Lakeland Industries, Inc. manufactures protective clothing and apparel for industry, healthcare and first responders under the Lakeland Fire + Safety identity. News about LAKE commonly covers fiscal results, cash flow and portfolio actions, including the completed sale of the HPFR and HiViz product lines and the company’s focus on Fire Services and core industrial personal protective equipment.
Company updates also track firefighter PPE certifications and launches, including NFPA 1970:2025 certified turnout gear, gloves, hoods, helmets, boots and proximity gear across its brand portfolio. Recurring developments include customer orders for fire gear, EMEA fire sales activity, LHD Germany operating changes, logistics initiatives and leadership updates tied to the company’s global fire and industrial safety platform.
HUNTSVILLE, AL / ACCESSWIRE / January 26, 2023 / Lakeland Industries (NASDAQ:LAKE) announced the retirement of Christopher J. Ryan as Executive Chairman effective January 31, 2023. He will remain on the Board until the Annual Shareholders Meeting on June 14, 2023. Vice Chairman Jim Jenkins will succeed him as Chairman starting February 1, 2023, following the Board's succession plan. Jenkins emphasized the company's continued strengthening in the global PPE market and is committed to accelerating growth. Jenkins has extensive legal and corporate governance experience, previously serving as a partner at Harter Secrest & Emery LLP and currently leading corporate development at Transcat.
Lakeland Industries (NASDAQ:LAKE) reported fiscal 2023 Q3 net sales of $28.4 million, up 0.7% sequentially. The gross margin improved to 43.3%, surpassing the long-term target of 40%. Net income reached $1.4 million or $0.19 per share. Despite foreign currency headwinds impacting sales by $1.6 million, the company announced the acquisition of Eagle Technical Products, expanding its product base in fire service protective clothing. The firm also initiated a new $5 million stock repurchase program following $2.3 million in share buybacks during the quarter.
Lakeland Industries has acquired UK-based Eagle Technical Products for approximately $10.8 million, enhancing its fire service protective clothing portfolio and expanding its sales in the Middle East and Europe.
Eagle, established in 2002, specializes in protective apparel for emergency and industrial sectors, now sold in more than 25 countries. The acquisition aims to accelerate sales in these regions and strengthen Lakeland's market position, with expectations of positive impacts on both top and bottom lines within the first year.
Lakeland Industries (NASDAQ:LAKE) will announce its fiscal 2023 third-quarter financial results on December 8, 2022, post-market closure. A conference call is scheduled for 4:30 p.m. ET the same day, hosted by CEO Charles D. Roberson and CFO Allen E. Dillard. Investors can access the call via phone or listen to a replay until December 15, 2022. Lakeland specializes in protective clothing, serving industries like oil, healthcare, and government agencies across over 50 countries.
Lakeland Industries (NASDAQ:LAKE) announced that CEO Charlie Roberson and COO Allen Dillard will present at the Sidoti September Virtual Investor Conference on September 21-22, 2022. The presentation starts at 4:00 PM ET on September 21 and includes one-on-one meetings with investors. Registration for the event is free and open to the public. Lakeland manufactures protective clothing for various industries globally, servicing over 1,600 distributors and government agencies, including the Department of Defense and the CDC.
Lakeland Industries reported fiscal 2023 Q2 net sales of $28.2 million, reflecting a 3.3% sequential increase and 2.6% year-over-year growth. The gross margin improved to 41.3%, above the long-term target of 40%. However, the company faced a net loss of $0.9 million, translating to ($0.11) per share. Non-GAAP net income stood at $1.1 million or $0.15 per share. Cash and equivalents decreased to $41.2 million, driven by operational cash use. Despite challenges like currency fluctuations and potential economic slowdown, Lakeland remains optimistic about long-term revenue growth.
Lakeland Industries (NASDAQ:LAKE) will release its fiscal 2023 second quarter financial results on September 8, 2022, after market close. A conference call hosted by CEO Charles D. Roberson and CFO Allen E. Dillard will follow at 4:30 PM Eastern. Investors can participate by calling 888-506-0062 (Domestic) or 973-528-0011 (International). A replay will be available until September 15, 2022. Lakeland manufactures protective clothing for various industries and sells globally through a vast network of distributors.
Lakeland Industries (NASDAQ: LAKE) announced a leadership change as Executive Chairman Christopher J. Ryan plans to step down in 2023, though he will remain on the Board of Directors. Jim Jenkins, a Board member since 2016, has been appointed as Vice Chairman. Jenkins expressed excitement about continuing to work with management to enhance business growth, emphasizing a bright future for Lakeland as it navigates the post-pandemic landscape. The Board aims for a smooth transition to ensure governance and the company's growth trajectory.
Lakeland Industries (NASDAQ: LAKE) reported a 20% decline in net sales for Q1 FY2023, totaling $27.3 million, primarily due to reduced COVID-19 demand and slow recovery in industrial markets. The gross profit was $11.1 million, achieving a gross margin of 40.5%—exceeding the long-term target of 40%. Net income fell to $1.1 million or $0.15 per share from $5.0 million or $0.63 in Q1 FY2022. Operating profit also decreased significantly to $1.4 million.
Lakeland Industries (NASDAQ:LAKE) is set to release its fiscal 2023 first quarter financial results on June 9, 2022, after market close. A conference call will follow at 4:30 p.m. Eastern, hosted by CEO Charles D. Roberson and CFO Allen E. Dillard. Investors can participate via phone. Lakeland is recognized for its protective clothing across various sectors, including industrial and healthcare, selling to over 1,600 global distributors. The company also supplies numerous government agencies and operates internationally.