The Company earlier announced that the Company accepted a commitment letter from a bank for a Senior Credit Facility subject to certain terms and conditions and is currently working towards closing this financing. However, no assurances can be given that this transaction or any transaction will be consummated.
Financial Results Highlights and Recent Company Developments:
- The Company has earned operating income in the US of $291,000 in Q1 this year compared with an operating loss in the US of $1,465,000 in Q1 last year.
- Sales of Lakeland worldwide, excluding Brazil, increased 6.3% year over year.
- Gross margin for Lakeland worldwide, excluding Brazil, increased from 26.7% last year to 29.0% this year.
- Operating expenses for Lakeland worldwide, excluding Brazil, decreased by $281,000 even as sales increased by $1,163,000. SGA as a percent of sales, excluding Brazil, decreased from 28.67% to 25.5%.
- Adjusted EBITDA for Lakeland worldwide, excluding Brazil, increased from $144,000 last year to $1,430,000 this year.
- Most of this improvement was generated in the United States.
- The Company believes it has largely recovered from the loss of the DuPont license in July 2011.
- Net sales of $21.7 million in Q1FY14 compared with $24.0 million in Q1FY13.
- Operating loss of $237,000 Q1FY14 vs. a profit of $25,000 in Q1FY13, but this year includes an accrual for. $320,000 for plant relocation costs for its factory in Qingdao, China which is being sold.
- Net loss of $844,000 (0.16 per share) this year vs. $10,121,000 loss ($1.94 per share) last year.
- Operating and net losses in the more recent period primarily reflect the poor results generated from Brazilian operations.
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