Flavio Briatore takes on Alpine F1 team principal duties after Oliver Oakes exit
Flavio Briatore, in his role as Alpine executive advisor, before the Miami Grand Prix.
Photograph: Brian Snyder/Reuters
The Alpine team principal, Oliver Oakes, has resigned from the team with Flavio Briatore, the Italian who was once given a lifetime ban from Formula One, set to step up to assume team principal duties.
Oakes was appointed only nine months ago and the 37-year-old's resignation, which a statement from Alpine read they had accepted with 'immediate effect', comes with the team expected to replace their driver Jack Doohan with Franco Colapinto before the next round at Imola.
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Related: From Hamilton to Räikkönen: when F1 radio communication goes wrong
Briatore, who was operating as an executive director at Alpine, working with Oakes, will remain in that role but also assume the Oakes's responsibilities, making him the de facto team principal, a development that at one point might have been considered unthinkable.
The 75-year-old had been given a lifetime ban from F1 after his part in the 'Crashgate' scandal at the Singapore Grand Prix in 2008. The Renault driver Nelson Piquet Jr alleged Briatore, the team principal, and chief engineer Pat Symonds had asked him to crash deliberately in order to assist Fernando Alonso, who went on to win.
Briatore and Symonds denied the charges but Renault did not contest them at an FIA hearing in 2009 and Briatore and Symonds both left the team. Briatore was subsequently given a lifetime ban from all FIA-sanctioned events. However, he contested that decision in a French court and it was overturned a year later.
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At the time Briatore said he did not see himself as ever returning to F1 and since which he has been critical of the direction the sport has taken. However in 2024 he was persuaded to come back by the Renault chief executive, Luca de Meo, as an executive adviser to the team now operating under Renault's sports car brand as Alpine. It was a controversial decision given the enormous attention and negative publicity Crashgate had inflicted on the sport.
The team have also been through a series of staff and management changes in recent years, including the sudden sacking of team principal Otmar Szafnauer in 2023. Since which they have also lost the chief technical officer, Pat Fry, the sporting director, Alan Permane, the technical director, Matt Harman, the head of aerodynamics, Dirk de Beer, and the operations director, Rob White. Bruno Famin, who replaced Szafnauer, was in turn replaced by Oakes.
The team based in Enstone, who won four world championships in its guise as Benetton and Renault, all with Briatore in charge, has struggled to escape the midfield for well over a decade. Last year Renault decided to cease building their own power units at their Viry-Châtillon plant and instead to take customer engines from Mercedes as of 2026. They had made some progress under Oakes but are currently ninth in the world championship with six meetings concluded.
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Lakeland Industries Reports Fiscal First Quarter 2026 Financial Results
Q1'26 Net Sales Increased 29% to a Record $46.7 Million Led by a 100% Increase in Fire Services Products, Representing 45% of Total Revenue U.S. Net Sales Increased 42% to $22.5 Million & Europe Net Sales Increased 102% to $12.1 Million Q1'26 Represented Full Impact of Tariff Uncertainty & Associated Mitigation Strategies to Build Inventory Improving Global Tariff Environment & Reduction in Mitigation Strategies Positions Company for Sequential Growth in Gross Margin and Adjusted EBITDA Excluding FX in Q2'26 Maintains Previously Issued FY 2026 Revenue and Adjusted EBITDA Excluding FX Guidance Range Management to Host Conference Call Today at 4:30 p.m. Eastern Time HUNTSVILLE, Ala., June 09, 2025 (GLOBE NEWSWIRE) -- Lakeland Industries, Inc. ("Lakeland Fire + Safety" or "Lakeland") (NASDAQ: LAKE), a leading global manufacturer of protective clothing and apparel for industry, healthcare and first responders, has reported its financial and operational results for its fiscal first quarter ended April 30, 2025. Key Fiscal FY 2026 First Quarter and Subsequent Financial and Operational Highlights Q1 Comparison $ in millions FY Q1'26 FY Q1'25 Net Sales $46.7 $36.3 $10.4 29% Gross Profit $15.6 $16.2 ($0.6) (4%) Gross Margin 33.5% 44.6% - 1,110BPS Net (Loss) Income ($3.9) $1.7 ($5.6) (337%) Adjusted EBITDA ($0.2) $3.8 ($4.0) (105%) Adjusted EBITDA ex. FX $0.6 $3.8 ($3.2) (84%) Management Commentary 'The first quarter of fiscal 2026 was highlighted by continued sales revenue growth of 29%, led by a 100% increase in Fire Services revenue and ongoing momentum from our recent acquisitions,' said Jim Jenkins, President, Chief Executive Officer and Executive Chairman. 'Robust growth in our U.S. Fire Services Segment - both organic and acquisition-driven - was partially offset by softness in Latin America and Canada, where margins are typically above our corporate average. While first quarter revenue approached internal expectations, shortfalls in Latin America, due mainly to shipment timing, and in Canada, largely due to tariff-related delays, impacted results. Our outlook for Latin America and Canada remains positive, and we believe that once uncertainty surrounding tariffs subsides, momentum in these markets will rebound. To that end, we continue to focus on expanding opportunities in Latin America and expect a resumption of growth in FY26. Additional factors affecting revenue included tariff uncertainty and currency issues, as well as Pacific Helmets resulting from production issues and updates to product offerings. We continue to believe that a significant Jolly fire boots order—originally anticipated for shipment in Q2 of FY25—is still likely to materialize. While timing remains subject to the Italian Government's final procurement steps, we remain encouraged by ongoing engagement and the customer's reaffirmed intent to proceed. 'Looking ahead, we are focused on navigating the continued challenges from tariff uncertainties, growing top-line revenue in our fire services and industrial verticals, and implementing operating and manufacturing efficiencies to achieve higher margins. We also continue to pursue M&A opportunities, particularly within the fire suit rental, decontamination and services business, to further consolidate the fragmented fire market. Our acquisition pipeline remains strong, and we are actively engaged in several strategic discussions that align with our growth strategy. We believe that with the four recently completed acquisitions, which added product line extensions, innovative new products, and expanded our global markets, channels, and customer base, we are well-positioned to grow our global head-to-toe fire portfolio in this fragmented market. We look forward to sharing upcoming milestones in weeks and months ahead,' concluded Mr. Buildup: Increase in net inventories of $3.1 million ahead of imposed tariffs. Inventories on April 30, 2025, totaled $85.8 million. Tariff Mitigation Measures Updates: Strategic inventory stocking, including raw materials and finished goods Production shift in Asia to lower-tariff countries Lakeland Mexico's USMCA-compliant products are tariff-exempt Production of Lakeland Fire Gear in the U.S. at VeridianNet sales were a record $46.7 million for the first quarter of fiscal 2026, an increase of $10.4 million or 29% compared to $36.3 million for the first quarter of fiscal 2025, driven by a 100% increase in Fire Services. Organic revenue(1) increased 2% to $36.9 million for the first quarter of fiscal 2026, compared to $36.3 million for the first quarter of fiscal 2025, due to strong growth in the U.S. and Europe, partially offset by weakness in Latin America and Canada. Organic gross margin(1) decreased by 870 margin points to 35.9% for the first quarter of fiscal 2026, compared to 44.6% for the first quarter of fiscal 2025, due primarily to lower sales in our higher margin Latin American and Canadian markets and material price variance allocations. Sales of the Fire Services product line were $21.0 million for the first quarter of fiscal 2026, an increase of $10.5 million or 100% compared to $10.5 million for the first quarter of fiscal 2025. Fire segment as a percentage of revenue grew to 45%. U.S. net sales were $22.5 million for the first quarter of fiscal 2026, an increase of $6.6 million or 42% compared to $15.9 million for the first quarter of fiscal 2025. Europe net sales, including Eagle, Jolly and LHD, were $12.1 million for the first quarter of fiscal 2026, an increase of $6.1 million or 102% compared to $6.0 million for the first quarter of fiscal 2025. LATAM net sales were $4.3 million for the first quarter of fiscal 2026, a decrease of $0.6 million or 12% compared to $4.9 million for the first quarter of fiscal 2025. Asia net sales were $12.0 million for the first quarter of fiscal 2026, an increase of $1.6 million or 15% compared to $10.4 million for the first quarter of fiscal 2025. Gross profit for the first quarter of fiscal 2026 was $15.6 million, a decrease of $0.6 million, or 4%, compared to $16.2 million for the first quarter of fiscal 2025. Adjusted EBITDA excluding FX(2) 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 2025. Lakeland's LHD subsidiary has secured a contract renewal of up to 12 years with Fire and Emergency New Zealand (FENZ), New Zealand's main firefighting and emergency services body, for a range of apparel and decontamination services, extending an established and longstanding relationship of over 22 years. Attended the 37th Annual Roth Conference and the Oppenheimer 10th Annual Emerging Growth Conference. (1)Organic revenue and organic gross margin are total revenue and total gross margin, each excluding the effects of recent acquisitions, which management uses to assess the growth of its legacy business. Reconciliations are provided in the tables of this press release. (2)Adjusted EBITDA and Adjusted EBITDA excluding FX are non-GAAP financial measures. Reconciliations are provided in the tables of this press release. Fiscal 2026 First Quarter Financial Results Net sales were $46.7 million for the first quarter of fiscal 2026, an increase of $10.4 million or 29% compared to $36.3 million for the first quarter of fiscal 2025. Sales from our recent acquisitions accounted for $9.9 million of the increase, while organic sales increased $0.6 million, or 2%, over the prior year. Sales of the Fire Services product line increased by $10.5 million year-over-year, driven by $9.9 million in sales from Veridian and LHD, as well as organic Fire Services growth of $0.6 million. On a consolidated basis, for the first quarter of fiscal year 2026, domestic sales were $20.7 million, or 44% of total revenues, and international sales were $26.0 million, or 56% of total revenues, as our recent acquisitions continue to skew growth internationally. This compares with domestic sales of $14.3 million, or 39% of the total, and international sales of $22.0 million, or 61%, in the first quarter of fiscal year 2025. Gross profit for the first quarter of fiscal 2026 was $15.6 million, a decrease of $0.6 million, or 4%, compared to $16.2 million for the first quarter of fiscal 2025. Gross profit as a percentage of net sales decreased to 33.5% for the first quarter of fiscal 2026 from 44.6% for the first quarter of fiscal 2025. Gross margin percentage decreased in the first quarter of fiscal 2026 due to geographic revenue mix, combined with lower margins and the impact of purchase accounting in our acquired businesses, and higher manufacturing and freight costs. Margins in the acquired businesses were impacted by the amortization of the write-up in inventory as part of purchase accounting. Organic gross margin percentage decreased to 35.9% from 44.6% for the first quarter of fiscal 2026, primarily due to lower sales in our higher-margin Latin American and Canadian markets and material price variance allocations. 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


Miami Herald
41 minutes ago
- Miami Herald
Carlos Alcaraz roars past Jannik Sinner in epic French Open final
The French Open opened two weeks ago with a tribute to retired 14-time champion Radal Nadal and the Big Three of his generation. It ended Sunday on the clay court at Roland Garros in Paris with the unquestioned coronation of the Big Two. Jannik Sinner and Carlos Alcaraz cemented their mark as the future of men's tennis in a classic French Open men's final when Alcaraz fought off three consecutive match points in the fourth set and rallied for a grueling 4-6, 6-7 (4), 6-4, 7-6 (3), 7-6 (2) victory. "Honestly, I don't know what I did. Honestly, I don't know what happened," Alcaraz said on the TNT broadcast. "... I didn't think about anything else, just going point after point and putting my heart into it and getting all of my energy into it. I tried to not give up. We were in a final of a grand slam. There wasn't time to be afraid. There wasn't time to give up. I just tried to fight until the last ball." The 5-hour, 29-minute match was the longest ever for a French Open title, surpassing the 4-hour, 42-minute match at Paris in 1982 won by Sweden's Mats Wilander over Argentina's Guillermo Vilas. "First of all, Carlos, congrats. An amazing performance, an amazing battle, amazing everything," Sinner said following the match. "To you and your team, amazing job. I'm very happy for you and you deserve it. In defending his French Open title, the No. 2-ranked Alcaraz prevented world No. 1 Sinner from winning his third consecutive grand slam title. Even after five hours, a run of elite shot making continued with Alcaraz forcing the tiebreaker in the fifth set by holding serve. Alcaraz appeared to be in control while leading in 5-3 in the fifth set and served for the match at 5-4. But Sinner broke Alcaraz's serve to get to 5-5 then won his own at deuce to lead 6-5 before Alcaraz held serve to send the match to a tiebreaker at 6-6. Alcaraz roared out to a 7-0 lead in the 10-point fifth-set tiebreaker and was leading 9-2 when he sprinted across the baseline and ripped a forehand up the line for the winner. He immediately slumped to the red clay in relief. In a contest that featured countless twists, turns and tense moments, there was no bigger spot in the match than the seventh game of the fourth set, when Sinner broke the serve of Alcaraz, giving him a 4-3 lead. The Italian steamrolled through his own serve to go up 5-3 and had three championship points in the next game. But Alcaraz, of Spain, wasn't quite ready to relinquish his crown, coming back to hold serve. And any nerves Sinner had on those championship points continued into his service game. Sinner could muster just one point, putting the match back on serve at 5-5 when his shot went long. After two holds, Sinner and Alcaraz went to another tie-breaker. Sinner jumped to a 2-0 lead, with Alcaraz closing out seven of the next eight points to send the match to a two-set tie, setting up his final set heroics. When it was done, Alcaraz called it the best match of his young career, ahead of his previous four grand slam victories. "This match is the first one where I came back from two sets down and I think there wasn't a better location than a Roland Garros final against a No. 1 in the world in Jannik," Alcaraz said. "It was the perfect place to come back from two sets down. It was the best match I played in a grand slam and I'm really proud and happy this happened." The 22-year-old Alcaraz will next attempt to win his third straight trophy at Wimbledon, which begins June 30 in London. Alcaraz now leads their head-to-head meetings 8-4. This was their first clash in a Grand Slam final and the first time Alcaraz came back from a 2-0 deficit in a major to win a match. He had been 0-8. Both entered the match undefeated in grand slam finals. Sinner moves to 3-1, and Alcaraz to 5-0 in Grand Slams. The Spaniard now has back-to-back French Open wins to go with victories at Wimbledon in 2023 and 2024, and at the U.S. Open in 2022. Sinner won the past two Australian Opens and the 2024 U.S. Open crown. In fact, since Daniil Medvedev won in New York in 2021, no one other than Sinner, Alcaraz, Nadal or Novak Djokovic has won a Grand Slam event. --Field Level Media Field Level Media 2025 - All Rights Reserved

Miami Herald
42 minutes ago
- Miami Herald
Jannik Sinner, Novak Djokovic reach semifinals at French Open
The French Open's final four is set, as Italy's Jannik Sinner and Serbia's Novak Djokovic each prevailed in the event's quarterfinals on Wednesday in Paris to advance to the semifinals. They'll face off in one half of the semifinals Friday, joining Italian Lorenzo Musetti and Spaniard Carlos Alcaraz, who will also do battle in advance of Sunday's final at Roland Garros. Sinner, the world's top-ranked player, closed out Kazakhstan's Alexander Bublik in straight sets in a little under two hours, making short work of him on the clay court. In pursuit of his first French Open championship, Sinner won 6-1, 7-5, 6-0, sprinting out to an easy win in the first set at Court Philippe-Chatrier before being pressed in Set 2. Bublik held advantages of 4-3 and 5-4, before the 23-year-old Sinner reeled off three straight wins for the rally. From there, it was smooth sailing in the final set. 'We played a couple times already, so you know a little bit what to expect,' Sinner said. 'But in another way, with him, you never know what is happening. He deserved to be in the quarterfinals. He beat very tough opponents. I tried to stay focused from my side of the court and play as solid as possible as he can have some ups and downs.' To wit, Sinner grabbed 31 winners, while Bublik endured a whopping 37 unforced errors in the match. Having won his last 19 matches at major events, Sinner became the first Italian man to reach six major semifinals. Despite never advancing beyond the semifinals in this event before, Sinner expressed excitement over the upcoming opportunity. 'I am very happy and happy with how I arrived in the semifinals,' Sinner said. 'Semifinals in Grand Slams are very special, so I am looking forward to it.' Djokovic, 38, took three hours and 20 minutes to defeat Germany's Alexander Zverev at Roland Garros 4-6, 6-3, 6-2, 6-4 to stay in contention for what would be his first major since 2024 (Australian Open). It continues a hot run on clay for Djokovic, who won in Geneva and has now won nine matches in a row on the surface. It wasn't easy, especially early on as Zverev seized control 2-0 and made that advantage stick for an opening-set victory. Djokavic corrected that error in Set 2, building a 4-1 advantage. He did the same, going up 2-0 in Set 4. Set 3 was different, with Zverev going up 1-0 and 2-1, before Djokovic rattled off five straight wins for the set. 'My tactic was just to play drop shots,' Djokovic said. 'So, I played three or four in a row ... Maybe you can't see it on TV, but there is a lot of wind from one side, so it gives the sensation that you must hit twice as hard. It was important to vary the game.' Despite all that, Zverev never conceded, and only lost on winners 42-38. The German also proved himself relatively equal on return points won (35 to 37) and saved four match points, compared to none for Djokavic. Yet in the final game of the day, the two exchanged 41 shots, with the Serbian finally winning after converting his fifth match point. 'Evidently there was a lot of pressure at the end,' Djokovic said. 'Zverev has been one of the best players in the world over the past six years. Matches like this tonight are the reason why I still want to play and compete.' Field Level Media 2025 - All Rights Reserved