we are pleased to report adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as a percent of sales of 9.14% or nearly $2.4 million in the first quarter of fiscal 2012, both the highest in the last 11 quarters.
"Our net income of $1.16 million and earnings per share of $0.22, additionally benefiting from a reduction of outstanding shares resulting from a buyback program, reversed year-earlier losses. Excluding a previously disclosed one-time charge of $1.6 million in the fiscal 2011 first quarter, our net income and earnings per share in the first quarter of fiscal 2012 would still have delivered nearly four-fold increases.
"Lakeland Industries reported a strong first quarter but we have much work to do to further improve our financial performance and take advantage of the benefits of our operating leverage. Our international markets are robust and growing and we believe we are well positioned to capitalize on the many opportunities available to us around the world."
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"Through global sourcing of raw materials, geographically dispersed manufacturing facilities, enhanced pricing power and an improved sales mix of Lakeland branded products and higher margin garment lines, our fiscal 2012 first quarter consolidated gross and operating margins increased to 31.3% and 6.0%, respectively, as compared with the 25.2% and 1.1% in the prior year.
"There remains significant operating leverage due to the investments we have made in personnel and manufacturing facilities. In anticipation of continued growth, we have added inventory to all of our major operations around the world. Given higher spending levels and capital investments, which provide us with the opportunity for a substantial increase in our production capacity, we are pleased to report adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as a percent of sales of 9.14% or nearly $2.4 million in the first quarter of fiscal 2012, both the highest in the last 11 quarters.
"Our net income of $1.16 million and earnings per share of $0.22, additionally benefiting from a reduction of outstanding shares resulting from a buyback program, reversed year-earlier losses. Excluding a previously disclosed one-time charge of $1.6 million in the fiscal 2011 first quarter, our net income and earnings per share in the first quarter of fiscal 2012 would still have delivered nearly four-fold increases.
"Lakeland Industries reported a strong first quarter but we have much work to do to further improve our financial performance and take advantage of the benefits of our operating leverage. Our international markets are robust and growing and we believe we are well positioned to capitalize on the many opportunities available to us around the world."
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Lakeland Industries Inc
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