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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.

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