Stock Movements Activity: Lakeland Industries, Inc. (NASDAQ:LAKE)

Lakeland Industries, Inc. (NASDAQ:LAKE) changed -1.60% to recent value of $11.07. The stock transacted 15,437 shares during most recent day however it has an average volume of 13,185 shares. It spotted trading -22.46% off 52-week high price. On the other end, the stock has been noted 13.13% away from the low price over the last 52-weeks. The company has -0.50% shares outstanding and market value of 88.713M.
Lakeland Industries, Inc. (LAKE) recently reported financial results for its fiscal 2020 first quarter ended April 30, 2019.

Fiscal 2020 First Quarter Financial Results Highlights and Recent Developments

  • Net sales for FIRST QUARTERFY20 of $24.7M, contrast with FIRST QUARTERFY19 of $24.3M and FIRST QUARTERFY19 of $25.0M
  • Gross profit for FIRST QUARTERFY20 of $7.6M, contrast with FIRST QUARTERFY19 of $9.5M and FIRST QUARTERFY19 of $6.9M
  • Gross margin as a percentage of net sales in FIRST QUARTERFY20 was 30.6%, contrast to 39.0% in FIRST QUARTERFY19 and 27.7% in FIRST QUARTERFY19
  • Operating expenses of $7.9M in FIRST QUARTERFY20, up from $7.1M in FIRST QUARTERFY19 but down from $8.4M in FIRST QUARTERFY19
  • FIRST QUARTERFY20 sales, gross profit/margin and operating expenses were negatively influenced by enterprise resource planning (“ERP”) implementation and reflect substantial build-out of new manufacturing and fulfillment facilities in Vietnam and India during trailing 12-month period
  • Net loss of $(465,000) or $(0.06) per basic share for FIRST QUARTERFY20, contrast with net income of $1.9M or $0.23 per basic share in FIRST QUARTERFY19 and net loss of $(1.9)M or $(0.24) per basic share in FIRST QUARTERFY19
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)* of $269,000, as contrast to $2.7M in FIRST QUARTERFY19 and a loss of $(932,000) in FIRST QUARTERFY19
  • Capital expenditures for fiscal 2020 first quarter were $200,000 as contrast with about $300,000 in the fiscal 2019 period
  • Cash of $14.3M at end of FIRST QUARTERFY20, up from $12.8M at end of fiscal 2019
  • Total debt was $1,279,000 at end of FIRST QUARTERFY20, down from $1,319,000 at end of fiscal 2019
  • No shares were repurchased during the three-month period ended April 30, 2019

Fiscal 2020 First Quarter Financial Results

Net sales were $24.7M for the three months ended April 30, 2019, as contrast to $24.3M for the three months ended April 30, 2018 and $25.0M for the three months ended January 31, 2019. On a consolidated basis for the first quarter of fiscal 2020, domestic sales were $12.9M or 52% of total revenues and international sales were $11.8M or 48% of total revenues. This compares with domestic sales of $12.3M or 51% of the total, and internationals sales of $12.0M or 49% of the total in the same period of fiscal 2019.

The Company experienced sales growth domestically, despite delivery challenges associated with the ERP implementation, as well as in all operating regions in the Americas not including Mexico. Sales in Mexico were lower Because of a large, recurring consumer offer for FR garments that was before won and filled but has not been republished yet this year. Pricing pressure, from two of our major competitors and unfavorable foreign exchange currency translations negatively influenced sales in the UK and Europe as stated on a consolidated basis in US dollars. One of our major consumers in the Asia Pacific Region has made the decision to exit the protective clothing market in the region resulting in a modest reduction in sales in Asia/Pacific Rim.

Gross profit of $7.6M for fiscal 2020 first quarter declined from $9.5M for the same period of the previous year but raised from $6.9M in the fourth quarter of fiscal 2019. Gross profit as a percentage of net sales was 30.6% for fiscal 2020 first quarter, down from 39.0% a year ago and higher than 27.7% stated in the fourth quarter of fiscal 2019.

Gross margin in dollars and as a percentage of sales for the first quarter of fiscal 2020 as contrast to the previous year period reduced primarily because of a decline of 10 percentage points for products sold in the US which results from raised manufacturing expenses in China Because of raised labor costs and Vietnam start-up expenses, coupled with raised expenses across distribution and supply chain management associated with the implementation of the new ERP system. A more competitive pricing environment as contrast to a year ago and product mix variations also contributed to the financial performance. As contrast to the fourth quarter of fiscal 2019 on a sequential basis, the improvements in both gross margin in dollars and as a percentage of sales reflects progress in reducing costs from their more recent elevated levels and higher consolidated global sales.

LAKE switched up -6.07% 20-Days Simple Moving Average, dropped -8.27% from 50-Days Simple Moving Average and fell -7.53% from 200 Days Simple Moving Average, its monthly performance is -6.90% and a quarterly performance of -2.35%

Leave a Reply

Your email address will not be published. Required fields are marked *