Lakeland Industries Inc
NASDAQ:LAKE
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Lakeland Industries Inc
Lakeland Industries, Inc. engages in the manufacture and sale of safety garments and accessories for the industrial and public protective clothing market. The company is headquartered in Huntsville, Alabama. The firm's product categories include limited use/disposable protective clothing, high-end chemical protective suits, firefighting and heat protective apparel, durable woven garments, high visibility clothing, and glove and sleeves. The firm's products are sold by its in-house customer service group, its regional sales managers, and independent sales representatives to a network of over 1,600 North American safety and mill supply distributors. These distributors, in turn, supply end user industrial customers, such as integrated oil, chemical/petrochemical, utilities, automobile, steel, glass, construction, smelting, munition plants, janitorial, pharmaceutical, mortuaries, and high technology electronics manufacturers, as well as scientific and medical laboratories.
Lakeland Industries, Inc. engages in the manufacture and sale of safety garments and accessories for the industrial and public protective clothing market. The company is headquartered in Huntsville, Alabama. The firm's product categories include limited use/disposable protective clothing, high-end chemical protective suits, firefighting and heat protective apparel, durable woven garments, high visibility clothing, and glove and sleeves. The firm's products are sold by its in-house customer service group, its regional sales managers, and independent sales representatives to a network of over 1,600 North American safety and mill supply distributors. These distributors, in turn, supply end user industrial customers, such as integrated oil, chemical/petrochemical, utilities, automobile, steel, glass, construction, smelting, munition plants, janitorial, pharmaceutical, mortuaries, and high technology electronics manufacturers, as well as scientific and medical laboratories.
Revenue Growth: Net sales rose 4% year-over-year to $47.6 million, led by a 31% increase in fire services products.
Severe Profit Decline: Adjusted EBITDA fell to $0.2 million, down 95% year-over-year and 96% sequentially, due to both lower revenues and margin compression.
Margin Pressure: Gross margin dropped sharply to 29.7% from 40.6% last year, mainly from higher costs, tariffs, and unfavorable product mix.
Forecast Withdrawn: Management withdrew formal guidance due to unreliable forecasting and a widening gap between expectations and actual results.
Dividend Suspended: The company suspended its quarterly dividend to preserve cash and prioritize growth investments.
Inventory Reductions: Inventory was reduced to $87.9 million and targeted actions are underway to further optimize levels.
Strong Pipeline: Management highlighted a $178 million global tender pipeline, including $38 million in high-probability opportunities, with expected improvement as certification delays resolve.
Cost Controls & ERP: Ongoing cost-cutting and an upcoming North American ERP rollout are key priorities for operational improvement.
