Lakeland Industries, Inc. (NASDAQ:LAKE) Q4 2022 Earnings Conference Call April 18, 2022 4:30 PM ET
Company Participants
Charles Roberson - President and CEO
Allen Dillard - Chief Operating and Financial Officer
Conference Call Participants
Alex Fuhrman - Craig-Hallum
Operator
Good day, and welcome to the Lakeland Industries Preliminary Fiscal 2022 Fourth 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 preliminary financial results, goals and objectives for future operations, financial and business trends, business prospects and management's expectations for future performance that constitute forward-looking statements under federal securities laws.
Any 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. Reconciliation of each of the non-GAAP measures discussed on this call to the most directly comparable GAAP measure and presented -- 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 all for joining us. I'm joined today by Lakeland's Chief Operating and Financial Officer, Allen Dillard.
As was highlighted in today's press release, Lakeland reported solid fourth quarter and strong full year preliminary results. I'm extremely proud of our team's efforts as we continue to position the company for success in the post-pandemic era through continued pricing discipline, investments in our sales and marketing functions and multiple operational capability enhancements and growth initiatives, which together have broadened and strengthened our customer relationships, positioning Lakeland for continued above-market growth going forward.
Our revenue was $26.8 million for the fourth quarter and $118.4 million for the fiscal year. Importantly, while these revenues have declined on a quarter-over-quarter and year-over-year basis, as expected, the business has maintained its profitability in the face of multiple supply chain and inflationary constraints as evidenced by our ability to deliver gross margin performance this quarter that was largely in line with our long-term stated goal of greater than 40%. This achievement was noteworthy as several onetime items held back our performance in the quarter including what we regard as higher near-term expenses that could reverse in the future, such as elevated freight costs. We believe that higher cost of goods sold, COGS, due to manufacturing curtailments are behind us and that freight costs and sales revenue will improve going forward.