Investor Presentation | | March 4, 2020 |
Protect Your People TM | NASDAQ: LAKE |
Charles D. Roberson, Chief Executive Officer
Allen E. Dillard, Chief Financial Officer
Safe Harbor Statement
With the exception of historical information, the statements set forth in this presentation include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. The company wishes to caution that a number of important factors could cause actual results to differ materially from those forward-looking statements. These and other factors could cause actual results to differ materially from those in any forward-looking statements which are discussed in this presentation. Please see Lakeland Industries' SEC filings on Forms 10-K and 10-Q for important information about the Company and related risks. The Company disclaims any obligation to update its forward-looking statements.
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 presentation may be different from the methods used by other companies. For more information on the non-GAAP financial measures, please see the Reconciliation tables in this presentation.
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Key Statistics
Q3FY20 Results | Financials & Valuation | |||
• Net sales of $27.5M, up 14% from $24.0M in Q3FY19 | LTM Revenue3 | $104.7 million | ||
• Gross profit of $9.3M, up from $8.3M in Q3FY19 | LTM EBITDA3 | $3.9 million | ||
• Gross margin of 33.8%, compared to 34.6% in Q3FY19 | LTM Net Income3 | $0.2 million | ||
• Opex of $7.5M, compared $7.3M in Q3FY19 | LTM EPS3 | $0.01 | ||
• Operating profit of $1.8M, up 80% from $1.0M in Q3FY19 | ||||
EV/LTM Revenue | 1.5x | |||
• Net income of $1.2M, up 131% from $0.5M in Q3FY19 | ||||
EV/LTM EBITDA3 | 41.2x | |||
• Net income incl. non-cash income tax expense of $0.3M for GILTI tax | ||||
P/E (LTM)3 | NM | |||
• EBITDA* of $1.9M, up from $1.4M in Q3FY19 | ||||
• Cash of $9.5M at 10/31/19, up 4% from $9.1M at end of 7/31/19 | NOL Carryforward3 | Approx. $18.0 million | ||
• Total debt of $1.2M at 10/31/19, down 24% from $1.6M at 7/31/19 | Book Value3 | $84.2 million | ||
Market Stats | One Year Stock Performance | |||
Share Price (as of 2/28/2020) | $21.11 | |||
52-Week High / Low | $28.00 / $9.70 | |||
Average Daily Volume (3M) | 510,000 | |||
Diluted Shares Outstanding1 | 8.0 million | |||
Market Capitalization1 | $168.9 million | |||
Debt (as of 10/31/2019) | $1.2 million | |||
Cash (as of 10/31/2019) | $9.5 million | |||
Enterprise Value | $160.6 million |
Source: Etrade | ||
1 | Treasury stock method | |
2 | Source: Bloomberg/Yahoo | |
3 | As of 10/31/2019 | 3 |
* EBITDA is a non-GAAP figure with reconciliation provided herein. | ||
LAKE Product Examples
LAKE Cleanroom Suit | LAKE Homeland Security Suit |
LAKE Disposable Suit | LAKE Chemical Protection Suit |
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Leading Protective Clothing Manufacturer
Product Offering:
-
of Sales1
Sales by Geography:
Industries Served:
Employees:
Founded:
Disposables | Chemical Suits | Wovens | Fire/Reflectives | Gloves | |
54% | 18% | 12% | 13% | 3% | |
• | Domestic: | 50% of FY19 net sales | |||
• | International: | 50% of FY19 net sales |
- Chemical/petrochemical
- Basic industries: auto, steel, construction, electric & gas utilities
- Healthcare, food chain & high tech
- Government, fire department, public safety and public agencies including DoD, CDC & DEA
- 1,800 international employees (approx.)
- 100 domestic employees (approx.)
- 1982
1As of 1/31/2019.
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Innovative Proprietary Products
LAKE utilizes proprietary textiles and designs targeted to market needs and demands
New Product Focus:
Patents:
Supply Chain:
Certifications:
Manufacturing:
Testing:
- Proprietary high margin products for stable and recurring end markets (e.g. utilities, pharmaceuticals)
- 20 patents & 1 patent in application1
- 56 trademarks and 6 trademarks in application1
- LAKE maintains strong control of its supply chain includingmulti-sourcing raw materials and having cut/sew operations performed by employees instead of contractors
- Products are certified under relevant standards and certificates domestically and abroad
- Customers recognize certification as sign of quality
- All established LAKE manufacturing facilities are ISO 9001 or ISO 9002 certified
- New facilities in Vietnam and India
- Manufacturing resilience based on footprint & supply
- Quality control lab in China and the USA
- Chinese facility able to perform medical and industrial sterilizations
- Installed test lab in Alabama facility
1As of 1/31/2019.
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Optimized Global Presence
Manufacturing Sites
Sales Presence
Decatur, AL Facility | Anqui (Weifang), China Facility |
Manufacturing Sites
Decatur, AL
Jerez, Mexico
Anqui (Weifang), China
Buenos Aires, Argentina
New Delhi, India
Nahm Dinh, Vietnam
Sales Presence
Beijing, China
Chongqing, China
Decatur, AL
Europe (France, Germany, Netherlands, Poland, Spain, U.K.)
Jerez, Mexico
Melbourne, Australia
Moscow, Russia
New Delhi, India
Ronkonkoma, NY (HQ)
Shanghai, China
South America (Argentina, Chile, Colombia, Ecuador, Peru)
Southeast Asia (Malaysia, Thailand, Vietnam)
Toronto, Canada
Ust-Kamenogorsk, Kazakhstan
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Anqui (Weifang), China Facility
New Vietnam Facility
Vietnam Manufacturing
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Strong Business Model
Business Area | Key Characteristic |
Products | Proprietary / value-added / higher margin |
COGS / Raw Materials | Multi-sourced, lower priced fabrics than DuPont |
Gross Margin1 | 34.2% and expanding |
Sales Channels | Distributors and Key End Users |
Customer Breadth | Diversified |
Number of Products | >800 |
Sales Presence | 21 countries |
Geographic Reach | Global |
Manufacturing Locations | U.S., China, Mexico, LATAM, India, Vietnam |
1As of 1/31/19 for TTM.
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Blue Chip Customers
Distributors
End Users
10
Favorable Industry Dynamics
Lakeland operates in a large and growing industry…
Industry Tailwinds
- Global Economic Growth
- Global Oil Prices in Check
- Strong Increase in Manufacturing
- Robust Demand from Developing Industries
- Increased Global Focus on Safety
Protective Clothing Market1
($ in billions)
1Source: Markets and Markets
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Strong Presence in Large & Fragmented U.S. Market
Lakeland's US Sales are in excess of 50% of Total Sales in FY2020
Source of Graphic: Houlihan Lokey | 12 |
Positioned for Further International Growth
Leveraging its worldwide operating capabilities, LAKE plans deeper penetration into
existing markets and selective expansion into new geographies…
- Led by multinational corporations, developing countries are increasingly adoptingOSHA-like standards
- LAKE is able to offer its U.S. product range in international markets for little incremental costs
- The Company recently entered South Korea, Indonesia, Malaysia and Vietnam and is hiring aggressively in these new markets
Significant Opportunity in Developing Markets1
Revenues | Inception | Traction | Growth | Maturity | Decline | ||
Europe | North America | ||||||
Latin America | |||||||
Asia Pacific | |||||||
Middle East & Africa | |||||||
Time
- Source: Markets and Markets:Protective Clothing Market - Global Forecast to 2020.
- As of 9/18/19, including Sales and Sales Support
Sales Presence by Geography
Region | Sales People2 |
U.S. | 28 |
Asia Pacific | 27 |
Latin America | 10 |
EEC | 7 |
Mexico | 11 |
Canada | 5 |
Russia / Kazakhstan | 4 |
India | 8 |
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Low Seasonality in Business
Sales By Quarter
FY2016 | FY2018 | FY2019 |
Q4 | Q1 | Q4 | Q1 | Q4Q4 | Q1 Q1 |
20.5% | 24.9% | 23.6% | 23.6% | ||
Q3 | Q2 | ||
25.0% | Q3 | Q2 | |
Q2 | |||
Q2 | 27.0% | 25.8% | Q3 |
29.6% |
Based on external sales from continuing operations, excluding intersegment sales.
Company fiscal year ends January 31.
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Uniquely Positioned to Respond to Global Crises
Crisis | Ebola | Bird Flu | CoVID-19 (Coronavirus) | |
LAKE Revenue Impact | ||||
$4.6 million (FY16) | $4.1 million (FY16) | TBD (FY20/21) | ||
LAKE Role | ||||
Supplied suits to the United | Supplied protective clothing to | Supplier to hospitals and industrial | ||
Kingdom Government | DiVal Safety Equipment | customers in China | ||
Situation Timeline | ||||
•August 8, 2014: Ebola | • | April 11, 2015: Avian Flu | •First shipments in last 2 weeks | |
declared an "international | confirmed in a commercial | of FY20 Q4. (U.S. and China) | ||
health emergency"; death toll | chicken operation in WI | •Supplied PPE (garments for | ||
reaches 1,000 | • | April 20 - May 1, 2015: WI, | ||
U.S. companies in China to | ||||
•September 11, 2014: LAKE | MN, IA declared state of | open operations) | ||
announced increase in | emergency | •Feb. 14, 2020 all Asian facilities | ||
manufacturing capacity to | ||||
meet demand for safety | • | May 5, 2015: US authorities | put on 12 hour shifts to | |
products | approved $330 million in | maximize capacity. | ||
emergency funds to fight spread | ||||
LAKE Product Use | ||||
LAKE Ebola Protection Suit | LAKE GB medical certified suit | |||||
LAKE Bird Flu Protection Suit | ||||||
15 |
Growth and Performance Improvement Initiatives
- Investments in digital transformation
- ERP implementation
- Launch of new websites for nine global locations
- Amazon platform in multiple countries
- Online marketing strategies
- Investments in manufacturing
- Vietnam (now largest facility for the Company)
- India (planning major expansion in future for current pilot plant)
- Short run pilot plant for high margin products
- Investments in product development
- Higher margin segments:
- Cleanroom suits for Big Pharma
- Electric arc protective apparel for Utilities
- 2Q20 results began reflecting above measures
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LAKE Shares Trade at Discount on Improved Financials
Attractive Valuation: | LAKE Trades at 9.5x EV/EBITDA Based on |
3Q20 Annualized Results |
Improving/Superior Performance:Revenue Growth 14.6% (over prior year period) Operating Margin 6.5% (vs. 4.2% in 3Q19) EBITDA Margin 6.9% (vs. 5.8% in 3Q19)
Source of Chart: Houlihan Lokey/Capital IQ, as of 6/20/19 | 17 |
* EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this presentation. |
Significant M&A Activity
Dec. 2018 | |||
Nov. 2015 | |||
April 2009 | |||
Oct. 2015 | |||
June 2017 | EV / Revenue: 3.4x; EV / EBITDA: 19.5x | ||
EV / Revenue: 2.0x; EV / EBITDA: 9.0x | |||
July 2015 | |||
Sept. 2016 | |||
June 2015 | |||
July 2016 | EV / Revenue: 5.8x; EV / EBITDA: 14.0x | ||
/ | |||
EV / Revenue: 1.4x; EV / EBITDA: 10.5x | |||
May 2015 | |||
June 2016 | |||
Apr. 2015 | |||
June 2016 | |||
Mar. 2015 | |||
May 2016 | EV / Revenue: 2.2x; EV / EBITDA: 9.0x | ||
May 2014 | |||
May 2016 | |||
Nov 2013 | |||
Feb. 2016 | EV / Revenue: 2.1x; EV / EBITDA: 9.7x | ||
18 | |||
Source: SEC public filings, company press releases and other publicly available information. |
Seasoned Management Team
Management Bios | Years at LAKE | |
Christopher J. Ryan - Executive Chairman | ||
Upon his appointment as Executive Chairman in February 2020, Christopher J. Ryan served as our Chief Executive Officer and | ||
President since November 2003, Secretary since April 1991, and a director since May 1986. Mr. Ryan was our Executive Vice | ||
President - Finance from May 1986 until becoming our President in November 2003. Mr. Ryan also worked as a Corporate | ||
Finance Partner at Furman Selz Mager Dietz & Birney, Senior Vice President-Corporate Finance at Laidlaw Adams & Peck, Inc., | 33 years1 | |
Managing-Corporate Finance Director of Brean Murray Foster Securities, Inc. and Senior Vice President-Corporate Finance of | ||
Rodman & Renshaw, respectively, from 1983 to 1991. Mr. Ryan has served as a Director of Lessing, Inc., a privately held | ||
restaurant chain based in New York, from 1995 to 2008. Mr. Ryan received his BA from Stanford University, his MBA from | ||
Columbia Business School and his J.D. from Vanderbilt Law School. | ||
Charles D. Roberson - President & CEO | ||
Upon his appointment as President and CEO as well as to the Company's Board of Directors in February 2020, Charles D. | ||
Roberson served as our Chief Operating Office since 2019. He served as our Senior Vice President International Sales since | ||
March 2009. Mr. Roberson joined our Company in 2004 as Technical Marketing Manager and later served as International Sales | 15 years | |
Manager. Prior to joining our Company, Mr. Roberson was employed by Precision Fabrics Group, Inc. as a Market Manager from | ||
1995 to 2001 and as a Nonwovens Manufacturing Manager from 1991 to 1995. He began his career as a manufacturing manager | ||
for Burlington Industries, Inc. in its Menswear Division from 1985 to 1991. | ||
Allen E. Dillard - Chief Financial Officer | ||
Appointed CFO of Lakeland in July 2019, Allen E. Dillard's career spans three decades of senior-executive financial, operational | ||
and organizational leadership experience. For the preceding 16 years he served as CEO, CFO and COO of 2 middle market B-to- | ||
B companies, while also serving as a Board of Director for one of the companies. Earlier, he served as Treasurer and Director of | 1 year | |
Corporate Communications at Wolverine Tube, Inc. (NYSE: WLV). Previously he served as Corporate Vice President, Treasurer | ||
and Chief Financial Officer of Nichols Research Corporation, a NASDAQ-listed company which was successfully sold to a larger | ||
competitor. Mr. Dillard began his career as a public accountant with Ernst & Young where he worked for nearly a decade. He is | ||
a certified public accountant and a graduate of the University of Alabama at Birmingham. | ||
Daniel L. Edwards - Senior Vice President Sales for North America | ||
Daniel L. Edwards has been our Senior Vice President Sales for North America since March 2017 after most recently serving as | 14 years | |
our Vice President of USA Sales since March 2013. Mr. Edwards has been employed by us in various capacities since joining | ||
Lakeland in 2005, including as our National Accounts Manager and Eastern Regional Sales Manager. Prior to joining our | ||
Company, Mr. Edwards was a Senior Market Manager at Precision Fabrics Group, Inc., where he began his career in 1990 and | ||
held various roles at that company in manufacturing, technical and quality management. |
1Includes years serving on the LAKE board. | 19 |
Investment Highlights
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High Growth from Proprietary/Value Added Products
Strong Growth Masked by Wind Down of DuPont & Brazil Businesses
Flexible Worldwide Operating Capabilities
Highly Leveragable Cost Structure including Global Manufacturing Sites
Leader in Product Quality and Garment Innovation
Certifications and Patents Demonstrate Product Quality
Blue Chip Customer Base
Large Customers with No Significant Customer Concentration
Diversified Product Offerings
Product Suite Covers Protective Apparel Industry
Favorable Market and Industry Dynamics
Global Industry Poised for Further Growth
Strong Management Team and High Insider Ownership
Deep Industry Knowledge and Experience
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Protect Your People™
Financial Review
21
Income Statement - Fiscal Year
($ in thousands)
January 31, | ||
2019 | 2018 | |
Net sales | $99,011 | $95,987 |
Cost of goods sold | 65,105 | 59,784 |
Gross profit | 33,906 | 36,203 |
Operating expenses | 30,341 | 27,726 |
Operating profit | 3,565 | 8,477 |
Other income net | 41 | 29 |
Interest expense | (125) | (163) |
Income before taxes | 3,481 | 8,343 |
Income tax expense | 2,022 | 7,903 |
Net income | $1,459 | $440 |
Net income per common share: | ||
Basic | $0.18 | $0.06 |
Diluted | $0.18 | $0.06 |
Weighted average common shares outstanding: | ||
Basic | 8,111,458 | 7,638,264 |
Diluted | 8,170,401 | 7,691,553 |
22
EBITDA Reconciliation - Fiscal Year
Year Ended | Year Ended | |
January 31, | January 31, | |
2019 | 2018 | |
Net Income to EBITDA | ||
Net Income | $1,459 | $440 |
Interest | 125 | 163 |
Taxes | 2,022 | 7,903 |
Depreciation and amortization | 965 | 775 |
Less Other income | (41) | (29) |
EBITDA | $4,530 | $9,252 |
EBITDA to Adjusted EBITDA | ||
(excluding non-cash expenses) | ||
Equity compensation | 744 | 424 |
Adjusted EBITDA | $5,274 | $9,676 |
(excluding non-cash expenses) | ||
Adjusted EBITDA to Adjusted Free Cash Flow | ||
(excluding non-cash expenses) | ||
Adjusted EBITDA | 5,274 | 9,676 |
(excluding non-cash expenses) | ||
Cash paid for taxes (foreign) | 1,667 | 1,260 |
Capital expenditures | 3,103 | 905 |
Adjusted Free Cash Flow | $504 | $7,511 |
(excluding non-cash expenses) |
23
Balance Sheet - Fiscal Year
($ in thousands)
ASSETS | January 31, | |
Current assets | 2019 | 2018 |
Cash and cash equivalents | $12,831 | $15,788 |
Accounts receivable, net of allowance for doubtful accounts of $434 and $480 at January 31, | ||
2019 and 2018, respectively | 16,477 | 14,119 |
Inventories | 42,365 | 42,919 |
Prepaid VAT and other taxes | 1,478 | 2,119 |
Other current assets | 2,319 | 1,555 |
Total current assets | 75,470 | 76,500 |
Property and equipment, net | 10,781 | 8,789 |
Assets held for sale | ----- | 150 |
Deferred tax assets | 7,267 | 7,557 |
Prepaid VAT and other taxes | 176 | 310 |
Other assets | 158 | 354 |
Goodwill | 871 | 871 |
Total assets | $94,723 | $94,531 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities | ||
Accounts payable | $6,214 | $6,855 |
Accrued compensation and benefits | 1,137 | 1,771 |
Other accrued expenses | 2,825 | 1,384 |
Current maturity of long-term debt | 158 | 158 |
Short-term borrowings | ----- | 211 |
Total current liabilities | 10,334 | 10,379 |
Long-term portion of debt | 1,161 | 1,312 |
Total liabilities | 11,495 | 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 10,000,000 shares, | ||
Issued 8,475,929 and 8,472,640; outstanding 8,013,840 and 8,116,199 at January 31, 2019 | ||
and 2018, respectively | 85 | 85 |
Treasury stock, at cost; 462,089 and 356,441 shares at January 31, 2019 and 2018, respectively | (4,517) | (3,352) |
Additional paid-in capital | 75,612 | 74,917 |
Retained earnings | 14,300 | 12,841 |
Accumulated other comprehensive loss | (2,252) | (1,651) |
Total stockholders' equity | 83,228 | 82,840 |
Total liabilities and stockholders' equity | $94,723 | $94,531 |
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Income Statement - 3Q20
($ in thousands)
Three Months Ended | Nine Months Ended | |||||
October 31, | October 31, | |||||
2019 | 2018 | 2019 | 2018 | |||
Net sales | $27,464 | $24,009 | $79,620 | $73,970 | ||
Cost of goods sold | 18,166 | 15,691 | 52,349 | 46,995 | ||
Gross profit | 9,298 | 8,318 | 27,271 | 26,975 | ||
Operating expenses | 7,451 | 7,305 | 23,101 | 21,898 | ||
Operating profit | 1,847 | 1,013 | 4,170 | 5,077 | ||
Other income (expense), net | (9) | 7 | (33) | 36 | ||
Interest expense | (26) | (25) | (98) | (93) | ||
Income before taxes | 1,812 | 995 | 4,039 | 5,020 | ||
Income tax expense | 653 | 494 | 1,950 | 1,634 | ||
Net income | $1,159 | $501 | $2,089 | $3,386 | ||
Net income per common share: | ||||||
Basic | $0.14 | $0.06 | $0.26 | $0.42 | ||
Diluted | $0.14 | $0.06 | $0.26 | $0.41 | ||
Weighted average common shares outstanding: | ||||||
Basic | 8,004,640 | 8,119,488 | 8,004,640 | 8,117,307 | ||
Diluted | 8,004,640 | 8,186,130 | 8,004,640 | 8,174,560 | ||
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EBITDA Reconciliation - 3Q20
Three Months Ended | Nine Months Ended | |||
October 31, | October 31, | |||
Net Income to EBITDA | 2019 | 2018 | 2019 | 2018 |
$1,146 | $2,076 | |||
Net Income | $501 | $3,386 | ||
Interest | 26 | 25 | 98 | 93 |
Taxes | 653 | 494 | 1,950 | 1,634 |
Depreciation and amortization | 430 | 214 | 1,267 | 642 |
Equity compensation | (332) | 189 | (583) | 491 |
EBITDA | 1,932 | 1,416 | 4,841 | 6,210 |
EBITDA to Free Cash Flow | ||||
EBITDA | 1,932 | 1,416 | 4,841 | 6,210 |
Cash paid for taxes | 271 | 520 | 1,202 | 1,326 |
Capital expenditures | 104 | 1,007 | 689 | 2,227 |
Free Cash Flow | $1,557 | $ (111) | $2,950 | $2,657 |
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Balance Sheet - 3Q20
($ in thousands)
ASSETS | October 31, | January 31, |
Current assets | 2019 | 2019 |
Cash and cash equivalents | $9,473 | $12,831 |
Accounts receivable, net of allowance for doubtful accounts of $602 and $434 at October 31, 2019 and | ||
January 31, 2019, respectively | 17,413 | 16,477 |
Inventories | 47,797 | 42,365 |
Prepaid VAT and other taxes | 1,316 | 1,478 |
Other current assets | 2,622 | 2,319 |
Total current assets | 78,621 | 75,470 |
Property and equipment, net | 10,233 | 10,781 |
Operating leases right-of-use assets | 2,482 | ----- |
Deferred tax assets | 6,600 | 7,267 |
Prepaid VAT and other taxes | 176 | 176 |
Other assets | 121 | 158 |
Goodwill | 871 | 871 |
Total assets | $99,104 | $94,723 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities | ||
Accounts payable | $6,246 | $6,214 |
Accrued compensation and benefits | 1,699 | 1,137 |
Other accrued expenses | 3,252 | 2,825 |
Current maturity of long-term debt | 1,194 | 158 |
Current portion of operating lease liabilities | 254 | ----- |
Borrowings under revolving credit facility | ----- | ----- |
Total current liabilities | 12,645 | 10,334 |
Long-term portion of debt | ---- | 1,161 |
Long-term portion of operating lease liabilities | 2,243 | ----- |
Total noncurrent liabilities | 2,243 | 1,161 |
Total liabilities | 14,888 | 11,495 |
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 8,478,118 and 8,475,929; outstanding 8,006,829 and 8,013,840 shares at October 31, 2019 and | 85 | 85 |
January 31, 2019, respectively | ||
Treasury stock, at cost; 471,289 and 462,089 shares at October 31, 2019 and January 31, 2019, | ||
respectively | (4,614) | (4,517) |
Additional paid-in capital | 75,010 | 75,612 |
Retained earnings | 16,389 | 14,300 |
Accumulated other comprehensive loss | (2,654) | (2,252) |
Total stockholders' equity | 84,216 | 83,228 |
Total liabilities and stockholders' equity | $99,104 | $94,723 |
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Protect Your People™
Appendix
28
Strong Growth Masked By Wind-Down of DuPont & Brazil
Sales by Segment
($ in millions)
$8.7
$96.0 | $99.0 | ||||||||||||||||||||||
$93.5 | $99.6 | ||||||||||||||||||||||
$8.7 | $86.2 | ||||||||||||||||||||||
$84.0 | |||||||||||||||||||||||
$77.0 | $72.0 | $76.1 | |||||||||||||||||||||
$60.0 | $57.4 | $51.2 | $54.7 | $61.3 | |||||||||||||||||||
$44.3 | $44.5 | ||||||||||||||||||||||
$35.6 | $41.7 | $35.7 | |||||||||||||||||||||
$28.1 | |||||||||||||||||||||||
$21.3 | $19.9 | ||||||||||||||||||||||
$8.0 | $6.2 | $0.0 | $0.0 | ||||||||||||||||||||
FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | ||||||||||
DuPont & Brazil Sales | Lakeland (Excluding DuPont & Brazil) | Ebola & Bird Flu Sales | |||||||||||||||||||||
LAKE grew larger despite winding down $77 million DuPont and $17 million Brazil businesses
Company fiscal year ends January 31.
FY2016 includes $8.7 million in one time Ebola and Bird Flu related revenue.
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Real Estate
Location | Sq. Ft. | Leased / Owned | Primary Function | |
Canada (Brantford) | 22,092 | Owned | Sales / Warehouse | |
China (Weifang) | 122,665 | Owned | Administration / Manufacturing / Warehouse / Sales | |
16,145 | Leased | Warehouse | ||
Decatur, AL | 147,228 | Owned | Administration / Manufacturing / Sales | |
21,000 | Leased | Warehouse | ||
Mexico (Zacatecas) | 74,000 | Owned | Administration / Manufacturing / | Warehouse / Sales |
Argentina (Buenos Aires) | 3,770 | Leased | Administration / Manufacturing / | Warehouse / Sales |
Chile (Santiago) | 3,996 | Leased | Administration / Warehouse / Sales | |
China (Beijing) | 3,047 | Leased | Sales / Warehouse | |
China (Shanghai) | 11,746 | Leased | Administration / Sales / Warehouse | |
India (Noida) | 32,005 | Leased | Manufacturing / Warehouse / Sales | |
Kazakhstan (Ust-Kamenogorsk) | 89 | Leased | Warehouse / Sales | |
Ronkonkoma, NY | 2,500 | Leased | Headquarters - Administration / Sales | |
Russia (Moscow) | 875 | Leased | Warehouse / Sales | |
U.K. (Newport, East Yorkshire) | 9,833 | Leased | Warehouse / Sales | |
Vietnam (Nahm Dinh) | 140,000 | Leased | Manufacturing / Warehouse | |
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Disclaimer
Lakeland Industries Inc. published this content on 04 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2020 22:03:40 UTC