RONKONKOMA, N.Y., Dec. 15, 2015 /PRNewswire/ -- Lakeland
Industries, Inc. (NASDAQ: LAKE) (the "Company"), 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 2016 third quarter ended
October 31, 2015.
![Lakeland Industries Logo. Lakeland Industries Logo.](http://photos.prnewswire.com/prnvar/20120611/NY21959LOGO)
For financial reporting presentation purposes, the operating
results in Brazil are excluded
from many of the statements in this announcement because the
Company's transfer of the stock of its Brazilian subsidiary has
resulted in discontinued operations accounting. Commencing with its
first fiscal quarter 2016 ended April 30,
2015, historical and future financial results from the
Brazilian operations are reflected as discontinued operations in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"). Discontinued operations accounting entails the
reclassification of all of the financial results of the
Brazil operations within the
consolidated financial results of the Company, and a restatement of
prior periods to reflect the same treatment. The global operations
of Lakeland Industries excluding Brazil are shown in financial reports as
continuing operations. All statements and information in this
announcement have been presented or are restated to exclude
Brazil, except where noted. On
July 31, 2015, the Company completed
a conditional closing of the transfer of all of the stock of its
then wholly-owned Brazilian subsidiary ("Lakeland Brazil"), to Zap
Comércio de Brindes Corporativos Ltda (the "Transferee"), a company
owned by an existing Lakeland Brazil manager. This transfer is
pursuant to a Shares Transfer Agreement entered into on
June 19, 2015. The transactions
contemplated by the Shares Transfer Agreement, which were deemed to
have been consummated as of July 31,
2015, were completed in October
2015. Pursuant to the Shares Transfer Agreement, the
Transferee has acquired all of the shares of Lakeland Brazil owned
by the Company.
Fiscal 2016 Third Quarter Financial Results Highlights (from
Continuing Operations, unless otherwise noted)
- Revenue Growth
- Sales of $24.9 million ("M") this
year increased 6% from $23.5M in the
comparable last year's quarter
- Margin Improvement and Expense Management
- Gross margin was 37.2%, compared to 34.9% last year.
- Operating expenses decreased by $0.9M and decreased as a percent of sales to 24%
from 29% last year
- Significant Increases in Operating Income, Adjusted EBITDA* and
Free Cash Flow
- Operating income increased to $3.2M from operating income of $1.3M last year.
- Operating income as a percentage of sales increased to 13% this
year vs. 5% last year
- Adjusted EBITDA this year was $3.6M vs. $2.8M
last year.
- Free cash flow (defined as adjusted EBITDA less cash paid for
taxes and less capital expenditures) increased from $2.2M last year to $3.0M this year
- Net Income Growth
- Third quarter net income of $2.1M
or $0.29 per share** this year vs a
loss of $(1.8) and $(0.29) per share last year
- Nine month net income of $7.9M or
$1.10 per share this year vs. a loss
of $(0.8)M and $(0.14) per share last year
- Balance Sheet Strength
- Cash and equivalents decreased by $0.8
M from the end of the second quarter to $4.3M at end of Q3FY16 with the payment of the
arbitration settlement of $3.4M
during Q3FY16 to settle the remaining arbitration debt.
- Current ratio improved by 25% from the beginning of the fiscal
year
- Book value per share at October 31,
2015 was $9.58, an increase of
3% from July 31, 2015
- Stockholders' equity increased by 9.7% from the beginning of
the fiscal year
*Includes non-GAAP measures – see table included herein for
reconciliation to GAAP measures
**All shares presented are Basic, unless otherwise noted.
Management's Comments
Christopher J. Ryan, President
and Chief Executive Officer of Lakeland Industries, stated, "We
delivered solid improvements across the board for our continuing
operations in the third quarter of fiscal 2016, which is a period
that is notable for being the closest we've had to a normalized
quarter in quite a long time. Absent were large one-time
charges, significant event-driven sales increases, aside from some
increased orders due to the Bird Flu crisis in the US, and
financial and capitalization modifications. More evident was
the leverage we have in our model and the investments we've made to
capture greater global market share given our unique operating
platform which we believe is a competitive advantage amid
persistent industry capacity constraints.
"We are very pleased with our performance in the third quarter
which for the most part did not contain a material event-driven or
crisis situation impact on sales that distorted year over year
comparisons. Third quarter fiscal 2016 sales in the US
increased by $1.7 million or 13% from
the prior year, $1.1 million of which
was due primarily to orders for protective apparel related to the
Company's response to the US bird flu, while in the fiscal 2015
period we benefited from Ebola-related sales of an estimated
$1.4 million in our US and European
businesses. On a consolidated basis, the Company's top line
grew by 6%, despite international revenues reported in US dollars
being weighed down by the strength of this currency against foreign
denominations and the devaluations of currencies in China, Chile
and the UK. International revenues were $10.2 million or 41% of total sales in the third
quarter of fiscal 2016, as compared with $10.5 million or 45% of total sales in the prior
year. Furthermore, our consolidated sales were impressive
given the cyclical and dramatic downturn of the oil and gas sector
which has represented nearly 5-10% of our total revenues
globally. As these trends moderate or reverse, we believe the
traction we have gained in the markets in which we operate
worldwide will further bolster our growth profile.
"Lakeland continues to benefit its international diversification
and broadening customer base from which we derive recurring
sales. We have proven our ability to deliver large quantities
of protective apparel in normal periods as well as during emergency
and crisis situations where there are global capacity
shortages. Over the last several quarters we implemented
strategies to enhance our marketing presence and scale
production. Now, we have the manufacturing capacity and
operational expertise to respond to market demand while improving
our profitability. As a result of higher volume, improved
gross margins and selling, general and administrative expenses
largely being fixed other than freight out and commissions as well
as overall cost control efforts, operating profit from continuing
operations increased to $3.2 million
for the third quarter from $1.3
million in the prior year. Operating income as a
percentage of sales increased to 13% this year as compared with 5%
last year.
"Last quarter, with our exit from Brazil, we set our sights on the
implementation of global organic growth initiatives, driving
sustainable long term profitability, and enhancing our overall
financial position. We continue to seek ways to strengthen
our management and sales teams while deploying information systems
and other capital investments to help respond to market demand and
maximize our resources. A great amount of effort has recently
been put toward online marketing campaigns to highlight and promote
Lakeland products as well as to develop two new products which
we'll be introducing in 2016. Amid these investments and
strategic spending, we are pleased to have reduced our total
liabilities nearly $8 million or 26%
since the beginning of the fiscal year. At the end of the
third quarter, our current ratio improved by 25% from the beginning
the fiscal year despite inventories rising to $43.5 million due to a lack of capacity in the
industry. We believed we have made solid progress this year
and are well positioned for continued long term improvements in all
facets of the business."
Operating Results
with 2014 Restated for Discontinued Operations
($ 000)
Reconciliation to
GAAP Results
|
|
|
|
Quarter Ended
October 31, 2015
|
Quarter Ended
October 31, 2014
|
Net sales from
continuing operations
|
$24,888
|
$23,543
|
Year over year
growth
|
5.7%
|
-----
|
Gross profit from
continuing operations
|
9,248
|
8,223
|
Gross profit
%
|
37.2%
|
34.9%
|
Operating expenses
from continuing operations
|
6,056
|
6,940
|
Operating expenses as
a percentage of sales
|
24.3%
|
29.5%
|
Operating income from
continuing operations
|
3,192
|
1,283
|
Operating income as a
percentage of sales
|
12.8%
|
5.4%
|
Interest expense from
continuing operations
|
183
|
511
|
Other (income)
expense from continuing operations
|
(7)
|
(2,245)
|
Pretax income (loss)
from continuing operations
|
3,002
|
(1,473)
|
Income tax expense
from continuing operations
|
882
|
282
|
Net income from
continuing operations
|
2,120
|
$(1,755)
|
Loss from
discontinued operations
|
-----
|
(745)
|
Net (loss) from
discontinued operations
|
-----
|
(745)
|
Net income
(loss)
|
$2,120
|
$(2,500)
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,234,914
|
5,951,613
|
Income (loss) per
share from continuing operations
|
$0.29
|
$(0.29)
|
Loss per share from
discontinued operations
|
$-----
|
$(0.13)
|
Income (loss) per
share
|
$0.29
|
$(0.42)
|
|
|
|
Operating income from
continuing operations
|
$3,192
|
$1,283
|
Depreciation and
amortization
|
232
|
276
|
Other income (loss)
from continuing operations
|
(7)
|
(2,245)
|
EBITDA from continuing
operations
|
3,417
|
(686)
|
Equity
Compensation
|
165
|
1,024
|
Severance and
recruiter charges in the USA
|
-----
|
103
|
Early extinguishment
of debt
|
-----
|
2,295
|
Adjusted
EBITDA
|
3,582
|
2,736
|
Cash paid for taxes
(foreign)
|
382
|
426
|
Capital
expenditures
|
241
|
157
|
Free cash
flow
|
$2,959
|
$2,153
|
Operating Results
with 2014 Restated for Discontinued Operations
($ 000)
Reconciliation to
GAAP Results
|
|
|
|
Nine-Months Ended
October 31, 2015
|
Nine-Months Ended
October 31, 2014
|
Net sales from
continuing operations
|
$79,172
|
$68,114
|
Year over year
growth
|
16.2%
|
-----
|
Gross profit from
continuing operations
|
30,322
|
22,165
|
Gross profit
%
|
38.3%
|
32.5%
|
Operating expenses
from continuing operations
|
18,211
|
18,226
|
Operating expenses as
a percentage of sales
|
23.0%
|
26.8%
|
Operating income from
continuing operations
|
12,111
|
3,939
|
Operating income as a
percentage of sales
|
15.3%
|
5.8%
|
Interest expense from
continuing operations
|
576
|
1,515
|
Other (income)
expense from continuing operations
|
9
|
(2,282)
|
Pretax income (loss)
from continuing operations
|
11,544
|
142
|
Income tax expense
from continuing operations
|
3,676
|
981
|
Net income (loss)
from continuing operations
|
7,868
|
(839)
|
Non-cash
reclassification of Other Comprehensive Income to
Statement of Operations with no
impact on stockholder's equity
|
(1,286)
|
-----
|
Loss from operations
from discontinued operations
|
(1,253)
|
(2,047)
|
Loss from disposal of
discontinued operations
|
(515)
|
-----
|
Loss before taxes for
discontinued operations
|
(3,054)
|
(2,047)
|
Income tax expense
(benefit) from discontinued operations
|
(569)
|
-----
|
Net (loss) from
discontinued operations
|
(2,485)
|
(2,047)
|
Net income
(loss)
|
$5,383
|
$(2,886)
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,148,430
|
5,933,229
|
Net income (loss) per
share from continuing operations
|
$1.10
|
$(0.14)
|
Net loss per share
from discontinued operations
|
$(0.35)
|
$(0.35)
|
Net income (loss) per
share
|
$0.75
|
$(0.49)
|
|
|
|
Operating income from
continuing operations
|
$12,111
|
$3,939
|
Depreciation and
amortization
|
704
|
851
|
Other (income)
expense from continuing operations
|
(24)
|
(2,193)
|
EBITDA from
continuing operations
|
12,791
|
2,597
|
Equity
Compensation
|
420
|
1,073
|
Inventory reserve in
USA and China – discontinued product lines raw material/finished
goods
|
-----
|
300
|
PA plant shutdown
costs
|
-----
|
235
|
Severance and
recruiter charges in the USA
|
-----
|
103
|
Early extinguishment
of debt
|
-----
|
2,295
|
Adjusted
EBITDA
|
13,211
|
6,603
|
Cash paid for taxes
(foreign)
|
1,377
|
1,098
|
Capital
expenditures
|
715
|
397
|
Free cash
flow
|
$11,119
|
$5,108
|
Lakeland Brazil Update -- Subsequent to the End of Fiscal 2016
Third Quarter
Labor Cases
In November
2015 the Company's former Brazilian subsidiary ("Lakeland
Brazil") settled a labor case (the "Lana dos Santos case") for
R$1 million or approximately US
$250,000 which approximates the
reserves on the books of the Company. Several other smaller cases
also were settled for immaterial amounts. The Company does
not anticipate any significant further charges for Labor
issues beyond what has been accrued.
VAT claims
The Brazilian economy has been faltering
since the execution of the Shares Transfer Agreement (relating to
the disposition of Lakeland Brazil) and has now reached a point
where the Federal Government and State Governments of Brazil alike are suffering revenue shortfalls
due to this decreased economic activity. As a
result, the State of Bahia in Brazil, where Lakeland Brazil has operations,
is now pursuing VAT cases extremely aggressively and has declared
an amnesty beginning November 1, 2015
and expiring December 18, 2015.
As previously disclosed by the Company, the Company may be
exposed to certain liabilities in connection with the prior
operations of Lakeland Brazil, including, without limitation, from
lawsuits pending in the labor courts of Brazil and VAT taxes. The Company entered into
a loan agreement on December 11, 2015
with Lakeland Brazil for the amount of nearly R$8.6 million (approximately US $2.3 million), for the purpose of providing funds
necessary for Lakeland Brazil settling the two largest outstanding
VAT claims with the State of Bahia. Settlement of the VAT
claims under amnesty would benefit the Company in that it
eliminates these large VAT claims, which the Company believes will
render the continued viability of Lakeland Brazil immaterial to
Lakeland Industries. It should also eliminate the possibility
of the transfer of the shares of Lakeland Brazil being
found fraudulent on the basis of evading VAT claims and would
subsequently eliminate the possibility of future encumbrance of the
real estate by the State of Bahia in connection with any VAT
claims. It is expected that Lakeland Brazil will complete the
amnesty agreement with the State of Bahia on or before December 18, 2015. US $250,000 in continuing business incentives
provided by the Company to Lakeland Brazil will be waived by
Lakeland Brazil as partial payment of the loan agreement.
The loan agreement provides for the following repayment
provisions:
- R$3.4 million (approximately US
$900,000) in VAT credits will become
available to Lakeland Brazil from the State of Bahia to be used
against future VAT payments. Lakeland Brazil has agreed to
pay amounts equal to this credit to the Company in accordance with
monthly sales volume.
- Lakeland Brazil will transfer
the rights to a judicial deposit on a tax claim to the
Company. There is a judicial deposit of R$3.0 (approximately US $800,000), however, Lakeland Brazil will continue
to make monthly deposits to the judicial account until the case is
ruled upon by the regional Supreme Court of Brazil or the deposit is fully funded.
Attorney success fee will be deducted before any disbursements to
the Company or Lakeland Brazil. While Lakeland Brazil's legal
representation pertaining to the tax claim anticipates a favorable
outcome, this counsel believes a resolution may take years to
reach.
- Credits of R$1.0 (approximately
US $275,000) relating to the above
case may be generated if and when the case is resolved.
Lakeland Brazil has agreed to pay amounts equal to this
credit to the Company in accordance with monthly sales volume.
- A minimum quarterly payment by Lakeland Brazil to the Company
of R$300,000 (approximately US
$80,000) will be required commencing
in October 2016.
The VAT loan agreement will be accounted for by the Company in
its fiscal 2016 fourth quarter ended January
31, 2016. The Company has not yet determined the
collectability or reserve needed in connection with the loan
agreement which will result in an additional charge to the loss on
disposal of discontinued operations. Any additional such losses
will be available as additional tax loss carryforwards to offset
cash taxes payable against future taxable income in the
USA.
Financial Results Conference Call
Lakeland will host a conference call at 4:30 pm eastern today to discuss the Company's
fiscal 2016 third quarter financial results. The call will be
hosted by Christopher J. Ryan,
Lakeland's President and CEO, and Teri W.
Hunt, Lakeland's Chief Financial Officer. Investors can
listen to the call by dialing 888-347-6609 (Domestic) or
412-902-4291 (International) or 855-669-9657 (Canada), Pass Code 10077364.
For a replay of this call through December 22, 2015, dial 877-344-7529 (Domestic)
or 412-317-0088 (International) or 855-669-9658 (Canada), Pass Code 10077364.
About Lakeland Industries, Inc.:
Lakeland Industries,
Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of
safety garments and accessories for the industrial protective
clothing market. The Company's products are sold by a direct
sales force and through independent sales representatives to a
network of over 1,000 safety and mill supply distributors. These
distributors in turn supply end user industrial customers such as
chemical/petrochemical, automobile, steel, glass, construction,
smelting, janitorial, pharmaceutical and high technology
electronics manufacturers, as well as hospitals and laboratories.
In addition, Lakeland supplies federal, state, and local government
agencies, fire and police departments, airport crash rescue units,
the Department of Defense, the Centers for Disease Control and
Prevention, and many other federal and state agencies. For
more information concerning Lakeland, please visit the Company
online at www.lakeland.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland's expectations of sources or uses for capital or
which express the Company's expectation for the future with respect
to financial performance or operating strategies can be identified
as forward-looking statements. As a result, there can be no
assurance that Lakeland's future results will not be materially
different from those described herein as "believed," "projected,"
"planned," "intended," "anticipated," "estimated" or "expected," or
other words which reflect the current view of the Company with
respect to future events. We caution readers that these
forward-looking statements speak only as of the date hereof.
The Company hereby expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company's expectations
or any change in events conditions or circumstances on which such
statement is based.
Non-GAAP Financial Measures
To supplement its
consolidated financial statements, which are prepared and presented
in accordance with Generally Accepted Accounting Principles (GAAP),
the Company uses the following non-GAAP financial measures: EBITDA,
Adjusted EBITDA and Free Cash Flow. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. The Company uses
these non-GAAP financial measures for financial and operational
decision making and as a means to evaluate period-to-period
comparisons. The Company believes that they provide useful
information about operating results, enhance the overall
understanding of past financial performance and future prospects,
and allow for greater transparency with respect to key metrics used
by management in its financial and operational decision making. The
non-GAAP financial measures used by the Company in this press
release may be different from the methods used by other
companies.
For more information on the non-GAAP financial measures, please
see the Reconciliation of GAAP to non-GAAP Financial Measures
tables in this press release. These accompanying tables
include details on the GAAP financial measures that are most
directly comparable to non-GAAP financial measures and the related
reconciliations between these financial measures.
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
October 31, 2015 and
January 31, 2015
|
|
|
|
ASSETS
|
October
31,
|
January
31,
|
|
2015
|
2015*
|
Current
assets
|
($000's)
|
($000's)
|
Cash and cash
equivalents
|
$4,288
|
$6,709
|
Accounts receivable,
net of allowance for doubtful accounts of $434 and
$484 at October 31, 2015 and January
31, 2015, respectively
|
14,566
|
13,277
|
Inventories, net of
reserves of $2,519 and $2,454 at October 31, 2015
and
January 31, 2015,
respectively
|
43,501
|
37,092
|
Deferred income
taxes
|
2,978
|
1,144
|
Assets of discontinued
operations in Brazil
|
-----
|
6,335
|
Prepaid VAT
tax
|
1,695
|
1,717
|
Other current
assets
|
2,818
|
2,361
|
Total current
assets
|
69,846
|
68,635
|
Property and
equipment, net
|
9,614
|
10,144
|
Assets held for
sale
|
1,101
|
-----
|
Deferred income tax,
noncurrent
|
9,700
|
13,101
|
Prepaid VAT and other
taxes
|
173
|
173
|
Security
deposits
|
94
|
113
|
Intangibles, prepaid
bank fees and other assets, net
|
118
|
171
|
Goodwill
|
871
|
871
|
Total
assets
|
$91,517
|
$93,208
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$7,417
|
$7,763
|
Accrued compensation
and benefits
|
817
|
1,120
|
Other accrued
expenses
|
1,738
|
1,462
|
Liabilities of
discontinued operations in Brazil
|
532
|
6,574
|
Current maturity of
long-term debt
|
50
|
50
|
Current maturity of
accrued arbitration award
|
-----
|
1,000
|
Short-term
borrowing
|
2,325
|
2,611
|
Borrowings under
revolving credit facility
|
8,391
|
5,642
|
Total current
liabilities
|
21,270
|
26,222
|
Accrued arbitration
award, less current portion
|
-----
|
2,870
|
Long-term portion of
Canada loan
|
747
|
800
|
Deferred taxes
long term
|
112
|
60
|
Total
liabilities
|
22,129
|
29,952
|
Stockholders'
equity
|
|
|
Preferred stock, $.01
par; authorized 1,500,000 shares
(none issued)
|
-----
|
-----
|
Common stock, $.01
par; authorized 10,000,000 shares,
Issued 7,597,355 and 7,414,037; outstanding 7,240,914
and 7,057,596
at October 31, 2015 and January 31,
2015, respectively
|
76
|
74
|
Treasury stock, at
cost; 356,441 shares at October 31, 2015 and January
31, 2015
|
(3,352)
|
(3,352)
|
Additional paid-in
capital
|
64,336
|
64,594
|
Retained
earnings
|
10,037
|
4,654
|
Accumulated other
comprehensive loss
|
(1,709)
|
(2,714)
|
Total stockholders'
equity
|
69,388
|
63,256
|
Total liabilities and
stockholders' equity
|
$91,517
|
$93,208
|
|
* Restated for
discontinued operations
Numbers may not add
due to rounding
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
Three and Nine Months
Ended October 31, 2015 and 2014
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
October
31,
|
October
31,
|
|
($000's)
except for share
information
|
($000's)
except for share
information
|
|
2015
|
2014*
|
2015
|
2014*
|
Net sales from
continuing operations
|
$24,888
|
$23,543
|
$79,172
|
$68,114
|
Cost of goods sold
from continuing operations
|
15,640
|
15,320
|
48,850
|
45,949
|
Gross profit from
continuing operations
|
9,248
|
8,223
|
30,322
|
22,165
|
Operating expenses
from continuing operations
|
6,056
|
6,940
|
18,211
|
18,226
|
Operating profit from
continuing operations
|
3,192
|
1,283
|
12,111
|
3,939
|
Other income (loss),
from continuing operations
|
(7)
|
(2,245)
|
9
|
(2,282)
|
Interest expense from
continuing operations
|
183
|
511
|
576
|
1,515
|
Income (loss) before
taxes from continuing operations
|
3,002
|
(1,473)
|
11,544
|
142
|
Income tax expense
from continuing operations
|
882
|
282
|
3,676
|
981
|
Net income (loss)
from continuing operations
|
$2,120
|
$(1,755)
|
$7,868
|
$(839)
|
|
|
|
|
|
Non-cash
reclassification of Other Comprehensive
Income to Statement of Operations (no
impact on
stockholder's equity)
|
$-----
|
$-----
|
$(1,286)
|
$-----
|
Loss from operations
from discontinued operations
|
-----
|
(745)
|
(1,253)
|
(2,047)
|
Loss from disposal of
discontinued operations
|
-----
|
-----
|
(515)
|
-----
|
Loss before taxes for
discontinued operations
|
-----
|
(745)
|
(3,054)
|
(2,047)
|
Income tax benefit
from discontinued operations
|
-----
|
-----
|
(569)
|
-----
|
Net loss from
discontinued operations
|
$-----
|
$(745)
|
$(2,485)
|
$(2,047)
|
Net income
(loss)
|
$2,120
|
$(2,500)
|
$5,383
|
$(2,886)
|
Net income (loss) per
common share – Basic:
|
|
|
|
|
Income (loss) from
continuing operations
|
$0.29
|
$(0.29)
|
$1.10
|
$(0.14)
|
Loss from
discontinued operations
|
$-----
|
$(0.13)
|
$(0.35)
|
$(0.35)
|
Net income
(loss)
|
$0.29
|
$(0.42)
|
$0.75
|
$(0.49)
|
Net income (loss) per
common share – Diluted:
|
|
|
|
|
Income (loss)
from continuing operations
|
$0.29
|
$(0.29)
|
$1.08
|
$(0.14)
|
Loss from discontinued
operations
|
$-----
|
$(0.13)
|
$(0.34)
|
$(0.35)
|
Net income
(loss)
|
$0.29
|
$(0.42)
|
$0.74
|
$(0.49)
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic
|
7,234,914
|
5,951,613
|
7,148,430
|
5,933,229
|
Diluted
|
7,300,435
|
5,951,613
|
7,235,252
|
5,933,229
|
|
*Restated for
discontinued operations
Numbers may not add
due to rounding
|
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SOURCE Lakeland Industries, Inc.