Lakeland Industries Inc - LAKE STOCK NEWS

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.

Lakeland Industries, Inc. (NASDAQ:LAKE) announced it will release its fiscal 2022 third quarter financial results on December 9, 2021, after market close. A conference call with President and CEO Charles D. Roberson and CFO Allen E. Dillard will follow at 4:30 PM ET. Investors can join by calling 888-506-0062 (domestic) or 973-528-0011 (international). The company provides protective clothing for various sectors, including healthcare and first responders, and sells products globally to an extensive distributor network.

Lakeland Industries (NASDAQ:LAKE) announced its participation in the 12th Annual Craig-Hallum Alpha Select Conference on November 16, 2021. The event will be held virtually from 9:00 a.m. to 5:00 p.m. ET. Management, including CEO Charles D. Roberson and CFO Allen E. Dillard, will be available for meetings. Interested investors should contact their Craig-Hallum representative or Jordan Darrow from Darrow Associates. Presentation materials will be accessible on the Company’s website on the conference day.

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.