Lakeland industries, inc. reports preliminary fiscal 2022 fourth quarter and year end financial results

Disciplined pricing execution evidenced by gross margin of 39.2% and 43.0% for the fiscal fourth quarter and full year 2022, respectively new $5 million stock repurchase program announced on 4/13/2022 huntsville, al / accesswire / april 18, 2022 / lakeland industries, inc. (nasdaq:lake) (the "company" or "lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, today announced financial results for its fiscal 2022 fourth quarter and full year ended january 31, 2022. preliminary fiscal 2022 fourth quarter financial results highlights net sales declined 27% compared to 4q21 as covid-19 specific demand continued to abate and core demand from industrial markets and other segments continued to slowly return to pre-pandemic levels gross margin was 39.2%, largely in-line with our long-term target threshold of 40% despite one-time items and short-term headwinds as our product mix and sales dispersion across markets normalize to pre-pandemic levels net income of $0.5 million or $0.06 per basic common share in 4q22, down from $7.7 million or $0.97 per basic common share in 4q21 reflects shipments returning to pre-pandemic levels, investment in sales and marketing activities and near-term pressure on operating margins as pace of returning demand from industrial customers, most notably the oil and gas sector, lags decline in covid specific demand earnings before interest, taxes, depreciation, and amortization (ebitda)* of $2.2 million in 4q22, down 79% from $10.5 million in 4q21 completed $3.3 million of share repurchases during the quarter preliminary fiscal 2022 full year financial results highlights net sales for fiscal 2022 of $118.4 million, down from $159.0 million in fiscal 2021 as overall demand began to rebase from covid-19 induced spikes across 2021 and into early 2022 results.
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