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Lakeland Industries swings to profit in fiscal Q4

Lakeland Industries Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 came to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

The per-share result swung to a profit from the prior-year loss of 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.9 million, compared with a loss of $849,490 in the year-earlier period.

The normalized profit margin climbed to 14.9% from negative 3.8% in the year-earlier period.

Total revenue rose 19.4% year over year to $26.5 million from $22.2 million, and total operating expenses rose year over year to $23.3 million from $22.6 million.

Reported net income totaled $11.3 million, or $1.51 per share, compared to a loss of $1.6 million, or a loss of 27 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 35 cents per share, compared with a loss of 33 cents per share in the prior year.

Normalized net income was $2.2 million, compared with a loss of $1.9 million in the prior year.

Full-year total revenue increased 9.1% year over year to $99.7 million from $91.4 million, and total operating expenses increased on an annual basis to $93.6 million from $91.7 million.

The company said reported net income came to $8.4 million, or $1.33 per share, in the full year, compared with a loss of $113,790, or a loss of 2 cents per share, the prior year.