Lakeland Industries : February 2025 – Profile
LAKE
lakeland.com
Investor Relations Chris Tyson - MZ Group 949-491-8235LAKE@mzgroup.us
NASDAQ: LAKE
LTM Revenue1
$151.8M
LTM Adj. EBITDA
$14.7M
excluding FX1
Share Price2
$24.50
52 Week Range2
$15.10 - $27.28
Market Cap2,*
$232.7
Enterprise Value3,*
$248.0M
Cash1,*
$15.8M
Debt1
$31.1M
Employees
~2,100
Locations
18 in 14 countries
Strategic
78+ countries
Distributors
1) At 10/31/24 2) As of 1/28/25
Protect Your People®
Lakeland Fire + Safety is a global manufacturer of fire services and personal protective equipment, apparel and accessories with a Head-to-Toe portfolio of brands. New management is implementing strategies to accelerate growth and margins with an acquisition focus on the fragmented fire turnout gear industry.
Investment Highlights
Near Term Strategy: Leverage a growing market position in fire protection, brands, and accretive M&A to accelerate growth and become a "top-3" provider in the fragmented, higher margin $2.0B protection sector in the largest global markets.1
Long-TermStrategy: Grow fire services and industrial verticals with a capital-light model focusing on operating and manufacturing efficiencies to achieve higher margins, positioned to grow faster than the markets served.
Competitive Position: Delivery lead times, company-owned manufacturing footprint, and strong market share positions in top global markets create a barrier of entry and position Lakeland as the acquirer of choice.
Robust Execution: New strategies and execution translating into strong financial performance and FY25 guidance equating to at least 28% Y-o-Y top-line growth with positioning for mid-to-high single-digit organic growth.
Capital Allocation: Well-capitalized with accelerating free cash flow growth to support a strong balance sheet to fund acquisition strategy and initiatives above current guidance.
Management: Tenured new management has successfully executed a similar strategy to Lakeland's - a turnaround/efficiency focus with accretive acquisitions and synergies to accelerate growth and create value.
*On January 24, 2025, Lakeland closed a Public Offering of 2,093,000 shares of its common stock for net proceeds of approximately $42.8 million
Mission-Critical Product Portfolio
FIRE
Products
Jolly brand of fire
Veridian and Lakeland
NFPA-certified Fire
boots
Turnout Gear
Particulate
Eagle and LHD CE-
Blocking Hoods
certified Fire Turnout
Fire Gloves
Gear
Pacific brand of safety
helmets
Applications
Professional & Volunteer Fire
Wildland Fire Fighting
Structural Fire Fighting
Search and Rescue
INDUSTRIAL
Products
Chemical Suits
Critical Environmental Garments
PPE / Disposable Garments
FR/AR Performance Wear
High Visibility Apparel
Jolly & Cosmas brand of safety boots
Applications
Industrial
Utilities
Energy
Clean Room
Healthcare
Oil & Gas
Large Industrial and Safety Markets with Strong Tailwinds
Key Market Dynamics - ~$11 Billion Total Addressable Market with a Mid-to-High-Single-Digit Growth Rate1
Increasing Relevance
Growing Demand from
Ongoing & Future Technological
of Safety And PPE
End-User Industries
Advancements
Sources: 1) Market Research Future Dec '23, Global Market Insights Feb 2020, and Management Estimates 2) IOSH Magazine, "Power Dressing for Smart PPE"
Global Head-to-Toe Fire Portfolio
Background & Product Portfolio
Headquarters
Product Focus
•
Fire and emergency services helmets
Markets
•
Oceania, North America, LATAM, Europe
Whanganui, NZ
Distribution
•
Global selective distribution & private label wholesale partnerships
Headquarters
Product Focus
•
Firefighter Suits & Apparel
Des Moines, IA /
•
Industrial FR Apparel
Markets
•
U.S., Europe, LATAM, & Canada
Huntsville, AL
Distribution
•
Strategic distributors in North & South America
Headquarters
Product Focus
•
Firefighter turnout gear & accessories, PPE cleaning, repair, & maintenance
Markets
•
Europe, Asia, Oceania, LATAM, India, & Middle East
Manchester, UK /
Wesseling, Germany Distribution
•
Focused fire and industrial distribution & strategic end-user service contracts
Headquarters
Product Focus
•
Fire, police, industrial, and military boots
Markets
•
Europe, Other
Montebelluna, Italy
Distribution
•
Fire, industrial, & LE distribution partners & military end-user direct contracts
Strategic Priorities
Building a Premier
Global Fire Brand
Expanding Portfolio and Capabilities Through M&A
Solidifying and Growing
Chemical, Critical Environment
and Disposables
Goal: to fortify its
position as the premier full-service vendor for Head-to-Toe equipment with the fastest delivery time, and cleaning and refurbishment
Financial Highlights
Three Months Ended Oct. 31
Year Ended January 31
$ in Million
2024
2023
2024
2023
Revenue
$45.8
$31.7
$124.7
$112.8
Gross Margin
40.6%
42.2%
41.1%
40.6%
Operating Expenses
(17.8)
(9.7)
(45.2)
(40.3)
Net Income (Loss)
$0.1
$2.6
$5.4
$1.9
Adjusted EBITDA excluding FX1
$4.7
$4.5
$15.7
$10.7
Adjusted EBITDA excluding FX Margin1
10.3%
14.2%
12.6%
9.5%
Cash & Cash Equivalents*
$15.8
$26.4
$25.2
$24.6
*On January 24, 2025, Lakeland closed a Public Offering of 2,093,000 shares of its common stock for net proceeds of approximately $42.8 million
FY25 Guidance2
FY25 Revenue of at least $165M
FY25 Adjusted EBITDA excluding FX of at least$18M Reaffirmed based on expected revenue and profitability improvement for the second half of the year
Management
James M. Jenkins
President and Chief Executive Officer
Roger D. Shannon
Chief Financial Officer
Helena An
Chief Operating Officer
Laurel Yartz
Chief Human Resources Officer
Barry Phillips
Cameron Stokes
Chief Revenue Officer
Global VP of Sales
DISCLAIMER: This information is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy any security or related financial instrument or to participate in any trading strategy. The summary may include "forward-looking statements" with the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are intended to be covered by the safe harbor provisions for forward looking statements. This information is supplied from sources we believe to be reliable, but we cannot guarantee accuracy. This document has been furnished to you solely for your information.
Disclaimer
Lakeland Industries Inc. published this content on February 21, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 21, 2025 at 13:15:08.021.