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Lakeland reports Q1 FY 2008 net income per share of $.10

08
Jun '07

Lakeland Industries Inc announced that net sales decreased $1.6 million, or 6%, to $25.6 million for the three months ended April 30, 2007 from $27.2 million for the three months ended April 30, 2006.

Gross profit decreased $1.3 million, or 20%, to $5.2 million for the three months ended April 30, 2007 from $6.5 million for the three months ended April 30, 2006. Gross profit as a percentage of net sales was 20.4% for the three months ended April 30, 2007 and 24.0% for the three months ended April 30, 2006.

Operating profit decreased 57% to $0.9 million for the three months ended April 30, 2007 from $2.2 million for the three months ended April 30, 2006. Operating margins were 3.6% for the three months ended April 30, 2007 compared to 8.0% for the three months ended April 30, 2006.

Three months ended April 30, 2007 as compared to the three months ended April 30, 2006.

Net sales decreased $1.6 million, or 6.0%, to $25.6 million for the three months ended April 30, 2007 from $27.2 million for the three months ended April 30, 2006.

The net decrease was comprised of decreased sales in disposable garments of $562,000 in the U.S. and $458,000 in Canada primarily due to competitive market conditions, lower government spending in our Chemical Protective garments by $230,000, growth in sales in our Chile and U.K. subsidiaries of $295,000, and less revenue from India of $179,000 as a result of its shutdown for retooling during this first quarter.

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