2013 Q4 Form 10-Q Financial Statement

#000114420413066955 Filed on December 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4
Revenue $22.79M $24.24M
YoY Change -5.99% -2.03%
Cost Of Revenue $17.74M $16.95M
YoY Change 4.66% -2.19%
Gross Profit $5.042M $7.287M
YoY Change -30.81% -1.66%
Gross Profit Margin 22.13% 30.06%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $380.0K
YoY Change 18.42% -2.56%
% of Gross Profit 8.93% 5.21%
Operating Expenses $6.080M $7.020M
YoY Change -13.39% 2.63%
Operating Profit -$1.038M $267.0K
YoY Change -488.76% -53.16%
Interest Expense -$530.0K -$330.0K
YoY Change 60.61% -35.29%
% of Operating Profit -123.6%
Other Income/Expense, Net $60.00K $50.00K
YoY Change 20.0% -600.0%
Pretax Income -$1.510M -$10.00K
YoY Change 15000.0% -120.0%
Income Tax $330.0K -$300.0K
% Of Pretax Income
Net Earnings -$1.835M $283.0K
YoY Change -748.41% -148.79%
Net Earnings / Revenue -8.05% 1.17%
Basic Earnings Per Share -$0.31 $0.05
Diluted Earnings Per Share -$0.31 $0.05
COMMON SHARES
Basic Shares Outstanding 5.919M shares
Diluted Shares Outstanding 5.919M shares

Balance Sheet

Concept 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $5.600M
YoY Change -10.71% -5.08%
Cash & Equivalents $5.019M $5.552M
Short-Term Investments
Other Short-Term Assets $2.484M $11.10M
YoY Change -77.62% 33.73%
Inventory $40.44M $41.20M
Prepaid Expenses
Receivables $15.00M $15.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $68.23M $73.60M
YoY Change -7.29% -4.17%
LONG-TERM ASSETS
Property, Plant & Equipment $12.57M $14.10M
YoY Change -10.84% 3.68%
Goodwill $871.3K
YoY Change
Intangibles $1.783M
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.700M $3.800M
YoY Change 50.0%
Total Long-Term Assets $19.10M $27.40M
YoY Change -30.28% -4.2%
TOTAL ASSETS
Total Short-Term Assets $68.23M $73.60M
Total Long-Term Assets $19.10M $27.40M
Total Assets $87.34M $101.0M
YoY Change -13.53% -4.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.242M $7.400M
YoY Change 24.89% 37.04%
Accrued Expenses $2.510M $3.600M
YoY Change -30.29% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $2.701M $15.40M
YoY Change -82.46%
Long-Term Debt Due $100.0K $1.000M
YoY Change -90.0% -33.33%
Total Short-Term Liabilities $28.59M $29.10M
YoY Change -1.74% 193.94%
LONG-TERM LIABILITIES
Long-Term Debt $2.600M $1.500M
YoY Change 73.33% -91.28%
Other Long-Term Liabilities $78.46K $8.300M
YoY Change -99.05% 144.12%
Total Long-Term Liabilities $78.46K $9.800M
YoY Change -99.2% -52.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.59M $29.10M
Total Long-Term Liabilities $78.46K $9.800M
Total Liabilities $38.56M $38.90M
YoY Change -0.87% 27.54%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 356.4K shares
Shareholders Equity $48.78M $62.10M
YoY Change
Total Liabilities & Shareholders Equity $87.34M $101.0M
YoY Change -13.53% -4.17%

Cashflow Statement

Concept 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income -$1.835M $283.0K
YoY Change -748.41% -148.79%
Depreciation, Depletion And Amortization $450.0K $380.0K
YoY Change 18.42% -2.56%
Cash From Operating Activities -$3.400M -$440.0K
YoY Change 672.73% -115.6%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$220.0K
YoY Change -50.0% -91.54%
Acquisitions
YoY Change
Other Investing Activities -$100.0K
YoY Change
Cash From Investing Activities -$210.0K -$220.0K
YoY Change -4.55% -91.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.770M -330.0K
YoY Change -939.39% -45.0%
NET CHANGE
Cash From Operating Activities -3.400M -440.0K
Cash From Investing Activities -210.0K -220.0K
Cash From Financing Activities 2.770M -330.0K
Net Change In Cash -840.0K -990.0K
YoY Change -15.15% 160.53%
FREE CASH FLOW
Cash From Operating Activities -$3.400M -$440.0K
Capital Expenditures -$110.0K -$220.0K
Free Cash Flow -$3.290M -$220.0K
YoY Change 1395.45% -104.06%

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><i><font style="FONT-SIZE: 10pt"> 1.&#160;&#160;&#160;&#160; Business</font></i></b></div> <div style="clear:both;MARGIN: 0in 0in 0pt 0.25in; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">Lakeland Industries, Inc. and Subsidiaries (the "Company"), a Delaware corporation organized in April 1982, manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing and homeland security markets. The principal market for our products is the United States. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">No customer accounted for more than 10% of net sales</font></font> during the nine-month periods ended October 31, 2013 and 2012.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
lake Entity Wide Revenue Major Customer Description
EntityWideRevenueMajorCustomerDescription
No customer accounted for more than 10% of net sales
lake Entity Wide Revenue Major Customer Description
EntityWideRevenueMajorCustomerDescription
No customer accounted for more than 10% of net sales
CY2013Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
375000 USD
CY2012Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
282646 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1491439 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-8194991 USD
CY2013Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5353238 shares
CY2012Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5330286 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5345610 shares
CY2013Q4 lake Weighted Average Number Of Hares Resulting From Warrant Issued
WeightedAverageNumberOfHaresResultingFromWarrantIssued
566015 shares
CY2012Q4 lake Weighted Average Number Of Hares Resulting From Warrant Issued
WeightedAverageNumberOfHaresResultingFromWarrantIssued
0 shares
lake Inventory Adjustments Net
InventoryAdjustmentsNet
1886000 USD
lake Revised Inventory Adjustments Net
RevisedInventoryAdjustmentsNet
810000 USD
CY2013Q4 lake Change In Accounting Estimate Inventory Valuation Reserves
ChangeInAccountingEstimateInventoryValuationReserves
353000 USD
CY2013Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
17059057 USD
CY2013Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
16361872 USD
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1640632 USD
CY2013Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1812788 USD
CY2013Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21740598 USD
CY2013Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21096015 USD
CY2013Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-1835480 USD
CY2013Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
36957 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
107497 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.31
CY2012Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.05
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.27
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.55
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.31
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.26
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.55
CY2012Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.05
lake Entity Wide Purchases Major Supplier Percentage
EntityWidePurchasesMajorSupplierPercentage
0.1 pure
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
64441 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
127310 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
24000 shares
CY2013Q4 lake Share Based Compensation Arrangement By Share Based Payment Award Options Reserve For Future Issuance Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsReserveForFutureIssuanceNumber
0 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.47
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.47
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.47
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y11M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y2M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y2M12D
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1300 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
0
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
CY2013Q4 lake Sales Revenue External Customer
SalesRevenueExternalCustomer
22790000 USD
CY2012Q4 lake Sales Revenue External Customer
SalesRevenueExternalCustomer
24240000 USD
lake Sales Revenue External Customer
SalesRevenueExternalCustomer
69160000 USD
lake Sales Revenue External Customer
SalesRevenueExternalCustomer
71720000 USD
CY2013Q4 lake Sales Revenue Intersegment
SalesRevenueIntersegment
9320000 USD
CY2012Q4 lake Sales Revenue Intersegment
SalesRevenueIntersegment
6970000 USD
lake Sales Revenue Intersegment
SalesRevenueIntersegment
27700000 USD
lake Sales Revenue Intersegment
SalesRevenueIntersegment
19730000 USD
CY2013Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
450000 USD
CY2012Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
380000 USD
CY2013Q4 us-gaap Noncurrent Assets
NoncurrentAssets
12580000 USD
CY2013Q1 us-gaap Noncurrent Assets
NoncurrentAssets
14090000 USD
CY2013Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4500000 USD
lake Deferred Tax Assets Reversal Of Valuation Allowance
DeferredTaxAssetsReversalOfValuationAllowance
4544431 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
lake Amount Of Valuation Allowance Reversal Included In Net Income
AmountOfValuationAllowanceReversalIncludedInNetIncome
4500000 USD
CY2013Q4 lake Deferred Tax Assets Goodwill And Intangible Assets Net
DeferredTaxAssetsGoodwillAndIntangibleAssetsNet
0 USD
CY2013Q4 lake Foreign Currency Transaction Gain Loss Before Tax Price Per Share
ForeignCurrencyTransactionGainLossBeforeTaxPricePerShare
0.02
lake Foreign Currency Transaction Gain Loss Before Tax Price Per Share
ForeignCurrencyTransactionGainLossBeforeTaxPricePerShare
-0.05
CY2013Q4 lake Value Added Tax Judicial Tax Claim Percentage
ValueAddedTaxJudicialTaxClaimPercentage
0.2 pure
CY2013Q4 lake Valueaddedtax Judicial Tax Claim Amount
ValueaddedtaxJudicialTaxClaimAmount
15000000 BRL
CY2013Q4 lake Valueaddedtax Judicial Tax Claim Amount
ValueaddedtaxJudicialTaxClaimAmount
6700000 USD
CY2013Q4 lake Value Added Tax Claims Principal
ValueAddedTaxClaimsPrincipal
7776270 BRL
CY2013Q4 lake Value Added Tax Claims Interest
ValueAddedTaxClaimsInterest
4814038 BRL
CY2013Q4 lake Value Added Tax Claims Penalty
ValueAddedTaxClaimsPenalty
4448567 BRL
CY2013Q4 lake Value Added Tax Claims Total Amount
ValueAddedTaxClaimsTotalAmount
17038875 BRL
CY2013Q4 lake Value Added Tax Claims Total Amount
ValueAddedTaxClaimsTotalAmount
7745000 USD
lake Value Added Tax Claims Description Of Strategy
ValueAddedTaxClaimsDescriptionOfStrategy
*After State Amnesty Accepted
lake Disposal Group Including Discontinued Operation Reduction In Value Of Total Assets
DisposalGroupIncludingDiscontinuedOperationReductionInValueOfTotalAssets
200000 USD
lake Dividend Paid To Parent Entity
DividendPaidToParentEntity
1700000 USD
lake Dividend Paid To Parent Entity Tax
DividendPaidToParentEntityTax
422321 USD
lake Sale Price Of Assets
SalePriceOfAssets
428000 USD
lake Sale Price Of Assets
SalePriceOfAssets
25000000 INR
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Inventory
DisposalGroupIncludingDiscontinuedOperationInventory
0 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Inventory
DisposalGroupIncludingDiscontinuedOperationInventory
85170 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Other Current Assets
DisposalGroupIncludingDiscontinuedOperationOtherCurrentAssets
0 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Other Current Assets
DisposalGroupIncludingDiscontinuedOperationOtherCurrentAssets
10024 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Net
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNet
19920 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Net
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNet
717988 USD
CY2013Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
19920 USD
CY2013Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
813182 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Payable
DisposalGroupIncludingDiscontinuedOperationAccountsPayable
0 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Accounts Payable
DisposalGroupIncludingDiscontinuedOperationAccountsPayable
2759 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Other Current Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherCurrentLiabilities
22282 USD
CY2013Q4 lake Net Assets Of Disposal Group Discontinued Operation
NetAssetsOfDisposalGroupDiscontinuedOperation
19920 USD
CY2013Q1 lake Net Assets Of Disposal Group Discontinued Operation
NetAssetsOfDisposalGroupDiscontinuedOperation
788141 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2000000 USD

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