Editor's note: at time of publication, this article incorrectly stated that the interest rate floor on the Sr. financing is 11.25%. This error has since been corrected; the actual floor is 6.25%.
Late last week, Lakeland reported blow out quarterly results that sent the stock up 35% in the day. Investors who took my advice and bought the stock at the beginning of June have been rewarded with a quick 50%+ return.
But all that's in the past. The question is if shares continue to make sense at today's price of $5.60.
There's certainly an argument to be made that the shares are cheap. Adjusted for warrants, book value per share sits over $8.50 per share. Excluding the troublesome Brazil...