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Lakeland Industries sales of fire gear & wovens rise in Q3
18 Dec '07
3 min read
Lakeland Industries Inc announced financial results for its fiscal year 2008 third quarter and nine months ended October 31, 2007.
Commenting on the financial results, Lakeland Industries Chief Executive Officer Christopher Ryan said, "We are pleased to report an increase in operating earnings of 18.6% over the third quarter of last year. Despite the 12% drop in our North American disposables sales, which is attributable mainly to a reduction of Tyvek product sales, our overall revenues showed an increase which reverses the trend of preceding quarters.
Our diversification strategy is beginning to deliver its intended results as we have expanded our product line and are increasing revenues from outside of our traditional North American market. We have been experiencing strong demand for our new reflectives, wovens, and glove products, as well as growth in international sales from the United Kingdom, Chile and China as well as recording the first shipments of our new aseptic anti-static garments."
"Perhaps the most impressive progress is seen on a sequential quarterly basis as our earnings per share continues to increase substantially, driven by increases in higher margin international sales, the benefits of our global manufacturing capabilities and reductions in operating expenses. We believe these trends will continue and, therefore, support our goal of increasing earnings per share in the coming quarters."
Third Quarter Results:
Net Sales. Net sales increased $.19 million, or .82% to $23.5 million for the three months ended October 31, 2007 from $23.3 million for the three months ended October 31, 2006.
Commenting on the financial results, Lakeland Industries Chief Executive Officer Christopher Ryan said, "We are pleased to report an increase in operating earnings of 18.6% over the third quarter of last year. Despite the 12% drop in our North American disposables sales, which is attributable mainly to a reduction of Tyvek product sales, our overall revenues showed an increase which reverses the trend of preceding quarters.
Our diversification strategy is beginning to deliver its intended results as we have expanded our product line and are increasing revenues from outside of our traditional North American market. We have been experiencing strong demand for our new reflectives, wovens, and glove products, as well as growth in international sales from the United Kingdom, Chile and China as well as recording the first shipments of our new aseptic anti-static garments."
"Perhaps the most impressive progress is seen on a sequential quarterly basis as our earnings per share continues to increase substantially, driven by increases in higher margin international sales, the benefits of our global manufacturing capabilities and reductions in operating expenses. We believe these trends will continue and, therefore, support our goal of increasing earnings per share in the coming quarters."
Third Quarter Results:
Net Sales. Net sales increased $.19 million, or .82% to $23.5 million for the three months ended October 31, 2007 from $23.3 million for the three months ended October 31, 2006.
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