RONKONKOMA, N.Y., April 21, 2016 /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 fourth quarter and
full year ended January 31, 2016.
![Lakeland Industries Logo. (PRNewsFoto/Lakeland Industries, Inc.) Lakeland Industries Logo. (PRNewsFoto/Lakeland Industries, Inc.)](https://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, Inc. 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 a then 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 Financial Results Highlights
"FROM CONTINUING OPERATIONS, UNLESS
OTHERWISE NOTED"
- Revenue Growth
- Consolidated sales increased for third consecutive year,
despite currency headwinds in fiscal 2016 versus fiscal 2015 which
significantly reduced revenues which are reported on a consolidated
GAAP basis in US dollars
- Sales of $99.6 million ("M") this
year increased 7% from $93.4M in the
prior year driven by organic growth in the first three quarters of
fiscal 2016 and emergency demand earlier in the year
- Fourth quarter sales declined by 19% from same period last year
amid the absence of emergency Ebola-related orders, global economic
headwinds and the devaluation of foreign currencies against the US
dollar
- Margin Improvement and Expense Management
- Gross margin for the year was 36.5% compared to 33.9% last
year
- Fourth quarter 2016 gross margin was 29.4%, reflecting lower
sales volume and the absence of higher margin emergency orders
- Operating expenses decreased by $0.2M and decreased as a percent of sales to 25%
from 26% last year
- Fourth quarter operating expenses decreased $0.2M from the prior year period as the Company
controlled costs while investing in the implementation of growth
strategies, including sales and marketing expansion initiatives,
new product development, and enterprise planning systems
- Significant Increases in Operating Income, Adjusted EBITDA* and
Free Cash Flow
- Operating income increased to $11.8M from operating income of $7.0M last year
- Operating income as a percentage of sales increased to 11.9%
this year vs. 7.5% last year
- Free cash flow (defined as adjusted EBITDA less cash paid for
taxes and less capital expenditures) increased from $7.4M last year to $10.8M this year
- Fourth quarter free cash flow declined to ($0.4)M from $2.3M
last year
- Net Income
- Fiscal 2016 net income of $7.8M
declined from $11.1M last year
- Year over year decline in net income primarily reflects the
income tax benefit in fiscal 2015 associated with the Brazil worthless stock deduction of
approximately $34M translating into
an approximate $9.5M tax credit
recorded as part of the Company's exit from Brazil
- Fourth quarter net loss of ($0.1)M as compared to net income of $11.9M in the same period of the prior year as a
result of the $9.5M tax credit
associated with the $34M net
operating loss in Brazil in the
prior year period and low sales volume in FY16
- Balance Sheet Strength
- Total liabilities/debt declined for third consecutive year
- Cash and equivalents increased by $0.3M from the end of fiscal 2015 to $7.0M at end of fiscal 2016
- Uses of cash during fiscal 2016 include payments of arbitration
settlement of $3.8M and VAT tax
liability of $2.3M as part of the
Company's exit from Brazil
- Current ratio improved by 22% from the beginning of the fiscal
year
- Book value per share at January 31,
2016 was $9.31, an increase of
3.8% from January 31, 2015
- Stockholders' equity increased by 6.7% from the beginning of
the fiscal year
*Includes non-GAAP measures – see table included herein for
reconciliation to GAAP measures
Management's Comments
Christopher J. Ryan, President
and Chief Executive Officer of Lakeland Industries, stated, "We are
pleased to have delivered our third consecutive year of revenue
growth, which is notable in light of a very challenging end to
fiscal 2016. Although we were profitable in fiscal year 2015 and
the first three quarters of fiscal 2016, we suffered a loss of
($0.1) million for continuing
operations in the fourth quarter of the latter year due to the
global sharp economic slowdown in the energy sector affecting our
sales in the USA, Mexico, Russia and Kazakhstan, the strengthening of the US dollar
against the foreign currencies for the countries in which we
operate, and the apparent working down of inventories throughout
the supply chain and end customers. This scenario as well as the
absence of Ebola and bird flu-related demand in the fiscal 2016
fourth quarter made our year-over-year comparable for the period
quite uneven. Lastly, the US manufacturing sector has
declined for the last six months due to what we believe is a
response to the high US dollar.
"Considerable progress has been made at several of our country
operations despite the challenging economic and currency
conditions. Domestic sales increased to $56.5 million from $50.1
million, driven by organic growth in the first three
quarters of fiscal 2016 and emergency demand earlier in the year.
In the UK, sales rebounded in the fourth quarter from a lower level
in the third quarter as end user inventories from earlier in the
year were wound down. In China, however, the declining economic growth
has led to reduced revenues overall with pockets of strength for
specialized FR product and cold weather suits, a relatively new
line.
"The Company's performance improvements have been driven in
large part by the increased sales of Lakeland branded products and,
more noticeably in early fiscal 2016, of Ebola and bird flu-related
sales of chemical and disposables products which we view as
non-recurring in nature. Current economic challenges
notwithstanding, we are gaining traction globally for our branded
products, particularly for our expanding disposable, chemical and
flame retardant garment lines. Regardless of the overall market's
growth and any continued economic uncertainties, we see a
substantial opportunity in converting customers to Lakeland
products.
"Over the past few years, we delivered impressively on the
execution of turnaround strategy to regain domestic market share as
distributors and end users were transitioned to our own branded
products which were manufactured using independently sourced
materials. These results are expected to continue domestically,
particularly given the industry capacity constraints in the
market. This experience and sharpened acumen will aid us as
we deploy a similar approach internationally. We have aggressively
been applying those lessons learned and successes to the broader
international market in order to fully leverage our market
diversification, minimize the effects of lagging markets and invest
in additional marketing, operational, and technical resources to
markets that present the greatest growth potential. The
harmonization of systems and services globally are expected to
improve Lakeland's agility so that we can fully realize the benefit
of our market and product diversity. We have made key
additions to our international management team and are beginning to
benefit from their impact. Key examples include the creation of a
new head of country operations for Australia and New
Zealand, two markets where we have had a limited presence to
date, who is off to a great start, and the sales rebound in the UK,
one of our more established regions, that followed the
implementation of organizational improvements modeled after our
domestic turnaround.
"In all of our lines and geographic markets, our competitive
presence is being felt by the industry. Lakeland has proven
time and again that we can ramp production, produce high quality
garments at multiple price points, and deliver products globally as
needed. In turn, our reputation has positioned us a beneficiary for
when emergency quantities of protective apparel are needed during
times of crisis. While we can't predict when these orders will
materialize, we have seen a significant positive contribution to
our sales and profits when a crisis occurs, which seems to happen
about every two to three years.
"Along with our top line growth strategies, we have ardently
been managing our expenses and investing in ways to drive future
costs lower and otherwise maximize our profitability. As a result
and inclusive of the fourth quarter in which we were negatively
impacted by issues outside of our control, our consolidated
operating income for continuing operations for the year was
$11.8 million as compared to
$7.0 million in the prior year.
This reflects a one percentage point decrease in annual operating
expenses even though we continue to make select investments in our
global platform. In light of current economic conditions and
steps taken to increase our productivity and further leverage our
global workforce, in the first quarter of fiscal 2017 ending
April 30, 2016 we reduced US payroll
by over $1.0 million on an annualized
basis.
"We view our business over the long term and have been investing
to deliver improved performance across the board. In addition
to additional spending on information technology and systems for
improved business decision making for sales forecasting and
inventory management, in the fourth quarter of fiscal 2016 we felt
comfortable with our business outlook and strengthened balance
sheet to remove future risks associated with our exit from
Brazil. We spent approximately
$6 million, in cash, to satisfy the
payoff of the arbitration settlement and resolve a VAT tax
liability. With the benefit of our full year results and solid cash
flow generation, we ended the year with cash and equivalents
increasing by 4% from the end of the prior year, and reduced our
debt and total liabilities for the third consecutive year. It
has been another productive year for Lakeland Industries and we
look forward to the many opportunities that lie ahead."
Lakeland Brazil Update for Developments During the Fourth
Quarter of Fiscal 2016
Labor Cases
As previously disclosed, 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$272,000 which approximated 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 Brazilian
labor issues beyond what has been accrued.
VAT claims
The State of Bahia in Brazil
declared an amnesty beginning November 1,
2015 and expiring December 18,
2015. As previously disclosed, 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
Lakeland owned real estate by the State of Bahia in connection with
any VAT claims. Lakeland Brazil
completed the amnesty agreement with the State of Bahia on
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 million (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 million
(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 has been accounted for by the Company in
its fiscal 2016 fourth quarter ended January
31, 2016. The Company has determined the amount of
collectability to be doubtful and therefore reserved the full
amount of the loan ($2.3M) as a loss
on disposal of discontinued operations, as mentioned above.
Financial Results Conference Call
Lakeland will host a conference call at 4:30 pm eastern today to discuss the Company's
fiscal 2016 fourth quarter and full year 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
10083279.
For a replay of this call through April
28, 2016, dial 877-344-7529 (Domestic) or 412-317-0088
(International) or 855-669-9658 (Canada), Pass Code 10083279.
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 1,200 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.
Operating Results as
Restated for Discontinued Operations ($000)
Reconciliation to
GAAP Results
|
|
Quarter Ended
January 31, 2016
|
Quarter Ended
January 31, 2015
|
Net sales from
continuing operations
|
$20,473
|
$25,306
|
Year over year
growth
|
(19.1)%
|
-----
|
Gross profit from
continuing operations
|
6,010
|
9,533
|
Gross profit
%
|
29.4%
|
37.7%
|
Operating expenses
from continuing operations
|
6,310
|
6,512
|
Operating expenses as
a percentage of sales
|
30.8%
|
25.7%
|
Operating income from
continuing operations
|
(300)
|
3,021
|
Operating income as a
percentage of sales
|
(1.5)%
|
11.9%
|
Interest expense from
continuing operations
|
208
|
172
|
Other expense from
continuing operations
|
29
|
93
|
Pretax income (loss)
from continuing operations
|
(537)
|
2,756
|
Income tax expense
(benefit) from continuing operations
|
(459)
|
(9,169)
|
Net income from
continuing operations
|
$(78)
|
$11,925
|
Loss from
discontinued operations
|
(2,286)
|
(790)
|
Loss before taxes for
discontinued operations
|
(2,286)
|
(790)
|
Income tax benefit
from discontinued operations
|
(834)
|
(149)
|
Net loss from
discontinued operations
|
(1,452)
|
(641)
|
Net income
(loss)
|
$(1,529)
|
$11,284
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,241,802
|
7,048,357
|
Net (loss) income per
share from continuing operations
|
$(0.01)
|
$1.69
|
Net loss per share
from discontinued operations
|
$(0.20)
|
$(0.09)
|
Net income (loss) per
share
|
$(0.21)
|
$1.60
|
|
|
|
Operating (loss)
income from continuing operations
|
$(300)
|
$3,021
|
Depreciation and
amortization
|
284
|
257
|
Other expense from
continuing operations
|
29
|
93
|
EBITDA from continuing
operations
|
13
|
3,371
|
Equity
Compensation
|
165
|
130
|
Adjusted
EBITDA
|
178
|
3,501
|
Cash paid for taxes
(foreign)
|
449
|
665
|
Capital
expenditures
|
125
|
541
|
Free cash
flow
|
$(396)
|
$2,295
|
Operating Results as
Restated for Discontinued Operations ($ 000)
Reconciliation to
GAAP Results
|
|
Twelve Months
Ended
January 31, 2016
|
Twelve Months
Ended
January 31, 2015
|
Net sales from
continuing operations
|
$99,646
|
$93,419
|
Year over year
growth
|
6.7%
|
-----
|
Gross profit from
continuing operations
|
36,333
|
31,698
|
Gross profit
%
|
36.5%
|
33.9%
|
Operating expenses
from continuing operations
|
24,521
|
24,737
|
Operating expenses as
a percentage of sales
|
24.6%
|
26.5%
|
Operating income from
continuing operations
|
11,812
|
6,961
|
Operating income as a
percentage of sales
|
11.9%
|
7.5%
|
Interest expense from
continuing operations
|
785
|
1,688
|
Other expense from
continuing operations
|
(120)
|
(2,375)
|
Pretax income from
continuing operations
|
10,907
|
2,898
|
Income tax expense
(benefit) from continuing operations
|
3,117
|
(8,188)
|
Net income from
continuing operations
|
7,790
|
11,086
|
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
|
(3,538)
|
(2,836)
|
Loss from disposal of
discontinued operations
|
(515)
|
-----
|
Loss before taxes for
discontinued operations
|
(5,339)
|
(2,836)
|
Income tax expense
(benefit) from discontinued operations
|
(1,403)
|
(149)
|
Net loss from
discontinued operations
|
(3,936)
|
(2,687)
|
Net income
|
$3,854
|
$8,399
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,171,965
|
6,214,303
|
Net income per share
from continuing operations
|
$1.09
|
$1.78
|
Net loss per share
from discontinued operations
|
$(0.55)
|
$(0.43)
|
Net income per
share
|
$0.54
|
$1.35
|
|
|
|
Operating income from
continuing operations
|
$11,812
|
$6,961
|
Depreciation and
amortization
|
987
|
1,109
|
Other expense from
continuing operations
|
120
|
2,375
|
EBITDA from continuing
operations
|
12,919
|
10,445
|
Equity
Compensation
|
585
|
1,203
|
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
|
-----
|
112
|
Early extinguishment
of debt
|
-----
|
(2,295)
|
Adjusted
EBITDA
|
13,504
|
10,000
|
Cash paid for taxes
(foreign)
|
1,826
|
1,763
|
Capital
expenditures
|
840
|
875
|
Free cash
flow
|
$10,838
|
$7,362
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
For the Years Ended
January 31, 2016 and 2015 (UNAUDITED)
|
|
ASSETS
|
January
31,
|
January
31,
|
|
2016
|
2015*
|
Current
assets
|
($000's)
|
($000's)
|
Cash and cash
equivalents
|
$7,022
|
$6,709
|
Accounts receivable,
net of allowance for doubtful accounts of $593 and $448 at January
31, 2016 and January 31, 2015, respectively
|
11,476
|
13,277
|
Inventories, net of
reserves of $2,566 and $2,454 at January 31, 2016 and January 31,
2015, respectively
|
40,841
|
37,092
|
Deferred income
taxes
|
1,555
|
1,144
|
Assets of discontinued
operations in Brazil
|
-----
|
6,335
|
Prepaid VAT
tax
|
1,143
|
1,717
|
Other current
assets
|
1,635
|
2,361
|
Total current
assets
|
63,672
|
68,635
|
Property and
equipment, net
|
9,268
|
10,144
|
Assets held for
sale
|
1,101
|
-----
|
Deferred income tax,
noncurrent
|
12,783
|
13,101
|
Prepaid VAT and other
taxes
|
377
|
173
|
Security
deposits
|
93
|
113
|
Intangibles, prepaid
bank fees and other assets, net
|
95
|
171
|
Goodwill
|
871
|
871
|
Total
assets
|
$88,260
|
$93,208
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$4,254
|
$7,763
|
Accrued compensation
and benefits
|
1,157
|
1,120
|
Other accrued
expenses
|
1,575
|
1,462
|
Liabilities of
discontinued operations in Brazil
|
238
|
6,574
|
Current maturity of
long-term debt
|
50
|
50
|
Current maturity of
accrued arbitration award
|
-----
|
1,000
|
Short-term
borrowing
|
3,226
|
2,611
|
Borrowings under
revolving credit facility
|
9,458
|
5,642
|
Total current
liabilities
|
19,958
|
26,222
|
Accrued arbitration
award, less current portion
|
-----
|
2,870
|
Long-term portion of
Canada loan
|
691
|
800
|
VAT taxes payable
long term
|
95
|
60
|
Total
liabilities
|
20,744
|
29,952
|
Stockholders'
equity
|
|
|
Preferred stock, $0.01
par; authorized 1,500,000 shares (none issued)
|
-----
|
-----
|
Common stock, $.01
par; authorized 10,000,000 shares,
Issued
7,610,603 and 7,414,037; outstanding 7,254,162 and 7,057,596 at
January 31, 2016
and January 31, 2015,
respectively
|
76
|
74
|
Treasury stock, at
cost; 356,441 shares at January 31, 2016 and January 31,
2015
|
(3,352)
|
(3,352)
|
Additional paid-in
capital
|
64,468
|
64,594
|
Retained
earnings
|
8,508
|
4,654
|
Accumulated other
comprehensive loss
|
(2,184)
|
(2,714)
|
Total stockholders'
equity
|
67,516
|
63,256
|
Total liabilities and
stockholders' equity
|
$88,260
|
$93,208
|
|
|
|
* Restated for
discontinued operations
|
|
|
Numbers may not add
due to rounding
|
|
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
Years
Ended
|
|
January
31,
|
|
2016
|
2015*
|
|
|
|
Net sales from
continuing operations
|
$99,646
|
$93,419
|
Cost of goods sold
from continuing operations
|
63,313
|
61,721
|
Gross profit from
continuing operations
|
36,333
|
31,698
|
Operating expenses
from continuing operations
|
24,521
|
24,737
|
Operating profit from
continuing operations
|
11,812
|
6,961
|
Other income (loss),
net from continuing operations
|
(120)
|
(2,375)
|
Interest expense from
continuing operations
|
(785)
|
(1,688)
|
Income before taxes
from continuing operations
|
10,907
|
2,898
|
Income tax expense
(benefit) from continuing operations
|
3,117
|
(8,188)
|
Net income from
continuing operations
|
$7,790
|
$11,086
|
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
|
(3,538)
|
(2,836)
|
Loss from disposal of
discontinued operations
|
(515)
|
-----
|
Loss before taxes for
discontinued operations
|
(5,339)
|
(2,836)
|
Income tax benefit
from discontinued operations
|
(1,403)
|
(149)
|
Net loss from
discontinued operations
|
$(3,936)
|
$(2,687)
|
Net income
|
$3,854
|
$8,399
|
Net income per common
share – Basic:
|
|
|
Income from continuing
operations
|
$1.09
|
$1.78
|
Loss from
discontinued operations
|
$(0.55)
|
$(0.43)
|
Net income
|
$0.54
|
$1.35
|
Net income per common
share – Diluted:
|
|
|
Income from continuing
operations
|
$1.07
|
$1.75
|
Loss from discontinued
operations
|
$(0.54)
|
$(0.42)
|
Net income
|
$0.53
|
$1.33
|
Weighted average
common shares outstanding:
|
|
|
Basic
|
7,171,965
|
6,214,303
|
Diluted
|
7,254,340
|
6,325,525
|
|
|
|
*Restated for
discontinued operations
|
|
|
Numbers may not add
due to rounding
|
|
|
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SOURCE Lakeland Industries, Inc.