Lakeland Inds Stock Price, News & Analysis

Lakeland Industries announced the appointment of Roger D. Shannon as Chief Financial Officer, effective February 1, 2023, succeeding Allen E. Dillard, who will now focus on expansion and operations. Mr. Shannon brings over 35 years of experience in finance and has served in CFO roles at multiple companies including Charah Solutions and Adtran. His expertise includes global finance and public accounting across several industries. The leadership change aims to enhance strategic production capabilities and global procurement efforts.

Lakeland Industries, Inc. (NASDAQ:LAKE) has announced its initiation of a quarterly cash dividend program, declaring an initial dividend of $0.03 per share. This dividend will be payable on February 22, 2023, to stockholders recorded as of February 15, 2023. The Board of Directors expressed confidence in the company’s ability to generate positive cash flow and its potential for organic and acquisitive growth, aiming to enhance long-term shareholder value. This systematic return of capital represents a strategic move to attract a broader investor base while maintaining financial strength.

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.