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8-K - CURRENT REPORT - LAKELAND INDUSTRIES INC | lake-20211231.htm |
Exhibit
99.1
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202 Pride Lane SW
Decatur, AL 35603
(256) 350-3873 - www.lakeland.com
|
Lakeland
Industries, Inc. Reports Fiscal 2021
Fourth
Quarter and Year End Financial Results
●
Annual Revenues Increase for Fourth Consecutive Year as Fiscal 2021
Sales Reach Record $159 Million, Up 47% from 2020, Primarily from
COVID 19-Related Demand
●
Net Income for Fiscal 2021 Increases 970% Driven by Operating
Leverage
●
Revenues from International Markets Continue to Outpace Domestic
Growth
●
Performance Bolstered by Sustainable Improvements
from:
o
Technology Implementation
o
Increased Market Penetration
o
Inventory and Manufacturing Production Management
o
Continuing SKU Rationalization
●
Cash Jumps $38 Million in Fiscal 2021, Ending Year at $52.6 Million
with No Debt
DECATUR,
AL – April 15, 2021 -- Lakeland Industries, Inc. (NASDAQ:
LAKE) (the “Company” or “Lakeland”), a
leading global manufacturer of protective clothing for industry,
healthcare and to first responders on the federal, state and local
levels, today announced financial results for its fiscal 2021
fourth quarter and full year ended January 31, 2021.
Fiscal 2021 Fourth Quarter Financial Results
Highlights
●
Net sales for 4Q21
of $36.9 million, up 31% as compared with 4Q20 of $28.2
million
●
Gross profit for
4Q21 of $18.1 million, up 71% as compared with $10.6 million in
4Q20
●
Gross margin as a
percentage of net sales in 4Q21 was 48.9%, compared to 37.7% in
4Q20
●
Operating expenses
of $8.8 million in 4Q21, down from $8.9 million in
4Q20
●
Operating profit of
$9.3 million in 4Q21, up 447% from $1.7 million in
4Q20
●
Net income of $7.9
million or $0.99 per basic common share in 4Q21, up from $1.2
million or $0.15 per basic common share in 4Q20
●
Earnings before
interest, taxes, depreciation, and amortization (EBITDA)* of $10.3
million in 4Q21, up 348% from $2.3 million in 4Q20
●
Capital
expenditures for 4Q21 of $0.4 million, up from $0.3 million in
4Q20
Fiscal 2021 Full Year Financial Results Highlights
●
Net sales for
fiscal 2021 of $159.0 million, up from $107.8 million in fiscal
2020
●
Fiscal 2021 sales
include an estimated $48 million to $56 million (30% to 35%) of
demand related to COVID 19, up from $1 million in fiscal
2020
●
Gross profit for
fiscal 2021 of $79.3 million, as compared with $37.9 million in
fiscal 2020
●
Gross margin as a
percentage of net sales in fiscal 2021 was 49.8%, up from 35.2% in
fiscal 2020
●
Operating expenses
of $35.4 million in fiscal 2021, up from $32.0 million in fiscal
2020
●
Operating profit of
$43.9 million in fiscal 2021, up from $5.9 million in fiscal
2020
●
Net income for
fiscal 2021 of $35.1 million or $4.40/$4.31 per basic/diluted share
compares with fiscal 2020 net income** of $3.3 million or $0.41 per
basic/diluted share
●
Adjusted EBITDA* of
$47.5 million for fiscal 2021, up from $7.1 million in fiscal
2020
●
Capital
expenditures for fiscal 2021 were $1.7 million, up from $1.0
million in fiscal 2020
●
Cash of $52.6
million at 1/31/21, up from $14.6 million at beginning of the
fiscal year
●
Current ratio
improves to 8.0:1 at 1/31/21, up 26% from 1/31/20
●
No debt at 1/31/21,
down from $1.2 million at beginning of fiscal year
●
Stockholders'
equity at the end of fiscal 2021 increased by $37.8 million or 44%
to $122.9 million from $85.1 million at the beginning of fiscal
year
Operational Highlights
●
Sustainable
Improvement Initiatives
o
Investments in
digital transformation: ERP, CRM and IT systems
o
Vietnam and India
manufacturing capacity increased
o
New product
development targeting higher margin niche markets
o
Improved working
capital and cash management
●
Leadership Team
Strengthened
o
Christopher J. Ryan
appointed Executive Chairman (effective 2/1/20)
o
Charles D. Roberson
appointed Chief Executive Officer (effective 2/1/20)
o
Allen E. Dillard
appointed Chief Financial Officer (effective 8/12/19)
o
Steven L. Harvey
appointed to new post of EVP Global Sales/Marketing (effective
1/24/21)
o
Industry veteran
Nikki L. Hamblin appointed to Board of Directors (effective
2/24/21)
●
$5 million stock
repurchase program authorized on February 11, 2021; replaces prior
program with $800,000 remaining
*
EBITDA and Adjusted EBITDA are non-GAAP financial measures.
Reconciliation is provided in the tables of this press
release.
**
Lakeland’s fiscal 2020 financial results as reported on a
U.S. GAAP basis was subject to non-cash income tax expense
pertaining to Global Intangible Low-Taxed Income
(“GILTI”) accounting policies. GILTI relates to income
earned by foreign affiliates of U.S. companies in excess of
allowable returns from intangible assets associated with such
operations, which went into effect in 2018 following the passage of
the 2017 Tax Cuts and Jobs Act. The 2017 Act, among other things, lowered the U.S. federal
corporate income tax rate from 35% to 21%, and requires companies
to pay a one-time transition tax on earnings of certain foreign
subsidiaries that were previously tax deferred and creates the
GILTI tax applicable to certain foreign sourced earnings. A
minimum tax for GILTI of 10.5% was implemented to discourage U.S.
multinational corporations from shifting domestic profits to lower
taxed foreign operations. The GILTI tax provisions are being
reviewed for companies with a net operating loss
(“NOL”) carryforward asset which are typically used to
shield taxable consolidated U.S. corporate income from income taxes
paid in cash. Current GILTI rules allow a deduction of 50% of GILTI
income to the extent the U.S. parent company has net taxable income
after NOLs. Additionally, a foreign tax credit can offset U.S.
“cash tax” calculated on the GILTI income. However,
since Lakeland has enough NOL’s to completely offset U.S.
income tax on GILTI income, there is no net U.S. taxable income or
tax liability to claim the deduction or foreign tax credits.
Lakeland recorded the GILTI non-cash income tax expense based upon
the tax regulations as they exist today. There are proposed changes
to the GILTI regulations that may reduce future non-cash tax
charges. Any impact due to this change will be recognized in the
period in which the change is enacted.
Although
this new US anti-deferral tax provision uses the words
“Intangible Low-Taxed Income” in its’ title,
based on current regulations, the result is an inclusion of income
from all of Lakeland’s controlled foreign corporations (CFCs)
into its consolidated corporate income tax return, regardless of
the type of income or the tax rate in the foreign country. Final
regulations have been issued regarding the mechanics of calculating
GILTI, although there are “Proposed Regulations” that,
if adopted, would cause the calculation to include only the income
from Lakeland CFCs that are taxed at a rate lower than 90% of the
current US tax rate of 21% (18.9%). This proposed “High-Tax
Exception” rule, if approved, would then align the actual
income inclusion with the actual title to only include CFC income
that is taxed at a low rate in its home country. The proposed
regulations, however, specifically forbid application of these
proposed regulations until US Treasury issues them in
“Final” form. The Company awaits the final tax
regulations regarding the “High-Tax Exception” to
determine how this GILTI tax will be recorded in the
future.
Management’s Comments
Charles
D. Roberson, President and Chief Executive Officer of Lakeland
Industries, stated, “Lakeland’s fiscal 2021 has proven
to be the most complex yet most rewarding year since our founding
in 1982. We are grateful for the perseverance and dedication of our
global workforce which increased by nearly 10% during the year to
nearly 2,000. This team led the company to unprecedented growth and
improvement in operating performance in fiscal 2021 while remaining
steadfast in their efforts to provide a healthy and safe
environment in the workplace, for our customers and business
partners, and for our families. Our company slogan is
“Protect Your People” and our team exemplified that
element of our mission very well. The COVID 19 pandemic created
worldwide havoc and provided a launching pad for the Company to
initiate an operational transformation that will continue into the
future, enhance the scalability of our business, and serve to
differentiate the Company within the PPE industry.
“Numerous
financial performance records were achieved in fiscal 2021. We
reached the highest annual revenues, gross profit, operating
profit, and net income, to name a few of the key metrics for which
record performance was attained. More importantly, we demonstrated
the resiliency of our supply chain and manufacturing; and the
sustainability of our improving operations, which, in combination,
result in a significantly improved financial model that positions
us well for a post-COVID 19 business environment. Revenues of $159
million for the year grew by 47% and have now increased for the
fourth consecutive year. Gross margin as a percentage of sales was
a record 49.8% for the year, up from 35.2% in fiscal 2020 and 34.2%
in fiscal 2019. Operating profit ballooned by 650% for the year,
while operating expenses saw only a marginal increase of 10%. In
the fourth quarter, our operating expenses actually declined from
the third quarter of this year as we have been actively managing
our expenses and driving costs out of the business through
investments in technology and process improvements.
“Throughout
the year, Lakeland was able to scale its manufacturing unlike any
other PPE provider in the world. We showed how owning your
manufacturing facilities is a sustainable strategic advantage. Our
brand value has been magnified by our ability to source raw
materials globally and deliver high quality garments, at
competitive prices, from our strategically located manufacturing
facilities. Our customer count grew during the year with the
addition of over 500 new distributors and/or end users. Most of
these new accounts are traditional industrial customers who are not
ordering for pandemic defense purposes. Demonstrating our
diversification, in fiscal 2021 our domestic revenues increased 26%
as our international sales increased 70%. Every major foreign
operating region delivered strong double-digit growth. The
disproportionate growth in our foreign markets is function of our
focus on our industrial customer base throughout the pandemic and
our ability to leverage our uninterrupted supply to increase market
penetration.
“The
progress made in fiscal 2021 sets the stage for Lakeland to exit
the COVID 19 era with market share gains and an enhanced visibility
into sustainable improvements that are expected to significantly
elevate our business performance from pre-pandemic norms. The
Company’s positive trajectory should further benefit from the
data-driven and technologically enhanced culture we have embraced
and other growth-oriented measures. Toward the end of the fiscal
year, we hired the Company’s first Executive Vice President
to lead a coordinated global sales, marketing and customer service
strategy, and appointed our first global supply chain manager to
further enhance our manufacturing resiliency and
flexibility.
“These
developments are consistent with our continued vertical alignment
of our operational functions which are intended to provide agility
within business disciplines allowing us capitalize on market
opportunities, while yielding productivity efficiencies, and
generating improved returns from capacity expansions at our
production facilities. Each of these focus areas complements the
others and when combined with the continued investments in our ERP
system, Salesforce CRM rollout, and data-centric planning
processes, is expected to serve as a catalyst for ongoing
improvement in productivity, efficiencies and profitability. To
date, most of our technology investments have only been partially
implemented, primarily within the U.S. market. Rollout of these
technologies into our international operations will continue over
the next 18 to 24 months. Leveraging this base, our growth plans
call for continued investments to increase production capacity of
new product lines in Vietnam, India and Mexico. To the extent
possible, we will be investing in near-shoring certain
manufacturing to shorten lead times, add value for our customers,
and improve inventory turns. All capacity expansions will be
fungible between our primary product lines for disposable, chemical
and Critical Environment, one of our more recent garment lines
which grew during the year and contributes to our efforts to
increased gross profits with differentiated, protective
apparel.
“In
the most challenging business climate in decades, we are pleased to
have exited fiscal 2021 far better positioned than how we entered
the year. We did not let the crisis go to waste. We used it to our
advantage as a catalyst for transformation Now, as we enter fiscal
2022, Lakeland has a new roadmap to drive top line growth at
improved profit levels, while meeting the needs of our growing
customer base, optimizing our manufacturing and supply chain, and
deploying our substantial and growing capital base to deliver solid
returns for shareholders,” concluded Mr.
Roberson.
Allen
E. Dillard, Chief Financial Officer of Lakeland Industries, added,
“The Company’s cash position grew with each successive
quarter in fiscal year 2021. Our cash balance at January 31, 2021
was a record $52.6 million, an increase of $38 million from the end
of the prior fiscal year. While our market capitalization doubled
during the course of the year, cash per basic common share
increased to approximately $6.58 at January 31, 2021 from $1.83 at
the end of fiscal 2020. We also paid down the balance of the
Company’s debt during the year. Lakeland is a relatively
asset-light business, with capital investments for fiscal 2021 of
under $1.7 million as compared with $1 million in the prior year.
The majority of capital spending in the year was for investments in
our technology platform and manufacturing capacity increases, which
is impressive in the context of our year-over-year revenue growth
of $51 million. This level of spending is expected to continue in
fiscal 2022 for the continuation of our IT investments, expansion
of our sales and marketing platform, and additional manufacturing
capacity. With the excess cash generated in fiscal 2021, we had
more than sufficient capital to authorize a $5 million share
repurchase program and to set our sights on opportunistic strategic
acquisitions.”
Fiscal 2021 Fourth Quarter and Full Year Financial
Results
Net
sales were $36.9 million for the three months ended January 31,
2021, as compared to $28.2 million for the three months ended
January 31, 2020. Fiscal 2021 net sales were $159.0 million, as
compared to $107.8 million in fiscal 2020.
On a
consolidated basis for the fourth quarter of fiscal 2021, domestic
sales were $16.0 million or 43% of total revenues and international
sales were $20.9 million or 57% of total revenues. This compares
with domestic sales of $14.4 million or 51% of the total and
international sales of $13.8 million or 49% of the total in the
same period of fiscal 2020. For the fiscal year, consolidated
domestic sales were $70.6 million or 44% of total revenues and
international sales were $88.4 million or 56% of total revenues.
This compares with domestic sales of $55.9 million or 52% of the
total and international sales of $51.9 million or 48% of the total
for fiscal 2020.
During
fiscal 2021 as compared to prior year periods, the Company
experienced significant growth in sales of disposable and chemical
garments primarily relating to COVID 19 demand and as a result of
cultivating new industrial customers who could not procure these
products from incumbent manufacturers or their subcontractors. In
addition, global economic activity picked up from the first half of
the fiscal year as many businesses, countries and industrial
vertical markets eased earlier imposed temporary closures and
lockdowns and due to a broader economic recovery. Foreign exchange
currency translations positively impacted sales in the UK/Europe,
Canada, and China as reported on a consolidated basis in U.S.
dollars by approximately $0.5 million in the fiscal fourth quarters
of 2021, and by approximately $0.4 million for all of fiscal
2021.
Gross
profit of $18.1 million for fiscal 2021 fourth quarter increased
from $10.6 million for the same period of the prior year. For the
full year, gross profit of $79.3 million in fiscal 2021 increased
from $37.9 million in fiscal 2020. Gross profit as a percentage of
net sales was 48.9% for the fiscal 2021 fourth quarter as compared
with 37.7% a year ago. For the full year, gross profit as a
percentage of net sales was 49.8% in fiscal 2021 as compared with
35.2% in fiscal 2020. Gross profit performance in fiscal 2021
benefited from higher volumes, overall improved factory
utilization, favorable pricing and product mix. The higher gross
margin as a percentage of sales reflects the contribution of
successful execution of the Company’s strategies for
sustainable improvements in profitability, substantially greater
container shipments particularly for new industrial customers,
select price increases, and manufacturing efficiencies stemming
from increased production hours and reduced product variations to
isolate higher production runs on fewer garment lines. Our
increased production hours and limited product SKUs began to ease
in the fourth quarter of fiscal 2021.
Lakeland
reported operating profit of $9.3 million for the three months
ended January 31, 2021, as compared to $1.7 million for the quarter
ended January 31, 2021. For the year, fiscal 2021 operating profit
was $43.9 million, up from $5.9 million in fiscal 2020. Operating
margins were 25.1% for the three months ended January 31, 2021, up
from 6.1% for the fourth quarter of the prior fiscal year. For the
year, fiscal 2021 operating margin was 27.6% as compared with 5.5%
in fiscal 2020. In the fiscal 2021 periods, performance was
primarily elevated due to the Company’s operating leverage
and data-centric process improvements benefiting from higher
revenues and gross margins which more than offset increases in
sales commissions and freight out, and higher compensation tied in
large part to the expanded workforce.
The
Company reported net income of $7.9 million or $0.99 per basic and
$0.96 per diluted share for the three months ended January 31,
2021, compared with $1.2 million or $0.15 per basic and diluted
share in the prior year period. For the full year, fiscal 2021 net
income of $35.1 million or $4.40 per basic and $4.31 per diluted
share increased from $3.3 million or $0.41 per basic and diluted
share in the prior year.
As of
January 31, 2021, Lakeland had cash and cash equivalents of
approximately $52.6 million, up from $40.2 million at October 31,
2020 and $14.6 million at January 31, 2020. The elevated cash
balances are a result of increased profitability and free cash
flow. Accounts receivable at January 31, 2021 of $21.7 million,
down from $26.8 million at October 31, 2020 and up from $17.7
million at January 31, 2020. Days sales outstanding was
approximately 54 at January 31, 2021, consistent with 53 days at
October 31, 2020. Accounts payable and accrued liabilities at
January 31, 2021 was $13.1 million, down from $16.4 million at
October 31, 2020 and up from $10.9 million at January 31,
2020.
Working
capital at January 31, 2021 was $108.2 million, up from $101.0
million at October 31, 2020 and $66.9 million at January 31, 2020.
Lakeland’s $12.5 million revolving credit facility had no
borrowings as of January 31, 2021, as the Company continues to have
no debt.
Lakeland
anticipates that its Annual Report on Form 10-K relating to the
fiscal year ended January 31, 2021 will be timely filed on April
16, 2021.
Financial Results Conference Call
Lakeland
will host a conference call at 4:30 pm eastern time today to
discuss the Company’s fiscal 2021 fourth quarter and full
year financial results. The conference call will be hosted by
Charles D. Roberson, President and CEO, and Allen E. Dillard, Chief
Financial Officer. Investors can listen to the call by dialing
877-407-8033 (Domestic)
or 201-689-8033 (International). For a replay of this call through
April 22, 2021, dial 877-481-4010 (Domestic) or 919-882-2331
(International), Pass Code 40709.
About Lakeland Industries, Inc.:
We
manufacture and sell a comprehensive line of industrial protective
clothing and accessories for the industrial and public protective
clothing market. Our products are sold globally by our in-house
sales teams, our customer service group, and authorized independent
sales representatives to a network of over 1,600 global safety and
industrial supply distributors. Our authorized distributors supply
end users, such as integrated oil, chemical/petrochemical,
automobile, steel, glass, construction, smelting, cleanroom,
janitorial, pharmaceutical, and high technology electronics
manufacturers, as well as scientific, medical laboratories and the
utilities industry. In addition, we supply federal, state and local
governmental agencies and departments, such as fire and law
enforcement, airport crash rescue units, the Department of Defense,
the Department of Homeland Security and the Centers for Disease
Control. Internationally, we sell to a mixture of end users
directly, and to industrial distributors depending on the
particular country and market. Sales are made to more than 50
countries, the majority of which were into the United States,
China, the European Economic Community ("EEC"), Canada, Chile,
Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India,
Uruguay and Southeast Asia.
For
more information concerning Lakeland, please visit the Company
online at www.lakeland.com.
Contacts:
Lakeland
Industries, Inc.
|
Darrow
Associates
|
256-445-4000
|
512-551-9296
|
Allen
Dillard
|
Jordan
Darrow
|
aedillard@lakeland.com
|
jdarrow@darrowir.com
|
“Safe
Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland’s expectations of sources or uses for
capital or which express the Company’s expectation for the
future with respect to financial performance or operating
strategies can be identified as forward-looking statements. As a
result, there can be no assurance that Lakeland’s future
results will not be materially different from those described
herein as “believed,” “projected,”
“planned,” “intended,”
“anticipated,” “estimated” or
“expected,” or other words which reflect the current
view of the Company with respect to future events. We caution
readers that these forward-looking statements speak only as of the
date hereof. The Company hereby expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company’s
expectations or any change in events conditions or circumstances on
which such statement is based.
Non-GAAP Financial Measures
To
supplement its consolidated financial statements, which are
prepared and presented in accordance with Generally Accepted
Accounting Principles (GAAP), the Company uses the following
non-GAAP financial measures: EBITDA, adjusted EBITDA and Free Cash
Flow. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP. The Company uses these non-GAAP financial
measures for financial and operational decision making and as a
means to evaluate period-to-period comparisons. The Company
believes that they provide useful information about operating
results, enhance the overall understanding of past financial
performance and future prospects, and allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making. The non-GAAP financial
measures used by the Company in this press release may be different
from the methods used by other companies.
For
more information on the non-GAAP financial measures, please see the
Reconciliation of GAAP to non-GAAP Financial Measures tables in
this press release. These accompanying tables include details on
the GAAP financial measures that are most directly comparable to
non-GAAP financial measures and the related reconciliations between
these financial measures.
(tables
follow)
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
($000’s Except Share Information)
ASSETS
|
|
|
|
|
|
Current
assets
|
2021
|
2020
|
Cash and cash
equivalents
|
$52,596
|
$14,606
|
Accounts
receivable, net of allowance for doubtful accounts of $700 and $497
at January 31, 2021 and 2020, respectively
|
21,702
|
17,702
|
Inventories
|
43,833
|
44,238
|
Prepaid VAT and
other taxes
|
1,343
|
1,228
|
Other current
assets
|
4,134
|
2,033
|
Total current
assets
|
123,608
|
79,807
|
Property and
equipment, net
|
9,819
|
10,113
|
Operating leases
right-of-use assets
|
2,347
|
2,244
|
Deferred tax
assets
|
2,839
|
5,939
|
Prepaid VAT and
other taxes
|
329
|
333
|
Other
assets
|
112
|
98
|
Goodwill
|
871
|
871
|
Total
assets
|
$139,925
|
$99,405
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$7,397
|
$7,204
|
Accrued
compensation and benefits
|
3,902
|
1,300
|
Other accrued
expenses
|
1,793
|
2,445
|
Income tax
payable
|
1,534
|
-----
|
Current maturity of
long-term debt
|
-----
|
1,155
|
Current portion of
operating lease liability
|
768
|
835
|
Total current
liabilities
|
15,394
|
12,939
|
Long-term portion
of debt
|
-----
|
-----
|
Long-term portion
of operating lease liability
|
1,613
|
1,414
|
Total
liabilities
|
17,007
|
14,353
|
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 shares,
Issued 8,498,457
and 8,481,665; outstanding 7,984,518 and 7,972,423 at January 31,
2021 and 2020, respectively
|
85
|
85
|
Treasury stock, at
cost; 509,242 shares at January 31, 2021 and 2020
|
(5,023)
|
(5,023)
|
Additional paid-in
capital
|
76,781
|
75,171
|
Retained
earnings
|
52,687
|
17,581
|
Accumulated other
comprehensive loss
|
(1,612)
|
(2,762)
|
Total stockholders'
equity
|
122,918
|
85,052
|
Total liabilities
and stockholders’ equity
|
$139,925
|
$99,405
|
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
($000’s Except Share Information)
|
2021
|
2020
|
Net
sales
|
$159,000
|
$107,809
|
Cost of goods
sold
|
79,750
|
69,912
|
Gross
profit
|
79,250
|
37,897
|
Operating
expenses
|
35,397
|
32,021
|
Operating
profit
|
43,853
|
5,876
|
Other income
(expense), net
|
50
|
(7)
|
Interest
expense
|
(23)
|
(116)
|
Income before
taxes
|
43,880
|
5,753
|
Income tax
expense
|
8,774
|
2,472
|
Net
income
|
$35,106
|
$3,281
|
Net income per
common share:
|
|
|
Basic
|
$4.40
|
$0.41
|
Diluted
|
$4.31
|
$0.41
|
Weighted average
common shares outstanding:
|
|
|
Basic
|
7,977,683
|
8,005,927
|
Diluted
|
8,141,189
|
8,037,019
|
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
Operating Results ($000)
Reconciliation to GAAP Results
|
Year Ended
January 31,
|
|
|
2021
|
2020
|
|
|
|
Net
sales
|
$159,000
|
$107,809
|
Year
over year growth
|
47.5%
|
8.9%
|
Gross
profit
|
79,250
|
37,897
|
Gross
profit %
|
49.8%
|
35.2%
|
Operating
expenses
|
35,397
|
32,021
|
Operating
expenses as a percentage of sales
|
22.3%
|
29.7%
|
Operating
profit
|
43,853
|
5,876
|
Operating
income as a percentage of sales
|
27.6%
|
5.5%
|
Other
income (expense), net
|
50
|
(7)
|
Interest
expense
|
23
|
116
|
Income
before taxes
|
43,880
|
5,753
|
Income
tax expense
|
8,774
|
2,472
|
Net income
|
$35,106
|
$3281
|
Weighted
average shares for EPS-Basic
|
7,978
|
8,006
|
Net income per share
|
$4.40
|
$0.41
|
Operating
income
|
$43,853
|
$5,876
|
Depreciation
and amortization
|
1,965
|
1,645
|
EBITDA
|
45,818
|
7,521
|
Stock-based
compensation
|
1,727
|
(403)
|
Adjusted EBITDA
|
$47,545
|
7,118
|
Cash
paid for taxes (foreign)
|
3,561
|
1,700
|
Capital
expenditures
|
1,662
|
1,033
|
Free cash flow
|
$42,322
|
$4,385
|
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
Operating Results ($000)
Reconciliation of Non-GAAP Results
|
Year
Ended
January
31,
|
|
|
2021
|
2020
|
|
|
|
Net
Income to EBITDA
|
|
|
Net
Income
|
$35,106
|
$3,281
|
Interest
|
23
|
116
|
Taxes
|
8,774
|
2,472
|
Depreciation
and amortization
|
1,965
|
1,645
|
|
|
|
Other
income (expense)
|
50
|
(7)
|
EBITDA
|
$45,818
|
$7,521
|
EBITDA
to Adjusted EBITDA
|
|
|
(excluding
non-cash expenses)
|
|
|
Equity
compensation
|
$1,727
|
$(403)
|
|
|
|
Adjusted EBITDA
|
$47,545
|
$7,118
|
|
|
|
Cash
paid for taxes (foreign)
|
3,561
|
1,700
|
Capital
expenditures
|
1,662
|
1,033
|
Free cash flow
|
$42,322
|
$4,385
|