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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) 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.
Lakeland Industries, Inc. (NASDAQ:LAKE) announced its participation in two virtual investor conferences happening in May 2021. The first event is the Oppenheimer 16th Annual Industrial Growth Conference on May 4, starting at 9:00 a.m. ET, with a presentation scheduled for 2:15 p.m. ET. The second is the G. Research Inaugural May Microcap Symposium on May 18, also from 9:00 a.m. ET, with a presentation at 10:00 a.m. ET. Management participants will include CEO Charles D. Roberson and CFO Allen E. Dillard. Presentation materials will be available on the Company's website before the conferences.
Lakeland Industries (NASDAQ:LAKE) reported a remarkable financial performance for fiscal 2021, achieving record revenues of $159 million, a 47% increase from 2020, driven significantly by COVID-19 related demand. Net income soared by 970% to $35.1 million, equating to $4.40 per share. The company’s cash position strengthened to $52.6 million with no debt, highlighting improved operational efficiencies. International sales grew by 70%, outpacing domestic growth of 26%. Gross margin improved to 49.8%, reflecting better pricing and production management.
Lakeland Industries (NASDAQ:LAKE) will release its fiscal 2021 fourth quarter financial results on April 15, 2021, after market close. A conference call will follow at 4:30 p.m. ET, hosted by President and CEO Charles D. Roberson and CFO Allen E. Dillard. Investors can join via specified domestic and international dialing options or access a replay until April 22, 2021. As a global manufacturer of protective clothing, Lakeland serves diverse sectors including healthcare, first responders, and various industries, selling to over 1,600 distributors across more than 50 countries.
DECATUR, AL / ACCESSWIRE / March 3, 2021: Lakeland Industries announces its participation in upcoming virtual investor conferences. Management will be at the D.A. Davidson 4th Annual Consumer Growth Virtual Conference on March 11, 2021, and the Roth Capital Virtual 33rd Annual Conference from March 15-27, 2021. The sessions include virtual 1x1 meetings and a fireside chat. Interested investors can access presentation materials on the company's Investor Relations website. Lakeland specializes in protective clothing for various industries and governmental agencies, selling to over 50 countries globally.
Lakeland Industries (NASDAQ:LAKE) has appointed Nikki Hamblin, an investment industry veteran, to its Board of Directors, expanding the board to seven members, five of whom are independent. This move aims to strengthen corporate governance and succession planning as the company seeks continued growth and market expansion. Hamblin's 20+ years of experience in financial planning, asset management, and M&A will bolster the board's effectiveness. Management believes her expertise will enhance Lakeland's position as a leading provider of industrial protective equipment.
Lakeland Industries (NASDAQ:LAKE) announced a new stock repurchase program authorizing up to $5 million to buy back its common stock, replacing the remaining $800,000 from the previous program. CEO Charles D. Roberson emphasized that this larger program aims to enhance shareholder returns and reflects confidence in the company's stock performance, which has reached record levels. The repurchase will occur based on market conditions and may be halted at any time. Repurchased shares will be held as treasury stock for potential future corporate needs.
Lakeland Industries has appointed Steven L. Harvey as the first Executive Vice President for Global Sales and Marketing, effective January 4, 2021. With over 25 years of experience in sales leadership, Harvey will unify sales, marketing, and customer service strategies globally. This new role is part of Lakeland's strategy to enhance operational efficiency and capitalize on market opportunities. The company is also expanding manufacturing capabilities and implementing advanced sales systems to support growth. The firm sells protective clothing globally to various industries and government agencies.
Lakeland Industries (NASDAQ:LAKE) reported a record third quarter for fiscal 2021, with net sales of $41.5 million, marking a 50.9% increase year-over-year. Gross profit reached $21.7 million, up 133% from the prior year, resulting in a gross margin of 52.3%, the highest in company history. Operating income soared to $12.5 million, a 594% increase, while net income was $9.3 million or $1.16 per share. Cash reserves grew by 175% to $40.2 million. The spike in demand, particularly for COVID-19 related products, was pivotal to these results, alongside ongoing improvements in operational efficiency.
Lakeland Industries, Inc. (NASDAQ:LAKE) will release its fiscal 2021 third-quarter financial results on December 10, 2020, after market close. A conference call will follow at 4:30 p.m. ET, led by President and CEO Charles D. Roberson and CFO Allen E. Dillard. Investors can join via phone, with a replay available until December 17, 2020. Lakeland specializes in protective clothing for various sectors, including healthcare and industrial markets, with a global distribution network serving more than 1,600 distributors across multiple countries.
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