This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lakeland Industries, Inc. Reports Earnings Per Share Increase Of 67% For The Fiscal 2010 Fourth Quarter

Lakeland Industries, Inc. (NASDAQ: LAKE) today announced financial results for its fourth quarter and full fiscal year 2010 ended January 31, 2010.

Financial Results Highlights and Recent Company Developments

  • Achieves milestone of 18th consecutive year of profitability
  • EPS of $.20 for 4Q10 represents best fourth quarter in three fiscal years
  • 4Q10 revenue increased 11.5% over 4Q09, reversing a year-long trend
  • 4Q10 sales from outside the U.S. as a percentage of consolidated sales increased by 25% over 4Q09 to 39.1% of total sales
  • Operating profits reported by new divisions in Brazil and China; India sales growth gaining traction
  • Cash balances growing outside U.S.
  • Reduced bank debt by $4.7 million in 4Q10 and by 61% in fiscal 2010 to end year at $9.5 million
  • Secured new $23.5 million revolving line of credit in January 2010; paid off previous bank debt
  • Reduced inventory by $18.3 million or 32%

Fourth Quarter Fiscal Year 2010 Financial Results

Net Sales. Net sales were $24.8 million in the fourth quarter of 2010, an increase of 11.5% from $22.3 million in the comparable 2009 period, and an increase of 11.5% as compared to revenues of $22.3 million in the third quarter of 2010. The year-over-year increase in revenue was mainly a result of a 38.4% increase in revenue from Brazil, along with strong growth in Chile and the UK, and modest increases from India and China. Domestic revenues were $15.1 million in the fourth quarter of 2010, a 1.5% decline from $15.4 million in the prior year period, but an increase of 5.6% from $14.3 million in the third quarter of fiscal 2010. International revenues were $9.7 million in the 2010 fourth quarter, an increase of 40.4% from $6.9 million in the 2009 period and an increase of 21.3% from $8.0 million in the third quarter of fiscal 2010. As a percentage of 4QFY10 consolidated sales, international revenues accounted for 39%, an increase from 31% for the same period of fiscal 2009, and domestic revenues accounted for 61%, a decrease from 69% in the 2009 period.

International growth was led by sales at Qualytextil, representing the Company’s operations in Brazil, which had fourth quarter revenues of $4.0 million, an increase from $2.9 million in 4QFY09 and $3.4 million in 3QFY10. Comparing regional revenues in 4QFY10 with 4QFY09, Chile sales increased 45.9% to $0.4 million, UK sales increased by 50% to $1.1 million, Canada sales decreased by 13% to $1.0 million, and China external sales increased by 29.0% to $2.3 million. Domestic revenues reflect a 6.6% increase in 4QFY10 disposable product sales as compared with the same quarter of 2009, offset in part by somewhat softer sales of reflective and other product categories, but a 22% decrease for the full year due to challenging business conditions and an extremely competitive pricing environment.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs