Lakeland Industries, Inc. (NASDAQ:LAKE) reported second quarter earnings of 17 cents per share, up from 12 cents per share year-over-year. Adjusted EBIDTA came in at $2.6 million, up from $2.1 million in the same quarter of last year. Sales came in at $27.732 million, beating estimates by $2.25 million.
The Ronkonkoma, New York-based company prides itself on being a "leading global manufacturer of protective clothing for industry, health-care and to first responders on the federal, state and local levels."
Net sales for Q2FY20 of $27.5 million, compared with Q2FY19 of $25.6 million and Q1FY20 of $24.7 million. Gross profit for Q2FY20 of $10.4 million, compared with Q2FY19 of $9.2 million and Q1FY20 of $7.6 million
CEO Christopher Ryan stated, "We delivered solid financial and operating performance progress in the second quarter of fiscal 2020. Quarterly revenues reached the highest level in Company history due in large part to filling backlog orders when not including sales relating to emergency demand.
"Sales increased across a wide array of product groups, including disposable garments, chemical suits, fire retardant products and high visibility apparel. These products can be made from several of our manufacturing locations around world with diversified supply chains to support our low-cost production practices."
Cash on hand totaled $9.1 million at end of Q2FY20, down from $12.8 million at end of fiscal 2019, primarily resulting from increased inventories which reflect higher overall sales volume, the scaling up of manufacturing activities in Vietnam, and fulfillment of orders that had been backlogged due to prior delays in connection with ERP implementation
Shares galloped $1.25, or 12.1%, to $11.60
