Lakeland Industries net sales up 20.2% for three months ended April 30
10 Jun '05
4 min read
Chinese subsidiaries.
During the second quarter ended July 31, 2004, the Company issued 1,285,750 new shares to the public that helped solidify our balance sheet, and in April 2005 recorded a 10% stock split of 456,161 additional shares. These issuances of shares had a negative impact on the Company's earnings per share, because the weighted average shares outstanding increased 39% for the three months ended April 30, 2005, compared to the three months ended April 30, 2004.
Earnings were $0.34 per basic and diluted share for the three months ended April 30, 2005, compared to $0.40 per basic and diluted share for the three months ended April 30, 2004, even though 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.
On April 30, 2005, the Company's balance sheet included total assets of $63.9 million, cash and marketable securities of $8.7 million, working capital of $49.8 million, no bank debt and stockholders' equity of $56.2 million or $11.20 per share of tangible book value.
Mr. Ryan added, "However, they do believe fiscal 07, ending on January 31, 2007, will be a rewarding year as garment prices should climb more than raw material prices, Sarbanes expenses and other operational expenses should be further reduced and new streams of accretive earnings should come on as the result of acquisitions hopefully made this comime on as the result of acquisitions hopefully made this coming summer and autumn, along with and our drive to increase international sales in Asia, Europe and South America."
marketing@alchempro.com
