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About Lakeland Industries, Inc. (NASDAQ: LAKE)
Lakeland Industries, Inc., also known as Lakeland Fire + Safety, is a globally recognized manufacturer of high-performance protective clothing and accessories. Established in 1982 and headquartered in Huntsville, Alabama, the company serves a diverse range of industries, including chemical/petrochemical, healthcare, construction, automotive, pharmaceuticals, and fire services. Lakeland’s mission is to safeguard workers and first responders operating in hazardous environments by providing innovative, durable, and reliable personal protective equipment (PPE).
Core Business and Product Segments
Lakeland’s extensive product portfolio is strategically segmented to address critical safety needs across various industries:
- Industrial Protective Apparel: Includes disposable clothing, chemical-resistant suits, high-visibility garments, and flame-resistant workwear designed for sectors like oil & gas, manufacturing, and construction.
- Fire Services: A rapidly growing segment featuring head-to-toe solutions such as firefighter turnout gear, helmets, boots, and station wear. Recent acquisitions like Jolly Scarpe and LHD Group have enhanced its product range and geographic reach.
- Critical Environments: Specialized apparel for cleanrooms, laboratories, and pharmaceutical settings, ensuring contamination control and worker safety.
- Healthcare PPE: Includes gowns, gloves, and other protective gear for medical professionals and emergency responders.
Global Reach and Market Presence
With operations spanning over 50 countries, Lakeland’s products are trusted worldwide. The company leverages a robust distribution network of over 2,000 global safety and industrial supply distributors. Key geographical markets include the United States, Europe, Latin America, Asia, and emerging regions like the Middle East and Southeast Asia. Lakeland’s inclusion in the Houston-Galveston Area Council (HGACBuy) program further solidifies its position as a preferred supplier for over 9,000 government entities, streamlining procurement for fire services and industrial safety products.
Strategic Growth and Competitive Edge
Lakeland’s growth strategy is anchored in organic expansion and strategic acquisitions. The company’s “head-to-toe” product offerings, combined with superior lead times and global certifications, provide a competitive edge. Acquisitions like Pacific Helmets and Jolly Scarpe have not only diversified its product portfolio but also strengthened its presence in key markets like Germany, Australia, and Hong Kong. Lakeland’s vertically integrated manufacturing model ensures quality control and cost efficiency, enhancing its ability to compete in a fragmented PPE market.
Commitment to Quality and Innovation
Known for its rigorous quality standards, Lakeland continuously invests in research and development to innovate its product lines. The company’s protective gear is meticulously designed to meet the demanding requirements of industries where safety is paramount. Its products are routinely specified for use in hazardous material handling, fire rescue operations, and critical healthcare settings.
Conclusion
Lakeland Industries stands as a cornerstone in the global protective apparel market, combining decades of expertise with a forward-thinking approach to safety and innovation. Its commitment to safeguarding lives and its strategic focus on high-growth segments like fire services position it as a trusted partner for industrial and public safety needs worldwide.
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.
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.
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