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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lakeland Industries Inc | NASDAQ:LAKE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.92 | 5.45% | 17.81 | 16.17 | 20.65 | 18.10 | 17.03 | 17.14 | 28,425 | 05:00:15 |
Delaware
|
.
|
13-3115216
|
(State
of incorporation)
|
|
(IRS
Employer Identification Number)
|
3555
Veterans Memorial Highway, Suite C, Ronkonkoma, New
York
|
|
11779
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Large accelerated filer ☐
|
Accelerated filer
☑
|
Non-accelerated
filer ☐
|
Smaller reporting company ☐
|
Emerging
growth company ☐
|
|
Class
|
|
Outstanding
at December 13, 2018
|
Common
Stock, $0.01 par value per share
|
|
8,119,488
shares
|
|
Three Months
Ended
October
31,
|
Nine Months
Ended
October
31,
|
||
|
2018
|
2017
|
2018
|
2017
|
Net
sales
|
$
24,009
|
$
23,960
|
$
73,970
|
$
70,831
|
Cost of goods
sold
|
15,691
|
14,907
|
46,995
|
44,530
|
Gross
profit
|
8,318
|
9,053
|
26,975
|
26,301
|
Operating
expenses
|
7,305
|
6,388
|
21,898
|
18,981
|
Operating
profit
|
1,013
|
2,665
|
5,077
|
7,320
|
Other income,
net
|
7
|
7
|
36
|
13
|
Interest
expense
|
(25
)
|
(35
)
|
(93
)
|
(147
)
|
Income
before taxes
|
995
|
2,637
|
5,020
|
7,186
|
Income tax
expense
|
494
|
831
|
1,634
|
1,828
|
Net
income
|
$
501
|
$
1,806
|
$
3,386
|
$
5,358
|
Net income per
common share:
|
|
|
|
|
Basic
|
$
0.06
|
$
0.23
|
$
0.42
|
$
0.72
|
Diluted
|
$
0.06
|
$
0.23
|
$
0.41
|
$
0.71
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic
|
8,119,488
|
7,894,582
|
8,117,307
|
7,477,202
|
Diluted
|
8,186,130
|
7,922,397
|
8,174,560
|
7,530,637
|
|
Three Months
Ended
October
31,
|
Nine Months
Ended
October
31,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Net
income
|
$
501
|
$
1,806
|
$
3,386
|
$
5,358
|
Other comprehensive
income (loss):
|
|
|
|
|
Cash flow
hedges
|
-----
|
122
|
-----
|
(80
)
|
Foreign currency
translation adjustments
|
(235
)
|
(40
)
|
(860
)
|
292
|
Other comprehensive
income (loss)
|
(235
)
|
82
|
(860
)
|
212
|
Comprehensive
income
|
$
266
|
$
1,888
|
$
2,526
|
$
5,570
|
ASSETS
|
October
31,
|
January
31,
|
|
2018
|
2018
|
Current
assets
|
|
|
Cash and cash
equivalents
|
$
11,660
|
$
15,788
|
Accounts
receivable, net of allowance for doubtful accounts of $556 and $480
at October 31, 2018 and January 31, 2018, respectively
|
16,271
|
14,119
|
Inventories, net of
allowance of $2,222 and $2,422 at October 31, 2018 and January 31,
2018, respectively
|
46,620
|
42,919
|
Prepaid VAT
tax
|
1,971
|
2,119
|
Other current
assets
|
2,902
|
1,555
|
Total current
assets
|
79,424
|
76,500
|
Property and
equipment, net
|
10,286
|
8,789
|
Assets held for
sale
|
150
|
150
|
Deferred income
tax
|
7,205
|
7,557
|
Prepaid VAT and
other taxes
|
300
|
310
|
Other
assets
|
168
|
354
|
Goodwill
|
871
|
871
|
Total
assets
|
$
98,404
|
$
94,531
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$
7,687
|
$
6,855
|
Accrued
compensation and benefits
|
1,381
|
1,771
|
Other accrued
expenses
|
1,966
|
1,384
|
Current maturity of
long-term debt
|
158
|
158
|
Short-term
borrowings
|
179
|
211
|
Total current
liabilities
|
11,371
|
10,379
|
Long-term portion
of debt
|
1,200
|
1,312
|
Total
liabilities
|
12,571
|
11,691
|
Commitments and
contingencies
|
|
|
Stockholders’
equity
|
|
|
Preferred stock,
$0.01 par; authorized 1,500,000 shares (none issued)
|
-----
|
-----
|
Common stock, $0.01
par; authorized 20,000,000 and 10,000,000 shares at October 31,
2018 and January 31, 2018, respectively
; i
ssued 8,475,929 and
8,472,640 shares; outstanding 8,119,488 and 8,116,199 shares at
October 31, 2018 and January 31, 2018, respectively
|
85
|
85
|
Treasury stock, at
cost; 356,441 shares
|
(3,352
)
|
(3,352
)
|
Additional paid-in
capital
|
75,384
|
74,917
|
Retained
earnings
|
16,227
|
12,841
|
Accumulated other
comprehensive loss
|
(2,511
)
|
(1,651
)
|
Total stockholders'
equity
|
85,833
|
82,840
|
Total liabilities
and stockholders' equity
|
$
98,404
|
$
94,531
|
|
Nine Months
Ended
October
31,
|
|
|
2018
|
2017
|
Cash flows from
operating activities:
|
|
|
Net
income
|
$
3,386
|
$
5,358
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities
|
|
|
Provision for
(recovery of) inventory obsolescence
|
(200
)
|
134
|
Provision for
(recovery of) doubtful accounts
|
76
|
(42
)
|
Deferred income
taxes
|
352
|
750
|
Depreciation and
amortization
|
642
|
582
|
Stock based and
restricted stock compensation
|
491
|
291
|
Loss on disposal of
property and equipment
|
14
|
-----
|
(Increase) decrease
in operating assets
|
|
|
Accounts
receivable
|
(2,655
)
|
(2,121
)
|
Inventories
|
(3,921
)
|
(2,953
)
|
Prepaid VAT
tax
|
148
|
(463
)
|
Other current
assets
|
(1,284
)
|
366
|
Increase (decrease)
in operating liabilities
|
|
|
Accounts
payable
|
1,019
|
3,576
|
Accrued expenses
and other liabilities
|
265
|
153
|
Net cash used by
the sale of Brazil
|
-----
|
(99
)
|
Net cash provided
by (used in) operating activities
|
(1,667
)
|
5,532
|
Cash flows from
investing activities:
|
|
|
Purchases of
property and equipment
|
(2,227
)
|
(619
)
|
Cash flows from
financing activities:
|
|
|
Net repayments
under revolving credit facility
|
-----
|
(4,865
)
|
Loan repayments,
short-term
|
(207
)
|
(867
)
|
Loan borrowings,
short-term
|
208
|
102
|
Loan repayments,
long-term
|
(118
)
|
(66
)
|
Loan borrowings,
long-term
|
-----
|
1,575
|
UK borrowings
(repayments) under line of credit facility, net
|
(11
)
|
538
|
Shares returned to
pay employee taxes under restricted stock program
|
-----
|
(376
)
|
Proceeds from
public offering, net of issuance costs of approximately $1.0
million
|
-----
|
10,113
|
Net cash provided
by (used in) financing activities
|
(128
)
|
6,154
|
Effect of exchange
rate changes on cash and cash equivalents
|
(106
)
|
61
|
Net increase
(decrease) in cash and cash equivalents
|
(4,128
)
|
11,128
|
Cash and cash
equivalents at beginning of period
|
15,788
|
10,365
|
Cash and cash
equivalents at end of period
|
$
11,660
|
$
21,493
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Cash paid for
interest
|
$
93
|
$
147
|
Cash paid for
taxes
|
$
1,326
|
$
928
|
|
|
|
|
|
|
|
Three Months Ended
October
31,
(in millions of dollars)
|
Nine Months Ended
October
31,
(in millions of dollars)
|
||
|
2018
|
2017
|
2018
|
2017
|
External
Sales by geographic region:
|
|
|
|
|
USA
|
$
11.82
|
$
12.85
|
$
37.54
|
$
38.18
|
Other
foreign
|
4.41
|
4.39
|
13.60
|
12.47
|
Europe
(UK)
|
2.22
|
2.24
|
7.35
|
6.42
|
Mexico
|
0.77
|
0.51
|
2.70
|
1.66
|
China
|
4.79
|
3.97
|
12.78
|
12.10
|
Consolidated
external sales
|
$
24.01
|
$
23.96
|
$
73.97
|
$
70.83
|
|
Three Months Ended
October
31,
(in millions of dollars)
|
Nine Months Ended
October
31,
(in millions of dollars)
|
||
|
2018
|
2017
|
2018
|
2017
|
External
Sales by product lines:
|
|
|
|
|
Disposables
|
$
12.74
|
$
13.03
|
$
40.88
|
$
39.49
|
Chemical
|
4.74
|
3.98
|
12.42
|
10.53
|
Fire
|
1.02
|
1.27
|
3.57
|
4.52
|
Gloves
|
0.77
|
0.83
|
2.30
|
2.26
|
Hi-Vis
|
1.83
|
2.07
|
5.46
|
5.96
|
Wovens
|
2.91
|
2.78
|
9.34
|
8.07
|
Consolidated
external sales
|
$
24.01
|
$
23.96
|
$
73.97
|
$
70.83
|
|
January
31,
2018
|
|
|
|
|
Raw
materials
|
$
16,020
|
$
14,767
|
Work-in-process
|
1,750
|
2,357
|
Finished
goods
|
28,850
|
25,795
|
|
$
46,620
|
$
42,919
|
|
Total
|
1
Year
or
less
|
2
Years
|
3
Years
|
4
Years
|
5
Years
|
After 5
Years
|
|
|
|
|
|
|
|
|
Borrowings in
USA
|
$
1,358
|
$
158
|
$
1,200
|
$
-----
|
$
----
|
$
-----
|
$
-----
|
Borrowing in
UK
|
147
|
147
|
-----
|
-----
|
-----
|
-----
|
-----
|
Borrowings in
Argentina
|
32
|
32
|
-----
|
-----
|
-----
|
-----
|
-----
|
Total
|
$
1,537
|
$
337
|
$
1,200
|
$
-----
|
$
----
|
$
-----
|
$
-----
|
|
Number of shares
awarded total
|
|||
|
Minimum
|
Target
|
Maximum
|
Cap
|
Employees
|
42,061
|
63,095
|
84,126
|
101,001
|
Non-employee
Directors
|
14,414
|
21,622
|
28,829
|
34,595
|
Total
|
56,475
|
84,717
|
112,955
|
135,596
|
|
Three-Months
Ended
October
31,
|
Nine-Months
Ended
October
31,
|
||
|
2018
|
2017
|
2018
|
2017
|
2012
Plan
|
$
-----
|
$
-----
|
$
-----
|
$
206
|
2015
Plan
|
-----
|
-----
|
-----
|
197,284
|
2017
Plan
|
188,812
|
93,981
|
491,198
|
93,981
|
Total stock-based
compensation
|
$
188,812
|
$
93,981
|
$
491,198
|
$
291,471
|
Total income tax
benefit recognized for stock-based compensation
arrangements
|
$
39,651
|
$
33,833
|
$
103,152
|
$
104,929
|
Shares issued
under
2017 and 2015
Stock Plans
|
Outstanding
Unvested Grants at Maximum at Beginning of FY19
|
Granted
during
FY18 through
October 31, 2018
|
Becoming Vested
during FY18 through October 31, 2018
|
Forfeited
during
FY18 through
October 31, 2018
|
Outstanding
Unvested Grants at Maximum at End of
October 31,
2018
|
Restricted stock
grants – employees
|
42,291
|
41,835
|
-----
|
-----
|
84,126
|
Restricted stock
grants – non-employee directors
|
14,493
|
14,336
|
-----
|
-----
|
28,829
|
Retainer in stock
–
non-employee
directors
|
12,789
|
13,664
|
5,221
|
-----
|
21,232
|
Total restricted
stock
|
69,573
|
69,835
|
5,221
|
-----
|
$
134,187
|
|
|
|
|
|
|
Weighted average
grant date fair value
|
$
13.63
|
$
13.81
|
$
10.19
|
-----
|
$
13.85
|
|
Three Months
Ended
October
31,
|
Nine Months
Ended
October
31,
|
||
|
(in $000s except
share and per share information)
|
|||
|
2018
|
2017
|
2018
|
2017
|
Numerator:
|
|
|
|
|
Net
income
|
$
501
|
$
1,806
|
$
3,386
|
$
5,358
|
Denominator:
|
|
|
|
|
Denominator for
basic earnings per share
(weighted-average
shares which reflect 356,441 shares in the treasury)
|
8,119,448
|
7,894,582
|
8,117,307
|
7,477,202
|
Effect of dilutive
securities from restricted stock plan and from dilutive effect of
warrants
|
66,682
|
27,815
|
57,253
|
53,435
|
Denominator for
diluted earnings per share (adjusted weighted average
shares)
|
8,186,130
|
7,922,397
|
8,174,560
|
7,530,637
|
Basic earnings per
share
|
$
0.06
|
$
0.23
|
$
0.42
|
$
0.72
|
|
|
|
|
|
Diluted earnings
per share
|
$
0.06
|
$
0.23
|
$
0.41
|
$
0.71
|
|
Three Months
Ended
October
31,
(in millions of
dollars)
|
Nine Months
Ended
October
31,
(in millions of
dollars)
|
||
|
2018
|
2017
|
2018
|
2017
|
Net
Sales:
|
|
|
|
|
USA
|
$
13.00
|
$
14.16
|
$
41.07
|
$
41.46
|
Other
foreign
|
5.74
|
4.94
|
16.71
|
13.66
|
Europe
(UK)
|
2.22
|
2.24
|
7.35
|
6.46
|
Mexico
|
1.15
|
0.90
|
3.83
|
2.77
|
China
|
12.05
|
13.47
|
39.55
|
36.88
|
Corporate
|
-----
|
0.45
|
0.75
|
0.98
|
Less intersegment
sales
|
(10.15
)
|
(12.20
)
|
(35.29
)
|
(31.38
)
|
Consolidated
sales
|
$
24.01
|
$
23.96
|
$
73.97
|
$
70.83
|
External
Sales:
|
|
|
|
|
USA
|
$
11.82
|
$
12.85
|
$
37.54
|
$
38.18
|
Other
foreign
|
4.41
|
4.39
|
13.60
|
12.47
|
Europe
(UK)
|
2.22
|
2.24
|
7.35
|
6.42
|
Mexico
|
0.77
|
0.51
|
2.70
|
1.66
|
China
|
4.79
|
3.97
|
12.78
|
12.10
|
Consolidated
external sales
|
$
24.01
|
$
23.96
|
$
73.97
|
$
70.83
|
Intersegment
Sales:
|
|
|
|
|
USA
|
$
1.18
|
$
1.31
|
$
3.53
|
$
3.28
|
Other
foreign
|
1.33
|
0.55
|
3.11
|
1.19
|
Europe
(UK)
|
-----
|
-----
|
----
|
0.04
|
Mexico
|
0.38
|
0.39
|
1.13
|
1.11
|
China
|
7.26
|
9.50
|
26.77
|
24.78
|
Corporate
|
-----
|
0.45
|
0.75
|
0.98
|
Consolidated
intersegment sales
|
$
10.15
|
$
12.20
|
$
35.29
|
$
31.38
|
Operating Profit
(Loss):
|
|
|
|
|
USA
|
$
1.66
|
$
2.62
|
$
6.45
|
$
7.40
|
Other
foreign
|
0.34
|
0.92
|
0.97
|
2.04
|
Europe
(UK)
|
0.03
|
(0.02
)
|
0.21
|
0.09
|
Mexico
|
(0.03
)
|
(0.06
)
|
0.17
|
(0.02
)
|
China
|
0.79
|
0.66
|
2.30
|
2.21
|
Corporate
|
(1.61
)
|
(1.46
)
|
(4.96
)
|
(4.56
)
|
Less intersegment
profit (loss)
|
(0.17
)
|
0.01
|
(0.06
)
|
0.16
|
Consolidated
operating profit
|
$
1.01
|
$
2.67
|
$
5.08
|
$
7.32
|
Depreciation and
Amortization Expense:
|
|
|
|
|
USA
|
$
0.03
|
$
0.03
|
$
0.09
|
$
0.09
|
Other
foreign
|
0.02
|
0.04
|
0.12
|
0.10
|
Europe
(UK)
|
-----
|
-----
|
0.01
|
0.01
|
Mexico
|
0.03
|
0.03
|
0.09
|
0.09
|
China
|
0.05
|
0.06
|
0.17
|
0.19
|
Corporate
|
0.09
|
0.05
|
0.19
|
0.14
|
Less
intersegment
|
-----
|
(0.01
)
|
(0.03
)
|
(0.04
)
|
Consolidated
depreciation & amortization expense
|
$
0.22
|
$
0.20
|
$
0.64
|
$
0.58
|
Interest
Expense:
|
|
|
|
|
Other
foreign
|
$
0.01
|
$
0.02
|
$
0.03
|
$
0.05
|
Europe
(UK)
|
-----
|
0.01
|
-----
|
0.01
|
Corporate
|
0.02
|
0.01
|
0.06
|
0.09
|
Consolidated
interest expense
|
$
0.03
|
$
0.04
|
$
0.09
|
$
0.15
|
Income Tax
Expense:
|
|
|
|
|
Other
foreign
|
$
0.17
|
$
0.16
|
$
0.37
|
0.42
|
Europe
(UK)
|
0.01
|
0.01
|
0.05
|
0.05
|
China
|
0.29
|
0.12
|
0.81
|
0.50
|
Corporate
|
0.05
|
0.55
|
0.39
|
0.83
|
Less
intersegment
|
(0.03
)
|
(0.01
)
|
0.01
|
0.03
|
Consolidated income
tax expense
|
$
0.49
|
$
0.83
|
$
1.63
|
$
1.83
|
|
Three Months
Ended
October
31,
(in millions of
dollars)
|
Nine Months
Ended
October
31,
(in millions of
dollars)
|
||
Capital
Expenditures:
|
2018
|
2017
|
2018
|
2017
|
USA
|
$
0.03
|
$
0.01
|
$
0.05
|
$
0.02
|
Other
Foreign
|
0.38
|
-----
|
1.09
|
-----
|
Mexico
|
0.09
|
0.03
|
0.20
|
0.06
|
China
|
0.02
|
0.01
|
0.05
|
0.07
|
India
|
(0.02
)
|
0.06
|
0.04
|
0.08
|
Corporate
|
0.51
|
0.06
|
0.80
|
0.39
|
Consolidated
capital expenditures
|
$
1.01
|
$
0.17
|
$
2.23
|
$
0.62
|
|
October
31,
2018
(in millions of
dollars)
|
January
31,
2018
(in millions of
dollars)
|
Total Assets:
*
|
|
|
USA
|
$
28.09
|
$
27.64
|
Other
foreign
|
25.30
|
20.30
|
Europe
(UK)
|
4.19
|
4.63
|
Mexico
|
5.14
|
4.69
|
China
|
35.23
|
31.59
|
India
|
(0.83
)
|
(0.85
)
|
Corporate
|
63.91
|
61.65
|
Less
intersegment
|
(62.63
)
|
(55.12
)
|
Consolidated
assets
|
$
98.40
|
$
94.53
|
Total Assets Less
Intersegment: *
|
|
|
USA
|
$
29.57
|
$
33.16
|
Other
foreign
|
17.55
|
12.61
|
Europe
(UK)
|
4.19
|
4.63
|
Mexico
|
5.25
|
4.84
|
China
|
18.57
|
16.97
|
India
|
1.10
|
0.98
|
Corporate
|
22.17
|
21.34
|
Consolidated
assets
|
$
98.40
|
$
94.53
|
Property and
Equipment (excluding assets held for sale at $0.2
million):
|
|
|
USA
|
$
1.95
|
$
1.99
|
Other
foreign
|
2.41
|
1.50
|
Europe
(UK)
|
0.01
|
0.03
|
Mexico
|
2.10
|
1.99
|
China
|
1.75
|
1.92
|
India
|
0.17
|
0.15
|
Corporate
|
1.84
|
1.18
|
Less
intersegment
|
0.06
|
0.03
|
Consolidated
property and equipment
|
$
10.29
|
$
8.79
|
Goodwill:
|
|
|
USA
|
$
0.87
|
$
0.87
|
Consolidated
goodwill
|
$
0.87
|
$
0.87
|
|
Three Months Ended
October
31,
(in millions of dollars)
|
Nine Months Ended
October
31,
(in millions of dollars)
|
||
|
2018
|
2017
|
2018
|
2017
|
External
Sales by geographic region:
|
|
|
|
|
USA
|
$
11.82
|
$
12.85
|
$
37.54
|
$
38.18
|
Other
foreign
|
4.41
|
4.39
|
13.60
|
12.47
|
Europe
(UK)
|
2.22
|
2.24
|
7.35
|
6.42
|
Mexico
|
0.77
|
0.51
|
2.70
|
1.66
|
China
|
4.79
|
3.97
|
12.78
|
12.10
|
Consolidated
external sales
|
$
24.01
|
$
23.96
|
$
73.97
|
$
70.83
|
|
Three Months Ended
October
31,
(in millions of dollars)
|
Nine Months Ended
October
31,
(in millions of dollars)
|
||
|
2018
|
2017
|
2018
|
2017
|
External
Sales by product lines:
|
|
|
|
|
Disposables
|
$
12.74
|
$
13.03
|
$
40.88
|
$
39.49
|
Chemical
|
4.74
|
3.98
|
12.42
|
10.53
|
Fire
|
1.02
|
1.27
|
3.57
|
4.52
|
Gloves
|
0.77
|
0.83
|
2.30
|
2.26
|
Hi-Vis
|
1.83
|
2.07
|
5.46
|
5.96
|
Wovens
|
2.91
|
2.78
|
9.34
|
8.07
|
Consolidated
external sales
|
$
24.01
|
$
23.96
|
$
73.97
|
$
70.83
|
Employment
Agreement, dated November 5, 2018, between Teri W. Hunt and the
Company
|
31.1
*
|
Certification
of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
31.2
*
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
*
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
*
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
101.INS
|
XBRL
instance Document
|
101.SCH
|
XBRL
Taxonomy Extension Schema Document
|
101.CAL
|
XBRL
Taxonomy Extension Definitions Document
|
101.DEF
|
XBRL
Taxonomy Extension Labels Document
|
101.LAB
|
XBRL
Taxonomy Extension Labels Document
|
101.PRE
|
XBRL
Taxonomy Extension Presentations Document
|
|
LAKELAND INDUSTRIES, INC.
(Registrant)
|
|
|
|
|
Date:
December 17, 2018
|
/s/ Christopher J.
Ryan
|
|
Christopher
J. Ryan,
Chief
Executive Officer, President and Secretary (Principal Executive
Officer and Authorized Signatory)
|
|
|
|
|
Date:
December 17, 2018
|
/s/ Teri W.
Hunt
|
|
Teri W.
Hunt,
Chief
Financial Officer(Principal Accounting Officer and Authorized
Signatory)
|
1 Year Lakeland Industries Chart |
1 Month Lakeland Industries Chart |
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