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Lakeland Industries Inc. (NASDAQ: LAKE) is a prominent global manufacturer of high-performance protective garments designed to ensure safety in various hazardous environments. Headquartered in Ronkonkoma, New York, since 1982, Lakeland serves a broad range of industries including chemical, petrochemical, healthcare, automotive, and more. With a robust annual revenue exceeding $100 million, the company's growth is propelled by continuous innovation through its research and development programs.
Lakeland's product portfolio is diverse, covering segments like Disposables, Chemicals, Fire Services, Gloves, High Visibility, High-Performance Wear, and Wovens. These products are essential for workers in sectors such as integrated oil, chemical/petrochemical, utilities, automobile, steel, glass, construction, and pharmaceuticals. The company's geographical reach extends across the United States, Latin America, Canada, Asia, Mexico, Europe, and other international markets.
Recently, Lakeland has made significant strides in expanding its fire services offerings. The strategic acquisition of Jolly Scarpe, a leading designer and manufacturer of professional footwear for firefighting and rescue operations, enhances Lakeland's ability to provide comprehensive head-to-toe protective solutions. Additionally, the acquisition of LHD Group Deutschland GmbH's fire and rescue business further broadens Lakeland's product range and geographical footprint, particularly in Germany, Australia, and Hong Kong.
The company maintains a strong financial condition, with recent fiscal reports indicating substantial growth in revenue and profitability. Lakeland's commitment to quality and safety has earned it a reputation as a reliable supplier of protective gear, backed by a global network of distributors and sales teams. This network ensures that Lakeland's products meet the stringent safety standards required by industries handling hazardous materials.
In collaboration with LineDrive, a leading sales and marketing firm, Lakeland aims to enhance the availability and delivery of its products across North America. This partnership is expected to increase market penetration and improve the overall safety solutions offered to industrial sectors.
For more information about Lakeland Industries and its comprehensive range of protective clothing and accessories, please visit the company’s website at www.lakeland.com.
Lakeland Industries (NASDAQ: LAKE) reported fiscal 2023 net sales of $112.8 million, a decline of $5.6 million from the previous year. The gross margin decreased to 40.6% compared to 43.0% in fiscal 2022. In the fourth quarter, net sales reached $29.0 million, up from $26.8 million year-over-year. Key factors affecting performance included declining sales in Asia due to COVID-related shutdowns and economic conditions in Europe. The company reported a net income of $1.9 million or $0.25 per share, significantly lower than the prior year's $11.4 million or $1.44 per share. Despite these challenges, Lakeland is optimistic about growth in fiscal 2024, driven by strategic initiatives and geographic diversification.
Lakeland Industries has announced the retirement of Allen E. Dillard as Chief Operating Officer, effective immediately, although he will serve as a consultant during the transition until the completion of the Company's 10-K filing. Dillard has been integral to Lakeland's growth. Helena An has been promoted to the position of Chief Operating Officer, also effective immediately. An has over 25 years of experience at Lakeland, having previously served as Vice President of Procurement and Asia Manufacturing. Her leadership is expected to strengthen operations given her strategic insight and deep understanding of the company. The leadership change occurs as Lakeland continues to provide protective clothing globally, catering to various industries and government agencies.
HUNTSVILLE, AL / ACCESSWIRE / March 30, 2023 / Lakeland Industries (NASDAQ: LAKE) announced it will release its fiscal 2023 fourth quarter and full-year financial results on April 13, 2023, post-market close. A conference call will follow at 4:30 p.m. Eastern, hosted by President and CEO Charlie Roberson and CFO Roger Shannon. Investors can join via domestic or international numbers and access a replay until April 20. Lakeland manufactures protective clothing for various industries and government agencies globally, including healthcare and public safety, and sells through a network of over 1,600 distributors.
HUNTSVILLE, AL / ACCESSWIRE / March 20, 2023 / Lakeland Industries (NASDAQ:LAKE) announced its participation in the Sidoti Small-Cap Conference on March 22-23, 2023. CEO Charlie Roberson and CFO Roger Shannon will present on March 23 at 10:45 am ET, accessible live here. Additionally, virtual one-on-one meetings with investors are scheduled for both days. Registration for the conference and meetings is free and available to all interested parties. Lakeland is recognized for manufacturing protective clothing used in various industries and governmental agencies worldwide, including healthcare and law enforcement.
HUNTSVILLE, AL / ACCESSWIRE / March 8, 2023 / Lakeland Industries (NASDAQ:LAKE) will participate in the 35th Annual Roth Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, California. Key executives, including CEO Charlie Roberson, CFO Roger Shannon, and COO Allen Dillard, will represent the company. This prominent conference provides investors insights into emerging growth companies across various sectors. Parties interested in meeting with Lakeland management can contact their Roth MKM representative or Alpha IR Group. Presentation materials will be available on the company's Investor Relations page during the conference.
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.
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