Lakeland Industries net sales up 20.2% for three months ended April 30
10 Jun '05
4 min read
Leading protective Clothing manufacturer Lakeland Industries Inc announced the net income increased $0.28 million, or 20.2%, to $1.71 million for the three months ended April 30, 2005 from $1.43 million for the three months ended April 30, 2004.
Net sales decreased $1.1 million, or 4.2%, to $25.7 million for the three months ended April 30, 2005 from $26.8 million for the three months ended April 30, 2004, not entirely for lack of orders, but due to supply chain problems precluding us from fulfilling all our orders. Gross profit decreased $0.2 million, or 3.2%, to $5.8 million for the three months ended April 30, 2005 from $6.0 million for the three months ended April 30, 2004. However, gross profit as a percentage of net sales increased to 22.5% for the three months ended April 30, 2005 from 22.3% for the three months ended April 30, 2004.
More significantly, operating profit increased 6.4% to $2.5 million for the three months ended April 30, 2005 from $2.4 million for the three months ended April 30, 2004. Operating margins increased to 9.9% for the three months ended April 30, 2005 compared to 8.9% for the three months ended April 30, 2004. Lakeland's operating margins are at the highest levels in the Company's history, which were 8.0%, 6.5%, 5.6% and 4.8% in fiscal 2005, 2004, 2003 and 2002, respectively.
Despite rising raw material prices, they have been able to increase profits over last year due to tighter controls on our SG&A expenses and moving our domestic U.S.A. manufacturing to our Mexican and
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