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Lakeland announces Q2 FY 2007 net income of $1.35mn
11 Sep '06
3 min read
Net income decreased $0.55 million, or 16.2 percent to $2.8 million for the six months ended July 31, 2006 from $3.4 million for the six 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 market prices in our disposable garment division in the second quarter, the increased operating expenses described above, and the combined operating losses of $370,000 of the new foreign operations.
Earnings per share were $0.51 for the six months ended July 31, 2006 compared to $0.61 for the six months ended July 31, 2005 (after reflecting adjustments resulting from the 10 percent stock dividend payable to holders of
record August 1, 2006).
Overall inventories increased by $2.8 million from their April 30, 2006 levels. The increase in gross margins in Q2 of FY07 was mainly attributable to our aggressive purchasing in the latter part of FY06 which is now running through cost of goods sold.
The Company expects to start realizing the benefits of its recent discounted purchases in the latter part of September, lasting approximately through its fourth fiscal quarter. Raw material purchasing continued at higher levels than normal in order to take advantage of discounts offered by suppliers.
Lakeland manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. Our products are sold by our in-house sales force and independent sales representatives to a network of over 800 safety and mill supply distributors.
The decrease in net income primarily resulted from lower sales volumes in our disposable and chemical protective suit lines and meeting competitive market prices in our disposable garment division in the second quarter, the increased operating expenses described above, and the combined operating losses of $370,000 of the new foreign operations.
Earnings per share were $0.51 for the six months ended July 31, 2006 compared to $0.61 for the six months ended July 31, 2005 (after reflecting adjustments resulting from the 10 percent stock dividend payable to holders of
record August 1, 2006).
Overall inventories increased by $2.8 million from their April 30, 2006 levels. The increase in gross margins in Q2 of FY07 was mainly attributable to our aggressive purchasing in the latter part of FY06 which is now running through cost of goods sold.
The Company expects to start realizing the benefits of its recent discounted purchases in the latter part of September, lasting approximately through its fourth fiscal quarter. Raw material purchasing continued at higher levels than normal in order to take advantage of discounts offered by suppliers.
Lakeland manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. Our products are sold by our in-house sales force and independent sales representatives to a network of over 800 safety and mill supply distributors.
Lakeland Industries Inc
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