RONKONKOMA, N.Y., Dec. 14, 2016 /PRNewswire/ -- 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 2017 third
quarter ended October 31, 2016.
![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. 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 2017 Third Quarter Financial Results
Highlights
"FROM CONTINUING OPERATIONS, UNLESS OTHERWISE
NOTED"
- Consolidated revenues of $23.2
million increased 4% from $22.3
million in second quarter of fiscal 2017 and grew by nearly
14% from $20.4 million in first
quarter of fiscal 2017
- Net income increased to $1.5
million from $1.4 million in
second quarter of fiscal 2017 and breakeven in first quarter
- Decline in year-over-year revenues and net income reflects
emergency demand in the prior year that was absent this year, the
global economic slowdown particularly for the oil and gas sector,
and currency declines in fiscal 2017 as compared to same period in
fiscal 2016 which reduces revenues reported on a consolidated GAAP
basis in U.S. dollars
- Gross margin as a percentage of sales in 3Q17 was 37.0%, flat
with the same period of the prior year despite lower revenues and
no contribution for sales of higher margin emergency demand orders
this year; 3Q17 gross margin increased by 1 percentage point as
compared with the average of 36.0% for the first two quarters of
fiscal 2017
- Consolidated gross profit for 3Q17 of $8.5 million declined from $9.2 million in the prior year on lower volume
and absence of higher margin emergency product orders but increased
from the average of $7.7 million for
the first two quarters of fiscal 2017
- Strengthening of financial performance, global brand and unique
operating platform paved the way for the hiring of 7 new direct
salespeople during 3Q17, including 3 in the U.S. and 4 in new Asian
markets
- Operating expenses of $6.3
million increased modestly from $6.1
million in the prior year and was flat compared with the
average for the first two quarters of fiscal 2017
- Operating expenses as a percentage of sales was 27.0% in 3Q17,
down from 24.3% in 3Q16 when revenues benefited from emergency
demand, but lower than the average of 29.6% for the first two
quarters of fiscal 2017
- Positive cash flow from operations brings cash at end of
quarter to $8.5 million from
$7.9 million at July 31, 2016 and $7.0
million at beginning of fiscal year
- Debt reduction in third quarter equals amount paid down in the
first half of the fiscal year
- Debt at October 31, 2016 was
$6.8 million, a reduction of
$3.4 million or 33% from $10.2 million at July 31,
2016 and lower by $6.6 million
or nearly 50% from $13.4 million at
the beginning of the fiscal year
- No stock acquired as part of $2.5
million stock repurchase program authorized in the quarter
ended July 31, 2016
Management's Comments
Christopher J. Ryan, President
and Chief Executive Officer of Lakeland Industries, stated, "The
Company's financial performance in the fiscal 2017 third quarter
ended October 31, 2016 reflects the
strategic advantages of our unique operating platform and our
ability to generate solid cash flow from operations. Although
there are some challenges throughout our global operating
footprint, we have seen continued momentum in our business on a
consolidated global basis that began at the start of this fiscal
year.
"Among our challenges, we note that our quarterly financial
performance progress in fiscal 2017 may be seen as less remarkable
when compared to year earlier periods. This has been the case
for the first three quarters of fiscal 2017, following the first
nine months of fiscal 2016 which benefited from higher margin
product orders stemming from the Ebola outbreak impacting many
countries and spates of bird flu in North America.
Compounding these negative optics are the foreign currency exchange
rates amid a strong U.S. dollar and oil prices. Currency
declines in fiscal 2017 as compared to fiscal 2016 reduces revenues
as reported on a consolidated GAAP basis in U.S.
dollars even though our volume sales were higher for many of the
countries in which we do business. Finally, the oil and gas
sector remains a drag on our business so long as prices are at or
below $50 per barrel of oil. Oil
prices have worked against us for most of fiscal 2017.
"While these challenges are a function of our business and
marketplace and not necessarily self-inflicted, we have made
impressive progress and have been investing to position the Company
for continued long term growth. Key components of our growth
plan were executed upon in the third quarter. Manufacturing
capabilities have been bolstered by a new pilot program in
India and increased capacity in
Mexico to further supplement our
large base in China. Leveraging our global production
footprint, we entered four new geographic markets, including
South Korea, Indonesia, Malaysia and Vietnam. We have added to
our direct sales force with hiring of experienced personnel in
these countries, as well as adding three new salespeople in the
U.S. Contributions to our revenues in the third quarter are
minimal for these new additions but they have increased our
operating expenses, which is in large part why our spending in the
quarter picked up from earlier periods. Our expansion of
facilities, markets and sales personnel are calculated initiatives
intended to drive revenues and profits next year and beyond.
"Meanwhile, we remain vigilant in managing our cost basis and
maximizing the generation of cash flow from operations. No
better measures of our progress can be found than in debt reduction
and working capital improvements. Through the first nine
months of this fiscal year, we had net cash provided by operations
of $8.2 million, a significant
reversal from the $3.9 million used
in operating activities in the same period of the prior year.
Inventory management was a key component of our cash flow, with
inventories reduced by nearly $4.3
million in the fiscal year to date. Cash at
October 31, 2016 was $8.5 million, up from $7.9
million at the end of the second quarter and $7.0 million at the beginning of the fiscal
year. The increases in cash balances are impressive since we
have been simultaneously reducing our debt. In the third
quarter we paid down $3.4 million of
our debt which is the same reduction we recorded for the first half
of the year. Debt at the end of the fiscal third quarter was
reduced by nearly 50% to $6.8 million
from $13.4 million at the beginning
of the fiscal year. During the same periods, working capital
improved by nearly 10% from $42.2 million to
$46.2 million.
"We are pleased to have been able to materially improve our
financial condition while investing in our future growth. Lakeland
Industries remains confident in its ability to increase sales
despite any pressure from global economic conditions, currency
fluctuations, or the pullback in the oil and gas sector."
Fiscal 2017 Third Quarter Financial Results
Net sales from continuing operations decreased to $23.2 million for the three months ended
October 31, 2016 compared to
$24.9 million for the three months
ended October 31, 2015, but increased
by 4% from $22.3 million in the
second quarter of fiscal 2017. As compared to the year
earlier period, overall sales volume was reduced due to global
softness in the industrial sector partially resulting from a
continuing downturn in the oil and gas industry, as well as
currency headwinds in several of the foreign countries in which the
Company has operations. On a consolidated basis in U.S.
currency for the third quarter of fiscal 2017, domestic sales were
$11.3 million or 48% of total
revenues and international sales were $12.0
million or 52% of total revenues. This compares with
domestic sales of $14.7 million or
59% of the total and internationals sales of $10.2 million or 41% of the total in the same
period of fiscal 2016.
Sales in the USA decreased by
20% to $12.8 million from
$16.0 million in the year-ago period
due primarily to the strong sales levels in the disposables and
chemical divisions related to the Company's response to the bird
flu pandemic in the third quarter of the prior year and a soft
market in the industrial sector in 3Q17. As compared with the
year earlier period, third quarter fiscal 2017 sales in the
USA of disposables decreased by
$2.0 million, chemical sales
decreased $2.0 million, wovens and
fire protection sales combined for an increase of 28%, while glove
and reflective products sales remained
level.
Among the Company's larger international operations, sales in
China and to the Asia Pacific Rim
were down 20% or $2.6 million, amid
decreased intercompany sales and currency headwinds.
Canada sales increased by 17% or
$0.2 million, as that country
benefited from the effective implementation of market share
attainment strategies and the continued unexpected oil and gas
turnaround. The sales volume in Canada set another company record. UK
sales decreased by $0.9 million or
33% mostly due to Brexit uncertainties and continuing currency
challenges. Sales in Russia
and Kazakhstan were level at
$0.3 as unit sales increased but were
offset by currency depreciation. Latin America sales increased $1.4 million or 83% due to a traction at the
Company's Argentina operation,
which was partially offset by depressed commodities market which
curtails agriculture and mining activities that require personal
protective apparel.
As compared to the second quarter of fiscal 2017, third quarter
sales decreased $0.3 million or 2.3%
in the USA, were down $1.2 million or 10.3% in China and to the Asia Pacific Rim, decreased
by $0.3 million or 14.3% in
Canada, decreased by $0.8 million or 29.6% in the UK, remained level
at $0.3 million in Russia and Kazakhstan, and increased by $2.0 million or 200% in Latin America.
Gross profit decreased $0.7, or
8%, to $8.5 million for the three
months ended October 31, 2016, from
$9.2 million for the three months
ended October 31, 2015. Gross
profit as a percentage of net sales remained level at 37% for the
three months ended October 31, 2016 and 2015. Gross margins
for disposable products, the Company's largest product line,
improved 2.2 percentage points in spite of the lower year-over-year
volume as the Company continues to contain costs and maximize
production efficiency. Partially offsetting the improvement
in disposables margins include the Chemical protective apparel
line's gross margins decreasing by 13 percentage points as compared
to the same quarter in the previous year, primarily due to the very
high volume and high margins associated with the Company's response
to the bird flu pandemic, and a 4 percentage point decrease increase in Woven products gross margin
due to product mix.
Operating expenses increased to $6.3
million for the three months ended October 31, 2016 from $6.1
million for the three months ended October 31, 2015, and $6.0
million for the three months ended July 31, 2016. Operating expenses as a
percentage of net sales was 27.0% for the third quarter of fiscal
2017 as compared with 24.3% for the third quarter of fiscal 2016
and 26.8% in the second quarter of fiscal 2017. The main
factors for the increase in operating expenses from the earlier
periods include the additions of new salespeople and commissions as
part of the Company's international and domestic expansions and an
increase in depreciation expense in the normal course of business,
partially offset by ongoing operational cost containment
initiatives.
Operating profit was $2.2 million
for the three months ended October 31,
2016, down from $3.2 million
for the quarter ended October 31,
2015. The reduction from the year ago period was mainly a
result of lower sales volume. Operating margins were 10.0% for the
three months ended October 31, 2016,
compared to 12.9% for the year ago period.
Net income was $1.5 million for
the three months ended October 31,
2016, up from $1.4 million in
the second quarter of fiscal 2017 and down from $2.1 million for the three months ended
October 31, 2015. The results for the
three months ended October 31, 2016
as compared with the same period of fiscal 2016 are primarily due
to lower sales volume and gross profit which were elevated in the
prior year due to higher margin emergency demand
sales.
As of October 31, 2016, Lakeland
had cash and cash equivalents of approximately $8.5 million and working capital of $46.2 million. Cash and cash equivalents
increased $1.4 million from the
beginning of the fiscal year. The Company's $15 million revolving credit facility had
$5.8 million of borrowings
outstanding as of October 31, 2016,
with availability of $9.2
million. The borrowings under the credit facility have
been reduced by approximately $3.7
million since the beginning of the fiscal year, with an
additional $2.9 million reduction
during the same period for other indebtedness. Total debt
outstanding at October 31, 2016 was
$6.8 million, down from $13.4 million at the beginning of the fiscal
year.
Financial Results Conference Call
Lakeland will host a conference call at 4:30 pm eastern today to discuss the Company's
fiscal 2017 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).
For a replay of this call through December 21, 2016, dial 877-344-7529 (Domestic)
or 412-317-0088 (International) or 855-669-9658 (Canada), Pass Code 10097542.
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's)
Reconciliation to
GAAP Results
|
|
|
|
|
|
|
|
Quarter
Ended
October 31,
2016
|
Quarter
Ended
October 31,
2015
|
|
Nine
months
Ended
October
31,
2016
|
Nine
months
Ended
October
31,
2015
|
|
|
|
|
|
|
Net sales from
continuing operations
|
$23,243
|
$24,888
|
|
$65,881
|
$79,172
|
Year over year
growth
|
(6.6)%
|
-----
|
|
(16.8)%
|
-----
|
Gross profit from
continuing operations
|
8,519
|
9,248
|
|
23,882
|
30,322
|
Gross profit
%
|
36.7%
|
37.2%
|
|
36.3%
|
38.3%
|
Operating expenses
from continuing operations
|
6,271
|
6,056
|
|
18,886
|
18,211
|
Operating expenses as
a percentage of sales
|
27.0%
|
24.3%
|
|
28.7%
|
23.0%
|
Operating income from
continuing operations
|
2,248
|
3,192
|
|
4,996
|
12,111
|
Operating income as a
percentage of sales
|
9.7%
|
12.8%
|
|
7.6%
|
15.3%
|
Interest expense from
continuing operations
|
150
|
183
|
|
522
|
576
|
Other income (loss)
from continuing operations
|
(2)
|
(7)
|
|
20
|
9
|
Pretax income
from continuing operations
|
2,096
|
3,002
|
|
4,494
|
11,544
|
Income tax
expense from continuing operations
|
583
|
882
|
|
1,548
|
3,676
|
Net income from
continuing operations
|
$1,513
|
$2,120
|
|
$2,946
|
$7,868
|
|
|
|
|
|
|
Loss before taxes for
discontinued operations
|
-----
|
-----
|
|
-----
|
(3,054)
|
Income tax benefit
from discontinued operations
|
-----
|
-----
|
|
-----
|
(569)
|
Net loss from
discontinued operations
|
-----
|
-----
|
|
-----
|
(2,485)
|
Net
income
|
$1,513
|
$2,120
|
|
$2,946
|
$5,383
|
|
|
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,258,697
|
7,234,914
|
|
7,255,966
|
7,148,430
|
Net income per share
from continuing operations
|
$.21
|
$0.29
|
|
$0.41
|
$1.10
|
Net loss per share
from discontinued operations
|
-----
|
-----
|
|
-----
|
($0.35)
|
Net income per
share
|
$0.21
|
$0.29
|
|
$0.41
|
$0.75
|
|
|
|
|
|
|
Operating income from
continuing operations
|
$2,248
|
$3,192
|
|
$4,996
|
$12,111
|
Depreciation and
amortization
|
359
|
230
|
|
963
|
704
|
Other income (loss)
from continuing operations
|
(2)
|
(7)
|
|
20
|
9
|
EBITDA from
continuing operations
|
2,605
|
3,415
|
|
5,979
|
12,824
|
Equity
Compensation
|
99
|
165
|
|
177
|
420
|
USA Severance
Associated with Restructure
|
0
|
-----
|
|
461
|
-----
|
Adjusted
EBITDA
|
2,704
|
3,580
|
|
6,617
|
13,244
|
Cash paid for taxes
(foreign)
|
534
|
382
|
|
1,126
|
1,377
|
Capital
expenditures
|
120
|
241
|
|
166
|
715
|
Free cash
flow
|
$2,050
|
$2,957
|
|
$5,325
|
$11,152
|
|
|
|
|
|
|
TTM Adjusted
EBITDA
|
6,796
|
|
|
|
|
TTM cash paid for
taxes (foreign)
|
1,575
|
|
|
|
|
TTM capital
expenditures
|
291
|
|
|
|
|
TTM free cash
flow
|
$4,930
|
|
|
|
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
ASSETS
|
October
31,
|
January
31,
|
|
2016
|
2016
|
Current
assets
|
($000's)
|
Cash and cash
equivalents
|
$8,453
|
$7,022
|
Accounts receivable,
net of allowance for doubtful accounts of $552 and $593 at October
31, 2016 and January 31, 2016, respectively
|
11,322
|
11,476
|
Inventories, net of
allowance of $2,561 and $2,566 at October 31, 2016 and January 31,
2016, respectively
|
36,605
|
40,841
|
Prepaid VAT
tax
|
1,516
|
1,143
|
Other current
assets
|
2,018
|
1,635
|
Total current
assets
|
59,914
|
62,117
|
Property and
equipment, net
|
8,538
|
9,268
|
Assets held for
sale
|
976
|
1,101
|
Deferred income
tax
|
14,098
|
14,338
|
Prepaid VAT and other
taxes
|
558
|
377
|
Other
assets
|
92
|
188
|
Goodwill
|
871
|
871
|
Total
assets
|
$85,047
|
$88,260
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$4,833
|
$4,254
|
Accrued compensation
and benefits
|
1,149
|
1,157
|
Other accrued
expenses
|
1,640
|
1,813
|
Current maturity of
long-term debt
|
50
|
50
|
Short-term
borrowings
|
294
|
3,226
|
Borrowings under
revolving credit facility
|
5,771
|
9,458
|
Total current
liabilities
|
13,737
|
19,958
|
Long-term portion of
debt
|
704
|
691
|
VAT taxes
payable
|
8
|
95
|
Total
liabilities
|
14,449
|
20,744
|
Commitments and
contingencies
|
|
|
Stockholders'
equity
|
|
|
Preferred stock, $0.01
par; authorized 1,500,000 shares (none issued)
|
-----
|
-----
|
Common stock, $0.01
par; authorized 10,000,000 shares,
Issued 7,618,155 and
7,610,603; outstanding 7,261,714 and 7,254,162 at October 31, 2016
and January 31, 2016, respectively
|
76
|
76
|
Treasury stock, at
cost; 356,441 shares at October 31, 2016 and January 31,
2016
|
(3,352)
|
(3,352)
|
Additional paid-in
capital
|
64,683
|
64,468
|
Retained
earnings
|
11,454
|
8,508
|
Accumulated other
comprehensive loss
|
(2,263)
|
(2,184)
|
Total stockholders'
equity
|
70,598
|
67,516
|
Total liabilities and
stockholders' equity
|
$85,047
|
$88,260
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
October
31,
|
October
31,
|
|
($000's)
except for share
information
|
($000's)
except for share
information
|
|
2016
|
2015
|
2016
|
2015
|
Net sales from
continuing operations
|
$23,243
|
$24,888
|
$65,881
|
$79,172
|
Cost of goods sold
from continuing operations
|
14,724
|
15,640
|
41,999
|
48,850
|
Gross profit from
continuing operations
|
8,519
|
9,248
|
23,882
|
30,322
|
Operating expenses
from continuing operations
|
6,271
|
6,056
|
18,886
|
18,211
|
Operating profit from
continuing operations
|
2,248
|
3,192
|
4,996
|
12,111
|
Other income (loss),
net from continuing operations
|
(2)
|
(7)
|
20
|
9
|
Interest expense from
continuing operations
|
150
|
183
|
522
|
576
|
Income before taxes
from continuing operations
|
2,096
|
3,002
|
4,494
|
11,544
|
Income tax expense
from continuing operations
|
583
|
882
|
1,548
|
3,676
|
Net income from
continuing operations
|
1,513
|
2,120
|
2,946
|
7,868
|
Noncash
reclassification of Other Comprehensive Income to Statement of
Operations (no impact on stockholders' equity)
|
-----
|
-----
|
-----
|
(1,286)
|
Loss from operations
from discontinued operations
|
-----
|
-----
|
-----
|
(1,253)
|
Loss from disposal of
discontinued operations
|
-----
|
-----
|
-----
|
(515)
|
Loss before taxes for
discontinued operations
|
-----
|
-----
|
-----
|
(3,054)
|
Income tax benefit
from discontinued operations
|
-----
|
-----
|
-----
|
(569)
|
Net loss from
discontinued operations
|
-----
|
-----
|
-----
|
(2,485)
|
Net income
|
$1,513
|
$2,120
|
$2,946
|
$5,383
|
Net income (loss) per
common share – Basic:
|
|
|
|
|
Income from continuing
operations
|
$0.21
|
$0.29
|
$0.41
|
$1.10
|
Loss from discontinued
operations
|
$-----
|
$-----
|
$-----
|
$(0.35)
|
Net income
|
$0.21
|
$0.29
|
$0.41
|
$0.75
|
Net income (loss) per
common share – Diluted:
|
|
|
|
|
Income from continuing
operations
|
$0.21
|
$0.29
|
$0.40
|
$1.09
|
Loss from discontinued
operations
|
$-----
|
$-----
|
$-----
|
$(0.35)
|
Net income
|
$0.21
|
$0.29
|
$0.40
|
$0.74
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic
|
7,258,697
|
7,234,914
|
7,255,966
|
7,148,430
|
Diluted
|
7,332,997
|
7,300,435
|
7,321,587
|
7,235,252
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lakeland-industries-inc-reports-fiscal-2017-third-quarter-financial-results-300378119.html
SOURCE Lakeland Industries, Inc.