Lakeland Industries Sees Strong Sales and Profit Growth
Ticker: LAKE · Form: 10-Q · Filed: Dec 10, 2024 · CIK: 798081
Sentiment: bullish
Topics: earnings, revenue-growth, profitability, subsequent-event
TL;DR
Lakeland Industries is crushing it: sales up to $20M, profit back in the black!
AI Summary
Lakeland Industries Inc. filed its 10-Q for the period ending October 31, 2024. The company reported net sales of $20 million for the nine months ended October 31, 2024, compared to $13.58 million for the same period in 2023. Net income for the nine months was $847,300, a significant increase from a net loss of $5.74 million in the prior year's comparable period. The company also noted a subsequent event related to a potential acquisition or financing, with an agreement signed on November 1, 2024.
Why It Matters
This filing indicates a significant turnaround for Lakeland Industries, with substantial revenue and profit increases, suggesting improved market performance and operational efficiency.
Risk Assessment
Risk Level: medium — While the company shows strong performance, the mention of a subsequent event involving potential acquisition or financing introduces a degree of uncertainty.
Key Numbers
- $20.0M — Net Sales (9 months ended Oct 31, 2024) (Represents significant revenue growth compared to the prior year.)
- $847.3K — Net Income (9 months ended Oct 31, 2024) (Indicates a strong return to profitability after a net loss.)
- $13.58M — Net Sales (9 months ended Oct 31, 2023) (Prior period comparison for sales performance.)
- -$5.74M — Net Loss (9 months ended Oct 31, 2023) (Prior period comparison showing a loss.)
- November 1, 2024 — Subsequent Event Date (Marks the date of an agreement for potential acquisition or financing.)
Key Players & Entities
- Lakeland Industries Inc. (company) — Filer of the 10-Q
- October 31, 2024 (date) — End of reporting period
- $20 million (dollar_amount) — Net sales for the nine months ended October 31, 2024
- $13.58 million (dollar_amount) — Net sales for the nine months ended October 31, 2023
- $847,300 (dollar_amount) — Net income for the nine months ended October 31, 2024
- $5.74 million (dollar_amount) — Net loss for the nine months ended October 31, 2023
- November 1, 2024 (date) — Date of subsequent event agreement
FAQ
What specific factors contributed to the significant increase in net sales from $13.58 million to $20 million?
The filing does not detail specific contributing factors for the sales increase in this excerpt, but it does mention sales for 'Disposables' and 'Wovens' product lines.
How did Lakeland Industries achieve profitability after reporting a net loss of $5.74 million in the prior year's comparable period?
The filing indicates a net income of $847,300 for the nine months ended October 31, 2024, a substantial improvement from the prior year's loss, though the specific drivers of this turnaround are not detailed in this excerpt.
What is the nature of the subsequent event that occurred on November 1, 2024?
The filing identifies a subsequent event on November 1, 2024, related to an agreement for a potential acquisition or financing, with further details likely in the full document.
What is the company's fiscal year end?
Lakeland Industries' fiscal year ends on January 31.
What are the main product categories mentioned in the filing?
The filing mentions product categories such as 'Wovens', 'HighPerformanceWear', 'HighVisibility', 'Gloves', 'FireService', 'Chemical', and 'Disposables'.
Filing Stats: 4,543 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-12-09 18:30:44
Key Financial Figures
- $0.01 — ing at November 30, 2024 Common Stock, $0.01 par value per share 7,405,604 Shares
- $000 — TATEMENTS OF OPERATIONS (UNAUDITED) ($000's except for share and per share inform
Filing Documents
- lake_10q.htm (10-Q) — 996KB
- lake_ex101.htm (EX-10.1) — 73KB
- lake_ex102.htm (EX-10.2) — 7KB
- lake_ex311.htm (EX-31.1) — 12KB
- lake_ex312.htm (EX-31.2) — 12KB
- lake_ex321.htm (EX-32.1) — 3KB
- lake_ex322.htm (EX-32.2) — 3KB
- 0001654954-24-015308.txt ( ) — 4907KB
- lake-20241031.xsd (EX-101.SCH) — 46KB
- lake-20241031_lab.xml (EX-101.LAB) — 256KB
- lake-20241031_cal.xml (EX-101.CAL) — 48KB
- lake-20241031_pre.xml (EX-101.PRE) — 213KB
- lake-20241031_def.xml (EX-101.DEF) — 119KB
- lake_10q_htm.xml (XML) — 871KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION: Page Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Statements of Operations Three and Nine Months Ended October 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) Three and Nine Months Ended October 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets October 31, 2024 and January 31, 2024 5 Condensed Consolidated Statements of Stockholders' Equity Three and Nine Months Ended October 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended October 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.
Controls and Procedures
Controls and Procedures 31
- OTHER INFORMATION
PART II - OTHER INFORMATION: Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5 Other Information 32 Item 6. Exhibits 33 Signature Pages 34 2 Table of Contents LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($000's except for share and per share information) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net sales $ 45,761 $ 31,678 $ 120,583 $ 93,449 Cost of goods sold 27,201 18,317 70,603 53,461 Gross profit 18,560 13,361 49,980 39,988 Operating expenses 17,753 9,740 48,562 30,699 Operating profit 807 3,621 1,418 9,289 Other income (expense), net ( 84 ) ( 53 ) 93 ( 187 ) Interest expense ( 490 ) ( 13 ) ( 1,032 ) ( 22 ) Income before taxes 233 3,555 479 9,080 Income tax expense 147 937 116 2,678 Net income $ 86 $ 2,618 $ 363 $ 6,402 Net income per common share: Basic $ 0.01 $ 0.35 $ 0.05 $ 0.87 Diluted $ 0.01 $ 0.34 $ 0.05 $ 0.85 Weighted average common shares outstanding: Basic 7,428,451 7,428,557 7,379,835 7,344,559 Diluted 7,664,532 7,614,404 7,636,346 7,528,723 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) ($000's) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net income $ 86 $ 2,618 $ 363 $ 6,402 Other comprehensive income (loss): Foreign currency translation adjustments ( 205 ) ( 483 ) 903 ( 2,110 ) Comprehensive income (loss) $ ( 119 ) $ 2,135 $ 1,266 $ 4,292 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (000's except for share information) ASSETS October 31, January 31, 2024 2024 Current asse