Lakeland's Chemical suit & Wovens segment sales up
11 Jun '08
3 min read
Lakeland Industries Inc announced financial results for its first quarter fiscal year 2009 ended April 30, 2008.
Financial Results Highlights and Recent Company Developments: • Revenue rose to $27.3 million -- representing the highest quarterly revenue in Company's history and growth of 6.62% over last year's fiscal first quarter • Margins improvement primarily due to completion of sales rebate on Tyvek (which impacted prior-year results) and lack of Mexican restructuring costs (also affecting last year) • Operating Profit increased 45.6% in 1Q09 from 1Q08 • International Sales Growth Continues • Brazil Acquisition closed in May -- operations to be included in fiscal second quarter • New Australian Distributor Agreement -- sales in Q1 were $424,000 • Progress made with new product introductions and marketing initiatives • First quarter results were impacted by approximately $(0.03) per share resulting from a proxy dispute
First Quarter Fiscal Year 2009 Financial Results Summary: Net sales were a record $27.3 million in the first quarter of 2009, up 6.6% from $25.6 million in the comparable 2008 period and an increase of 9.3% sequentially from the fourth quarter of 2008. Gross profit increased by $1.3 million, or 24.3%, to $6.7 million for the first quarter of 2009, as compared to $5.4 million for the same period in 2008. Gross profit as a percentage of net sales rose to 24.5% for the quarter ended April 30, 2008 from 20.0% last year.
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