Lakeland industries, inc. reports fiscal 2021 fourth quarter and year end financial results

- annual revenues increase for fourth consecutive year as fiscal 2021 sales reach record $159 million, up 47% from 2020, primarily from covid 19-related demand - net income for fiscal 2021 increases 970% driven by operating leverage - revenues from international markets continue to outpace domestic growth - performance bolstered by sustainable improvements from: technology implementation increased market penetration inventory and manufacturing production management continuing sku rationalization - cash jumps $38 million in fiscal 2021, ending year at $52.6 million with no debt decatur, al / accesswire / april 15, 2021 / lakeland industries, inc. (nasdaq:lake) (the "company" or "lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced financial results for its fiscal 2021 fourth quarter and full year ended january 31, 2021. fiscal 2021 fourth quarter financial results highlights net sales for 4q21 of $36.9 million, up 31% as compared with 4q20 of $28.2 million gross profit for 4q21 of $18.1 million, up 71% as compared with $10.6 million in 4q20 gross margin as a percentage of net sales in 4q21 was 48.9%, compared to 37.7% in 4q20 operating expenses of $8.8 million in 4q21, down from $8.9 million in 4q20 operating profit of $9.3 million in 4q21, up 447% from $1.7 million in 4q20 net income of $7.9 million or $0.99 per basic common share in 4q21, up from $1.2 million or $0.15 per basic common share in 4q20 earnings before interest, taxes, depreciation, and amortization (ebitda)* of $10.3 million in 4q21, up 348% from $2.3 million in 4q20 capital expenditures for 4q21 of $0.4 million, up from $0.3 million in 4q20 fiscal 2021 full year financial results highlights net sales for fiscal 2021 of $159.0 million, up from $107.8 million in fiscal 2020 fiscal 2021 sales include an estimated $48 million to $56 million (30% to 35%) of demand related to covid 19, up from $1 million in fiscal 2020 gross profit for fiscal 2021 of $79.3 million, as compared with $37.9 million in fiscal 2020 gross margin as a percentage of net sales in fiscal 2021 was 49.8%, up from 35.2% in fiscal 2020 operating expenses of $35.4 million in fiscal 2021, up from $32.0 million in fiscal 2020 operating profit of $43.9 million in fiscal 2021, up from $5.9 million in fiscal 2020 net income for fiscal 2021 of $35.1 million or $4.40/$4.31 per basic/diluted share compares with fiscal 2020 net income** of $3.3 million or $0.41 per basic/diluted share adjusted ebitda* of $47.5 million for fiscal 2021, up from $7.1 million in fiscal 2020 capital expenditures for fiscal 2021 were $1.7 million, up from $1.0 million in fiscal 2020 cash of $52.6 million at 1/31/21, up from $14.6 million at beginning of the fiscal year current ratio improves to 8.0:1 at 1/31/21, up 26% from 1/31/20 no debt at 1/31/21, down from $1.2 million at beginning of fiscal year stockholders' equity at the end of fiscal 2021 increased by $37.8 million or 44% to $122.9 million from $85.1 million at the beginning of fiscal year operational highlights sustainable improvement initiatives investments in digital transformation: erp, crm and it systems vietnam and india manufacturing capacity increased new product development targeting higher margin niche markets improved working capital and cash management leadership team strengthened christopher j.
LAKE Ratings Summary
LAKE Quant Ranking