Lakeland Industries, Inc. (LAKE) has reported a 28.63 percent fall in profit for the quarter ended Oct. 31, 2016. The company has earned $1.51 million, or $0.21 a share in the quarter, compared with $2.12 million, or $0.29 a share for the same period last year. Revenue during the quarter dropped 6.61 percent to $23.24 million from $24.89 million in the previous year period. Gross margin for the quarter contracted 51 basis points over the previous year period to 36.65 percent. Total expenses were 90.33 percent of quarterly revenues, up from 87.17 percent for the same period last year. That has resulted in a contraction of 315 basis points in operating margin to 9.67 percent.
Operating income for the quarter was $2.25 million, compared with $3.19 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2.70 million compared with $3.58 million in the prior year period. At the same time, adjusted EBITDA margin contracted 275 basis points in the quarter to 11.63 percent from 14.38 percent in the last year period.
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."
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