Lakeland Industries, Inc. (NASDAQ:LAKE) Q1 2023 Earnings Conference Call June 9, 2022 4:30 PM ET
Company Participants
Charles Roberson - President and CEO
Allen Dillard - COO and CFO
Conference Call Participants
Alex Fuhrman - Craig-Hallum
Operator
Good day and welcome to the Lakeland Industries Fiscal 2023 First Quarter Financial Results Conference Call. All lines have been placed on a listen-only mode and the floor will be opened for your questions and comments following the presentation.
During today's call, we may make statements relating to our goals and objectives for future operations, financial and business trends, business prospects, and management's future performance that constitute forward-looking statements under federal securities laws.
Any such forward-looking statements reflect management expectations based upon currently available information and are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our SEC filings.
Our actual results, performance, or achievements may differ materially from those expressed in or implied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.
During today's call, we will discuss financial measures derived from our financial statements that are not determined in accordance with U.S. GAAP, including EBITDA, adjusted EBITDA, and EBITDA margin. A reconciliation of each of the non-GAAP measures discussed on this call to the most directly comparable GAAP measure is presented in our earnings release.
At this time, I would like to introduce you to your host for this call, Lakeland Industries' Chief Executive Officer, Charlie Roberson. Mr. Roberson, the floor is yours.
Charles Roberson
Thank you, operator. Good afternoon and thank you for joining us on our fiscal 2023 first quarter earnings call. I'm joined today by Lakeland's Chief Operating and Financial Officer, Allen Dillard.
As you saw on this afternoon's press release, Lakeland delivered a solid quarter as we maintained our gross margin improvements and continued to execute on our strategic objectives.
Our revenue for the first quarter was $27.3 million, up slightly on a quarter-to-quarter basis. However, most importantly, we had strong profitability with a gross margin of 40.5%, which is in line with the long-term financial targets that we laid out in last quarter's call.
In terms of revenue, we believe that our topline results from the past two quarters inclusive of these most recent results constitute a revenue base from which we will continue to grow going forward with improved results in the second half of the fiscal year. We anticipate a pickup in demand across our end markets and are currently seeing strength return in the Fire Service and Electrical Utility segments of the broader energy market.