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Home / Knowledge / News / Apparel/Garments / Lakeland announces Q2 FY 2007 net income of $1.35mn

Lakeland announces Q2 FY 2007 net income of $1.35mn

11
Sep '06
Lakeland Industries Inc announced that net income decreased .3 million, or 17.8 percent, to $1.35 million for the three months ended July 31, 2006 from $1.65 million for the three months ended July 31, 2005.

Lakeland is a leading manufacturer of industrial protective clothing for industry, municipalities, and healthcare and for first responders on the federal, state and local levels.

Net sales decreased $1.0 million, or 4.0 percent to $24.1 million for the three months ended July 31, 2006 from $25.1 million for the three months ended July 31, 2005.

The decrease was primarily due to decreased sales in disposable garments due to a surplus of Tyvek in the distribution channels and lower government spending in our Chemical Protective garments offset partially by growth in sales in our glove division of $47,000.

Gross profit increased $0.67 million or 11.6 percent to $6.5 million for the three months ended July 31, 2006 from $5.8 million for the three months ended July 31, 2005.

Gross profit as a percentage of net sales increased to 26.8 percent for the three months ended July 31, 2006 from 23.1 percent for the three months ended July 31, 2005. Company as lower costs through approximately the end of June 2006.

Net income decreased $0.29 million, or 17.8 percent to $1.4 million for the three months ended July 31, 2006 from $1.6 million for the three months ended July 31, 2005.

The decrease in net income primarily resulted from lower sales volumes in our disposable and chemical protective suit lines and meeting competitive conditions in our disposable garment division, the increased operating expenses described above, and the combined operating losses of $250,000 of the new foreign operations.


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