$LAKE

LAKELAND INDUSTRIES INC

CIK:0000798081|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 50,139	$ 52,496	$ 97,555	$ 99,242
Cost of goods sold	31,596	33,678	64,127	64,780
Gross profit	18,543	18,818	33,428	34,462
Operating expenses	20,636	19,283	39,700	39,561
Settlement of lease liability, net	(1,925)	0	(1,925)	0
Goodwill impairment	3,176		3,176
Gain on sale of certain assets	0	0	(6,467)	0
Lease impairment	0	3,577	0	3,577
Operating loss	(3,344)	(4,042)	(1,056)	(8,676)
Other income, net	146	38	186	144
Interest expense	(525)	(445)	(1,139)	(1,028)
Loss before taxes	(3,723)	(4,449)	(2,009)	(9,560)
Income tax expense (benefit)	1,206	(5,215)	2,551	(6,413)
Net (loss) income	$ (4,929)	$ 766	$ (4,560)	$ (3,147)
Net (loss) income per common share:
Basic	$ (0.5)	$ 0.08	$ (0.46)	$ (0.33)
Diluted	$ (0.5)	$ 0.08	$ (0.46)	$ (0.33)
Weighted average common shares outstanding:
Basic	9,941,003	9,530,082	9,859,199	9,506,604
Diluted	9,941,003	10,093,855	9,859,199	9,506,604

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flows from operating activities:
Net loss	$ (4,560)	$ (3,147)
Adjustments to reconcile net loss to net cash used in operating activities
Deferred income taxes	(78)	(10,279)
Depreciation and amortization	2,690	2,406
Settlement of lease liability, net	1,925	0
Stock based and restricted stock compensation	1,402	1,740
Gain on disposal of property and equipment	(9)	(3)
Gain on sale of certain assets	(6,467)	0
Goodwill impairment	3,176	0
Lease impairments	0	3,577
Amortization of step-up in inventory basis	0	854
Change in operating assets and liabilities, net of effect of business acquisitions
Accounts receivable, net	(277)	(2,589)
Inventories	6,969	(6,163)
Prepaid VAT and other taxes	(648)	730
Other assets	(2,985)	454
Accounts payable	2,476	1,846
Deferred revenue	5,199	0
Accrued expenses and other liabilities	1,982	1,146
Operating lease liabilities	(1,548)	(232)
Net cash provided by (used in) operating activities	5,397	(9,660)
Cash flows from investing activities:
Purchases of property and equipment	(1,434)	(2,130)
Proceeds from sale of certain assets	5,066	0
Net cash provided by (used in) investing activities:	3,632	(2,130)
Cash flows from financing activities:
Term loan borrowings	933	2,066
Payments on debt facilities	(33,883)	(4,101)
Credit line borrowings	29,480	13,830
Proceeds from employee stock purchase plan	215	0
Shares returned to pay employee taxes under restricted stock program	(267)	(283)
Dividends paid	0	(571)
Net cash (used in) provided by financing activities	(3,522)	10,941
Effect of exchange rate changes on cash and cash equivalents	(121)	1,122
Net increase in cash and cash equivalents	5,386	273
Cash and cash equivalents at beginning of period	12,515	17,476
Cash and cash equivalents at end of period	17,901	17,749
Supplemental disclosure of cash flow information:
Cash paid for interest	1,139	1,024
Cash paid for taxes	$ 2,123	$ 1,692

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Current assets
Cash and cash equivalents	$ 17,901	$ 12,515
Accounts receivable, net of allowance for credit losses of $1,101 and $1,064 at July 31, 2026 and January 31, 2026, respectively	32,037	32,043
Inventories, net	74,931	82,542
Prepaid VAT and other taxes	3,077	2,429
Other current assets	8,685	4,657
Total current assets	136,631	134,186
Property and equipment, net	11,634	11,640
Operating leases right-of-use assets	9,975	11,248
Deferred tax assets	1,148	1,149
Goodwill	11,992	15,287
Intangible assets, net	30,179	31,724
Other assets	4,968	4,699
Total assets	206,527	209,933
Current liabilities
Accounts payable	17,920	15,565
Deferred revenue	5,199	0
Accrued compensation and benefits	5,976	4,984
Other accrued expenses	8,743	8,964
Income tax payable	2,528	1,802
Current portion of long-term debt	1,750	1,891
Current portion of operating lease liabilities	3,760	4,756
Total current liabilities	45,876	37,962
Deferred income taxes	2,116	2,198
Long-term debt	26,921	30,382
Long-term portion of operating lease liabilities	6,507	10,264
Total liabilities	81,420	80,806
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued)	0	0
Common stock, $0.01 par; authorized 20,000,000 shares; issued 11,268,067 and 11,164,336; outstanding 9,909,859 and 9,806,128 at July 31, 2026 and January 31, 2026, respectively	112	112
Treasury stock, at cost; 1,358,208 shares at July 31, 2026 and January 31, 2026, respectively	(19,979)	(19,979)
Additional paid-in capital	130,743	129,391
Retained earnings	19,297	23,857
Accumulated other comprehensive loss	(5,066)	(4,254)
Total stockholders' equity	125,107	129,127
Total liabilities and stockholders' equity	$ 206,527	$ 209,933