Lakeland Industries, Inc. (NASDAQ:LAKE) stock fell 6.72% (As on September 9, 11:29:34 AM UTC-4, Source: Google Finance) after the company misses earnings & revenue estimates for the second quarter of FY 22.  Sales of the fire, high performance, high visibility and woven product lines increased by $1.6 million as the company continues to see a recovery from the depressed levels of demand in these markets during COVID-19. The sales were negatively impacted by declines in our disposable and chemical product lines by $0.8 million though the company was seeing an increase in direct container activity at the end of the second quarter. On a consolidated basis for the fiscal 2023 second quarter, domestic sales were $13.4 million or 48% of total revenues and international sales were $14.8 million or 52% of total revenues. This compares with domestic sales of $11.2 million or 41% of the total and international sales of $16.1 million or 59% of the total in the fiscal 2023 first quarter, while fiscal 2022 second quarter domestic sales were $11.3 million or 41% of total revenues and international sales were $16.2 million or 59% of total revenues.

Non-GAAP net income for the fiscal 2023 second quarter was $1.1 million compared with $0.9 million for the fiscal 2023 first quarter and $3.0 million in the prior year period. As of July 31, 2022, Lakeland had cash and cash equivalents of approximately $41.2 million, down from $52.7 million at January 31, 2022.

LAKE in the second quarter of FY 22 has reported the adjusted earnings per share of 14 cents, missing the analysts’ estimates for the adjusted earnings per share of 27 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 3.3 percent to $28.18 million in the second quarter of FY 22, missing the analysts’ estimates for revenue by 5.74%. Lakeland reported operating profit of $1.8 million for the fiscal 2023 second quarter, as compared to $1.4 million for the fiscal 2023 first quarter, and $4.1 million for the fiscal 2022 second quarter.  Operating margins were 6.4% for the fiscal 2023 second quarter, up from 5.3% for the fiscal 2023 first quarter and down from 14.8% for the second quarter of the prior fiscal year.

Additionally, during the fiscal 2023 second quarter, the Company repurchased approximately $2.7 million worth of common stock under its stock repurchase program. At July 31, 2022, approximately $2.7 million was available to the Company for the repurchase of its outstanding common stock.