Lakeland Industries of Ronkonkoma says Brazil tax payment hit income
Lakeland Industries Inc., Ronkonkoma
Protective clothing for industrial workers and firefighters
Quarter: Ended April 30
Net income: Loss of $1.34 million, compared with profit of $97,319 in the same quarter in 2009.
Net sales: $25.4 million, compared with $24 million in the same quarter last year.
COMPANY COMMENT: Quarterly income was affected by a $1.58- million tax payment to the Brazilian provincial government of Bahia, in an agreement that resolved a taxation dispute between Bahia and the neighboring provincial government of Pernambuco. The payment will be applied as a credit for future taxes.
Outlook: "As we have increasingly moved production of our products to our facilities in Mexico and China, we have seen improvements in the profit margins for these products. We continue to move production of our reusable woven garments and gloves to these facilities and expect to continue this process through fiscal 2011. As a result, we expect to see continuing profit margin improvements for these product lines over time," the company said.
'It's definitely a destination' NewsdayTV's Doug Geed takes us "Out East," and shows us the Long Island Aquarium, a comfort food restaurant in Baiting Hollow, a Riverhead greenhouse and Albert Einstein's connections to the East End.
'It's definitely a destination' NewsdayTV's Doug Geed takes us "Out East," and shows us the Long Island Aquarium, a comfort food restaurant in Baiting Hollow, a Riverhead greenhouse and Albert Einstein's connections to the East End.
