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Lakeland Industries swings to profit in fiscal Q3

Lakeland Industries Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 came to $48,090, compared with a loss of $941,640 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 3.9% from negative 4.1% in the year-earlier period.

Total revenue grew 10.1% year over year to $25.1 million from $22.8 million, and total operating expenses grew on an annual basis to $24.4 million from $23.8 million.

Reported net income came to a loss of $2.5 million, or a loss of 42 cents per share, compared to a loss of $1.8 million, or a loss of 31 cents per share, in the year-earlier period.