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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 was 26 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

The per-share result swung to a profit from the prior-year loss of 15 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 $920,630 in the prior-year period.

The normalized profit margin increased to 7.5% from negative 3.9% in the year-earlier period.

Total revenue climbed 5.7% on an annual basis to $24.9 million from $23.5 million, and total operating expenses declined on an annual basis to $21.7 million from $22.3 million.

Reported net income came to $2.1 million, or 29 cents per share, compared to a loss of $1.7 million, or a loss of 29 cents per share, in the prior-year period.