Lakeland Industries (LAKE) 10-Q6 Sep 232024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jul. 31, 2023	Aug. 31, 2023
Cover [Abstract]
Entity Registrant Name	LAKELAND INDUSTRIES, INC.
Entity Central Index Key	0000798081
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jul. 31, 2023
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		7,364,757
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-15535
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-3115216
Entity Address Address Line 1	1525 Perimeter Parkway
Entity Address Address Line 2	Suite 325
Entity Address City Or Town	Huntsville
Entity Address State Or Province	AL
Entity Address Postal Zip Code	35806
City Area Code	256
Local Phone Number	350-3873
Security 12b Title	Common Stock
Trading Symbol	LAKE
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Net sales	$ 33,071	$ 28,184	$ 61,771	$ 55,462
Cost of goods sold	18,888	16,557	35,144	32,779
Gross profit	14,183	11,627	26,627	22,683
Operating expenses	10,453	9,832	20,959	19,440
Operating profit	3,730	1,795	5,668	3,243
Other income (expense), net	(65)	(42)	(134)	(67)
Interest expense	(1)	(13)	(9)	(22)
Income before taxes	3,664	1,740	5,525	3,154
Income tax expense	1,199	2,610	1,740	2,895
Net income (loss)	$ 2,465	$ (870)	$ 3,785	$ 259
Net income (loss) per common share:
Basic	$ 0.33	$ (0.11)	$ 0.52	$ 0.03
Diluted	$ 0.32	$ (0.11)	$ 0.50	$ 0.03
Weighted average common shares outstanding:
Basic	7,409,305	7,670,636	7,340,914	7,656,470
Diluted	7,591,786	7,670,636	7,523,395	7,841,281

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Net income (loss)	$ 2,465	$ (870)	$ 3,785	$ 259
Other comprehensive income (loss):
Foreign currency translation adjustments	(909)	(412)	(1,627)	(1,172)
Comprehensive income (loss)	$ 1,556	$ (1,282)	$ 2,158	$ (913)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Current assets
Cash and cash equivalents	$ 24,306	$ 24,639
Accounts receivable, net of allowance for doubtful accounts of $938 and $800 at July 31, 2023 and January 31, 2023, respectively	17,680	17,296
Inventories	57,368	58,176
Prepaid VAT and other taxes	2,523	1,963
Income tax receivable and other current assets	4,454	2,908
Total current assets	106,331	104,982
Property and equipment, net	9,131	9,140
Operating leases right-of-use assets	9,086	5,472
Deferred tax assets	2,762	2,764
Other assets	115	100
Goodwill	8,473	8,473
Intangible assets, net	5,838	6,042
Investments	5,699	5,354
Total assets	147,435	142,327
Current liabilities
Accounts payable	8,376	6,558
Accrued compensation and benefits	3,173	2,522
Other accrued expenses	2,857	4,068
Income tax payable	696	0
Short-term borrowings	0	405
Accrued earnout agreement	2,004	3,182
Current portion of operating lease liabilities	1,538	1,253
Total current liabilities	18,644	17,988
Deferred income taxes	474	769
Long-term portion of operating lease liabilities	6,932	3,580
Total liabilities	26,050	22,337
Stockholders' equity
Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued)	0	0
Common stock, $0.01 par; authorized 20,000,000 shares Issued 8,721,232 and 8,655,699; outstanding 7,363,024 and 7,325,005 at July 31, 2023 and January 31, 2023, respectively	87	87
Treasury stock, at cost; 1,358,208 and 1,330,694 shares at July 31, 2023 and January 31, 2023, respectively	(19,979)	(19,646)
Additional paid-in capital	78,511	78,475
Retained earnings	68,084	64,765
Accumulated other comprehensive loss	(5,318)	(3,691)
Total stockholders' equity	121,385	119,990
Total liabilities and stockholders' equity	$ 147,435	$ 142,327

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 938	$ 800
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,500,000,000	1,500,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000,000	20,000,000,000
Common stock, shares issued	8,721,232,000	8,655,699,000
Common stock, shares outstanding	7,363,024,000	7,325,005,000
Treasury stock, shares	1,358,208,000	1,330,694,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (UNAUDITED) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated other comprehensive loss	Treasury Stock
Balance, shares at Jan. 31, 2022		8,555,672				939,705
Balance, amount at Jan. 31, 2022	$ 125,100,000	$ 86,000	$ 77,826,000	$ 62,892,000	$ (1,498,000)	$ (14,206,000)
Net income	259,000	0	0	259,000	0	0
Other comprehensive loss	(1,172,000)	$ 0	0	0	(1,172,000)	0
Restricted stock issued shares		94,908
Restricted Stock Plan	790,000	$ 0	790,000	0	0	0
Return of shares in lieu of payroll withholding	(805,000)	0	(805,000)	0	0	$ 0
Treasury stock purchased shares						(196,150)
Treasury stock purchased amount	(3,126,000)		0	0	0	$ (3,126,000)
Restricted stock issued amount	1,000	$ 1,000	0	0	0	$ 0
Balance, shares at Jul. 31, 2022		8,650,580				1,135,855
Balance, amount at Jul. 31, 2022	121,047,000	$ 87,000	77,811,000	63,151,000	(2,670,000)	$ (17,332,000)
Balance, shares at Apr. 30, 2022		8,635,358				964,722
Balance, amount at Apr. 30, 2022	124,792,000	$ 86,000	77,555,000	64,021,000	(2,258,000)	$ (14,612,000)
Net income	(870,000)	0	0	(870,000)		0
Other comprehensive loss	(412,000)	$ 0	0	0	(412,000)	0
Restricted stock issued shares		15,222
Restricted Stock Plan	384,000	$ 0	384,000	0	0	0
Return of shares in lieu of payroll withholding	(128,000)	0	(128,000)	0	0	0
Treasury stock purchased amount	(2,720,000)	0	$ 0	0	0	(2,720,000)
Restricted stock issued amount	1,000	$ 1,000		0	0	$ 0
Treasury stock purchased, shares			(171,133)
Balance, shares at Jul. 31, 2022		8,650,580				1,135,855
Balance, amount at Jul. 31, 2022	121,047,000	$ 87,000	$ 77,811,000	63,151,000	(2,670,000)	$ (17,332,000)
Balance, shares at Jan. 31, 2023		8,655,699				1,330,694
Balance, amount at Jan. 31, 2023	119,990,000	$ 87,000	78,475,000	64,765,000	(3,691,000)	$ (19,646,000)
Net income	3,785,000	0	0	3,785,000	0	0
Other comprehensive loss	(1,627,000)	0	0	0	(1,627,000)	0
Restricted Stock Plan	445,000	0	445,000	0	0	0
Return of shares in lieu of payroll withholding	(409,000)	0	(409,000)	0	0	0
Treasury stock purchased amount	(333,000)	0	0	0	0	(333,000)
Restricted stock issued amount	0	0	0	0	0	$ 0
Treasury stock purchased, shares						(27,514)
Dividends	466,000	$ 0	0	466,000	0	$ 0
Restricted stock issued shares		65,533
Balance, shares at Jul. 31, 2023		8,721,232				1,358,208
Balance, amount at Jul. 31, 2023	121,385,000	$ 87,000	78,511,000	68,084,000	(5,318,000)	$ (19,979,000)
Balance, shares at Apr. 30, 2023		8,709,256				1,353,508
Balance, amount at Apr. 30, 2023	120,138,000	$ 87,000	78,543,000	65,839,000	(4,409,000)	$ (19,922,000)
Net income	2,465,000	0	0	2,465,000	0	0
Other comprehensive loss	(909,000)	$ 0	0	0	(909,000)	0
Restricted stock issued shares		11,976
Restricted Stock Plan	38,000	$ 0	38,000	0	0	0
Return of shares in lieu of payroll withholding	(70,000)	0	(70,000)	0	0	0
Treasury stock purchased amount	(57,000)	0	0	0	0	(57,000)
Restricted stock issued amount	0	0		0	0	$ 0
Treasury stock purchased, shares						(4,700)
Dividends	220,000	$ 0	0	220,000	0	$ 0
Balance, shares at Jul. 31, 2023		8,721,232				1,358,208
Balance, amount at Jul. 31, 2023	$ 121,385,000	$ 87,000	$ 78,511,000	$ 68,084,000	$ (5,318,000)	$ (19,979,000)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash flows from operating activities:
Net income	$ 3,785	$ 259
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Provision for (recovery of) doubtful accounts	139	63
Deferred income taxes	(293)	1,783
Depreciation and amortization	1,122	779
Stock based and restricted stock compensation	445	790
(Gain) loss on disposal of property and equipment	0	(4)
Equity in loss of equity investment	275	129
Revaluation of earnout consideration	(1,178)	0
(Increase) decrease in operating assets
Accounts receivable	(347)	(1,266)
Inventories	565	(9,531)
Prepaid VAT and other taxes	(562)	(48)
Other assets	(1,683)	(1,062)
Increase (decrease) in operating liabilities
Accounts payable	1,499	3,013
Accrued expenses and other liabilities	114	517
Operating lease liabilities	23	4
Net cash provided by (used in) operating activities	3,904	(4,574)
Cash flows from investing activities:
Purchases of property and equipment	(1,092)	(449)
Investments	(620)	(1,891)
Net cash (used in) investing activities:	(1,712)	(2,340)
Cash flows from financing activities:
Short-term borrowings (repayments)	(405)	0
Purchase of treasury stock under stock repurchase program	(333)	(3,126)
Dividends paid	(466)	0
Shares returned to pay employee taxes under restricted stock program	(409)	(805)
Net cash (used in) financing activities	(1,613)	(3,931)
Effect of exchange rate changes on cash and cash equivalents	(912)	(663)
Net (decrease) in cash and cash equivalents	(333)	(11,508)
Cash and cash equivalents at beginning of period	24,639	52,719
Cash and cash equivalents at end of period	24,306	41,211
Supplemental disclosure of cash flow information:
Cash paid for interest	9	22
Cash paid for taxes	1,266	1,872
Noncash investing and financing activities
Leased assets obtained in exchange for operating lease liabilities	$ 4,099	$ 0

Business

Business	6 Months Ended
Business	Jul. 31, 2023
Business
Business	1. Business Lakeland Industries, Inc. and Subsidiaries (“Lakeland,” the “Company,” “we,” “our,” or “us”), a Delaware corporation organized in April 1986, manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, 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, such as 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 directly to a mixture of end users and industrial distributors depending on the particular country and market. Sales are made to more than 50 countries, the majority of which were into China, countries within the European Economic Community (“EEC”), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Middle East and countries within Southeast Asia.

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jul. 31, 2023
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The condensed consolidated financial statements of the Company are unaudited. These condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company’s results. Intercompany accounts and transactions have been eliminated. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire fiscal year ending January 31, 2024, or for any future period. The January 31, 2023, Condensed Consolidated Balance Sheet data was derived from the audited Consolidated Balance Sheet, but does not include all disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto as of January 31, 2023 and 2022, and for each of the two years in the period ended January 31, 2023, included in our most recent annual report on Form 10-K filed on April 18, 2023. In this Form 10-Q, (a) “FY” means fiscal year; thus for example, FY24 refers to the fiscal year ending January 31, 2024, (b) “Q” refers to quarter; thus, for example, Q2 FY24 refers to the second quarter of the fiscal year ending January 31, 2024, (c) “Balance Sheet” refers to the unaudited condensed consolidated balance sheet, and (d) “Statement of Operations” refers to the unaudited condensed consolidated statement of operations.

Investments and Acquisitions

Investments and Acquisitions	6 Months Ended
Investments and Acquisitions	Jul. 31, 2023
Investments and Acquisitions
Investments and Acquisitions	3. Investments and Acquisitions Bodytrak On October 18, 2021, the Company entered into an Investment Agreement (the “Investment Agreement”) with Inova Design Solutions Ltd, a private limited company incorporated under the laws of England and Wales and headquartered in the United Kingdom, doing business as Bodytrak ® On April 28, 2022, the Company, under the terms of the Investment Agreement, acquired an additional 381,679 Series A1 Shares of Bodytrak for £1,500,000 ($1.9 million). On October 26, 2022, the Company acquired an additional 254,452 Series A Shares of Bodytrak for £1,000,000 ($1.2 million). After completion of the additional investments, the Company owns 22.5% of Bodytrak’s total share capital. The investment in Bodytrak is accounted for under the equity method, given our board representation and the resulting ability to exercise significant influence. A substantial portion of our investment represents differences in our investment and our share of the underlying recognized net assets of Bodytrak. These differences are predominately attributable to non-amortizing intangible assets, including internally developed intellectual property, of Bodytrak. On May 19, 2023, the Company entered into an agreement with Bodytrak to provide an additional investment up to an aggregate of £1,500,000 ($1.9 million on the date of initial investment) in the form of a secured convertible loan. An initial investment funding of £500,000 ($0.6 million on the date of investment) was made on May 19, 2023. The loaned amounts are due twenty-four months from the issue date, which can be extended upon mutual agreement. The convertible note bears interest at either an annual rate of 12% for cash interest or 15% for payment in kind interest on the outstanding amount under the note, such rate being selected by Bodytrak. The notes can be converted into equity shares of Bodytrak under a number of conditions, including a qualified equity financing as defined in the agreement, a change of control, an IPO, default or conversion at the discretion of the Company and upon the occurrence of the specified event. The convertible note is secured by Bodytrak’s intellectual property. Bodytrak provides wearable monitoring solutions for customers in industrial health, safety, defense and first responder markets wanting to achieve better employee health and performance. Bodytrak’s solution is provided as a platform as a service (PaaS), delivering real-time data, cloud-based analytics, and hardware that includes a patented earpiece for physiological monitoring and audio communications. The Company recognized losses of $0.13 million and $0.1 million for the three months ended July 31, 2023 and 2022, respectively, and recognized losses of $0.3 million and $0.13 million for the six months ended July 31, 2023 and 2022, respectively, as the Company’s share of Bodytrak’s net loss. The loss is reflected in other income (expense), net in the consolidated statements of operations. Acquisition of Eagle On December 2, 2022, the Company acquired 100% of Eagle Technical Products Limited’s (Eagle) common stock in an all-cash transaction valued at $10.5 million, net of net working capital acquired. Headquartered in Manchester, UK, Eagle is a leading designer and provider of protective apparel to the fire and industrial sectors. Eagle provides differentiated product offerings through its innovative and technical solutions. Eagle’s operating results are included in our consolidated financial statements from the acquisition date. The acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. As part of the Eagle acquisition agreement, the Company agreed to pay an earnout payment equal to the amount by which Eagle’s revenue exceeds 6 million GBP for the period May 1, 2022 through April 30, 2023. The Company also agreed to pay an earnout payment equal to the amount by which Eagle’s revenue exceeds 6.3 million GBP for the period May 1, 2023 through April 30, 2024. The estimated amount of the earnout payment developed using a Monte Carlo simulation included in the preliminary valuation was $3.2 million. Eagle did not reach the revenue threshold for the period May 1, 2022 through April 30, 2023 and received no payment for that period. Based on the revised forecast for the period May 1, 2023 through April 30, 2024, the estimated amount of the earnout payment developed using a Monte Carlo simulation is $2.0 million. The adjustment to the accrued earnout payment of $0.7 million was recorded in the quarter ended July 31, 2023 and an adjustment of $1.2 million was recorded in the six months ended July 31, 2023, and reflected as a reduction in operating expenses. Due to the timing of the completion of the acquisition, the purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding assets acquired and liabilities assumed, and revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to contingent consideration, inventory, contractual relationships and intangible assets. These changes to the purchase price allocation could be significant. The purchase price allocation will be finalized within the measurement period of up to one year from the acquisition date. There were no material changes to the valuation during the quarter ended July 31, 2023. The following unaudited pro forma information presents our combined results as if the Eagle acquisition had occurred at the beginning of FY22. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company’s results. There were no material transactions between the Company and Eagle during the periods presented that are required to be eliminated. The unaudited pro forma combined financial information does not reflect cost savings, operating synergies or revenue enhancements that the combined companies may achieve or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies or revenue enhancements. Pro forma combined financial information (Unaudited) (in millions, except per share amounts) Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Net sales $ 28,534 $ 28,212 $ 56,602 $ 63,051 Net income (loss) $ (971 ) $ 2,965 $ 168 $ 7,964 Basic earnings per share $ (0.13 ) $ 0.37 $ 0.02 $ 1.00 Diluted earnings per share $ (0.13 ) $ 0.36 $ 0.02 $ 0.98 The unaudited pro forma combined financial information is presented for information purposes only and is not intended to represent or be indicative of the combined results of operations or financial position that we would have reported had the acquisition been completed as of the date and for the periods presented and should not be taken as representative of our consolidated results of operations or financial condition following the acquisition. In addition, the unaudited pro forma combined financial information is not intended to project the future results of the combined company. The unaudited pro forma combined financial information was prepared using the acquisition method of accounting under existing U.S. GAAP. The Company has been treated as the acquirer.

Inventories

Inventories	6 Months Ended
Inventories	Jul. 31, 2023
Inventories
Inventories	4. Inventories Inventories consist of the following (in $000s): July 31, 2023 January 31, 2023 Raw materials $ 29,566 $ 29,036 Work-in-process 968 952 Finished goods 32,015 32,855 Excess and obsolete adjustments (5,181 ) (4,667 ) $ 57,368 $ 58,176

Goodwill and Intangible Assets

Goodwill and Intangible Assets Net	6 Months Ended
Goodwill and Intangible Assets Net	Jul. 31, 2023
Goodwill and Intangible Assets Net
Goodwill and Intangible Assets, Net	5. Goodwill and Intangible Assets, Net Changes in intangible assets, net, during the three and six months ended July 31, 2023, were as follows (in $000s): Balance at February 1, 2023 $ 6,042 Amortization expense (102 ) Balance at April 30, 2023 $ 5,940 Amortization expense (102 ) Balance at July 31, 2023 $ 5,838 There were no material changes to goodwill during the three and six month periods ended July 31, 2023.

Contract Advances

Contract Advances	6 Months Ended
Contract Advances	Jul. 31, 2023
Contract Advances
Contract Advances	6. Contract Advances The Company receives advances under certain of its contracts for products sold by Eagle. Those advances are considered contract liabilities with revenues recorded upon delivery of promised goods to customers. These advances are included in Other Accrued Expenses on the Company’s consolidated balance sheet. The following is a roll-forward of the advances from January 31, 2023 through July 31, 2023 (in $000s): Contract liability – January 31, 2023 $ 1,627 Increases to contract liability 271 Decreases to contract liability (1,672 ) Contract liability – July 31, 2023 $ 226

LongTerm Debt

LongTerm Debt	6 Months Ended
LongTerm Debt	Jul. 31, 2023
LongTerm Debt
Long-Term Debt	7. Long-Term Debt Revolving Credit Facility On June 25, 2020, the Company entered into a Loan Agreement with Bank of America (“Lender”). The Loan Agreement, as amended to date (the “Loan Agreement”), provides the Company with a secured $25.0 million revolving credit facility, which includes a $5.0 million letter of credit sub-facility. The Company may request from time to time an increase in the revolving credit loan commitment of up to $5.0 million (for a total commitment of up to $30.0 million). Borrowing pursuant to the revolving credit facility is subject to a borrowing base amount calculated as (a) 80% of eligible accounts receivable, as defined, plus (b) 50% of the value of acceptable inventory, as defined, minus (c) certain reserves as the Lender may establish for the amount of estimated exposure, as reasonably determined by the Lender from time to time, under certain interest rate swap contracts. The borrowing base limitation only applies during periods when the Company’s quarterly funded debt to EBITDA ratio, as defined, exceeds 2.00 to 1.00. The Loan Agreement permits, without the prior consent of the Lender, acquisitions of a business or its assets by the Company or its subsidiaries if there is no default under the Loan Agreement and the aggregate consideration does not exceed $7.5 million for any individual acquisition or $15.0 million on a cumulative basis for all such acquisitions. On March 3, 2023, the Company changed the benchmark interest rate in the credit facility from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The credit facility will mature on June 25, 2025. As of July 31, 2023, the Company had no borrowings outstanding on the letter of credit sub-facility and no borrowings outstanding under the revolving credit facility. Borrowings in UK There were $0 and $0.4 million in borrowings outstanding under the Company’s credit facility with HSBC Bank at July 31, 2023 and January 31, 2023.

Concentration of Risk

Concentration of Risk	6 Months Ended
Concentration of Risk	Jul. 31, 2023
Concentration of Risk
Concentration of Risk	8. Concentration of Risk Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents and trade receivables. Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas, principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. The Company does not require customers to post collateral. The Company’s foreign financial depositories are Bank of America; China Construction Bank; Bank of China; China Industrial and Commercial Bank; HSBC (UK); Rural Credit Cooperative of Shandong; Postal Savings Bank of China; Punjab National Bank; HSBC in India, Argentina and UK; Raymond James in Argentina; TD Canada Trust; Banco Itaú S.A., Banco Credito Inversione in Chile; Banco Mercantil Del Norte SA in Mexico; ZAO KB Citibank Moscow in Russia, and JSC Bank Centercredit in Kazakhstan. The Company monitors its financial depositories by their credit rating, which varies by country. In addition, cash balances in banks in the United States of America are insured by the Federal Deposit Insurance Corporation, subject to certain limitations. There was approximately $1.6 million total included in the U.S. bank accounts and approximately $22.6 million total in foreign bank accounts as of July 31, 2023, of which $23.5 million was uninsured. Major Customer No customer accounted for more than 10% of net sales during the three and six-month periods ended July 31, 2023 and 2022. Major Supplier No vendor accounted for more than 10% of purchases during the three and six-month periods ended July 31, 2023 and 2022.

Stockholders Equity

Stockholders Equity	6 Months Ended
Stockholders Equity	Jul. 31, 2023
Stockholders Equity
Stockholders' Equity	9. Stockholders’ Equity On June 21, 2017, the stockholders of the Company approved the Lakeland Industries, Inc. 2017 Equity Incentive Plan (the “2017 Plan”). The executive officers and all other employees and directors of the Company, including its subsidiaries, are eligible to participate in the 2017 Plan. The 2017 Plan is administered by the Compensation Committee of the Board of Directors (the “Committee”), except that with respect to all non-employee directors, the Committee shall be deemed to include the full Board. The 2017 Plan provides for the grant of equity-based compensation in the form of stock options, restricted stock, restricted stock units, performance shares, performance units, or stock appreciation rights (“SARs”). On June 16, 2021, the stockholders of the Company approved Amendment No. 1 (the “Amendment”) to the 2017 Plan. The Amendment increases the number of shares of common stock, par value $0.01 per share, of the Company reserved for issuance under the 2017 Plan by 480,000 shares. An aggregate of 840,000 shares of the Company’s common stock are authorized for issuance under the 2017 Plan, as amended, subject to adjustment as provided in the 2017 Plan for stock splits, dividends, distributions, recapitalizations and other similar transactions or events. If any shares subject to an award are forfeited, expire, lapse or otherwise terminate without issuance of such shares, such shares shall, to the extent of such forfeiture, expiration, lapse or termination, again be available for issuance under the 2017 Plan. The Company recognized total stock-based compensation costs, which are reflected in operating expenses (in $000’s): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 2017 Plan: Total restricted stock and stock option programs $ 38 $ 384 $ 445 $ 790 Total income tax expense recognized for stock-based compensation arrangements $ 8 $ 81 $ 94 $ 166 Restricted Stock and Restricted Stock Units Under the 2017 Plan, as described above, the Company awarded performance-based and service-based shares of restricted stock and restricted stock units to eligible employees and directors. The following table summarizes the activity under the 2017 Plan for the six months ended July 31, 2023 and 2022. This table reflects the amount of awards granted at the number of shares that would be vested if the Company were to achieve the maximum performance level under the June 2021, April 2022, June 2022 and April 2023 grants. Performance- Based Service-Based Total Weighted Average Grant Date Fair Value Outstanding at January 31, 2023 127,480 40,665 168,145 $ 22.95 Awarded 64,953 105,818 170,771 $ 14.20 Vested (71,202 ) (24,603 ) (95,805 ) $ 14.90 Forfeited (32,112 ) (28,518 ) (60,630 ) Outstanding at July 31, 2023 89,119 93,362 182,481 $ 19.49 Performance- Based Service-Based Total Weighted Average Grant Date Fair Value Outstanding at January 31, 2022 232,838 14,970 247,808 $ 20.89 Awarded 33,492 53,082 86,574 $ 18.17 Vested (119,164 ) (22,669 ) (141,833 ) Forfeited — — — Outstanding at July 31, 2022 147,166 45,383 192,549 $ 19.66 The actual number of shares of common stock of the Company, if any, to be earned by the award recipients is determined over a three-year performance measurement period based in part on measures that include Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) margin, revenue growth, and free cash flow for the June 2021 grants and revenue growth and EBITDA margin for the April 2022 and June 2022 grants and revenue growth, EBITDA margin and return on invested capital for the April 2023 grants. The performance targets have been set for each of the Minimum, Target, and Maximum levels. The actual performance amount achieved is determined by the Committee and may be adjusted for items determined to be unusual in nature or infrequent in occurrence at the discretion of the Committee. The compensation cost is based on the fair value at the grant date, recognized over the requisite performance/service period using the straight-line method, and periodically adjusted for the probable number of shares to be awarded. As of July 31, 2023, unrecognized stock-based compensation expense totaled $1.9 million pursuant to the 2017 Plan based on outstanding awards under the 2017 Plan. This expense is expected to be recognized over approximately two years. Stock Repurchase Program On February 17, 2021, the Company’s Board of Directors approved a stock repurchase program under which the Company may repurchase up to $5 million of its outstanding common stock. On July 6, 2021, the Board of Directors authorized an increase in the Company’s stock repurchase program of up to an additional $5 million of its outstanding common stock. On April 7, 2022, the Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $5 million of its outstanding common stock, which became effective upon the completion of the prior share repurchase program. On December 1, 2022, the Board of Directors authorized an increase in the Company’s stock repurchase program, under which the Company may repurchase up to an additional $5 million of its outstanding common stock. Shares repurchased during the three months ended July 31, 2023 totaled 4,700 shares at a cost of $57,000, leaving $5.0 million remaining under the share repurchase program at July 31, 2023. The share repurchase program has no expiration date but may be terminated by the Board of Directors at any time.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jul. 31, 2023
Income Taxes
Income Taxes	10. Income Taxes The Company’s provision for income taxes for the three and six months ended July 31, 2023 and 2022 is based on the estimated annual effective tax rate, in addition to discrete items. The Company’s effective tax rate for the second quarter of FY24 was 32.7% which differs from the U.S. federal statutory rate of 21% primarily due to rate differentials in foreign tax jurisdictions and Global Intangible Low-Taxed Income (“GILTI”). The Company’s effective tax rate for the second quarter of FY23 was 149.9%. The Company changed its permanent reinvestment assertions for its Chinese operations during the second quarter of FY23 due to increased volatility of the Chinese yuan and an updated evaluation of investment strategies. The Company recorded $2 million in withholding taxes for a planned repatriation. Excluding this discrete expense, the effective rate was 35.0%, which differs from the U.S. federal statutory rate of 21%, primarily due to rate differentials in foreign tax jurisdictions and state income taxes. The Company’s effective tax rate for the six months ended July 31, 2023 was 31.5%, which differs from the U.S. federal statutory rate of 21%, primarily due to rate differentials in foreign tax jurisdictions and GILTI. The Company’s effective tax rate for the six months ended July 31, 2022 was 91.8%. In addition to the $2 million discrete item above, in Q1 FY23, the Company recorded deferred tax benefits of $0.2 million related to accruals for China social taxes based on our evaluation of the deductibility of these items. Excluding these discrete items, the effective rate was 34.1%, which differs from the U.S. federal statutory rate of 21% primarily due to rate differentials in foreign tax jurisdictions and GILTI. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. The valuation allowance was $3.6 million at July 31, 2023 and January 31, 2023.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
Net Income (Loss) Per Share	Jul. 31, 2023
Net income (loss) per common share:
Net Income (Loss) Per Share	11. Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share as follows (in $000s except per share amounts): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,465 $ (870 ) $ 3,785 $ 259 Denominator: Denominator for basic net income (loss) per share (weighted-average shares which exclude shares in the treasury, 1,358,208 and 1,135,855 at July 31, 2023 and 2022, respectively 7,409,305 7,670,636 7,340,914 7,656,470 Effect of dilutive securities from restricted stock plan 182,481 — 182,481 184,811 Denominator for diluted net income (loss) per share (adjusted weighted average shares) 7,591,786 7,670,636 7,523,395 7,841,281 Basic net income (loss) per share $ 0.33 $ (0.11 ) $ 0.52 $ 0.03 Diluted net income (loss) per share $ 0.32 $ (0.11 ) $ 0.50 $ 0.03

Contingencies

Contingencies	6 Months Ended
Contingencies	Jul. 31, 2023
Contingencies
Contingencies	12. Contingencies Certain conditions may exist as of the date the condensed consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s management and legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been or is probable of being incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. General litigation contingencies The Company is involved in various litigation proceedings arising during the normal course of business which, in the opinion of the management of the Company, will not have a material effect on the Company’s financial position, results of operations or cash flows; however, there can be no assurance as to the ultimate outcome of these matters. As of July 31, 2023, to the best of the Company’s knowledge, there were no significant outstanding claims or litigation.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jul. 31, 2023
Segment Reporting
Segment Reporting	13. Segment Reporting We manage our operations by evaluating each of our geographic locations. Our US operations include a facility in Alabama (primarily the distribution to customers of the bulk of our products). The Company also maintains one manufacturing company in China (primarily disposable and chemical suit production), a manufacturing facility in Mexico (primarily disposable, reflective, fire service and chemical suit production), a manufacturing facility in Vietnam (primarily disposable production) and a small manufacturing facility in India. Our China facilities produce the majority of the Company’s products, and China generates a significant portion of the Company’s international revenues. We evaluate the performance of these entities based on operating profit, which is defined as income before income taxes, interest expense and other income and expenses. We have sales forces in the USA, Canada, Mexico, Europe, Latin America, India, Russia, Kazakhstan and China, which sell and distribute products shipped from the United States, Mexico, India or China. The table below represents information about reported segments for the three and six month periods noted therein: Three Months Ended July 31, Six Months Ended July 31, (in millions of dollars) (in millions of dollars) 2023 2022 2023 2022 Net Sales: USA Operations (including Corporate) $ 16.55 $ 13.43 $ 30.16 $ 25.68 Other foreign 3.22 2.43 6.30 4.62 Europe (UK) 5.40 1.88 9.42 3.85 Mexico 2.37 1.50 3.61 2.74 Asia 10.91 19.32 22.03 33.98 Canada 2.03 2.26 4.56 4.53 Latin America 4.61 2.55 7.79 4.45 Less intersegment sales (12.02 ) (15.19 ) (22.10 ) (24.39 ) Consolidated sales $ 33.07 $ 28.18 $ 61.77 $ 55.46 External Sales: USA Operations (including Corporate) $ 15.21 $ 11.90 $ 27.49 $ 23.13 Other foreign 1.97 1.83 4.24 3.64 Europe (UK) 5.31 1.88 9.33 3.85 Mexico 1.09 1.06 1.89 1.91 Asia 2.96 6.74 6.63 13.98 Canada 2.04 2.26 4.56 4.53 Latin America 4.49 2.51 7.63 4.42 Consolidated external sales $ 33.07 $ 28.18 $ 61.77 $ 55.46 Intersegment Sales: USA Operations (including Corporate) $ 1.32 $ 1.53 $ 2.66 $ 2.55 Other foreign 1.25 0.60 2.07 0.98 Europe (UK) 0.09 — 0.09 — Mexico 1.28 0.44 1.72 0.83 Asia 7.96 12.58 15.40 20.00 Canada — — 0.01 — Latin America 0.12 0.04 0.15 0.03 Consolidated intersegment sales $ 12.02 $ 15.19 $ 22.10 $ 24.39 Three Months Ended July 31, Six Months Ended July 31, (in millions of dollars) (in millions of dollars) 2023 2022 2023 2022 Operating Profit (Loss): USA Operations (including Corporate) $ 1.16 $ (1.24 ) $ (0.65 ) $ (3.30 ) Other foreign 0.56 (0.07 ) 1.22 0.14 Europe (UK) 0.38 (0.36 ) 0.59 (0.62 ) Mexico (0.47 ) (0.07 ) (0.86 ) (0.61 ) Asia 1.03 3.40 1.88 5.95 Canada 0.21 0.32 0.66 0.95 Latin America 1.19 0.54 2.07 0.84 Intersegment profit (loss) (0.33 ) (0.72 ) 0.76 (0.11 ) Consolidated operating profit $ 3.73 $ 1.80 $ 5.67 $ 3.24 July 31, 2023 January 31, 2023 (in millions of dollars) Total Assets Less Intersegment: USA Operations (including Corporate) $ 70.18 $ 64.33 Other foreign 9.76 9.24 Europe (UK) 11.42 12.53 Mexico 5.54 5.32 Asia 32.15 35.64 Canada 7.62 5.81 Latin America 10.77 9.30 Consolidated assets $ 147.44 $ 142.17 The table below presents external sales by product line: Three Months Ended July 31, (in millions of dollars) Six Months Ended July 31, (in millions of dollars) 2023 2022 2023 2022 External Sales by product lines: Disposables $ 12.55 $ 12.72 $ 24.91 $ 27.22 Chemical 5.26 7.16 10.71 12.27 Fire Service 9.00 2.98 14.47 5.67 Gloves 0.49 0.55 1.20 1.09 High Visibility 1.58 1.34 2.73 2.94 High Performance Wear 1.47 1.11 2.74 2.48 Wovens 2.72 2.32 5.01 3.79 Consolidated external sales $ 33.07 $ 28.18 $ 61.77 $ 55.46

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jul. 31, 2023
Subsequent Events
Subsequent Events	14. Subsequent Events On August 1, 2023, the Company’s Board of Directors declared a quarterly cash dividend. The quarterly dividend of $0.03 per share or approximately $0.2 million, was paid on August 22, 2023, to stockholders of record as of August 15, 2023.

Investments and Acquisitions (T

Investments and Acquisitions (Tables)	6 Months Ended
Investments and Acquisitions (Tables)	Jul. 31, 2023
Investments and Acquisitions
Schedule of Pro forma combined financial information	(in millions, except per share amounts) Three Months Ended July 31, Six Months Ended July 31, 2022 2021 2022 2021 Net sales $ 28,534 $ 28,212 $ 56,602 $ 63,051 Net income (loss) $ (971 ) $ 2,965 $ 168 $ 7,964 Basic earnings per share $ (0.13 ) $ 0.37 $ 0.02 $ 1.00 Diluted earnings per share $ (0.13 ) $ 0.36 $ 0.02 $ 0.98

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jul. 31, 2023
Inventories
Schedule of inventory	July 31, 2023 January 31, 2023 Raw materials $ 29,566 $ 29,036 Work-in-process 968 952 Finished goods 32,015 32,855 Excess and obsolete adjustments (5,181 ) (4,667 ) $ 57,368 $ 58,176

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets Net (Tables)	6 Months Ended
Goodwill and Intangible Assets Net (Tables)	Jul. 31, 2023
Goodwill and Intangible Assets Net
Schedule of changes in intangible assets	Balance at February 1, 2023 $ 6,042 Amortization expense (102 ) Balance at April 30, 2023 $ 5,940 Amortization expense (102 ) Balance at July 31, 2023 $ 5,838

Contract Advances (Tables)

Contract Advances (Tables)	6 Months Ended
Contract Advances (Tables)	Jul. 31, 2023
Contract Advances
Schedule of contract Advances	Contract liability – January 31, 2023 $ 1,627 Increases to contract liability 271 Decreases to contract liability (1,672 ) Contract liability – July 31, 2023 $ 226

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
Stockholders Equity (Tables)	Jul. 31, 2023
Stockholders Equity
Schedule of share-based compensation, restricted stock units award activity	Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 2017 Plan: Total restricted stock and stock option programs $ 38 $ 384 $ 445 $ 790 Total income tax expense recognized for stock-based compensation arrangements $ 8 $ 81 $ 94 $ 166
Schedule of restricted stock units	Performance- Based Service-Based Total Weighted Average Grant Date Fair Value Outstanding at January 31, 2023 127,480 40,665 168,145 $ 22.95 Awarded 64,953 105,818 170,771 $ 14.20 Vested (71,202 ) (24,603 ) (95,805 ) $ 14.90 Forfeited (32,112 ) (28,518 ) (60,630 ) Outstanding at July 31, 2023 89,119 93,362 182,481 $ 19.49 Performance- Based Service-Based Total Weighted Average Grant Date Fair Value Outstanding at January 31, 2022 232,838 14,970 247,808 $ 20.89 Awarded 33,492 53,082 86,574 $ 18.17 Vested (119,164 ) (22,669 ) (141,833 ) Forfeited — — — Outstanding at July 31, 2022 147,166 45,383 192,549 $ 19.66

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
Net Income Per Share (Tables)	Jul. 31, 2023
Net income (loss) per common share:
Schedule of earnings per share, basic and diluted	Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net income (loss) $ 2,465 $ (870 ) $ 3,785 $ 259 Denominator: Denominator for basic net income (loss) per share (weighted-average shares which exclude shares in the treasury, 1,358,208 and 1,135,855 at July 31, 2023 and 2022, respectively 7,409,305 7,670,636 7,340,914 7,656,470 Effect of dilutive securities from restricted stock plan 182,481 — 182,481 184,811 Denominator for diluted net income (loss) per share (adjusted weighted average shares) 7,591,786 7,670,636 7,523,395 7,841,281 Basic net income (loss) per share $ 0.33 $ (0.11 ) $ 0.52 $ 0.03 Diluted net income (loss) per share $ 0.32 $ (0.11 ) $ 0.50 $ 0.03

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jul. 31, 2023
Segment Reporting
Schedule of segment information	Three Months Ended July 31, Six Months Ended July 31, (in millions of dollars) (in millions of dollars) 2023 2022 2023 2022 Net Sales: USA Operations (including Corporate) $ 16.55 $ 13.43 $ 30.16 $ 25.68 Other foreign 3.22 2.43 6.30 4.62 Europe (UK) 5.40 1.88 9.42 3.85 Mexico 2.37 1.50 3.61 2.74 Asia 10.91 19.32 22.03 33.98 Canada 2.03 2.26 4.56 4.53 Latin America 4.61 2.55 7.79 4.45 Less intersegment sales (12.02 ) (15.19 ) (22.10 ) (24.39 ) Consolidated sales $ 33.07 $ 28.18 $ 61.77 $ 55.46 External Sales: USA Operations (including Corporate) $ 15.21 $ 11.90 $ 27.49 $ 23.13 Other foreign 1.97 1.83 4.24 3.64 Europe (UK) 5.31 1.88 9.33 3.85 Mexico 1.09 1.06 1.89 1.91 Asia 2.96 6.74 6.63 13.98 Canada 2.04 2.26 4.56 4.53 Latin America 4.49 2.51 7.63 4.42 Consolidated external sales $ 33.07 $ 28.18 $ 61.77 $ 55.46 Intersegment Sales: USA Operations (including Corporate) $ 1.32 $ 1.53 $ 2.66 $ 2.55 Other foreign 1.25 0.60 2.07 0.98 Europe (UK) 0.09 — 0.09 — Mexico 1.28 0.44 1.72 0.83 Asia 7.96 12.58 15.40 20.00 Canada — — 0.01 — Latin America 0.12 0.04 0.15 0.03 Consolidated intersegment sales $ 12.02 $ 15.19 $ 22.10 $ 24.39 Three Months Ended July 31, Six Months Ended July 31, (in millions of dollars) (in millions of dollars) 2023 2022 2023 2022 Operating Profit (Loss): USA Operations (including Corporate) $ 1.16 $ (1.24 ) $ (0.65 ) $ (3.30 ) Other foreign 0.56 (0.07 ) 1.22 0.14 Europe (UK) 0.38 (0.36 ) 0.59 (0.62 ) Mexico (0.47 ) (0.07 ) (0.86 ) (0.61 ) Asia 1.03 3.40 1.88 5.95 Canada 0.21 0.32 0.66 0.95 Latin America 1.19 0.54 2.07 0.84 Intersegment profit (loss) (0.33 ) (0.72 ) 0.76 (0.11 ) Consolidated operating profit $ 3.73 $ 1.80 $ 5.67 $ 3.24 July 31, 2023 January 31, 2023 (in millions of dollars) Total Assets Less Intersegment: USA Operations (including Corporate) $ 70.18 $ 64.33 Other foreign 9.76 9.24 Europe (UK) 11.42 12.53 Mexico 5.54 5.32 Asia 32.15 35.64 Canada 7.62 5.81 Latin America 10.77 9.30 Consolidated assets $ 147.44 $ 142.17
Schedule of external sales by product line	Three Months Ended July 31, (in millions of dollars) Six Months Ended July 31, (in millions of dollars) 2023 2022 2023 2022 External Sales by product lines: Disposables $ 12.55 $ 12.72 $ 24.91 $ 27.22 Chemical 5.26 7.16 10.71 12.27 Fire Service 9.00 2.98 14.47 5.67 Gloves 0.49 0.55 1.20 1.09 High Visibility 1.58 1.34 2.73 2.94 High Performance Wear 1.47 1.11 2.74 2.48 Wovens 2.72 2.32 5.01 3.79 Consolidated external sales $ 33.07 $ 28.18 $ 61.77 $ 55.46

Investments and Acquisitions (D

Investments and Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Net income	$ 2,465	$ (870)		$ 3,785	$ 259
Basic	$ 0.33	$ 0.11		$ 0.52	$ 0.03
Diluted	$ 0.32	$ 0.11		$ 0.50	$ 0.03
Pro forma combined financial information [Member]
Net income		$ (971,000)	$ 2,965,000		$ 168,000	$ 7,964,000
Net sales		$ 28,534,000	$ 28,212,000		$ 56,602,000	$ 63,051,000
Basic		$ (0.13)	$ 0.37		$ 0.02	$ 1
Diluted		$ (0.13)	$ 0.36		$ 0.02	$ 0.98

Investments and Acquisitions _2

Investments and Acquisitions (Details Narrative) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended			6 Months Ended
	Dec. 02, 2022	May 19, 2023	Oct. 26, 2022	Oct. 18, 2021	Jul. 31, 2023	Jul. 31, 2022	Apr. 28, 2022	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Recognized losses					$ 130	$ 100		$ 300	$ 130
Convertible series A shares issued					0			0		0
Investment Agreement [Member] \| Bodytrak's [Member]
Payment of related party shares exchanged				$ 2,800
Percentages of total share capital				11.43%
Ownership percentage			22.50%
Additional shares of Series A, shares			254,452
Additional shares of Series A, amount			$ 1,200
Investment amount		$ 1,900
Investment funding amount		$ 600
Agreement interest rate description		The notes bear interest at either an annual rate of 12% for cash interest or 15% for payment in kind interest on the outstanding notes, such rate being selected by Bodytrak
Series A shares acquired, shares							381,679
Series A shares acquired, amount							$ 1,900
Convertible series A shares issued				508,905
Investment Agreement [Member] \| Acquisition of Eagle [Member]
Adjustment to the accrued earnout payment					$ 700			$ 1,200
Net working capital acquired	$ 10,500
Acquired of Eagle Technical Products Limited ownership	100%
Eagle acquisition agreement, Description								the Company agreed to pay an earnout payment equal to the amount by which Eagle’s revenue exceeds 6 million GBP for the period May 1, 2022 through April 30, 2023. The Company also agreed to pay an earnout payment equal to the amount by which Eagle’s revenue exceeds 6.3 million GBP for the period May 1, 2023 through April 30, 2024. The estimated amount of the earnout payment developed using a Monte Carlo simulation included in the preliminary valuation was $3.2 million

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jan. 31, 2023
Inventories
Raw materials	$ 29,566	$ 29,036
Work-in-process	968	952
Finished goods	32,015	32,855
Excess and obsolete reserves	(5,181)	(4,667)
Inventories, net	$ 57,368	$ 58,176

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets Net (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2023
Goodwill and Intangible Assets Net
Balance at February 1, 2023	$ 5,940	$ 6,042
Amortization expense	(102)	(102)
Balance at July 31, 2023	$ 5,838	$ 5,838

Contract Advances (Details)

Contract Advances (Details) $ in Thousands	6 Months Ended
Contract Advances (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Contract Advances
Contract liability - January 31, 2023	$ 1,627
Increases to contract liability	271
Decreases to contract liability	(1,672)
Contract liability - July 31, 2023	$ 226

LongTerm Debt (Details Narrativ

LongTerm Debt (Details Narrative) - USD ($) $ in Millions	6 Months Ended
LongTerm Debt (Details Narrative) - USD ($) $ in Millions	Jul. 31, 2023	Jan. 31, 2023
HSBC Bank [Member]
Outstanding borrowings	$ 0	$ 0.4
Loan Agreement \| Bank Of America
Warranties to the Lender in the Loan Agreement	The Company may request from time to time an increase in the revolving credit loan commitment of up to $5.0 million (for a total commitment of up to $30.0 million). Borrowing pursuant to the revolving credit facility is subject to a borrowing base amount calculated as (a) 80% of eligible accounts receivable, as defined, plus (b) 50% of the value of acceptable inventory, as defined, minus (c) certain reserves as the Lender may establish for the amount of estimated exposure, as reasonably determined by the Lender from time to time, under certain interest rate swap contracts. The borrowing base limitation only applies during periods when the Company’s quarterly funded debt to EBITDA ratio, as defined, exceeds 2.00 to 1.00
Revolving credit facility	$ 25
Individual acquisitions amount	15
Credit sub facility	$ 5
Credit facility mature date	Jun. 25, 2025
Acquisition description	Loan Agreement and the aggregate consideration does not exceed $7.5 million for any individual acquisition or $15.0 million on a cumulative basis for all such acquisitions
Maximum \| Loan Agreement
Aggregate cumulative consideration	$ 7.5

Concentration of Risk (Details

Concentration of Risk (Details Narrative) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2022	Jul. 31, 2023
Cash balances in banks in the United States of America		$ 1.6
Cash balances in foreign bank accounts		22.6
Uninsured amount		$ 23.5
Major Customer [Member]
Concentration risk of net sales	10%	10%
Major Supplier [Member]
Concentration risk of net sales	10%	10%

Stockholders Equity (Details)

Stockholders Equity (Details) - 2017 Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Total restricted stock and stock option programs	$ 38	$ 384	$ 445	$ 790
Total income tax benefit recognized for stock-based compensation arrangements	$ 8	$ 81	$ 94	$ 166

Stockholders Equity (Details 1)

Stockholders Equity (Details 1) - $ / shares	6 Months Ended
Stockholders Equity (Details 1) - $ / shares	Jul. 31, 2023	Jul. 31, 2022
Total Segment [Member]
Outstanding at beginning balance	168,145	247,808
Awarded	170,771	86,574
Vested	(95,805)	(141,833)
Forfeited	(60,630)	0
Outstanding at ending balance	182,481	192,549
Performance Based [Member]
Outstanding at beginning balance	127,480	232,838
Awarded	64,953	33,492
Vested	(71,202)	0
Forfeited	(32,112)
Outstanding at ending balance	89,119	147,166
Service Based [Member]
Outstanding at beginning balance	40,665	14,970
Awarded	105,818	53,082
Vested	(24,603)	(22,669)
Forfeited	(28,518)	0
Outstanding at ending balance	93,362	45,383
Weighted Average Grant Date Fair Value [Member]
Weighted Average Grant Date Fair Value, Outstanding at beginning balance	$ 22.95	$ 20.89
Weighted Average Grant Date Fair Value, Awarded	14.20	18.17
Weighted Average Grant Date Fair Value, Vested	14.90
Weighted Average Grant Date Fair Value, Forfeited	0	0
Weighted Average Grant Date Fair Value, Outstanding at ending balance	$ 19.49	$ 19.66

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	6 Months Ended
	Apr. 07, 2022	Dec. 01, 2021	Jul. 06, 2021	Jun. 16, 2021	Jul. 31, 2023	Jan. 31, 2023	Feb. 17, 2021
Common stock, shares authorized					20,000,000,000	20,000,000,000
2017 Plan [Member]
Common stock, shares authorized					840,000
Price per share				$ 0.01
Repurchase of outstanding common stock				480,000
Unrecognized stock-based compensation expense					$ 1.9
Stock Repurchase Program [Member]
Remaining value of repurchase of outstanding common stock					$ 5		$ 5
Additional shares of common oitstanding	5,000,000	5,000,000	5,000,000
Repurchase of outstanding common stock					4,700
Repurchase of outstanding common stock, amount					$ 5,700

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
Income Taxes (Details Narrative) - USD ($)	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Change in valuation allowance	$ 3,600,000		$ 3,600,000
Effective tax rates	31.50%	91.80%
Tax rate	21%	21%
Deferred tax benefits	$ (293,000)	$ 1,783,000
China Social Taxes [Member]
Tax rate	21%
Deferred tax benefits	$ 200,000
Federal tax statutory rate	35%
China Social Taxes 1 [Member]
Tax rate	21%
Deferred tax benefits	$ 2,000,000
Federal tax statutory rate	34.10%
2024 Plan [Member]
Effective tax rates	32.70%
Tax rate	21%
2023 Plan [Member]
Effective tax rates	149.90%
Tax rate	21%

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
Net income (loss) per common share:
Net income	$ 2,465	$ (870)	$ 3,785	$ 259
Denominator for basic net income per share (weighted-average shares which exclude shares in the treasury, 1,353,508 and 964,722 at April 30, 2023 and 2022, respectively	7,409,305	7,670,636	7,340,914	7,656,470
Effect of dilutive securities from restricted stock plan	182,481	0	182,481	184,811
Denominator for diluted net income per share (adjusted weighted average shares)	7,591,786	7,670,636	7,523,395	7,841,281
Basic net income (loss) per share	$ 0.33	$ 0.11	$ 0.52	$ 0.03
Diluted net income (loss) per share	$ 0.32	$ 0.11	$ 0.50	$ 0.03

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022	Jan. 31, 2023
Operating Profit (Loss)	$ 3,730	$ 1,795	$ 5,668	$ 3,243
Total assets	147,435		147,435		$ 142,327
Intersegment [Member]
Net sales	(12,020)	(15,190)	(22,100)	(24,390)
Operating Profit (Loss)	(330)	(720)	760	110
Total Segment [Member]
Net sales	33,070	28,180	61,770	55,460
External sales	33,070	28,180	61,770	55,460
Intersegment sales	12,020	15,190	22,100	24,390
Operating Profit (Loss)	3,730	5,670	1,800	3,240
Total assets	147,440	142,170	147,440	142,170
USA
Net sales	16,550	13,430	30,160	25,680
External sales	15,210	11,900	27,490	23,130
Intersegment sales	1,320	1,530	2,660	2,550
Operating Profit (Loss)	1,160	(1,240)	(650)	(3,300)
Total assets	70,180	64,330	70,180	64,330
Mexico
Net sales	2,370	1,500	3,610	2,740
External sales	1,090	1,060	1,890	1,910
Intersegment sales	1,280	440	1,720	830
Operating Profit (Loss)	(470)	(70)	(860)	(610)
Total assets	5,540	5,320	5,540	5,320
Canada
Net sales	2,030	2,260	4,560	4,530
External sales	2,040	2,260	4,560	4,530
Intersegment sales	0	0	10	0
Operating Profit (Loss)	210	320	660	950
Total assets	7,620	5,810	7,620	5,810
Other Foreign [Member]
Net sales	3,220	2,430	6,300	4,620
External sales	1,970	1,830	4,240	3,640
Intersegment sales	1,250	600	2,070	980
Operating Profit (Loss)	560	(70)	1,220	140
Total assets	9,760	9,240	9,760	9,240
Europe UK
Net sales	5,400	1,880	9,420	3,850
External sales	5,310	1,880	9,330	3,850
Intersegment sales	90	0	90	0
Operating Profit (Loss)	380	(360)	590	(620)
Total assets	11,420	12,530	11,420	12,530
Asia
Net sales	10,910	19,320	22,030	33,980
External sales	2,960	6,740	6,630	13,980
Intersegment sales	7,960	12,580	15,400	20,000
Operating Profit (Loss)	1,030	3,400	1,880	5,950
Total assets	32,150	35,640	32,150	35,640
Latin America
Net sales	4,610	2,550	7,790	4,450
External sales	4,490	2,510	7,630	4,420
Intersegment sales	120	40	150	30
Operating Profit (Loss)	1,190	540	2,070	840
Total assets	$ 10,770	$ 9,300	$ 10,770	$ 9,300

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details 1) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2023	Jul. 31, 2022
External sales	$ 33,070	$ 28,180	$ 61,770	$ 55,460
Fire Service Member
External sales	9,000	2,980	14,470	5,670
Disposables
External sales	12,550	12,720	24,910	27,220
Chemical
External sales	5,260	7,160	10,710	12,270
Gloves Member
External sales	490	550	1,200	1,090
High Visibility Member
External sales	1,580	1,340	2,730	2,940
High Performance Wear
External sales	1,470	1,110	2,740	2,480
Wovens
External sales	$ 2,720	$ 2,320	$ 5,010	$ 3,790

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - Bodytrak [Member] - Subsequent Event [Member] $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 22, 2023 USD ($) $ / shares
Dividend per share \| $ / shares	$ 0.03
Payment to party \| $	$ 0.2