Lakeland Inds Stock Price, News & Analysis

Lakeland Industries (NASDAQ:LAKE) announced a strategic investment of approximately $2.7 million in Inova Design Solutions Ltd. (Bodytrak), marking its entry into the growing Connected Worker Market for Smart PPE. Bodytrak's innovative ear-based sensor platform automates health and safety monitoring, making it a valuable addition to Lakeland's product lineup. With projections indicating a $1.9 billion growth in this market by 2024, Lakeland's investment represents a significant move towards enhancing its technological capabilities and profitability.

Lakeland Industries (NASDAQ:LAKE) reported fiscal 2022 second quarter results with net sales of $27.5 million, a decline from $35.0 million in 2Q21. COVID-19 related sales dropped to approximately $3.5 million, down from $14.0 million a year prior. Gross profit decreased to $12.7 million with a gross margin of 46.3%. Net income fell to $2.6 million or $0.32 per share, significantly lower than $9.3 million or $1.17 per share in the same period last year. Despite challenges, the company reported cash of $59.8 million and no debt, indicating solid financial health.

Lakeland Industries (NASDAQ: LAKE) will announce its fiscal 2022 Q2 financial results after the market closes on September 9, 2021. A conference call, hosted by the President and CEO, Charles D. Roberson, and CFO, Allen E. Dillard, will take place at 4:30 p.m. Eastern Time. Investors can join the call via specified domestic and international numbers. The company specializes in manufacturing protective clothing for various sectors, including healthcare and federal responders, and serves over 1,600 distributors globally.

Lakeland Industries (NASDAQ:LAKE) announced a $5 million increase to its stock repurchase program, which allows for repurchasing common stock following the successful use of the initial $5 million authorization. The program aims to enhance shareholder returns amid expectations of continued free cash flow and sustainable performance improvements. Since May 1, 2021, approximately 227,454 shares have been repurchased. The company plans to conduct repurchases based on market conditions, with shares held as treasury stock for future employee stock plans and other corporate purposes.

Lakeland Industries has expanded its credit facility with Bank of America, increasing potential borrowings from $12.5 million to $25 million. As of April 30, 2021, the company holds $60.3 million in cash and has no debt. The amendment allows for $15 million to be allocated for acquisitions, supporting the company’s growth strategy. This enhanced financial position aims to facilitate both organic and inorganic growth initiatives, including a stock buyback program.

Lakeland Industries (NASDAQ: LAKE), a leader in protective clothing manufacturing, announces its participation in the Sidoti & Company Virtual Investor Conference on June 24, 2021. Management will include President and CEO Charles D. Roberson and CFO Allen E. Dillard. The conference runs from 9:00 a.m. to 5:00 p.m. ET, with Lakeland’s presentation scheduled for 10:45 a.m. ET. Interested investors can contact their Sidoti representative or reach out to Jordan Darrow for more information. Conference materials will be available on Lakeland's website.

Lakeland Industries (NASDAQ: LAKE) reported fiscal 2022 Q1 net sales of $34.1 million, down from $45.6 million in Q1 2021. While COVID-19 related sales contributed $4.4 million, traditional industrial demand is strengthening. Gross profit fell to $14.4 million, with a gross margin of 42.2%. Operating profit decreased to $6.2 million, and net income was $4.6 million, down from $8.6 million in the prior year. Cash reserves increased to $60.3 million, with no debt reported. The company is focusing on operational improvements and organic growth as pandemic-related demand declines.

Lakeland Industries, Inc. (NASDAQ:LAKE) is set to release its financial results for the fiscal 2022 first quarter, ended April 30, 2021, on June 9, 2021, after market close. A conference call will follow at 4:30 PM ET, hosted by President and CEO Charles D. Roberson and CFO Allen E. Dillard. Investors can access the call via specific domestic and international phone numbers provided. Lakeland manufactures protective clothing for various industries and governmental agencies, catering to a global distribution network covering over 50 countries.

Lakeland Industries (NASDAQ:LAKE) announced the appointment of Joshua Sletten as Vice President of Corporate Development, a newly created role aimed at enhancing the company's mergers and acquisitions strategy. Sletten, who has nearly a decade of experience in investment banking and corporate finance, will oversee the M&A process from opportunity identification to business integration. CEO Charles D. Roberson emphasized that this position is crucial for accelerating market expansion and overall growth, intending to leverage both organic and inorganic growth opportunities.