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Lakeland's Chemical suit & Wovens segment sales up
11 Jun '08
3 min read
Operating profit increased by $0.5 million, or 45.6%, to $1.5 million from $1.0 million for the first quarter of fiscal year 2008. Operating income as a percentage of net sales increased to 5.3% for the first quarter of 2009 from 3.9% for the same period in fiscal 2008.
The improvement in operating profit and margins is primarily due to the use of lower cost raw materials, new product introductions, new customers, the Mexican restructuring program in 2008, and the end of the rebate program initiated early in FY08. Net income for the first quarter of FY09 was $0.9 million compared with $0.6 million for the first quarter FY08. EPS for the first quarter of fiscal year 2009 was $0.16, compared with $0.11 for the first quarter of FY08.
Management's Comments:
Commenting on the financial results, Lakeland Industries President and Chief Executive Officer Christopher J. Ryan said, "This quarter we continued to focus on product expansion -- particularly overseas -- and on margin improvement.
Our sales reached a record level even with the U.S. economy in the doldrums, evidence of our growth in Latin America and Asia along with the strength of certain market segments such as our woven and fire products unit, where sales rose 46%. Albeit off a small base, our sales in China and Chile were each up nearly 400% versus last year. We continue to view our international expansion as a major catalyst for long term growth and enhanced profitability.
"Our margins remain a priority and are rising with demand for our products, as we effectively manage overhead expenses. In addition, we are very pleased to have completed the acquisition of Brazilian protective apparel supplier Qualytextil S.A. in May, which we see as being a great contribution to our growth going forward. Our past investments overseas continue to bear fruit, and we anticipate further EPS gains in the quarters to come regardless of U.S. economic conditions."
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The improvement in operating profit and margins is primarily due to the use of lower cost raw materials, new product introductions, new customers, the Mexican restructuring program in 2008, and the end of the rebate program initiated early in FY08. Net income for the first quarter of FY09 was $0.9 million compared with $0.6 million for the first quarter FY08. EPS for the first quarter of fiscal year 2009 was $0.16, compared with $0.11 for the first quarter of FY08.
Management's Comments:
Commenting on the financial results, Lakeland Industries President and Chief Executive Officer Christopher J. Ryan said, "This quarter we continued to focus on product expansion -- particularly overseas -- and on margin improvement.
Our sales reached a record level even with the U.S. economy in the doldrums, evidence of our growth in Latin America and Asia along with the strength of certain market segments such as our woven and fire products unit, where sales rose 46%. Albeit off a small base, our sales in China and Chile were each up nearly 400% versus last year. We continue to view our international expansion as a major catalyst for long term growth and enhanced profitability.
"Our margins remain a priority and are rising with demand for our products, as we effectively manage overhead expenses. In addition, we are very pleased to have completed the acquisition of Brazilian protective apparel supplier Qualytextil S.A. in May, which we see as being a great contribution to our growth going forward. Our past investments overseas continue to bear fruit, and we anticipate further EPS gains in the quarters to come regardless of U.S. economic conditions."
Click here to view more:
Lakeland Industries Inc
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