Financial Results Highlights and Recent Company Developments
Second Quarter Fiscal Year 2013 Financial Results
Net Sales: Net sales from continuing operations decreased $2.3 million, or 9%, to $23.5 million for the three months ended July 31, 2012, from $25.8 million for the three months ended July 31, 2011. The net decrease was due to a $4.5 million decrease in domestic sales. This reduction was partially offset by a $1.8 million increase in foreign sales.
US domestic sales of disposables decreased by $3.9 million, chemical suit sales decreased by $0.2 million, wovens decreased by $0.1 million and reflective sales decreased by $0.5 million.
The decrease in domestic sales was mainly due to the loss of DuPont product sales and, to a lesser extent, a shortage of certain products that management believes has been resolved (but may have continuing impact resulting from lost customers), and short-term operating inefficiencies resulting from a relocation of facilities from St. Joseph, MO to Decatur, AL and Mexico which resulted in additional lost sales.
The sales team continues to make progress in converting customers from DuPont's Tyvek to Lakeland branded products. While the Company's sales of Lakeland branded products show strong gains over the Lakeland branded product sales from the same period in the prior year, it will take time to rebuild the lost sales volume, for which there can be no assurance.
Domestic sales in China and to the Asia Pacific Rim remain strong with an increase of approximately $1.9 million or 23% for the second quarter of fiscal 2013 as compared with the same period in the prior year. UK sales increased by $1.0 million, or 69%. Chile and Argentina sales increased by 37% and sales in Brazil increased by $0.7 million or 16.7%. The increase in foreign sales is primarily due to increases in sales of high end chemical suits, FR (flame retardant) garments, and completion of some large contracts.
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Lakeland Industries Inc.
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