Research Desk Line-up: AngioDynamics Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 4, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Lakeland Industries, Inc. (NASDAQ: LAKE) ("Lakeland"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LAKE, following the Company's disclosure of its second quarter fiscal 2018 financial results on September 13, 2017. The safety garments manufacturer outperformed earnings expectations, while it met market's sales forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Discover more of our free reports coverage from other companies within the Medical Instruments & Supplies industry. Pro-TD has currently selected AngioDynamics, Inc. (NASDAQ: ANGO) for due-diligence and potential coverage as the Company reported on September 28, 2017, its financial results for Q1 FY18 which ended on August 31, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on AngioDynamics when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LAKE; also brushing on ANGO. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=LAKE

http://protraderdaily.com/optin/?symbol=ANGO

Earnings Reviewed

Lakeland's net sales increased to $23.91 million for the three months ended July 31, 2017, up 7.4% compared to $22.27 million for the three months ended July 31, 2016. The Company's revenue met analysts' estimates of $23.91 million.

During Q2 FY18, Lakeland's gross profit gained 1.2% to $8.7 million from $8.6 million for Q2 FY17. The Company's gross profit as a percentage of net sales decreased to 36.3% in the reported quarter versus 38.6% for the prior year's same quarter.

Lakeland's operating expense increased 9.2% from $6.0 million for Q2 FY17 to $6.5 million for Q2 FY18. The Company's operating expense as a percentage of net sales were 27.2% for the reported quarter, up from 26.7% for the year earlier corresponding quarter. The main factors for the higher operating expenses are increases in salary and non-cash equity compensation primarily related to the growth in the Company's global sales force, including a modification for performance level adjustments.

For Q2 FY18, Lakeland's operating income decreased to $2.2 million from $2.6 million for Q2 FY17. The Company's operating margins were 9.1% for the reported quarter compared to 11.8% for the prior year's same quarter.

Lakeland's net income increased to $1.84 million, or $0.25 per diluted share, for Q2 FY18 compared to net income of $1.43 million, or $0.20 per diluted share, for Q2 FY17. The Company's earnings beat Wall Street's expectations of $0.20 per share.

Segment Results

For Q2 FY18, Lakeland's domestic sales were $12.6 million, or 53% of total revenues, and international sales were $11.3 million, or 47% of total revenues. This compared to domestic sales of $11.8 million, or 53% of the total revenue, and international sales of $10.5 million, or 47% of the total revenue, in Q2 FY17.

The Company's sales in the US increased approximately 6%, primarily due to increased sales to strategic fire distributors of turnout gear and fire retardant ("FR") garments, disposable products, and chemical protective clothing due to demand from the oilfield services and refinery sectors.

In Lakeland's larger international operations, sales in China and to the Asia/Pacific Rim grew more than 11% as industrial activity improved and several larger customers began replacing depleted inventories. Sales in Canada increased to $3 million in local currency, setting another record quarter for the Company amid strong demand for a disposable garment. European sales decreased by $0.6 million, a second sequential quarter of declines for the region, led by continued uncertainty in the UK where sales were down 22% y-o-y due to Brexit. Russia and Kazakhstan sales combined for an increase of $43%, and Latin America sales increased $0.6 million, or 62%, due to the resolution of supply chain issues and an overall increase in industrial activity.

Cash Matters

As of July 31, 2017, Lakeland had cash and cash equivalents of approximately $13.2 million and working capital of $53.1 million. The Company's cash and cash equivalents increased $2.8 million, or 27% from the beginning of FY18, while working capital increased by $5.3 million for an improvement of nearly 11%. Lakeland's $15 million revolving credit facility had a $0 balance as of July 31, 2017. The Company's total debt outstanding at July 31, 2017, was $2.8 million, down from $5.8 million at January 31, 2017, and $13.4 million at January 31, 2016.

Lakeland incurred capital expenditures of approximately $310,000 during Q2 FY18. The Company did not acquire any stock as part of the Company's $2.5 million stock repurchase program which was approved on July 19, 2016.

Subsequent to the end of the fiscal second quarter, on August 22, 2017, Lakeland completed a public offering of 725,000 shares of common stock at a price of $13.80 per share for net proceeds of approximately $9.1 million.

Stock Performance

On Tuesday, October 03, 2017, the stock closed the trading session at $14.60, climbing 2.10% from its previous closing price of $14.30. A total volume of 53.47 thousand shares have exchanged hands. Lakeland Industries' stock price skyrocketed 6.57% in the last one month, 42.44% in the past six months, and 43.42% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 40.38%. The stock is trading at a PE ratio of 17.78 and currently has a market cap of $118.99 million.

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