Lakeland Industries, Inc. a leading global manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, announced financial results for its third quarter and first nine months of fiscal year 2013 ended October 31, 2012.
For all periods, the prior year financial results have been restated to reflect the Company's India glove manufacturing subsidiary as a discontinued operation. In this press release, references to "FY" refer to the Company's fiscal year ended January 31; for example, FY13 refers to the fiscal year ending January 31, 2013.
Financial Results Highlights and Recent Company Developments
-International revenues from continuing operations as a percentage of consolidated sales increased to 59% in the third quarter of FY13 from 49% in the third quarter of FY12
-Consolidated revenues were lower primarily due to elimination of sales of DuPont products
-International sales of $14.4 million in the third quarter of FY13 increased by $2.4 million or 20% from $12.0 million in the third quarter of FY12
-Cash balance of $5.6 million and TD Bank debt of $15.4 million at October 31, 2012 outstanding on our TD Bank facility
-Chile and UK achieved major increases in sales in Q3 over Q3 last year with increases of 203% and 83.4%, respectively
-Reached a settlement agreement in September regarding the arbitration result in Brazil
-Closed on amended banking terms with TD Bank in October, waiving all defaults and revising covenants such that the Company is in compliance in Q3
-While still small, domestic sales in Mexico, Russia and Kazakhstan are gaining traction to the point of each becoming modestly profitable in Q3
