Lakeland Industries Inc - LAKE STOCK NEWS

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.

Lakeland Industries (NASDAQ: LAKE) reported a 27% decline in net sales for the fiscal 2022 fourth quarter, totaling $26.8 million, due to reduced COVID-19 demand. Gross margins were 39.2%, aligning with long-term goals despite facing supply chain and inflation challenges. Net income fell to $0.5 million, a drop from $7.7 million in Q4 2021. For the full year, revenues decreased to $118.4 million from $159.0 million, with adjusted EBITDA down to $19.6 million. The company announced a new $5 million stock repurchase program, indicating management's confidence in future growth.

Lakeland Industries (NASDAQ:LAKE) has announced a new stock repurchase program, allowing for the buyback of up to $5 million of its common stock. This program follows the existing one, which has approximately $800,000 remaining. The new program shows the Board's commitment to optimizing shareholder value and confidence in the company's growth prospects. Repurchases will depend on market conditions, with no set expiration and flexibility in execution, reinforcing a balanced capital allocation strategy to enhance shareholder returns.

Lakeland Industries (NASDAQ:LAKE) announced that it will release its fiscal 2022 fourth quarter and full year financial results on April 18, 2022, after market close. The company will host a conference call the same day at 4:30 p.m. Eastern, featuring leadership including President and CEO Charles D. Roberson. This call is accessible via specific phone numbers for domestic and international participants. The company specializes in manufacturing protective clothing for various industries and governmental agencies, selling products globally through a network of distributors.

Lakeland Industries, Inc. (NASDAQ:LAKE) will announce its fiscal 2022 fourth quarter and full year financial results on April 14, 2022, post-market. A conference call with President & CEO Charles D. Roberson and CFO Allen E. Dillard will follow at 4:30 p.m. Eastern. Investors can join via phone at 877-545-0320 (Domestic) or 973-528-0002 (International). The company specializes in manufacturing protective clothing for various sectors, including industrial and healthcare, and sells globally through over 1,600 distributors.

Lakeland Industries (NASDAQ:LAKE) announced the promotion of Allen E. Dillard to Chief Operating and Financial Officer, effective January 1, 2022. Dillard, who has been with the company since August 2019 as Chief Financial Officer, will expand his responsibilities to include manufacturing, planning, and procurement. Under his leadership, Lakeland has navigated the COVID-19 pandemic and focused on global growth. The company highlighted Dillard's experience and achievements that have positively impacted their operational and financial strategies.

Lakeland Industries reported net sales of $30.0 million for Q3 FY22, reflecting a 9% sequential increase from Q2 but a decline from $41.5 million in Q3 FY21. COVID-19 related sales rose to $6.0 million, driven by demand in Asia. Gross profit decreased to $12.6 million, with margins at 42.1%, down from 52.3% year-over-year. The company maintained operational discipline with operating profit reaching $4.1 million. Lakeland made strategic investments, including $2.8 million in Bodytrak and repurchased shares worth $0.9 million.