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Contributor: My L.A. neighborhood won't be the same when Say Cheese closes

Contributor: My L.A. neighborhood won't be the same when Say Cheese closes

Yahoo18-04-2025

Several Saturdays ago, my mom and I walked into our local L.A. cheese shop, which we visit weekly. This store, Say Cheese, in Silver Lake, is owned by Glenn Harrell. Glenn and I have been friends for a long time. His shop is where I get my favorite Cabot cheddar, and Glenn has introduced me to a whole host of other cheeses, including a red cheddar called Red Storm and a truffle brie that goes down as my most favorite ever.
Glenn always has time for me. One day, I was wondering about a cheese in a fantasy book I was reading, 'The Inquisitor's Tale,' and he helped me find that exact cheese, Époisses, in his shop. A stinky cheese for sure, but delicious.
There are no shortage of samples when it comes to Glenn. You can leave his store filled up after trying numerous cheeses on top of crispy crackers.
Read more: Say Cheese says goodbye to Silver Lake after 53 years
So you can imagine my sadness when we walked into his shop on this particular Saturday, and Glenn told my mom and me that he had to close his shop by the end of April, due to a rent increase. It turns out Say Cheese faces about a 300% rent increase that Glenn says he simply can't pay. Rumor has it that in Say Cheese's place a baked goods and sandwich shop will appear.
'I was waiting for the shoe to drop' is how Glenn explained it to my mom and me. 'I knew four and half years ago that the landlord was looking for a new tenant [who could pay more rent].'
This is not the first time one of my favorite shops will have closed because of rising rents. A couple of years ago, Jasmine's Garden, a flower shop in Los Feliz, disappeared. In its place, you guessed it: another coffee shop. My favorite Silver Lake Italian restaurant, Alimento, closed last year, partly because the cost of running it became too much. I worry that in a couple of years, all the places that make these neighborhoods special will be replaced.
Read more: Black-trimmed homes, tiny libraries and other signs your neighborhood is about to be gentrified
Glenn has been a huge part of Silver Lake and the owner of Say Cheese for 26 years. He is a former member of Silver Lake's Neighborhood Council. The shop has always been a meeting ground, a place where strangers start spontaneous conversations with each other, where people connect. During my last visit I met a nice woman who chatted with me for a long time about the almost-closing of our local gelateria, Pazzo Gelato. A lot of people know Glenn by name — our next-door neighbor, for example. She was shocked when we told her Say Cheese was closing.
Los Angeles is a city of almost 4 million people, most of whom we'll never know. But local, longtime businesses like Say Cheese create a community in the middle of this big city that many of us depend on, that make us proud to live where we live. And yet these defining businesses are at risk. As Glenn said, 'I think this is happening all over the city of Los Angeles.'
And there's this problem too: If shops like Glenn's keep closing, why would anyone choose to live in Silver Lake over any other neighborhood? Unique businesses are one reason property values — and now rents — have increased in Silver Lake in the first place.
The truth is, it's the little things that matter most in a community. Every neighborhood has a coffee shop (or 20). We don't want chain businesses replacing the uncommon shops that give neighborhoods their personality. When those small businesses close, we lose what Silver Lake (and Los Angeles) really is.
Ezra Halkett is a 10-year-old who lives in the Silver Lake neighborhood of Los Angeles.
If it's in the news right now, the L.A. Times' Opinion section covers it. Sign up for our weekly opinion newsletter.
This story originally appeared in Los Angeles Times.

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Operating expenses increased by $6.3 million, or 45%, from $14.0 million for the first quarter of fiscal 2025 to $20.3 million for the first quarter of fiscal 2026. Operating expenses increased due to the acquisitions of Veridian and LHD, which added $3.0 million to operating expenses, as well as severance costs, litigation expenses, and selling expenses. Adjusted operating expenses increased by $3.3 million, primarily due to acquired companies' operating expenses. Operating loss was $4.6 million for the first quarter of fiscal 2026, compared to an operating profit of $2.2 million for the first quarter of fiscal 2025, primarily due to the aforementioned impacts. Operating margins were (9.9%) for the first quarter of fiscal 2026, as compared to 6.1% for the first quarter of fiscal 2025. Net loss was ($3.9) million, or ($0.41) per diluted earnings per share, for the first quarter of fiscal 2026, compared to net income of $1.7 million, or $0.22 per diluted earnings per share, for the first quarter of fiscal 2025. Adjusted EBITDA excluding FX for the first quarter of fiscal year 2026 was $0.6 million, a decrease of $3.2 million, or 84%, compared with $3.8 million for the first quarter of fiscal year 2025. The decrease was driven by a materials purchase variance, where the full amount was reflected in COGS, rather than being partially capitalized and that we expect to reverse in subsequent quarters. Cash and cash equivalents totaled $18.6 million as of April 30, 2025, and working capital was approximately $104.4 million. Cash and cash equivalents increased by $1.1 million, and working capital increased by $2.8 million from January 31, 2025, due to the balance sheet fluctuations. As of April 30, 2025, we had borrowings of $19.8 million outstanding under the revolving credit facility, with an additional $20.2 million of available credit under the Loan Agreement. Net cash used in operating activities was $4.8 million in the three months ended April 30, 2025, compared to net cash provided of $0.3 million in the three months ended April 30, 2024. The increase was driven by a net loss of ($3.9) million and an increase in working capital of $3.0 million, offset by non-cash charges of $2.1 million. The Company's quarterly dividend of $0.03 per share was paid on May 22, 2025, to stockholders of record as of May 15, 2025. Roger Shannon, Lakeland's Chief Financial Officer, added, "Our Fire Services acquisitions continued to support revenue growth in the fiscal first quarter. Revenue grew $10.4 million, or 29%, compared to the first quarter of fiscal year 2025. Veridian contributed revenue of $4.4 million in the first quarter. Revenues for Eagle, Pacific Helmets, Jolly, LHD and Veridian totaled $15.6 million. Organic revenue increased 2% to $36.9 million in the first quarter, driven by a return to growth in the U.S. and Europe. 'Our first quarter consolidated gross margin decreased to 33.5% due to geographic revenue mix coupled with lower margins in our acquired businesses, and higher manufacturing costs. Our margins in the acquired businesses were impacted by the amortization of the inventory write-up as part of the purchase accounting. This accounting treatment affected reported margins by $0.4 million. Profit in ending inventory is currently $1.3 million, having increased by approximately $0.3 million in the quarter due to a build-up in inventory, which slightly reduces the reported gross margin. Freight expenses were approximately $0.6 million above typical levels, driven by increased U.S. customer demand following the suspension of U.S. tariffs on certain personal protective equipment (PPE) products. To a lesser degree, Gross Profit was also diluted by acquisitions (LHD and Veridian), for which we are still working through the purchase accounting. 'Operating expenses increased by $6.3 million for the quarter, of which $3.0 million was attributable to the acquisition of Veridian and LHD, as well as severance costs, litigation expenses, and higher selling expenses. 'Adjusted EBITDA excluding FX was $0.6 million for the fiscal first quarter. The shortfall was a direct result of revenue falling in key high-margin regions, the impact of the purchase variance described above, elevated freight costs resulting from tariff-related inventory build, and dilution from acquisitions. We also experienced higher-than-expected SG&A expenses, including increased travel and trade show participation, as well as commission and incremental operating costs associated with the acquisition of Veridian. Considering that we completed four major acquisitions in the past twelve months, the full integration and implementation of which does take some time, we believe those benefits will begin translating into even greater improved financial performance, which will be recognized in the coming quarters. 'We maintain a strong balance sheet and expect a meaningful cash infusion from non-core asset dispositions and insurance recoveries from PFAS-related legal expenses. We have also identified up to $4 million in cash savings, excluding Veridian consolidation, which we believe will further improve financial performance and be recognized in the coming quarters. Additionally, we have listed our Decatur facility and are pursuing a short-term sale-leaseback transaction to enhance our financial flexibility as we evaluate more strategically located facilities. We anticipate that this transaction will be closed during the current fiscal year. 'Despite margin pressure in Q1, we remain confident in our long-term trajectory and current year outlook. Looking further ahead, we believe our cost discipline, acquisition strategy, and operational improvements will position the company for accelerated growth over the next three to four years. We continue to target EBITDA margins to expand incrementally, reaching the mid-to-high teens as we gain scale over the next 3-5 years, realize efficiencies, and drive stronger mix and pricing across our platform,' concluded Shannon. FY 2026 Guidance and Outlook This guidance is based on our current backlog of orders and current expectations. These metrics constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these metrics, see "Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995" below. Revenue - We expect FY 2026 Revenue of $210 to $220 million. This Revenue expectation includes the recently completed Veridian acquisition. Adjusted EBITDA excluding FX — Due to lower margins, near-term order delays, uncertainty related to tariffs and higher operating expenses in the first quarter, we expect FY 2026 Adjusted EBITDA, excluding any material negative impact from foreign exchange, to be in the lower end of a range of $24 million to $29 million.(1) (1) Excluding revenue, the Company does not provide guidance on a GAAP basis as certain items that impact Adjusted EBITDA, such as equity compensation, foreign exchange gains or losses, acquisition expenses and employee separation expenses, which may be significant, are outside the Company's control and/or cannot be reasonably predicted. Please see the "Reconciliation of GAAP Results to Non-GAAP Results" and the related footnotes at the end of this press release for detailed information on calculating non-GAAP measures. See the non-GAAP financial reconciliation tables in this release for a reconciliation of other non-GAAP financial measures. Fiscal First Quarter 2026 Results Conference Call Lakeland President, Chief Executive Officer and Executive Chairman Jim Jenkins and Chief Financial Officer Roger Shannon will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company's website here. To access the call, please use the following information: Date: Monday, June 9, 2025 Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) Dial-in: 1-877-407-9208 International Dial-in: 1-201-493-6784 Conference Code: 13754098 Webcast: A telephone replay will be available commencing approximately three hours after the call and will remain available through September 9, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13754098. The replay can also be viewed through the webcast link above, and the presentation utilized during the call will be available via the investor relations section of the Company's website here. LAKELAND INDUSTRIES, INC. AND SUBSIDIARIESOperating Results ($000) (Unaudited)Reconciliation of GAAP Results to Non-GAAP Results Three Months Ended April 30, 2025 2024 Net income (loss) to EBITDA Net income (loss) ($3,913) $1,653 Interest expense 583 172 Taxes (1) (1,198) 388 Depreciation and amortization 1,138 647 EBITDA ($3,390) $2,860 EBITDA to Adjusted EBITDA (excluding non-cash expenses) EBITDA ($3,390) $2,860 Amortization of step-up in inventory basis (2) 447 - Equity compensation (3) 329 198 Other income (expense) (4) (106) (11) Acquisition expenses (5) 946 972 Earnout revaluation (6) - (711) Severance and restructuring (7) 623 - New Monterrey, Mexico facility start-up costs (8) 626 276 PFAS Litigation (9) 189 247 ERP Project (10) 160 - Adjusted EBITDA ($176) $3,831 Adjusted EBITDA Margin Adjusted EBITDA ($176) $3,831 Divided by net sales $46,746 $36,309 Adjusted EBITDA Margin -0.4% 10.6% Adjusted EBITDA to Adjusted EBITDA excluding FX Adjusted EBITDA ($176) $3,831 Currency Fluctuation 778 7 Adjusted EBITDA excluding FX $602 $3,838 Adjusted EBITDA Margin to Adjusted EBITDA excluding FX Margin Adjusted EBITDA excluding FX $602 $3,838 Divided by net sales $46,746 $36,309 Adjusted EBITDA excluding FX Margin 1.3% 10.6% Operating Expenses to Adjusted Operating Expenses Operating Expenses $20,278 $13,982 Depreciation and amortization (817) (462) Equity compensation (3) (329) (198) Acquisition expenses (5) (946) (972) Earnout revaluation (6) - 711 Severance and restructuring (7) (623) - New Monterrey, Mexico facility start-up costs (8) (626) (276) PFAS Litigation (9) (189) (247) ERP Project (10) (110) - FX (778) (7) Adjusted Operating Expenses $15,859 $12,531 Organic Revenue Net Sales $46,748 $36,309 Revenue from previous year acquisitions (9,873) - Organic Revenue $36,875 $36,309 Organic Gross Margin Gross Profit $15,644 $16,184 Gross Profit from previous year acquisitions 2,410 - Organic Gross Profit 13,234 16,184 Divided by Organic Revenue $36,875 $36,309 Organic Gross Margin 35.9% 44.6% The financial data above includes non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA Margin, adjusted EBITDA excluding FX, adjusted EBITDA excluding FX Margin, Adjusted Operating Expenses, organic revenue, and organic gross margin. Management excludes from EBITDA and adjusted EBITDA all expenses for interest, taxes, depreciation and amortization, and Other Income which is comprised of interest income and gains (losses) from equity method investments. For adjusted EBITDA management also excludes equity compensation, acquisition-related expenses, severance and restructuring costs, start-up costs for our Mexican operations, PFAS litigation expenses, ERP Project related costs, and earnout revaluation. This press release also discusses (i) Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by GAAP net sales; (ii) Adjusted EBITDA excluding FX, which is calculated by subtracting foreign currency losses from Adjusted EBITDA and (iii) Adjusted EBITDA excluding FX margin, which is calculated by dividing Adjusted EBITDA excluding FX by GAAP net sales. Management excludes from organic revenue and organic gross margin the revenues and expenses associated with acquisitions completed within the previous fiscal year. Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of the Company's strategic plan, and (3) provide investors with a better understanding of how management plans and measures the business. For organic revenue and organic gross margin, management excludes the effects of acquisitions completed within the prior twelve months to understand the trends in growth and profitability in the ongoing business without such effects. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures. Additional information regarding the adjustments is provided below. (1) Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. (2) Adjustments for the amortization of the step-up in basis for inventory acquired in connection with the Company's acquisitions. (3) Adjustments for Equity Compensation, which consist of non-cash expenses for the grant of equity awards. (4) Adjustments for Other Income, which consists of interest income and gains/(losses) from Investments accounted for under the equity method of accounting. (5) Adjustments for acquisition-related expenses included advisory fees, due diligence expenses and legal fees related to the Company's acquisitions. (6) Adjustments for the reduction of the estimated earnout payment related to the Eagle acquisition. The reduction to the accrued earnout payment was $0.7 million and reflected in operating expenses. (7) Adjustments for accrued employee severance and restructuring costs. (8) Adjustments for costs for our Mexican operations consist of external services and legal fees associated with a property-related dispute with the landlord of our manufacturing site in Monterrey, Mexico. (9) Adjustment for PFAS Litigation. (10) Adjustments for the implementation of the new ERP consisted of external services and employee-related expenses. About Lakeland Fire + Safety Lakeland Fire + Safety manufactures and sells a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic global network of selective fire and industrial distributors and wholesale partners. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, 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, including 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 mix of end-users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand. For more information concerning Lakeland, please visit the Company online at "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This press release contains estimates, predictions, opinions, goals and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's expectations for earnings, revenues, expenses, inventory levels, capital levels, liquidity levels, or other future financial or business performance, strategies or expectations, including without limitation our M&A strategy and tariff mitigation plans. 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. 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. 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," "can," "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. With respect to our guidance for revenue and Adjusted EBITDA excluding FX, such metrics are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management; actual results will vary, and those variations may be material. 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, except as may be required by law. Contacts Lakeland Fire + Safety256-600-1390Roger ShannonChief Financial Officerrdshannon@ Investor Relations Chris TysonExecutive Vice PresidentMZ Group - MZ North America949-491-8235LAKE@ LAKELAND INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)($000's except for share and per share information) Three Months EndedApril 30, 2025 2024 Net sales $46,746 $36,309 Cost of goods sold 31,102 20,125 Gross profit 15,644 16,184 Operating expenses 20,278 13,982 Operating (loss) income (4,634) 2,202 Other income, net 106 11 Interest expense (583) (172) (Loss) income before taxes (5,111) 2,041 Income tax (benefit) expense (1,198) 388 Net (loss) income ($3,913) $1,653 Net (loss) income per common share: Basic ($0.41) $0.22 Diluted ($0.41) $0.22 Weighted average common shares outstanding: Basic 9,498,604 7,364,757 Diluted 9,498,604 7,582,449 LAKELAND INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)(000's except for share information) ASSETS April 30, January 31, 2025 2025 Current assets Cash and cash equivalents $18,618 $17,476 Accounts receivable, net of allowance for doubtful accounts of $1,291 and $1,237 at April 30, 2025 and January 31, 2025, respectively 27,629 27,607 Inventories 85,823 82,739 Prepaid VAT and other taxes 2,600 2,598 Income tax receivable and other current assets 6,036 6,111 Total current assets 140,706 136,531 Property and equipment, net 14,612 13,948 Operating leases right-of-use assets 13,563 13,917 Deferred tax assets 5,637 6,270 Other assets 380 122 Goodwill 17,082 16,240 Intangible assets, net 26,148 25,503 Total assets $218,128 $ 212,531 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $14,650 $15,742 Accrued compensation and benefits 5,116 4,501 Other accrued expenses 9,973 8,130 Income tax payable 1,288 1,993 Current portion of loans payable 1,632 939 Current portion of operating lease liabilities 3,608 3,602 Total current liabilities 36,267 34,907 Deferred income taxes 3,505 3,891 Loans payable – long term 24,651 16,426 Long-term portion of operating lease liabilities 10,323 10,681 Total liabilities 74,746 65,905 Commitments and contingencies (Note 11) 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 10,872,551 and 10,856,812; outstanding 9,514,343 and 9,498,604 at April 30, 2025 and January 31, 2025, respectively 109 109 Treasury stock, at cost; 1,358,208 shares at April 30, 2025 and January 31, 2025, respectively (19,979) (19,979) Additional paid-in capital 123,339 123,136 Retained earnings 46,122 50,320 Accumulated other comprehensive loss (6,209) (6,960) Total stockholders' equity 143,382 146,626 Total liabilities and stockholders' equity $218,128 $212,531 LAKELAND INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)($000's) Three Months EndedApril 30, 2025 2024 Cash flows from operating activities: Net (loss) income ($3,913) $1,653 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities Deferred income taxes 243 77 Depreciation and amortization 1,138 647 Amortization of step-up in inventory basis 447 --- Stock based and restricted stock compensation 329 198 Equity in loss of equity investment --- 101 Change in fair value of earnout consideration --- (711) (Increase) decrease in operating assets, net of effect of business acquisition Accounts receivable 160 (404) Inventories (3,505) 433 Prepaid VAT and other taxes (2) 541 Other current assets (160) (2,255) Increase (decrease) in operating liabilities, net of effect of business acquisition Accounts payable (1,117) 861 Accrued expenses and other liabilities 1,708 (852) Operating lease liabilities (169) 4 Net cash (used in) provided by operating activities (4,841) 293 Cash flows from investing activities: Purchases of property and equipment (1,209) (466) Acquisitions, net of cash acquired --- (8,141) Investments in convertible debt instruments --- (639) Net cash (used in) investing activities: (1,209) (9,246) Cash flows from financing activities: Term loan borrowings 2,555 --- Term loan repayments (237) (364) Credit line - borrowings 6,600 12,300 Dividends paid (285) (221) Shares returned to pay employee taxes under restricted stock program (126) (129) Net cash provided by financing activities 8,507 11,586 Effect of exchange rate changes on cash and cash equivalents (1,315) 510 Net increase in cash and cash equivalents 1,142 3,143 Cash and cash equivalents at beginning of period 17,476 25,222 Cash and cash equivalents at end of period $18,618 $28,365 Supplemental disclosure of cash flow information: Cash paid for interest $581 $174 Cash paid for taxes $643 $397

The 1-of-10 Aston Martin Valkyrie LM in Photos
The 1-of-10 Aston Martin Valkyrie LM in Photos

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time3 hours ago

  • Yahoo

The 1-of-10 Aston Martin Valkyrie LM in Photos

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