Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Apr. 10, 2018 | Jul. 31, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | LAKELAND INDUSTRIES INC | ||
Entity Central Index Key | 798,081 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 102,047,013 | ||
Trading Symbol | LAKE | ||
Entity Common Stock, Shares Outstanding | 8,116,199 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Net sales from continuing operations | $ 95,987 | $ 86,183 | $ 99,646 |
Cost of goods sold from continuing operations | 59,784 | 54,546 | 63,313 |
Gross profit from continuing operations | 36,203 | 31,637 | 36,333 |
Operating expenses from continuing operations | 27,726 | 24,790 | 24,521 |
Operating profit from continuing operations | 8,477 | 6,847 | 11,812 |
Other income (loss), net from continuing operations | 29 | 46 | (120) |
Interest expense from continuing operations | (163) | (620) | (785) |
Income before taxes from continuing operations | 8,343 | 6,273 | 10,907 |
Income tax expense from continuing operations | 7,903 | 2,380 | 3,117 |
Net income from continuing operations | 440 | 3,893 | 7,790 |
Noncash reclassification of Other Comprehensive Income To Statement of Operations (no impact on stockholders' equity) | 0 | 0 | (1,286) |
Loss from operations from discontinued operations | 0 | 0 | (3,538) |
Loss from disposal of discontinued operations | 0 | 0 | (515) |
Loss before taxes for discontinued operations | 0 | 0 | (5,339) |
Income tax benefit from discontinued operations | 0 | 0 | (1,403) |
Net loss from discontinued operations | 0 | 0 | (3,936) |
Net income | $ 440 | $ 3,893 | $ 3,854 |
Net income (loss) per common share - Basic: | |||
Income from continuing operations | $ 0.06 | $ 0.54 | $ 1.09 |
Loss from discontinued operations | 0 | 0 | (0.55) |
Net Income | 0.06 | 0.54 | 0.54 |
Net income (loss) per common share - Diluted: | |||
Income from continuing operations | 0.06 | 0.53 | 1.07 |
Loss from discontinued operations | 0 | 0 | (0.54) |
Net Income | $ 0.06 | $ 0.53 | $ 0.53 |
Weighted average common shares outstanding: | |||
Basic | 7,638,264 | 7,257,553 | 7,171,965 |
Diluted | 7,691,553 | 7,327,248 | 7,254,340 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Net income | $ 440 | $ 3,893 | $ 3,854 |
Other comprehensive income (loss): | |||
Cash flow hedges | (26) | 52 | (159) |
Foreign currency translation adjustments | 757 | (250) | (597) |
Other comprehensive income (loss) | 731 | (198) | 530 |
Comprehensive income | 1,171 | 3,695 | 4,384 |
Lakeland Brazil, S.A. [Member] | |||
Other comprehensive income (loss): | |||
Brazil noncash reclassification of other comprehensive income to Statement of Operations (transfer of Lakeland Brazil shares) | $ 0 | $ 0 | $ 1,286 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 15,788 | $ 10,365 | |
Accounts receivable, net of allowance for doubtful accounts of $480 and $417 at January 31, 2018 and 2017, respectively | 14,119 | 10,704 | |
Inventories, net of allowance of $2,422 and $2,305 at January 31, 2018 and 2017, respectively | 42,919 | 35,535 | |
Prepaid VAT and other taxes | 2,119 | 1,361 | |
Other current assets | 1,555 | 2,121 | |
Total current assets | 76,500 | 60,086 | |
Property and equipment, net | 8,789 | 8,527 | |
Assets held for sale | 150 | 901 | |
Deferred tax assets | 7,557 | 13,515 | |
Prepaid VAT and other taxes | 310 | 478 | |
Other assets | 354 | 176 | |
Goodwill | 871 | 871 | |
Total assets | [1] | 94,531 | 84,554 |
Current liabilities | |||
Accounts payable | 7,057 | 4,928 | |
Accrued compensation and benefits | 1,771 | 1,311 | |
Other accrued expenses | 1,182 | 1,024 | |
Current maturity of long-term debt | 158 | 50 | |
Short-term borrowings | 211 | 153 | |
Borrowings under revolving credit facility | 0 | 4,865 | |
Total current liabilities | 10,379 | 12,331 | |
Long-term portion of debt | 1,312 | 716 | |
Total liabilities | 11,691 | 13,047 | |
Commitments and contingencies | |||
Stockholders’ equity | |||
Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued) | 0 | 0 | |
Common stock, $0.01 par; authorized 10,000,000 shares, Issued 8,472,640 and 7,620,215; outstanding 8,116,199 and 7,263,774 at January 31, 2018 and 2017, respectively | 85 | 76 | |
Treasury stock, at cost; 356,441 shares at January 31, 2018 and 2017 | (3,352) | (3,352) | |
Additional paid-in capital | 74,917 | 64,764 | |
Retained earnings | 12,841 | 12,401 | |
Accumulated other comprehensive loss | (1,651) | (2,382) | |
Total stockholders' equity | 82,840 | 71,507 | |
Total liabilities and stockholders' equity | $ 94,531 | $ 84,554 | |
[1] | Negative assets reflect intersegment amounts eliminated in consolidation |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Allowance for doubtful accounts (in dollars) | $ 480 | $ 417 |
Inventories, net of reserves | $ 2,422 | $ 2,305 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,500,000 | 1,500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 8,472,640 | 7,620,215 |
Common stock, shares outstanding | 8,116,199 | 7,263,774 |
Treasury stock, shares | 356,441 | 356,441 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Jan. 31, 2015 | $ 63,256 | $ 74 | $ (3,352) | $ 64,594 | $ 4,654 | $ (2,714) |
Balance (in shares) at Jan. 31, 2015 | 7,414,037 | (356,441) | ||||
Net income | 3,854 | $ 0 | $ 0 | 0 | 3,854 | 0 |
Other comprehensive income (loss) | 530 | 0 | 0 | 0 | 0 | 530 |
Stock-based compensation: | ||||||
Director Stock Options Exercised | 40 | $ 0 | $ 0 | 40 | 0 | 0 |
Director Stock Options Exercised (in shares) | 6,130 | 0 | ||||
Restricted stock issued | 0 | $ 2 | $ 0 | (2) | 0 | 0 |
Restricted stock issued (in shares) | 190,436 | 0 | ||||
Restricted Stock Plan | 586 | $ 0 | $ 0 | 586 | 0 | 0 |
Return of shares in lieu of payroll tax withholding | (750) | $ 0 | $ 0 | (750) | 0 | 0 |
Return of shares in lieu of payroll tax withholding (in shares) | 0 | 0 | ||||
Balance at Jan. 31, 2016 | 67,516 | $ 76 | $ (3,352) | 64,468 | 8,508 | (2,184) |
Balance (in shares) at Jan. 31, 2016 | 7,610,603 | (356,441) | ||||
Net income | 3,893 | $ 0 | $ 0 | 0 | 3,893 | 0 |
Other comprehensive income (loss) | (198) | 0 | 0 | 0 | 0 | (198) |
Stock-based compensation: | ||||||
Director Stock Options Exercised | 41 | $ 0 | $ 0 | 41 | 0 | 0 |
Director Stock Options Exercised (in shares) | 5,000 | 0 | ||||
Restricted stock issued | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Restricted stock issued (in shares) | 4,612 | 0 | ||||
Restricted Stock Plan | 276 | $ 0 | $ 0 | 276 | 0 | 0 |
Return of shares in lieu of payroll tax withholding | (21) | $ 0 | $ 0 | (21) | 0 | 0 |
Return of shares in lieu of payroll tax withholding (in shares) | 0 | 0 | ||||
Balance at Jan. 31, 2017 | 71,507 | $ 76 | $ (3,352) | 64,764 | 12,401 | (2,382) |
Balance (in shares) at Jan. 31, 2017 | 7,620,215 | (356,441) | ||||
Net income | 440 | $ 0 | $ 0 | 0 | 440 | 0 |
Other comprehensive income (loss) | 731 | 0 | 0 | 0 | 0 | 731 |
Stock-based compensation: | ||||||
Restricted stock issued | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Restricted stock issued (in shares) | 43,675 | 0 | ||||
Restricted Stock Plan | 424 | $ 0 | $ 0 | 424 | 0 | 0 |
Return of shares in lieu of payroll tax withholding | (376) | $ 0 | $ 0 | (376) | 0 | 0 |
Return of shares in lieu of payroll tax withholding (in shares) | 0 | 0 | ||||
Sale of common shares in a public offering, net of issuance costs of approximately $1.0 million | 10,114 | $ 9 | $ 0 | 10,105 | 0 | 0 |
Sale of common shares in a public offering, net of issuance costs of approximately $1.0 million (In shares) | 808,750 | 0 | ||||
Balance at Jan. 31, 2018 | $ 82,840 | $ 85 | $ (3,352) | $ 74,917 | $ 12,841 | $ (1,651) |
Balance (in shares) at Jan. 31, 2018 | 8,472,640 | (356,441) |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Parenthetical] $ in Millions | 12 Months Ended |
Jan. 31, 2018USD ($) | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 440 | $ 3,893 | $ 3,854 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||
Provision for (recovery of) inventory obsolescence | 117 | (261) | 113 |
Provision for (recovery of) doubtful accounts | 63 | (176) | 145 |
Reserve against note receivable from former Brazilian subsidiary for doubtful collectability | 0 | 0 | 2,286 |
Deferred income taxes | 5,957 | 734 | (57) |
Depreciation and amortization | 775 | 1,194 | 986 |
Stock based and restricted stock compensation | 424 | 276 | 586 |
Loss on disposal of property and equipment | 3 | 138 | 19 |
Interest expense resulting from Arbitration Award | 0 | 0 | (111) |
Impairment write-down on assets held for sale | 751 | 200 | 0 |
Noncash reclassification of other comprehensive income to statement of operations due to the disposal of Brazil | 0 | 0 | 1,286 |
(Increase) decrease in operating assets: | |||
Accounts receivable | (3,068) | 896 | 1,443 |
Inventories | (7,109) | 5,494 | (4,239) |
Prepaid VAT and other taxes | (759) | (218) | 574 |
Other current assets | 550 | (629) | 321 |
Increase (decrease) in operating liabilities: | |||
Accounts payable | 1,955 | 585 | (3,306) |
Accrued expenses and other liabilities | 658 | (504) | 250 |
Net cash used by the sale of Brazil | (109) | (129) | (1,147) |
Accrued expenses for disposal of Brazil | 0 | 0 | 238 |
Arbitration award in Brazil | 0 | 0 | (3,759) |
Net cash provided by (used in) operating activities | 648 | 11,493 | (518) |
Cash flows from investing activities: | |||
Proceeds from sale of property | 0 | 0 | 451 |
Note receivable from former Brazilian subsidiary for doubtful collectability | 0 | 0 | (2,286) |
Purchases of property and equipment | (905) | (413) | (840) |
Net cash used in investing activities | (905) | (413) | (2,675) |
Cash flows from financing activities: | |||
Net borrowings (repayments) under revolving credit facility | (4,865) | (4,593) | 3,816 |
Loan repayments, short-term | (147) | (4,529) | (2,125) |
Loan borrowings, short-term | 101 | 1,329 | 3,226 |
Loan repayments, long-term | (854) | (25) | (23) |
Loan borrowings, long-term | 1,575 | 0 | 0 |
UK borrowings (repayments) under line of credit facility and invoice financing facilities, net | 31 | 134 | (478) |
Proceeds from exercise of stock options | 0 | 41 | 40 |
Shares returned to pay employee taxes under restricted stock program | (376) | (21) | (750) |
Proceeds from public offering, net of issuance costs of approximately $1.0 million | 10,114 | 0 | 0 |
Net cash (used in) provided by financing activities: | 5,579 | (7,664) | 3,706 |
Effect of exchange rate changes on cash and cash equivalents | 101 | (73) | (200) |
Net increase in cash and cash equivalents | 5,423 | 3,343 | 313 |
Cash and cash equivalents at beginning of year | 10,365 | 7,022 | 6,709 |
Cash and cash equivalents at end of year | 15,788 | 10,365 | 7,022 |
Cash paid for interest | 163 | 620 | 784 |
Cash paid for taxes | $ 1,260 | $ 1,599 | $ 1,826 |
CONSOLIDATED STATEMENTS OF CAS9
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] $ in Millions | 12 Months Ended |
Jan. 31, 2018USD ($) | |
Payments of Stock Issuance Costs | $ 1 |
BUSINESS AND SUMMARY OF SIGNIFI
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Lakeland Industries, Inc. and Subsidiaries (“Lakeland,” the “Company,” “we,” “our” or “us”), a Delaware corporation organized in April 1986, manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. For purposes of these financial statements, FY refers to a fiscal year ended January 31; thus, FY18 refers to the fiscal year ended January 31, 2018. The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The following is a description of the Company’s significant accounting policies. Summary of Significant Accounting Policies The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is reasonably possible that events could occur during the upcoming year that could change such estimates. The Company considers highly liquid temporary cash investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of money market funds. Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company recognizes losses when information available indicates that it is probable that a receivable has been impaired based on criteria noted above at the date of the consolidated financial statements, and the amount of the loss can be reasonably estimated. Management considers the following factors when determining the collectability of specific customer accounts: Customer creditworthiness, past transaction history with the customers, current economic industry trends, changes in customer payment terms. Past due balances over 90 days and other less creditworthy accounts are reviewed individually for collectability. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost (on a first-in, first-out basis) or net realized value. Provision is made for slow-moving, obsolete or unusable inventory. Property and equipment is stated at cost. Depreciation and amortization are provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. Leasehold improvements and leasehold costs are amortized over the term of the lease or service lives of the improvements, whichever is shorter. The costs of additions and improvements which substantially extend the useful life of a particular asset are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the account, and the gain or loss on disposition is reflected in operating income. Assets held for sale are measured at the lower of carrying value or fair value less cost to sell. Gains or losses are recognized for any subsequent changes to fair value less cost to sell. However, gains are limited to cumulative losses previously recognized. Assets classified as held for sale are not depreciated. Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is evaluated for impairment at least annually; however, this evaluation may be performed more frequently when events or changes in circumstances indicate the carrying amount may not be recoverable. Factors that the Company considers important that could identify a potential impairment include: significant changes in the overall business strategy and significant negative industry or economic trends. Management assesses whether it is more likely than not that goodwill is impaired and, if necessary, compares the fair value of the reporting unit to the carrying value. Fair value is generally determined by management either based on estimating future discounted cash flows for the reporting unit or by estimating a sales price for the reporting unit based on multiple of earnings. These estimates require the Company's management to make projections that can differ from actual results. As of January 31, 2018 and January 31, 2017, no impairment was recorded. The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The Company measures any potential impairment on a projected undiscounted cash flow method. Estimating future cash flows requires the Company’s management to make projections that can differ materially from actual results. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Revenue Recognition The Company derives its sales primarily from its limited use/disposable protective clothing and secondarily from its sales of reflective clothing, high-end chemical protective suits, firefighting and heat protective apparel, reusable woven garments and gloves and arm guards. Sales are recognized when goods are shipped, at which time title and the risk of loss pass to the customer. Sales are reduced for sales returns and allowances. Payment terms are generally net 30 days for United States sales and net 90 days for international sales. Substantially, all of the Company's sales are made through distributors. There are no significant differences across product lines or customers in different geographical areas in the manner in which the Company's sales are made. Lakeland offers a growth rebate to certain distributors each year on a calendar-year basis. Sales are traced on a monthly basis, and accruals are based on sales growth over the prior year. The growth rebate accrual is adjusted either up or down on a monthly basis as a reduction (increase) to revenue and an increase (reduction) to the accrual based on monthly sales trends as compared with prior year. Based on volume and products purchased, distributors can earn anywhere from 1 6 Our sales are generally final; however, requests for return of goods can be made and must be received within 90 days from invoice date. No returns will be accepted without a written authorization. Return products may be subject to a restocking charge and must be shipped freight prepaid. Any special made-to-order items are not returnable. Customer returns have historically been insignificant. Customer pricing is subject to change on a 30-day notice; exceptions based on meeting competitors' pricing are considered on a case-by-case basis. Revenue is recorded net of taxes collected from customers. The related taxes that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. For larger orders, except in its Lakeland Fire product line, the Company absorbs the cost of shipping and handling. For those customers who are billed the cost of shipping and handling fees, such amounts are included in net sales. Shipping and handling costs associated with the outbound freight are included in operating expenses and aggregated approximately $ 2.2 2.0 2.5 Advertising costs are expensed as incurred and included in operating expenses on the consolidated statement of operations. Advertising and co-op costs amounted to $ 443,000 342,000 326,000 The Company records the cost of stock-based compensation plans based on the fair value of the award on the grant date. For awards that contain a vesting provision, the cost is recognized over the requisite service period (generally the vesting period of the equity award) which approximates the performance period. For awards based on services already rendered, the cost is recognized immediately. Research and development costs include labor, equipment and materials costs and are expensed as incurred and included in operating expenses. Research and development expenses aggregated were approximately $ 280,000 463,000 165,000 The Company is required to estimate its income taxes in each of the jurisdictions in which it operates as part of preparing the consolidated financial statements. This involves estimating the actual current tax in addition to assessing temporary differences resulting from differing treatments for tax and financial accounting purposes. These differences, together with net operating loss carryforwards and tax credits, are recorded as deferred tax assets or liabilities on the Company’s consolidated balance sheet. A judgment must then be made of the likelihood that any deferred tax assets will be recovered from future taxable income. A valuation allowance may be required to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines that it may not be able to realize all or part of its deferred tax asset in the future, or that new estimates indicate that a previously recorded valuation allowance is no longer required, an adjustment to the deferred tax asset is charged or credited to income in the period of such determination. The Company recognizes tax positions that meet a “more likely than not” minimum recognition threshold. If necessary, the Company recognizes interest and penalties associated with tax matters as part of the income tax provision and would include accrued interest and penalties with the related tax liability in the consolidated balance sheets. The Company maintains manufacturing operations in Mexico, India, Argentina and the People’s Republic of China and can access independent contractors in China, Vietnam, Argentina and Mexico. It also maintains sales and distribution entities located in India, Canada, the U.K., Chile, China, Argentina, Russia, Kazakhstan and Mexico. The Company is vulnerable to currency risks in these countries. The functional currency for the United Kingdom subsidiary is the Euro; the trading company in China, the RMB; the Canadian Real Estate subsidiary, the Canadian dollar; the Russian operation, the Russian Ruble, and the Kazakhstan operation the Kazakhstan Tenge. All other operations have the US dollar as its functional currency. Pursuant to US GAAP, assets and liabilities of the Company’s foreign operations with functional currencies, other than the US dollar, are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the periods. Translation adjustments are reported in accumulated other comprehensive loss, a separate component of stockholders’ equity. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the consolidated statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Foreign currency transaction gains included in net income for the years ended January 31, 2018, 2017 and 2016, were approximately $ 1.1 0.4 0.1 US GAAP defines fair value, provides guidance for measuring fair value and requires certain disclosures utilizing a fair value hierarchy which is categorized into three levels based on the inputs to the valuation techniques used to measure fair value. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect management’s own assumptions. Foreign currency forward and hedge contracts are recorded in the consolidated balance sheets at their fair value as of the balance sheet dates based on current market rates as further discussed in Note 11. The financial instruments of the Company classified as current assets or liabilities, including cash and cash equivalents, accounts receivable, short-term borrowings, borrowings under revolving credit facility, accounts payable and accrued expenses, are recorded at carrying value, which approximates fair value based on the short-term nature of these instruments. The Company believes that the fair values of its long-term debt approximates its carrying value based on the effective interest rate compared to the current market rate available to the Company. Basic earnings per share are based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted earnings per share are based on the weighted average number of common shares and common stock equivalents. The diluted earnings per share calculation takes into account unvested restricted shares and the shares that may be issued upon exercise of stock options, reduced by shares that may be repurchased with the funds received from the exercise, based on the average price during the fiscal year. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year presentation. These reclassifications have no effect on the accompanying consolidated financial statements. The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. New Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. The Company adopted this guidance in the first quarter of FY18 using a prospective application. The adoption of this guidance did not have a material impact to the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The Company adopted this guidance in the first quarter of FY18, which did not have a material impact to the consolidated financial statements and related disclosures. The amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the awards are exercised or settled. The Company does not expect the impact to be material to the consolidated results of operations; however, such determination is subject to change based on facts and circumstances at the time when awards vest or settle. The Company accounts for forfeitures of share-based awards when they occur. The Company will apply the amendments related to the presentation of excess tax benefits on the consolidated statement of cash flows using a retrospective transition method, and as a result, excess tax benefits related to share-based awards which had been previously classified as cash flows from financing activities will be reclassified as cash flows from operating activities. New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in US GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date for ASU 2014-09 by one year. For public entities, the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods), which means it will be effective for the Company’s fiscal year beginning February 1, 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. In December 2016, the FASB further issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”), which makes minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are intended to address implementation and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. The Company will adopt Topic 606 in the first quarter of its fiscal 2019 using the retrospective transition method. The Company continues to assess the impact of the new standard and design of internal control over financial reporting, but based upon the terms of our agreements we do not expect the adoption to have a material effect on our consolidated financial results. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration that the company expects to be entitled in exchange for those goods or services. While the Company’s evaluation has not been completed, the Company has not identified any information that would indicate that the new guidance will have a material impact on its consolidated financial position, results of operations and cash flows upon adoption in its first quarter of fiscal 2019. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements but has not determined the effects that the adoption of the pronouncement may have on its consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU No. 2017-05, “Other IncomeGains and Losses from the Derecognition of Nonfinancial Assets” to clarify the scope of Subtopic 610-20 and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, “CompensationStock Compensation (Topic 718): Scope of Modification Accounting.” The amendment amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. In July 2017, the FASB issued ASU No. 2017-11, “Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Non-public Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” The amendments in Part I of ASU No. 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, DebtDebt with Conversion and Other Options), including related EPS guidance (in Topic 260). The amendments in Part II of ASU No. 2017-11 recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. For public business entities, the amendments in Part I of ASU No. 2017-11 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments in Part I of this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income,” |
INVENTORIES, NET
INVENTORIES, NET | 12 Months Ended |
Jan. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 2. INVENTORIES, NET January 31, 2018 January 31, 2017 Raw materials $ 14,767 $ 14,312 Work-in-process 2,357 1,233 Finished goods 25,795 19,990 $ 42,919 $ 35,535 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Jan. 31, 2018 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT, NET Useful Life in Years January 31, 2018 January 31, 2017 (000’s) (000’s) Machinery and equipment 3-10 $ 6,116 $ 6,442 Furniture and fixtures 3-10 328 306 Leasehold improvements Lease term 1,217 1,207 Land and building (China) 20-30 1,764 1,764 Land and building (Canada) 30 1,982 1,864 Land and buildings (USA) 30 3,460 3,417 Land and buildings (Mexico) 30 2,070 2,070 16,937 17,070 Less accumulated depreciation and amortization (8,907) (8,805) Assets held for sale 150 901 Construction-in-progress 759 262 $ 8,939 $ 9,428 Depreciation and amortization expense from continuing operations for FY18, FY17 and FY16 774,742 1,194,000 $ 985,863 The estimated cost to complete construction-in-progress at January 31, 2018 is approximately $ 2,000,000 During FY18, conditions in the Brazilian economy caused management to believe that the Company’s assets held for sale in that country should be analyzed for impairment. The analysis resulted in an impairment write-down of $ 0.7 0.2 1.1 0.2 |
GOODWILL
GOODWILL | 12 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | 4. GOODWILL On August 1, 2005, the Company purchased Mifflin Valley, Inc., a Pennsylvania manufacturer, the operations of which now comprise the Company’s Reflective division. This acquisition resulted in the recording of $ 0.9 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 5. LONG-TERM DEBT Revolving Credit Facility On June 28, 2013, as amended on March 31, 2015 and June 3, 2015, Lakeland Industries, Inc. and its wholly owned Canadian subsidiary, Lakeland Protective Wear Inc. (collectively the “Borrowers”), entered into a Loan and Security Agreement (the “AloStar Loan Agreement”) with AloStar Business Credit, a division of AloStar Bank of Commerce (“AloStar”). The AloStar Loan Agreement provided the Borrowers with a $ 15 4.25 On May 10, 2017, the Company entered into a Loan Agreement (the “Loan Agreement”) with SunTrust Bank (“Lender”). The Loan Agreement provides the Company with a secured (i) $ 20.0 5.0 1,575,000 10.0 30.0 85 1,500,000 7.5 May 10, 2020 3.0 Borrowings under the term loan and the revolving credit facility bear interest at an interest rate determined by reference whether the loan is a base rate loan or Eurodollar loan, with the rate election made by the Company at the time of the borrowing or at any time the Company elects pursuant to the terms of the Loan Agreement. The term loan is payable in equal monthly principal installments of $ 13,125 For that portion of the term loan that consists of Eurodollar loans, the term loan shall bear interest at the LIBOR Market Index Rate (“LIBOR”) plus 2.0% per annum, and for that portion of the term loan that consists of base rate loans, the term loan shall bear interest at the base rate then in effect plus 1.0% per annum. All principal and unpaid accrued interest under the revolver credit facility shall be due and payable on the maturity date of the revolver. For that portion of the revolver loan that consists of Eurodollar loans, the revolver shall bear interest at LIBOR plus a margin rate of 1.75% per annum for the first six months and thereafter between 1.5% and 2.0%, depending on the Company’s “availability calculation” (as defined in the Loan Agreement) and, for that portion of the revolver that consists of base rate loans, the revolver shall bear interest at the base rate then in effect plus a margin rate of 0.75% per annum for the first six months and thereafter between 0.50% and 1.0%, depending on the availability calculation. As of the closing, the Company elected all borrowings under the Loan Agreement to accrue interest at LIBOR which, as of that date, was 0.99500%. As such, the initial rate of interest for the revolver is 2.745% per annum and the initial rate of interest for the term loan is 2.995% per annum. The Loan Agreement provides for payment of an unused line fee of between 0.25% and 0.50%, depending on the amount by which the revolving credit loan commitment exceeds the amount of the revolving credit loans outstanding (including letters of credit), which shall be payable monthly in arrears on the average daily unused portion of the revolver. 0 4.8 The Company agreed to maintain a minimum “fixed charge coverage ratio” (as defined in the Loan Agreement) as of the end of each fiscal quarter, commencing with the fiscal quarter ended July 31, 2017, of not less than 1.10 to 1.00 during the applicable fiscal quarter, and agreed to certain negative covenants that are customary for credit arrangements of this type, including restrictions on the Company’s ability to enter into mergers, acquisitions or other business combination transactions, conduct its business, grant liens, make certain investments, incur additional indebtedness, and make stock repurchases. In connection with the Loan Agreement, the Company entered into a security agreement, dated May 10, 2017, with Lender pursuant to which the Company granted to Lender a first priority perfected security interest in substantially all real and personal property of the Company. Borrowings in UK On December 31, 2014, the Company and Lakeland Industries Europe, Ltd, (“Lakeland UK”), a wholly owned subsidiary of the Company, amended the terms of its existing line of credit facility with HSBC Bank to provide for (i) a one-year extension of the maturity date of the existing financing facility to December 19, 2016, (ii) an increase in the facility limit from £ 1,250,000 1.9 1,500,000 2.3 3.46 3.0 400,000 0.6 0.2 0.1 0.9 0.85 Canada Loans In September 2013, the Company refinanced its loan with the Development Bank of Canada (“BDC”) for a principal amount of approximately $ 1.1 240 6.45 6,048 8,169 716,000 1.0 50,000 Argentina Loan In April 2015, Lakeland Argentina S.R.L. (“Lakeland Argentina”), the Company’s Argentina subsidiary was granted a $ 300,000 31,000 The following three loans were made under the $300,000 facility stated above: On July 1, 2016, Lakeland Argentina and Banco de la Nación Argentina (“BNA”) entered into an agreement for Lakeland Argentina to obtain a loan in the amount of ARS 569,000 38,000 27.06 May 19, 2017 Lakeland Argentina and BNA entered into an agreement for Lakeland Argentina to obtain a loan in the amount of ARS 1.8 112,000 20.0 0.6 31,000 Short-Term Long-term Current Maturity of Long- Revolving Credit 1/31/2018 1/31/2017 1/31/2018 1/31/2017 1/31/2018 1/31/2017 1/31/2018 1/31/2017 Argentina $ 31 $ 27 $ $ $ $ $ $ Canada 716 50 UK 180 126 USA 1,312 158 4,865 Totals $ 211 $ 153 $ 1,312 $ 716 $ 158 $ 50 $ $ 4,865 Five-year Debt Payout Schedule Total 1 Year or 2 Years 3 Years 4 Years 5 Years After 5 Revolving credit facility $ $ $ $ $ $ $ Borrowings in USA 1,470 158 158 1,154 Borrowings in Canada Borrowings in UK 180 180 Borrowings in Argentina 31 31 Total $ 1,681 $ 369 $ 158 $ 1,154 $ $ $ |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Jan. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 6. 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; 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 is approximately $ 12.0 3.8 Major Customer No customer accounted for more than 10% of net sales Major Supplier Our largest supplier, Precision Fabrics Group, accounted for 11 13 10 , respectively. There were no other vendors over 10% |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. STOCKHOLDERS’ EQUITY The 2017, 2015 and 2012 Stock Plans On June 21, 2017, the stockholders of the Company approved the Lakeland Industries, Inc. 2017 Equity Incentive Plan (the “2017 Plan”) at the Annual Meeting of Stockholders. 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. The 2017 Plan also permits the grant of awards that qualify for “performance-based compensation” within the meaning of Section 162(m) of the U.S. Internal Revenue Code. The Committee has the authority to determine the type of award, as well as the amount, terms and conditions of each award, under the 2017 Plan, subject to the limitations and other provisions of the 2017 Plan. An aggregate of 360,000 Number of shares awarded total Minimum Target Maximum Cap Employees 21,145 31,718 42,291 50,748 Non-Employee Directors 7,246 10,870 14,493 17,391 Total 28,391 42,588 56,784 68,139 Value at grant date (numbers below are rounded to the nearest $100) Minimum Target Maximum Cap Employees $ 291,800 $ 437,700 $ 583,600 $ 700,300 Non-Employee Directors 100,000 150,000 200,000 240,000 Total $ 391,800 $ 587,700 $ 783,600 $ 940,300 Of the total number of shares awarded at Maximum, there are an aggregate of 56,784 6,376 13.80 1,913 The actual number of shares of common stock of the Company, if any, to be earned by the award recipients is determined over a full three fiscal year performance period commencing on February 1, 2017 and ending on January 31, 2020, based on the level of earnings before interest, taxes, depreciation and amortization (“EBITDA”) achieved by the Company over this period. The EBITDA targets have been set for each of the Minimum, Target, Maximum and Cap levels, at higher amounts for each of the higher levels. The actual EBITDA amount achieved is determined by the Committee and may be adjusted for items determined to be unusual in nature or infrequent in occurrence, which items may include, without limitation, the charges or costs associated with restructurings of the Company or any subsidiary, discontinued operations, and the cumulative effects of accounting changes. Under the 2017 Plan, as described above, the Company awarded performance-based restricted stock and stock appreciation rights to eligible employees and directors. Such awards were at either Minimum, Target, Maximum or Cap levels, based on three year EBITDA targets. The Company recognizes expense related to performance-based restricted share awards over the requisite performance period using the straight-line attribution method based on the most probable outcome (minimum, target, maximum, cap or zero) at the end of the performance period and the price of the Company’s common stock price at the date of grant. The Company is recognizing expense related to awards under the 2017 Plan at Maximum and these expenses were $ 143,010 year The 2017 Plan is the successor to the Lakeland Industries, Inc. 2015 Stock Plan (the “2015 Plan”). The executive officers and all other employees and directors of the Company and its subsidiaries were eligible to participate in the 2015 Plan. The 2015 Plan authorized the issuance of awards of restricted stock, restricted stock units, performance shares, performance units and other stock-based awards. The 2015 Plan also permitted the grant of awards that qualify for “performance-based compensation” within the meaning of Section 162(m) of the U.S. Internal Revenue Code. The aggregate number of shares of the Company’s common stock that was issuable under the 2015 Plan was 100,000 67,000 43,029 23,971 The 2015 Plan, was the successor to the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). The Company’s 2012 Plan authorized the issuance of up to a maximum of 310,000 293,887 Under the 2012 Plan and the 2015 Plan, the Company generally awarded eligible employees and directors with either performance-based or time-based restricted shares. Performance-based restricted shares were awarded at either baseline (target), maximum or zero amounts. The number of restricted shares subject to any award was not tied to a formula or comparable company target ranges, but rather was determined at the discretion of the Committee at the end of the applicable performance period, which was two years under the 2015 Plan and had been three years under the 2012 Plan. The Company recognized expense related to performance-based restricted share awards over the requisite performance period using the straight-line attribution method based on the most probable outcome (baseline, maximum or zero) at the end of the performance period and the price of the Company’s common stock price at the date of grant. As of January 31, 2018, unrecognized stock-based compensation expense totaled $ 0 730,503 0 294,703 Year Ended January 31, 2018 2017 2016 2012 Plan $ 206 $ (9,354) $ 332,691 2015 Plan 197,284 285,354 $ 253,296 2017 Plan 227,075 Total stock-based compensation $ 424,565 $ 276,000 $ 585,987 Total income tax benefit recognized for stock-based compensation arrangements $ 153,203 $ 99,360 $ 210,995 Shares issued under 2017, Outstanding Granted during Becoming Forfeited Outstanding Restricted stock grants employees 67,619 42,291 40,570 27,049 42,291 Restricted stock grants non-employee directors 14,493 14,493 Retainer in stock non-employee directors 32,372 7,568 27,151 12,789 Total restricted stock 99,991 64,352 67,721 27,049 69,573 Weighted average grant date fair value $ 10.18 $ 13.91 $ 10.18 $ 10.19 $ 13.63 Other Compensation Plans/Programs Pursuant to the Company’s restrictive stock program, all directors are eligible to elect to receive any director fees in shares of restricted stock in lieu of cash. Such restricted shares are subject to a two-year vesting period. The valuation is based on the stock price at the grant date and is amortized to expense over the two-year period, which approximates the performance period. Since the director is giving up cash for unvested shares, and is subject to a vesting requirement, the amount of shares awarded is 133 0 26,323 5,221 7,568 Stock Repurchase Program On July 19, 2016, the Company’s board of directors approved a stock repurchase program under which the Company may repurchase up to $ 2,500,000 Warrant In October 2014, the Company issued a five-year warrant that is immediately exercisable to purchase up to 55,500 11.00 55,500 Shelf Registration On March 24, 2017, the Company filed a shelf registration statement on Form S-3 (File No. 333-216943) which was declared effective by the SEC on April 11, 2017 (the “Shelf Registration Statement”). The shelf registration statement permits the Company to sell, from time to time, up to an aggregate of $ 30.0 Public Offering On August 17, 2017, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC, as underwriters (collectively, the “Underwriters”), to issue and sell 725,000 0.01 13.80 0.966 108,750 83,750 10.1 The offer and sale of shares of Common Stock in the Offering have been registered under the Securities Act of 1933, as amended, pursuant to the Shelf Registration Statement. The offer and sale of the shares of Common Stock in the Offering are described in the Company’s prospectus constituting a part of the Shelf Registration Statement, as supplemented by a final prospectus supplement filed with the Commission on August 18, 2017. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES Domestic and Foreign Pretax Income (Loss) FY18 FY17 FY16 Domestic $ 7,480 $ 1,833 $ 6,140 Foreign 863 4,439 (572) Total $ 8,343 $ 6,272 $ 5,568 Income Tax Expense (Benefit) FY18 FY17 FY16 Current: Federal $ 600 $ (49) $ 225 State and other taxes 20 29 (41) Foreign 1,325 1,577 1,554 Deferred: Domestic $ 5,955 $ 823 $ 157 Valuation allowance-deferred tax asset 3 (181) Foreign Total $ 7,903 $ 2,380 $ 1,714 2018 2017 2016 Statutory rate 33.81 % 34.00 % 34.00 % State Income Taxes, Net of Federal Tax Benefit 2.27 0.59 1.77 Adjustment to Deferred 8.86 Foreign Dividend and Subpart F Income (17.19) 2.15 10.93 Transition Tax (net of FTC from Transition Tax) 26.53 Argentina Flow Through Loss 0.38 (0.38) (1.76) Brazil Worthless Stock Deduction (14.21) Permanent Differences (1.32) 0.46 (8.78) Valuation Allowance-Deferred Tax Asset 0.34 (3.26) Rate Change 47.17 Other 2.74 1.12 3.22 Effective Rate 94.73 % 37.94 % 30.77 % 2018 2017 2016 Deferred tax assets: Inventories $ 866 $ 1,122 $ 1,267 US tax loss carryforwards, including work opportunity credit* 4,411 8,613 9,336 Accounts receivable and accrued rebates 242 266 238 Accrued compensation and other 190 109 266 India reserves - US deduction 19 75 75 Equity based compensation 126 286 202 Foreign tax credit carry-forward 2,199 3,698 3,388 State and local carry-forwards 1,017 791 900 Argentina timing difference 37 51 116 Depreciation and other 90 80 103 Amortization (174) (240) (218) Brazil write-down 181 Allowance for Note Receivable - Brazil 552 834 835 Deferred tax asset 9,756 15,685 16,508 Less valuation allowance 2,199 2,170 2,170 Net deferred tax asset - USA $ 7,557 $ 13,515 $ 14,338 *The federal net operating loss (“NOL”) that is left after FY18 will expire after 1/31/2034 (20 years from the generated date of 1/31/2014). The credits will begin to expire after 1/31/2020 (10 years from the 1st carryover year generated date of 1/31/2010) and will fully expire after 1/31/2028. The state NOLs will begin to expire after 1/31/2025 and will continue to expire at various periods up until 1/31/2038 when they will be fully expired. The states have a larger spread because some only carryforward for 15 20 Tax Reform On December 22, 2017, new federal tax reform legislation was enacted in the United States, resulting in significant changes from previous tax law. The 2017 Tax Cuts and Jobs Act (the Tax Act) reduces the federal corporate income tax rate to 21 35 33.811 7.6 5.1 Transition Tax Upon enactment, there is a one-time deemed repatriation tax on undistributed foreign earnings and profits (the “transition tax”). This tax is assessed on the U.S. Shareholder’s share of the foreign corporation’s accumulated foreign earnings and profits that have not previously been taxed. Earnings in the form of cash and cash equivalents will be taxed at a rate of 15.5 8.0 5,120,928 We previously considered substantially all of the earnings in our non-U.S. subsidiaries to be indefinitely reinvested outside the U.S. and, accordingly, recorded no deferred income taxes on such earnings. At this time, and until we fully analyze the applicable provisions of the Tax Act, our intention with respect to unremitted foreign earnings is to continue to indefinitely reinvest outside the U.S. those earnings needed for working capital or additional foreign investment. Apart from the Transition Tax, any incremental deferred income taxes on the unremitted foreign earnings and profits are not expected to be material. Income Tax Audits The Company is subject to US federal income tax, as well as income tax in multiple US state and local jurisdictions and a number of foreign jurisdictions. Returns for the years since FY2015 are still open based on statutes of limitation only. Chinese tax authorities have performed limited reviews on all Chinese subsidiaries as of tax years 2008 through 2015 with no significant issues noted and we believe our tax positions are reasonably stated as of January 31, 2018. Weifang Meiyang Products Co., Ltd. (“Meiyang”), one of our Chinese operations, was changed to a trading company from a manufacturing company in Q1 FY16 and all direct workers and equipment were transferred from Meiyang to Weifang Lakeland Safety Products Co., Ltd., (“WF”), another entity of our Chinese operation thereby reducing our tax exposure. Lakeland Protective Wear, Inc., our Canadian subsidiary, is subject to Canadian federal income tax, as well as income tax in the Province of Ontario. Income tax returns for the 2014 fiscal year and subsequent years are still within the normal reassessment period and open to examination by tax authorities. In connection with the exit from Brazil (Note 13), 9.5 2.2 The Company’s Board of Directors has instituted a plan subject to declaration and approval each year to elect to pay annual dividends to the Company from a portion of Weifang’s future profits, a portion of Meiyang’s future profits and a portion of the UK’s future profits starting in FY15 and likely from a portion of Beijing’s future profits starting in FY19. In the fiscal year ended January 31, 2018, a dividend in the amount of $ 5.0 Change in Valuation Allowance We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. The valuation allowance was approximately $ 2.2 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 9. EARNINGS PER SHARE for the years ended Years Ended January 31, 2018 2017 2016 Numerator Net income from continuing operations $ 440 $ 3,893 $ 7,790 Net loss from discontinued operations $ (3,936) Net income $ 440 $ 3,893 $ 3,854 Denominator Denominator for basic earnings per share (weighted-average shares which reflect 356,441 shares in the treasury) 7,638,264 7,257,553 7,171,965 Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options 53,289 69,695 82,375 Denominator for diluted earnings per share (adjusted weighted average shares) 7,691,553 7,327,248 7,254,340 Basic earnings per share from continuing operations $ 0.06 $ 0.54 $ 1.09 Basic loss per share from discontinued operations $ (0.55) Basic earnings per share $ 0.06 $ 0.54 $ 0.54 Diluted earnings per share from continuing operations $ 0.06 $ 0.53 $ 1.07 Diluted loss per share from discontinued operations $ (0.54) Diluted earnings per share $ 0.06 $ 0.53 $ 0.53 |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Jan. 31, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. BENEFIT PLANS Defined Contribution Plan Pursuant to the terms of the Company’s 401(k) plan, substantially all US employees over 21 years of age with a minimum period of service are eligible to participate. The 401(k) plan is administered by the Company and provides for voluntary employee contributions ranging from 1 15 206,000 193,000 120,000 |
DERIVATIVE INSTRUMENTS AND FORE
DERIVATIVE INSTRUMENTS AND FOREIGN CURRENCY EXPOSURE | 12 Months Ended |
Jan. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Derivative Instruments and Foreign Currency Exposure The Company is exposed to foreign currency risk. Management has commenced a derivative instrument program to partially offset this risk by purchasing forward contracts to sell the Canadian Dollar and the Euro other than the cash flow hedge discussed below. Such contracts are largely timed to expire with the last day of the fiscal quarter, with a new contract purchased on the first day of the following quarter, to match the operating cycle of the Company. We designated the forward contracts as derivatives but not as hedging instruments, with loss and gain recognized in current earnings. The Company accounts for its foreign exchange derivative instruments by recognizing all derivatives as either assets or liabilities at fair value, which may result in additional volatility in current period earnings or other comprehensive income, depending whether the instrument was designated as a cash flow hedge, as a result of recording recognized and unrecognized gains and losses from changes in the fair value of derivative instruments. We have two types of derivatives to manage the risk of foreign currency fluctuations. We entered into forward contracts with financial institutions to manage our currency exposure related to net assets and liabilities denominated in foreign currencies. Those forward contract derivatives, not designated as hedging instruments, were generally settled quarterly. Gain and loss on those forward contracts are included in current earnings. There were no outstanding forward contracts at January 31, 2018 or 2017. We also entered into cash flow hedge contracts with financial institutions to manage our currency exposure on future cash payments denominated in foreign currencies. The effective portion of gain or loss on cash flow hedge is reported as a component of accumulated other comprehensive loss. The notional amount of these contracts was $ 0.0 1.5 0.0 25,826 |
RELATED PARTIES AND TRANSACTION
RELATED PARTIES AND TRANSACTIONS | 12 Months Ended |
Jan. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 12. RELATED PARTIES AND TRANSACTIONS The Company paid approximately $ 236,000 they then became |
THE COMPANY_S EXIT FROM BRAZIL
THE COMPANY’S EXIT FROM BRAZIL | 12 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company's Exit From Brazil [Text Block] | 13. THE COMPANY’S EXIT FROM BRAZIL On March 9, 2015, Lakeland Brazil, S.A. changed its legal form to a Limitada and changed its name to Lake Brasil Industria E Comercio de Roupas E Equipamentos de Protecao Individual LTDA (“Lakeland Brazil”). Transfer of Shares Agreement On July 31, 2015 (the “Closing Date”), Lakeland and Lakeland Brazil, completed a conditional closing of a Shares Transfer Agreement (the “Shares Transfer Agreement”) with Zap Comércio de Brindes Corporativos Ltda (“Transferee”), a company owned by an existing Lakeland Brazil manager, entered into on June 19, 2015. Pursuant to the Shares Transfer Agreement, the Transferee has acquired all of the shares of Lakeland Brazil owned by the Company. Pursuant to the Shares Transfer Agreement, Transferee paid R$ 1.00 1,130,000 582,000 188,000 992,000 320,000 582,000 188,000 288,300 82,000 294,500 84,000 The Company understands that under the laws of Brazil, a concept of fraudulent conveyance exists, which may hold a parent company liable for the liabilities of a former Brazilian subsidiary in the event some level of fraud or misconduct is shown during the period that the parent company owned the subsidiary. While the Company believes that there has been no such fraud or misconduct relating to operations of and their exit from Brazil, there can be no assurance that the courts of Brazil will not make such a finding. The risk of exposure to the Company continues to diminish as the former subsidiary continues to operate, as the statute of limitations for claiming fraudulent conveyance has now expired, as labor cases pre-dating the expiration of the statute of limitations are concluded , except for the four still open, 2016 (in 000’s) Net sales from discontinuing operations $ 869 Gross profit from discontinuing operations 164 Operating expenses from discontinuing operations 763 Operating loss from discontinuing operations (599) Interest expense from discontinuing operations 256 Other expense from discontinuing operations 2,683 Loss from operation of discontinuing operations (includes a $0.1 million tax benefit from Q1) (3,538) Non-cash reclassification of Other Comprehensive Income to Statement of Operations (no impact on stockholders’ equity) (1,286) Loss from disposal of discontinued operations (515) Loss before taxes for discontinued operations (5,339) Income tax benefit from discontinued operations (1,403) Net loss from discontinued operations $ (3,936) Settlement Agreement Arbitration Debt On June 18, 2015, Lakeland and its then wholly owned subsidiary Lakeland Brazil (together with Lakeland, the “Brazil Co”), entered into an Amendment (the “Amendment”) to a Settlement Agreement, dated as of September 11, 2012 (the “Settlement Agreement”), with two former officers (the “former officers”) of Lakeland Brazil. As part of the original Settlement Agreement, the parties resolved all alleged outstanding claims against Lakeland Brazil arising from an arbitration proceeding in Brazil involving Lakeland Brazil and the former officers of Lakeland Brazil for an aggregate amount of approximately USD $ 8.5 3.75 250,000 Pursuant to the Amendment, the former officers agreed to fully and finally settle the Outstanding Amount owed by the Company for an aggregate lump sum payment of USD $ 3.41 224,000 Loan Agreement with Transferee of Brazil Operations The Company had entered into a loan agreement (the “Loan Agreement”) on December 11, 2015 with Lakeland Brazil for the amount of R$ 8,584,012 2.29 VAT Tax Issues in Brazil Value Added Tax (“VAT”) in Brazil is charged at the state level. We commenced operations in Brazil in May 2008 through an acquisition of Qualytextil, S.A., which subsequently became Lake Brasil Indústria e Comércio de Roupas e Equipamentos de Proteção Individual Ltda. (referred to in this Form 10-K as “Lakeland Brazil”). An audit performed on the VAT for the 2007-2009 period was completed by the State of Bahia (state of domicile for the Lakeland operations in Brazil). In October 2010, the Company received four claims for 2007-2009 from the State of Bahia, the largest of which was for taxes of R$ 6.2 2.3 8.3 3.1 14.6 5.4 1.3 0.5 2.7 0.9 Labor Claims in Brazil As disclosed in our periodic filings with the SEC, we agreed to make certain payments in connection with ongoing labor litigation involving our former Brazilian subsidiary. While the vast majority of these labor suits have been resolved, there are four which remain active. The first case was initially filed in 2010 claiming USD $ 100,000 300,000 100 700,000 he alleges is due him against an unpaid promissory note. Management firmly believes these claims to be without any merit and does not anticipate a negative outcome resulting in significant expense to us (see Note 14). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES Certain conditions may exist as of the date the 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 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 consolidated Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. Employment Contracts The Company has employment contracts expiring through fiscal year ending January 31, 2020, with four principal officers. Pursuant to such contracts, the Company is committed to aggregate annual base remuneration of $ 885,529 404,439 Leases Year ended January 31, Gross rental 2018 $ 682,640 2017 $ 506,507 2016 $ 422,487 Year ending January 31, 2019 860,011 2020 516,108 2021 431,686 2022 431,686 2023 311,436 and thereafter 23,902 Total $ 2,574,829 Labor contingencies in Brazil Lakeland Brazil, the Company’s former subsidiary, is currently named in four labor proceedings in Brazilian courts and, due to certain liability assumption provisions specified in the Shares Transfer Agreement, the Company recorded a liability totaling $ 150,000 (see Note 13). 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 January 31, 2018, to the best of the Company’s knowledge, there were no outstanding claims or litigation, except for the labor contingencies in Brazil described above. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 15. SEGMENT REPORTING Years Ended January 31, 2018 2017 2016 Domestic $ 50.45 52.55 % $ 46.54 54.00 % $ 56.54 56.74 % International $ 45.54 47.45 % $ 39.64 46.00 % $ 43.11 43.26 % Total $ 95.99 100.00 % $ 86.18 100.00 % $ 99.65 100.00 % 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 and the light manufacturing of our chemical, wovens, reflective, and fire 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 and chemical suit 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. Year Ended January 31, 2018 2017 2016 (in 000’s) USA $ 54.79 $ 50.46 $ 60.33 Other foreign 18.61 15.17 13.32 Europe (UK) 9.11 8.97 14.53 Mexico 3.87 3.27 3.65 China 52.63 40.64 50.32 Corporate 1.60 1.76 1.71 Less intersegment sales (44.62) (34.09) (44.21) Consolidated sales $ 95.99 $ 86.18 $ 99.65 External Sales from continuing operations: USA $ 50.45 $ 46.54 $ 56.54 Other foreign 16.87 14.20 12.85 Europe (UK) 9.07 8.97 14.52 Mexico 2.48 1.66 1.61 China 17.12 14.81 14.13 Consolidated external sales $ 95.99 $ 86.18 $ 99.65 Intersegment Sales from continuing operations: USA $ 4.34 $ 3.92 $ 3.79 Other foreign 1.74 0.97 0.47 Europe (UK) 0.04 0.01 Mexico 1.39 1.61 2.04 China 35.51 25.83 36.19 Corporate 1.60 1.76 1.71 Consolidated intersegment sales $ 44.62 $ 34.09 $ 44.21 Year Ended January 31, 2018 2017 2016 (in 000’s) Operating Profit (Loss) from continuing operations: USA $ 10.15 $ 8.09 $ 11.38 Other foreign 2.54 1.55 (0.12) Europe (UK) 0.16 0.34 2.65 Mexico (0.02) (0.02) 0.04 China 3.28 4.09 4.69 Corporate (7.69) (7.35) (6.65) Less intersegment profit 0.06 0.15 (0.18) Consolidated operating profit (loss) 8.48 $ 6.85 $ 11.81 Depreciation and Amortization Expense from continuing operations: USA $ 0.12 $ 0.15 $ 0.15 Other foreign 0.15 0.15 0.06 Europe (UK) 0.01 0.02 Mexico 0.11 0.12 0.12 China 0.25 0.25 0.38 Corporate 0.18 0.57 0.43 Less intersegment (0.05) (0.05) (0.17) Consolidated depreciation and amortization expense $ 0.77 $ 1.19 $ 0.99 Interest Expense from continuing operations: Other foreign $ 0.05 $ 0.10 $ 0.13 Europe (UK) 0.01 0.01 0.02 China 0.12 0.14 Corporate 0.10 0.39 0.50 Consolidated interest expense $ 0.16 $ 0.62 $ 0.79 Income Tax Expense (Benefit) from continuing operations: USA (shown in Corporate) Other foreign $ 0.67 $ 0.23 $ 0.21 Europe (UK) 0.05 0.14 0.49 Mexico 0.08 (0.21) China 0.60 1.11 1.11 Corporate 6.58 0.80 1.56 Less intersegment 0.00 0.02 (0.04) Consolidated income tax expense (benefit) $ 7.90 $ 2.38 $ 3.12 Year Ended January 31, 2018 2017 2016 (in 000’s) Total Assets: * USA $ 67.02 $ 56.34 Other foreign 20.30 18.16 Europe (UK) 4.63 3.61 Mexico 4.69 3.99 China 31.59 30.54 India (0.85) (1.36) Corporate 22.27 26.00 Less intersegment (55.12) (52.73) Consolidated assets $ 94.53 $ 84.55 Total Assets Less Intersegment:* USA $ 33.16 $ 30.94 Other foreign 12.61 10.17 Europe (UK) 4.63 3.58 Mexico 4.84 4.07 China 16.97 18.44 India 0.98 0.43 Corporate 21.34 16.92 Consolidated assets $ 94.53 $ 84.55 Property and Equipment (excluding assets held for sale at $0.2 million): USA $ 1.99 $ 2.09 Other foreign 1.50 1.55 Europe (UK) 0.03 0.03 Mexico 1.99 2.05 China 1.92 2.05 India 0.15 0.03 Corporate 1.18 0.75 Less intersegment 0.03 (0.02) Consolidated long-lived assets $ 8.79 $ 8.53 Capital Expenditures: USA $ 0.03 $ 0.04 $ 0.06 Other foreign 0.01 0.08 Europe (UK) Mexico 0.06 0.05 0.04 China 0.12 0.06 0.16 India 0.14 0.02 Corporate 0.56 0.23 0.50 Consolidated capital expenditure $ 0.91 $ 0.41 $ 0.84 Goodwill: USA $ 0.87 $ 0.87 Consolidated goodwill $ 0.87 $ 0.87 * Negative assets reflect intersegment amounts eliminated in consolidation |
UNAUDITED QUARTERLY RESULTS OF
UNAUDITED QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Jan. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 16. UNAUDITED QUARTERLY RESULTS OF OPERATIONS ( In thousands, except for per share amounts): 01/31/18 10/31/2017 7/31/2017 4/30/2017 Total Net sales from continuing operations $ 25,157 $ 23,960 $ 23,909 $ 22,961 $ 95,987 Gross profit from continuing operations $ 9,902 $ 9,053 $ 8,690 $ 8,558 $ 36,203 Operating profit from continuing operations $ 1,157 $ 2,665 $ 2,182 $ 2,473 $ 8,477 Net income (loss) from continuing operations $ (4,919) $ 1,806 $ 1,842 $ 1,711 $ 440 Basic net earnings (loss) per share continuing operations $ (0.64) $ 0.23 $ 0.25 $ 0.24 $ 0.06 Diluted net earnings (loss) per share continuing operations $ (0.64) $ 0.23 $ 0.25 $ 0.23 $ 0.06 1/31/2017 10/31/2016 7/31/2016 4/30/2016 Net sales from continuing operations $ 20,302 $ 23,243 $ 22,269 $ 20,369 $ 86,183 Gross profit from continuing operations $ 7,752 $ 8,519 $ 8,590 $ 6,776 $ 31,637 Operating profit (loss) from continuing operations $ 1,799 $ 2,248 $ 2,631 $ 169 $ 6,847 Net income from continuing operations $ 946 $ 1,513 $ 1,431 $ 3 $ 3,893 Basic net earnings per share continuing operations $ 0.13 $ 0.21 $ 0.20 $ 0.00 $ 0.54 Diluted net earnings per share continuing operations $ 0.13 $ 0.21 $ 0.20 $ 0.00 $ 0.53 1/31/2016 10/31/2015 7/31/2015 4/30/2015 Net sales from continuing operations $ 20,474 $ 24,888 $ 29,465 $ 24,819 $ 99,646 Gross profit from continuing operations $ 6,011 $ 9,248 $ 11,795 $ 9,279 $ 36,333 Operating profit (loss) from continuing operations $ (300) $ 3,192 $ 5,700 $ 3,220 $ 11,812 Net income (loss) from continuing operations $ (78) $ 2,120 $ 3,588 $ 2,160 $ 7,790 Basic net earnings (loss) per share continuing operations $ (0.01) $ 0.29 $ 0.50 $ 0.31 $ 1.09 Diluted net earnings (loss) per share continuing operations $ (0.01) $ 0.29 $ 0.50 $ 0.30 $ 1.07 |
BUSINESS AND SUMMARY OF SIGNI26
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Business Lakeland Industries, Inc. and Subsidiaries (“Lakeland,” the “Company,” “we,” “our” or “us”), a Delaware corporation organized in April 1986, manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. For purposes of these financial statements, FY refers to a fiscal year ended January 31; thus, FY18 refers to the fiscal year ended January 31, 2018. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The following is a description of the Company’s significant accounting policies. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is reasonably possible that events could occur during the upcoming year that could change such estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers highly liquid temporary cash investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of money market funds. |
Receivables, Policy [Policy Text Block] | Accounts Receivable, net Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company recognizes losses when information available indicates that it is probable that a receivable has been impaired based on criteria noted above at the date of the consolidated financial statements, and the amount of the loss can be reasonably estimated. Management considers the following factors when determining the collectability of specific customer accounts: Customer creditworthiness, past transaction history with the customers, current economic industry trends, changes in customer payment terms. Past due balances over 90 days and other less creditworthy accounts are reviewed individually for collectability. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. |
Inventory, Policy [Policy Text Block] | Inventories, net Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost (on a first-in, first-out basis) or net realized value. Provision is made for slow-moving, obsolete or unusable inventory. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost. Depreciation and amortization are provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. Leasehold improvements and leasehold costs are amortized over the term of the lease or service lives of the improvements, whichever is shorter. The costs of additions and improvements which substantially extend the useful life of a particular asset are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the account, and the gain or loss on disposition is reflected in operating income. Assets held for sale are measured at the lower of carrying value or fair value less cost to sell. Gains or losses are recognized for any subsequent changes to fair value less cost to sell. However, gains are limited to cumulative losses previously recognized. Assets classified as held for sale are not depreciated. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is evaluated for impairment at least annually; however, this evaluation may be performed more frequently when events or changes in circumstances indicate the carrying amount may not be recoverable. Factors that the Company considers important that could identify a potential impairment include: significant changes in the overall business strategy and significant negative industry or economic trends. Management assesses whether it is more likely than not that goodwill is impaired and, if necessary, compares the fair value of the reporting unit to the carrying value. Fair value is generally determined by management either based on estimating future discounted cash flows for the reporting unit or by estimating a sales price for the reporting unit based on multiple of earnings. These estimates require the Company's management to make projections that can differ from actual results. As of January 31, 2018 and January 31, 2017, no impairment was recorded. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The Company measures any potential impairment on a projected undiscounted cash flow method. Estimating future cash flows requires the Company’s management to make projections that can differ materially from actual results. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company derives its sales primarily from its limited use/disposable protective clothing and secondarily from its sales of reflective clothing, high-end chemical protective suits, firefighting and heat protective apparel, reusable woven garments and gloves and arm guards. Sales are recognized when goods are shipped, at which time title and the risk of loss pass to the customer. Sales are reduced for sales returns and allowances. Payment terms are generally net 30 days for United States sales and net 90 days for international sales. Substantially, all of the Company's sales are made through distributors. There are no significant differences across product lines or customers in different geographical areas in the manner in which the Company's sales are made. Lakeland offers a growth rebate to certain distributors each year on a calendar-year basis. Sales are traced on a monthly basis, and accruals are based on sales growth over the prior year. The growth rebate accrual is adjusted either up or down on a monthly basis as a reduction (increase) to revenue and an increase (reduction) to the accrual based on monthly sales trends as compared with prior year. Based on volume and products purchased, distributors can earn anywhere from 1 6 Our sales are generally final; however, requests for return of goods can be made and must be received within 90 days from invoice date. No returns will be accepted without a written authorization. Return products may be subject to a restocking charge and must be shipped freight prepaid. Any special made-to-order items are not returnable. Customer returns have historically been insignificant. Customer pricing is subject to change on a 30-day notice; exceptions based on meeting competitors' pricing are considered on a case-by-case basis. Revenue is recorded net of taxes collected from customers. The related taxes that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. For larger orders, except in its Lakeland Fire product line, the Company absorbs the cost of shipping and handling. For those customers who are billed the cost of shipping and handling fees, such amounts are included in net sales. Shipping and handling costs associated with the outbound freight are included in operating expenses and aggregated approximately $ 2.2 2.0 2.5 |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and included in operating expenses on the consolidated statement of operations. Advertising and co-op costs amounted to $ 443,000 342,000 326,000 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company records the cost of stock-based compensation plans based on the fair value of the award on the grant date. For awards that contain a vesting provision, the cost is recognized over the requisite service period (generally the vesting period of the equity award) which approximates the performance period. For awards based on services already rendered, the cost is recognized immediately. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs include labor, equipment and materials costs and are expensed as incurred and included in operating expenses. Research and development expenses aggregated were approximately $ 280,000 463,000 165,000 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company is required to estimate its income taxes in each of the jurisdictions in which it operates as part of preparing the consolidated financial statements. This involves estimating the actual current tax in addition to assessing temporary differences resulting from differing treatments for tax and financial accounting purposes. These differences, together with net operating loss carryforwards and tax credits, are recorded as deferred tax assets or liabilities on the Company’s consolidated balance sheet. A judgment must then be made of the likelihood that any deferred tax assets will be recovered from future taxable income. A valuation allowance may be required to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines that it may not be able to realize all or part of its deferred tax asset in the future, or that new estimates indicate that a previously recorded valuation allowance is no longer required, an adjustment to the deferred tax asset is charged or credited to income in the period of such determination. The Company recognizes tax positions that meet a “more likely than not” minimum recognition threshold. If necessary, the Company recognizes interest and penalties associated with tax matters as part of the income tax provision and would include accrued interest and penalties with the related tax liability in the consolidated balance sheets. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Operations and Foreign Currency Translation The Company maintains manufacturing operations in Mexico, India, Argentina and the People’s Republic of China and can access independent contractors in China, Vietnam, Argentina and Mexico. It also maintains sales and distribution entities located in India, Canada, the U.K., Chile, China, Argentina, Russia, Kazakhstan and Mexico. The Company is vulnerable to currency risks in these countries. The functional currency for the United Kingdom subsidiary is the Euro; the trading company in China, the RMB; the Canadian Real Estate subsidiary, the Canadian dollar; the Russian operation, the Russian Ruble, and the Kazakhstan operation the Kazakhstan Tenge. All other operations have the US dollar as its functional currency. Pursuant to US GAAP, assets and liabilities of the Company’s foreign operations with functional currencies, other than the US dollar, are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the periods. Translation adjustments are reported in accumulated other comprehensive loss, a separate component of stockholders’ equity. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the consolidated statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Foreign currency transaction gains included in net income for the years ended January 31, 2018, 2017 and 2016, were approximately $ 1.1 0.4 0.1 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments US GAAP defines fair value, provides guidance for measuring fair value and requires certain disclosures utilizing a fair value hierarchy which is categorized into three levels based on the inputs to the valuation techniques used to measure fair value. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect management’s own assumptions. Foreign currency forward and hedge contracts are recorded in the consolidated balance sheets at their fair value as of the balance sheet dates based on current market rates as further discussed in Note 11. The financial instruments of the Company classified as current assets or liabilities, including cash and cash equivalents, accounts receivable, short-term borrowings, borrowings under revolving credit facility, accounts payable and accrued expenses, are recorded at carrying value, which approximates fair value based on the short-term nature of these instruments. The Company believes that the fair values of its long-term debt approximates its carrying value based on the effective interest rate compared to the current market rate available to the Company. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share are based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted earnings per share are based on the weighted average number of common shares and common stock equivalents. The diluted earnings per share calculation takes into account unvested restricted shares and the shares that may be issued upon exercise of stock options, reduced by shares that may be repurchased with the funds received from the exercise, based on the average price during the fiscal year. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year presentation. These reclassifications have no effect on the accompanying consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. New Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. The Company adopted this guidance in the first quarter of FY18 using a prospective application. The adoption of this guidance did not have a material impact to the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The Company adopted this guidance in the first quarter of FY18, which did not have a material impact to the consolidated financial statements and related disclosures. The amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the awards are exercised or settled. The Company does not expect the impact to be material to the consolidated results of operations; however, such determination is subject to change based on facts and circumstances at the time when awards vest or settle. The Company accounts for forfeitures of share-based awards when they occur. The Company will apply the amendments related to the presentation of excess tax benefits on the consolidated statement of cash flows using a retrospective transition method, and as a result, excess tax benefits related to share-based awards which had been previously classified as cash flows from financing activities will be reclassified as cash flows from operating activities. New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in US GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date for ASU 2014-09 by one year. For public entities, the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods), which means it will be effective for the Company’s fiscal year beginning February 1, 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. In December 2016, the FASB further issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”), which makes minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are intended to address implementation and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. The Company will adopt Topic 606 in the first quarter of its fiscal 2019 using the retrospective transition method. The Company continues to assess the impact of the new standard and design of internal control over financial reporting, but based upon the terms of our agreements we do not expect the adoption to have a material effect on our consolidated financial results. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration that the company expects to be entitled in exchange for those goods or services. While the Company’s evaluation has not been completed, the Company has not identified any information that would indicate that the new guidance will have a material impact on its consolidated financial position, results of operations and cash flows upon adoption in its first quarter of fiscal 2019. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements but has not determined the effects that the adoption of the pronouncement may have on its consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU No. 2017-05, “Other IncomeGains and Losses from the Derecognition of Nonfinancial Assets” to clarify the scope of Subtopic 610-20 and to add guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company does not expect that adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, “CompensationStock Compensation (Topic 718): Scope of Modification Accounting.” The amendment amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. In July 2017, the FASB issued ASU No. 2017-11, “Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Non-public Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” The amendments in Part I of ASU No. 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, DebtDebt with Conversion and Other Options), including related EPS guidance (in Topic 260). The amendments in Part II of ASU No. 2017-11 recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. For public business entities, the amendments in Part I of ASU No. 2017-11 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments in Part I of this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income,” |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consist of the following (in $000s): January 31, 2018 January 31, 2017 Raw materials $ 14,767 $ 14,312 Work-in-process 2,357 1,233 Finished goods 25,795 19,990 $ 42,919 $ 35,535 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment from continuing operations consists of the following: Useful Life in Years January 31, 2018 January 31, 2017 (000’s) (000’s) Machinery and equipment 3-10 $ 6,116 $ 6,442 Furniture and fixtures 3-10 328 306 Leasehold improvements Lease term 1,217 1,207 Land and building (China) 20-30 1,764 1,764 Land and building (Canada) 30 1,982 1,864 Land and buildings (USA) 30 3,460 3,417 Land and buildings (Mexico) 30 2,070 2,070 16,937 17,070 Less accumulated depreciation and amortization (8,907) (8,805) Assets held for sale 150 901 Construction-in-progress 759 262 $ 8,939 $ 9,428 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Short-Term Long-term Current Maturity of Long- Revolving Credit 1/31/2018 1/31/2017 1/31/2018 1/31/2017 1/31/2018 1/31/2017 1/31/2018 1/31/2017 Argentina $ 31 $ 27 $ $ $ $ $ $ Canada 716 50 UK 180 126 USA 1,312 158 4,865 Totals $ 211 $ 153 $ 1,312 $ 716 $ 158 $ 50 $ $ 4,865 |
Schedule of Maturities of Long-term Debt [Table Text Block] | This schedule reflects the liabilities as of January 31, 2018, and does not reflect any subsequent event (in 000’s): Total 1 Year or 2 Years 3 Years 4 Years 5 Years After 5 Revolving credit facility $ $ $ $ $ $ $ Borrowings in USA 1,470 158 158 1,154 Borrowings in Canada Borrowings in UK 180 180 Borrowings in Argentina 31 31 Total $ 1,681 $ 369 $ 158 $ 1,154 $ $ $ |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes the unvested shares granted on September 12, 2017, which have been made under the 2017 Plan. Number of shares awarded total Minimum Target Maximum Cap Employees 21,145 31,718 42,291 50,748 Non-Employee Directors 7,246 10,870 14,493 17,391 Total 28,391 42,588 56,784 68,139 Value at grant date (numbers below are rounded to the nearest $100) Minimum Target Maximum Cap Employees $ 291,800 $ 437,700 $ 583,600 $ 700,300 Non-Employee Directors 100,000 150,000 200,000 240,000 Total $ 391,800 $ 587,700 $ 783,600 $ 940,300 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The Company recognized total stock-based compensation costs, which are reflected in operating expenses: Year Ended January 31, 2018 2017 2016 2012 Plan $ 206 $ (9,354) $ 332,691 2015 Plan 197,284 285,354 $ 253,296 2017 Plan 227,075 Total stock-based compensation $ 424,565 $ 276,000 $ 585,987 Total income tax benefit recognized for stock-based compensation arrangements $ 153,203 $ 99,360 $ 210,995 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Shares issued under 2017, Outstanding Granted during Becoming Forfeited Outstanding Restricted stock grants employees 67,619 42,291 40,570 27,049 42,291 Restricted stock grants non-employee directors 14,493 14,493 Retainer in stock non-employee directors 32,372 7,568 27,151 12,789 Total restricted stock 99,991 64,352 67,721 27,049 69,573 Weighted average grant date fair value $ 10.18 $ 13.91 $ 10.18 $ 10.19 $ 13.63 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes is based on the following pretax income (loss): Domestic and Foreign Pretax Income (Loss) FY18 FY17 FY16 Domestic $ 7,480 $ 1,833 $ 6,140 Foreign 863 4,439 (572) Total $ 8,343 $ 6,272 $ 5,568 Income Tax Expense (Benefit) FY18 FY17 FY16 Current: Federal $ 600 $ (49) $ 225 State and other taxes 20 29 (41) Foreign 1,325 1,577 1,554 Deferred: Domestic $ 5,955 $ 823 $ 157 Valuation allowance-deferred tax asset 3 (181) Foreign Total $ 7,903 $ 2,380 $ 1,714 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the effective income tax rate to the Federal statutory rate: 2018 2017 2016 Statutory rate 33.81 % 34.00 % 34.00 % State Income Taxes, Net of Federal Tax Benefit 2.27 0.59 1.77 Adjustment to Deferred 8.86 Foreign Dividend and Subpart F Income (17.19) 2.15 10.93 Transition Tax (net of FTC from Transition Tax) 26.53 Argentina Flow Through Loss 0.38 (0.38) (1.76) Brazil Worthless Stock Deduction (14.21) Permanent Differences (1.32) 0.46 (8.78) Valuation Allowance-Deferred Tax Asset 0.34 (3.26) Rate Change 47.17 Other 2.74 1.12 3.22 Effective Rate 94.73 % 37.94 % 30.77 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences which give rise to deferred tax assets at January 31, 2018 and 2017 are summarized as follows: 2018 2017 2016 Deferred tax assets: Inventories $ 866 $ 1,122 $ 1,267 US tax loss carryforwards, including work opportunity credit* 4,411 8,613 9,336 Accounts receivable and accrued rebates 242 266 238 Accrued compensation and other 190 109 266 India reserves - US deduction 19 75 75 Equity based compensation 126 286 202 Foreign tax credit carry-forward 2,199 3,698 3,388 State and local carry-forwards 1,017 791 900 Argentina timing difference 37 51 116 Depreciation and other 90 80 103 Amortization (174) (240) (218) Brazil write-down 181 Allowance for Note Receivable - Brazil 552 834 835 Deferred tax asset 9,756 15,685 16,508 Less valuation allowance 2,199 2,170 2,170 Net deferred tax asset - USA $ 7,557 $ 13,515 $ 14,338 *The federal net operating loss (“NOL”) that is left after FY18 will expire after 1/31/2034 (20 years from the generated date of 1/31/2014). The credits will begin to expire after 1/31/2020 (10 years from the 1st carryover year generated date of 1/31/2010) and will fully expire after 1/31/2028. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share for “income from continuing operations” and “discontinued operations” for the years ended Years Ended January 31, 2018 2017 2016 Numerator Net income from continuing operations $ 440 $ 3,893 $ 7,790 Net loss from discontinued operations $ (3,936) Net income $ 440 $ 3,893 $ 3,854 Denominator Denominator for basic earnings per share (weighted-average shares which reflect 356,441 shares in the treasury) 7,638,264 7,257,553 7,171,965 Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options 53,289 69,695 82,375 Denominator for diluted earnings per share (adjusted weighted average shares) 7,691,553 7,327,248 7,254,340 Basic earnings per share from continuing operations $ 0.06 $ 0.54 $ 1.09 Basic loss per share from discontinued operations $ (0.55) Basic earnings per share $ 0.06 $ 0.54 $ 0.54 Diluted earnings per share from continuing operations $ 0.06 $ 0.53 $ 1.07 Diluted loss per share from discontinued operations $ (0.54) Diluted earnings per share $ 0.06 $ 0.53 $ 0.53 |
THE COMPANY_S EXIT FROM BRAZIL
THE COMPANY’S EXIT FROM BRAZIL (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Disposal Groups Including Discontinued Operations Income Statement [Table Text Block] | The following tables summarize the results of the Brazil business included in the statements of operations for the fiscal year ended January 31, 2016. The Company did not recognize any income (loss) from discontinued operations during the fiscal years ended January 31, 2017 or January 31, 2018. 2016 (in 000’s) Net sales from discontinuing operations $ 869 Gross profit from discontinuing operations 164 Operating expenses from discontinuing operations 763 Operating loss from discontinuing operations (599) Interest expense from discontinuing operations 256 Other expense from discontinuing operations 2,683 Loss from operation of discontinuing operations (includes a $0.1 million tax benefit from Q1) (3,538) Non-cash reclassification of Other Comprehensive Income to Statement of Operations (no impact on stockholders’ equity) (1,286) Loss from disposal of discontinued operations (515) Loss before taxes for discontinued operations (5,339) Income tax benefit from discontinued operations (1,403) Net loss from discontinued operations $ (3,936) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Lease Rental Cost [Table Text Block] | Year ended January 31, Gross rental 2018 $ 682,640 2017 $ 506,507 2016 $ 422,487 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum annual rental commitments for the remaining term of the Company’s noncancelable operating leases relating to manufacturing facilities, office space and equipment rentals at January 31, 2018, including lease renewals subsequent to year end, are summarized as follows: Year ending January 31, 2019 860,011 2020 516,108 2021 431,686 2022 431,686 2023 311,436 and thereafter 23,902 Total $ 2,574,829 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Revenue From External Customers Geographic Areas [Table Text Block] | Domestic and international sales from continuing operations are as follows in millions of dollars: Years Ended January 31, 2018 2017 2016 Domestic $ 50.45 52.55 % $ 46.54 54.00 % $ 56.54 56.74 % International $ 45.54 47.45 % $ 39.64 46.00 % $ 43.11 43.26 % Total $ 95.99 100.00 % $ 86.18 100.00 % $ 99.65 100.00 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The table below represents information about reported segments for the years noted therein: Year Ended January 31, 2018 2017 2016 (in 000’s) USA $ 54.79 $ 50.46 $ 60.33 Other foreign 18.61 15.17 13.32 Europe (UK) 9.11 8.97 14.53 Mexico 3.87 3.27 3.65 China 52.63 40.64 50.32 Corporate 1.60 1.76 1.71 Less intersegment sales (44.62) (34.09) (44.21) Consolidated sales $ 95.99 $ 86.18 $ 99.65 External Sales from continuing operations: USA $ 50.45 $ 46.54 $ 56.54 Other foreign 16.87 14.20 12.85 Europe (UK) 9.07 8.97 14.52 Mexico 2.48 1.66 1.61 China 17.12 14.81 14.13 Consolidated external sales $ 95.99 $ 86.18 $ 99.65 Intersegment Sales from continuing operations: USA $ 4.34 $ 3.92 $ 3.79 Other foreign 1.74 0.97 0.47 Europe (UK) 0.04 0.01 Mexico 1.39 1.61 2.04 China 35.51 25.83 36.19 Corporate 1.60 1.76 1.71 Consolidated intersegment sales $ 44.62 $ 34.09 $ 44.21 Year Ended January 31, 2018 2017 2016 (in 000’s) Operating Profit (Loss) from continuing operations: USA $ 10.15 $ 8.09 $ 11.38 Other foreign 2.54 1.55 (0.12) Europe (UK) 0.16 0.34 2.65 Mexico (0.02) (0.02) 0.04 China 3.28 4.09 4.69 Corporate (7.69) (7.35) (6.65) Less intersegment profit 0.06 0.15 (0.18) Consolidated operating profit (loss) 8.48 $ 6.85 $ 11.81 Depreciation and Amortization Expense from continuing operations: USA $ 0.12 $ 0.15 $ 0.15 Other foreign 0.15 0.15 0.06 Europe (UK) 0.01 0.02 Mexico 0.11 0.12 0.12 China 0.25 0.25 0.38 Corporate 0.18 0.57 0.43 Less intersegment (0.05) (0.05) (0.17) Consolidated depreciation and amortization expense $ 0.77 $ 1.19 $ 0.99 Interest Expense from continuing operations: Other foreign $ 0.05 $ 0.10 $ 0.13 Europe (UK) 0.01 0.01 0.02 China 0.12 0.14 Corporate 0.10 0.39 0.50 Consolidated interest expense $ 0.16 $ 0.62 $ 0.79 Income Tax Expense (Benefit) from continuing operations: USA (shown in Corporate) Other foreign $ 0.67 $ 0.23 $ 0.21 Europe (UK) 0.05 0.14 0.49 Mexico 0.08 (0.21) China 0.60 1.11 1.11 Corporate 6.58 0.80 1.56 Less intersegment 0.00 0.02 (0.04) Consolidated income tax expense (benefit) $ 7.90 $ 2.38 $ 3.12 Year Ended January 31, 2018 2017 2016 (in 000’s) Total Assets: * USA $ 67.02 $ 56.34 Other foreign 20.30 18.16 Europe (UK) 4.63 3.61 Mexico 4.69 3.99 China 31.59 30.54 India (0.85) (1.36) Corporate 22.27 26.00 Less intersegment (55.12) (52.73) Consolidated assets $ 94.53 $ 84.55 Total Assets Less Intersegment:* USA $ 33.16 $ 30.94 Other foreign 12.61 10.17 Europe (UK) 4.63 3.58 Mexico 4.84 4.07 China 16.97 18.44 India 0.98 0.43 Corporate 21.34 16.92 Consolidated assets $ 94.53 $ 84.55 Property and Equipment (excluding assets held for sale at $0.2 million): USA $ 1.99 $ 2.09 Other foreign 1.50 1.55 Europe (UK) 0.03 0.03 Mexico 1.99 2.05 China 1.92 2.05 India 0.15 0.03 Corporate 1.18 0.75 Less intersegment 0.03 (0.02) Consolidated long-lived assets $ 8.79 $ 8.53 Capital Expenditures: USA $ 0.03 $ 0.04 $ 0.06 Other foreign 0.01 0.08 Europe (UK) Mexico 0.06 0.05 0.04 China 0.12 0.06 0.16 India 0.14 0.02 Corporate 0.56 0.23 0.50 Consolidated capital expenditure $ 0.91 $ 0.41 $ 0.84 Goodwill: USA $ 0.87 $ 0.87 Consolidated goodwill $ 0.87 $ 0.87 * Negative assets reflect intersegment amounts eliminated in consolidation |
UNAUDITED QUARTERLY RESULTS O36
UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 01/31/18 10/31/2017 7/31/2017 4/30/2017 Total Net sales from continuing operations $ 25,157 $ 23,960 $ 23,909 $ 22,961 $ 95,987 Gross profit from continuing operations $ 9,902 $ 9,053 $ 8,690 $ 8,558 $ 36,203 Operating profit from continuing operations $ 1,157 $ 2,665 $ 2,182 $ 2,473 $ 8,477 Net income (loss) from continuing operations $ (4,919) $ 1,806 $ 1,842 $ 1,711 $ 440 Basic net earnings (loss) per share continuing operations $ (0.64) $ 0.23 $ 0.25 $ 0.24 $ 0.06 Diluted net earnings (loss) per share continuing operations $ (0.64) $ 0.23 $ 0.25 $ 0.23 $ 0.06 1/31/2017 10/31/2016 7/31/2016 4/30/2016 Net sales from continuing operations $ 20,302 $ 23,243 $ 22,269 $ 20,369 $ 86,183 Gross profit from continuing operations $ 7,752 $ 8,519 $ 8,590 $ 6,776 $ 31,637 Operating profit (loss) from continuing operations $ 1,799 $ 2,248 $ 2,631 $ 169 $ 6,847 Net income from continuing operations $ 946 $ 1,513 $ 1,431 $ 3 $ 3,893 Basic net earnings per share continuing operations $ 0.13 $ 0.21 $ 0.20 $ 0.00 $ 0.54 Diluted net earnings per share continuing operations $ 0.13 $ 0.21 $ 0.20 $ 0.00 $ 0.53 1/31/2016 10/31/2015 7/31/2015 4/30/2015 Net sales from continuing operations $ 20,474 $ 24,888 $ 29,465 $ 24,819 $ 99,646 Gross profit from continuing operations $ 6,011 $ 9,248 $ 11,795 $ 9,279 $ 36,333 Operating profit (loss) from continuing operations $ (300) $ 3,192 $ 5,700 $ 3,220 $ 11,812 Net income (loss) from continuing operations $ (78) $ 2,120 $ 3,588 $ 2,160 $ 7,790 Basic net earnings (loss) per share continuing operations $ (0.01) $ 0.29 $ 0.50 $ 0.31 $ 1.09 Diluted net earnings (loss) per share continuing operations $ (0.01) $ 0.29 $ 0.50 $ 0.30 $ 1.07 |
BUSINESS AND SUMMARY OF SIGNI37
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Business And Significant Accounting Policies [Line Items] | |||
Shipping, Handling and Transportation Costs | $ 2,200,000 | $ 2,000,000 | $ 2,500,000 |
Research and Development Expense | 280,000 | 463,000 | 165,000 |
Advertising Expense | 443,000 | 342,000 | 326,000 |
Foreign Currency Transaction Gain (Loss), before Tax | $ 1,100,000 | $ 400,000 | $ 100,000 |
Minimum [Member] | |||
Business And Significant Accounting Policies [Line Items] | |||
Percentage Of Rebates To Be Earned By Distributors | 1.00% | ||
Maximum [Member] | |||
Business And Significant Accounting Policies [Line Items] | |||
Percentage Of Rebates To Be Earned By Distributors | 6.00% |
INVENTORIES, NET (Details)
INVENTORIES, NET (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 14,767 | $ 14,312 |
Work-in-process | 2,357 | 1,233 |
Finished goods | 25,795 | 19,990 |
Inventory, Net, Total | $ 42,919 | $ 35,535 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 16,937 | $ 17,070 | |
Less accumulated depreciation and amortization | (8,907) | (8,805) | |
Assets held for sale | 150 | 901 | $ 200 |
Construction-in-progress | 759 | 262 | |
Property, Plant and Equipment, Net | 8,939 | 9,428 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 6,116 | 6,442 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 328 | 306 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,217 | 1,207 | |
Property, Plant and Equipment, Estimated Useful Lives | Lease term | ||
Land and Building China [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,764 | 1,764 | |
Land and Building Canada [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,982 | 1,864 | |
Property, Plant and Equipment, Useful Life | 30 years | ||
Land and Building USA [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 3,460 | 3,417 | |
Property, Plant and Equipment, Useful Life | 30 years | ||
Land and Buildings Mexico [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,070 | $ 2,070 | |
Property, Plant and Equipment, Useful Life | 30 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Land and Building China [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum [Member] | Land and Building China [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years |
PROPERTY AND EQUIPMENT, NET (40
PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 774,742 | $ 1,194,000 | $ 985,863 |
Estimated Cost to Complete Construction-In-Progress | 2,000,000 | ||
Impairment Write-down On Assets Held For Sale | (751,000) | $ (200,000) | $ 0 |
Buildings and Improvements, Gross | 200,000 | ||
Assets Held-for-sale Gross | 1,100,000 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 200,000 |
GOODWILL (Details textual)
GOODWILL (Details textual) - USD ($) | 12 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2006 | |
Goodwill [Line Items] | ||||
Goodwill | $ 871,000 | $ 871,000 | $ 900,000 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Short-Term | $ 211 | $ 153 |
Long-term | 1,312 | 716 |
Current Maturity of Long-term | 158 | 50 |
Revolving Credit Facility | 0 | 4,865 |
Argentina | ||
Short-Term | 31 | 27 |
Long-term | 0 | 0 |
Current Maturity of Long-term | 0 | |
Revolving Credit Facility | 0 | 0 |
Canada | ||
Short-Term | 0 | 0 |
Long-term | 0 | 716 |
Current Maturity of Long-term | 0 | 50 |
Revolving Credit Facility | 0 | 0 |
UK | ||
Short-Term | 180 | 126 |
Long-term | 0 | 0 |
Current Maturity of Long-term | 0 | 0 |
Revolving Credit Facility | 0 | 0 |
USA | ||
Short-Term | 0 | 0 |
Long-term | 1,312 | 0 |
Current Maturity of Long-term | 158 | 0 |
Revolving Credit Facility | $ 0 | $ 4,865 |
LONG-TERM DEBT (Details 1)
LONG-TERM DEBT (Details 1) $ in Thousands | Jan. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
1 Year or less | $ 369 |
2 Years | 158 |
3 Years | 1,154 |
4 Years | 0 |
5 Years | 0 |
After 5 Years | 0 |
Total | 1,681 |
Revolving credit facility [Member] | |
Debt Instrument [Line Items] | |
1 Year or less | 0 |
2 Years | 0 |
3 Years | 0 |
4 Years | 0 |
5 Years | 0 |
After 5 Years | 0 |
Total | 0 |
Borrowings in USA [Member] | |
Debt Instrument [Line Items] | |
1 Year or less | 158 |
2 Years | 158 |
3 Years | 1,154 |
4 Years | 0 |
5 Years | 0 |
After 5 Years | 0 |
Total | 1,470 |
Borrowings in Canada [Member] | |
Debt Instrument [Line Items] | |
1 Year or less | 0 |
2 Years | 0 |
3 Years | 0 |
4 Years | 0 |
5 Years | 0 |
After 5 Years | 0 |
Total | 0 |
Borrowings in UK [Member] | |
Debt Instrument [Line Items] | |
1 Year or less | 180 |
2 Years | 0 |
3 Years | 0 |
4 Years | 0 |
5 Years | 0 |
After 5 Years | 0 |
Total | 180 |
Borrowings in Argentina [Member] | |
Debt Instrument [Line Items] | |
1 Year or less | 31 |
2 Years | 0 |
3 Years | 0 |
4 Years | 0 |
5 Years | 0 |
After 5 Years | 0 |
Total | $ 31 |
LONG-TERM DEBT (Details Textual
LONG-TERM DEBT (Details Textual) | May 10, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016 | Dec. 31, 2014USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2013CAD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2018ARS ($) | Jun. 28, 2017 | May 19, 2017USD ($) | May 19, 2017ARS ($) | Jan. 31, 2017CAD ($) | Jul. 01, 2016USD ($) | Jul. 01, 2016ARS ($) | Apr. 30, 2015USD ($) | Dec. 31, 2014GBP (£) | Jun. 28, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Interest Rate Description | For that portion of the term loan that consists of Eurodollar loans, the term loan shall bear interest at the LIBOR Market Index Rate (LIBOR) plus 2.0% per annum, and for that portion of the term loan that consists of base rate loans, the term loan shall bear interest at the base rate then in effect plus 1.0% per annum. All principal and unpaid accrued interest under the revolver credit facility shall be due and payable on the maturity date of the revolver. For that portion of the revolver loan that consists of Eurodollar loans, the revolver shall bear interest at LIBOR plus a margin rate of 1.75% per annum for the first six months and thereafter between 1.5% and 2.0%, depending on the Companys availability calculation (as defined in the Loan Agreement) and, for that portion of the revolver that consists of base rate loans, the revolver shall bear interest at the base rate then in effect plus a margin rate of 0.75% per annum for the first six months and thereafter between 0.50% and 1.0%, depending on the availability calculation. As of the closing, the Company elected all borrowings under the Loan Agreement to accrue interest at LIBOR which, as of that date, was 0.99500%. As such, the initial rate of interest for the revolver is 2.745% per annum and the initial rate of interest for the term loan is 2.995% per annum. The Loan Agreement provides for payment of an unused line fee of between 0.25% and 0.50%, depending on the amount by which the revolving credit loan commitment exceeds the amount of the revolving credit loans outstanding (including letters of credit), which shall be payable monthly in arrears on the average daily unused portion of the revolver. | ||||||||||||||||
Long-term Debt, Current Maturities | $ 50,000 | $ 158,000 | |||||||||||||||
Long-term Debt, Total | 1,681,000 | ||||||||||||||||
Short-Term Debt | 153,000 | 211,000 | |||||||||||||||
Line Of Credit, Current | 4,865,000 | 0 | |||||||||||||||
Argentina Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 20.00% | 20.00% | 27.06% | 27.06% | |||||||||||||
Long-term Line of Credit | 31,000 | $ 600,000 | $ 112,000 | $ 1,800,000 | $ 38,000 | $ 569,000 | |||||||||||
Argentina Subsidiary [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Line of Credit | 31,000 | $ 300,000 | |||||||||||||||
Borrowings In UK [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,900,000 | £ 1,250,000 | |||||||||||||||
Line Of Credit Facility Advance Rate | 3.46% | ||||||||||||||||
Short-Term Debt | $ 100,000 | 200,000 | |||||||||||||||
Notes Payable | $ 600,000 | 400,000 | |||||||||||||||
Service Charge Percentage | 0.85% | 0.90% | |||||||||||||||
Borrowings In UK [Member] | Amendment [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,300,000 | £ 1,500,000 | |||||||||||||||
Line Of Credit Facility Advance Rate | 3.00% | ||||||||||||||||
Senior Loan Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Line of Credit | $ 15,000,000 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.25% | ||||||||||||||||
Long-term Debt, Total | $ 0 | ||||||||||||||||
Revolving Credit Facility [Member] | Sun Trust Bank [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line Of Credit Facility, Borrowing Base Calculation, Percentage Of Accounts Receivable | 85.00% | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||||||||||||||||
Line of Credit Facility, Expiration Date | May 10, 2020 | ||||||||||||||||
Long-term Line of Credit | $ 20,000,000 | ||||||||||||||||
Line of Credit Facility, Periodic Payment | 13,125 | ||||||||||||||||
Line Of Credit Facility Increase Limit | 10,000,000 | ||||||||||||||||
Line Of Credit Facility Borrowing Base Commitment Amount | $ 1,500,000 | ||||||||||||||||
Line Of Credit Facility Borrowing Base Commitment Percentage | 7.50% | ||||||||||||||||
Revolving Credit Facility [Member] | Alostar Bank Of Commerce [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Long-term Lines of Credit | $ 3,000,000 | ||||||||||||||||
Term Loan [Member] | Sun Trust Bank [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Line of Credit | 1,575,000 | ||||||||||||||||
Business Development Bank Of Canada [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Short-term Debt, Refinanced, Amount | $ 1,100,000 | ||||||||||||||||
Debt Instrument, Term | 240 months | 240 months | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.45% | 6.45% | |||||||||||||||
Debt Instrument, Periodic Payment | $ 6,048 | $ 8,169 | |||||||||||||||
Long-term Debt, Current Maturities | $ 50,000 | ||||||||||||||||
Long-term Debt, Total | $ 716,000 | $ 1,000,000 | |||||||||||||||
Letter of Credit [Member] | Sun Trust Bank [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Line of Credit | $ 5,000,000 |
CONCENTRATION OF RISK (Details
CONCENTRATION OF RISK (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
UNITED STATES | |||
Concentration Risk [Line Items] | |||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 12 | ||
Foreign Countries [Member] | |||
Concentration Risk [Line Items] | |||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 3.8 | ||
Cost of Goods, Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 13.00% | 10.00% |
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Customer | No customer accounted for more than 10% of net sales | No customer accounted for more than 10% of net sales | No customer accounted for more than 10% of net sales |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Supplier | There were no other vendors over 10% | There were no other vendors over 10% | There were no other vendors over 10% |
STOCKHOLDERS_ EQUITY (Details)
STOCKHOLDERS’ EQUITY (Details) | 12 Months Ended |
Jan. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 68,139 |
Value at grant date | $ | $ 940,300 |
Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 50,748 |
Value at grant date | $ | $ 700,300 |
Non-Employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 17,391 |
Value at grant date | $ | $ 240,000 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 56,784 |
Value at grant date | $ | $ 783,600 |
Maximum [Member] | Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 42,291 |
Value at grant date | $ | $ 583,600 |
Maximum [Member] | Non-Employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 14,493 |
Value at grant date | $ | $ 200,000 |
Weighted Average [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 42,588 |
Value at grant date | $ | $ 587,700 |
Weighted Average [Member] | Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 31,718 |
Value at grant date | $ | $ 437,700 |
Weighted Average [Member] | Non-Employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 10,870 |
Value at grant date | $ | $ 150,000 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 28,391 |
Value at grant date | $ | $ 391,800 |
Minimum [Member] | Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 21,145 |
Value at grant date | $ | $ 291,800 |
Minimum [Member] | Non-Employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares awarded total (shares) | shares | 7,246 |
Value at grant date | $ | $ 100,000 |
STOCKHOLDERS_ EQUITY (Details 1
STOCKHOLDERS’ EQUITY (Details 1) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 424,565 | $ 276,000 | $ 585,987 |
Total income tax benefit recognized for stock-based compensation arrangements | 153,203 | 99,360 | 210,995 |
2012 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 206 | (9,354) | 332,691 |
2015 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 197,284 | 285,354 | 253,296 |
2017 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 227,075 | $ 0 | $ 0 |
STOCKHOLDERS_ EQUITY (Details 2
STOCKHOLDERS’ EQUITY (Details 2) | 12 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Unvested Grants at Maximum at Beginning of FY18, restricted stock | 99,991 |
Granted during FY18 through January 31,2018 | 64,352 |
Becoming Vested during FY18 through January 31,2018 | 67,721 |
Forfeited during FY18 through January 31,2018 | 27,049 |
Outstanding Unvested Grants at Maximum at End of FY18, restricted stock | 69,573 |
Outstanding Unvested Grants at Maximum at Beginning of FY17, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.18 |
Granted during FY18, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.91 |
Becoming Vested during FY18, Weighted average grant date fair value (in dollars per share) | $ / shares | 10.18 |
Forfeited during FY18, Weighted average grant date fair value (in dollars per share) | $ / shares | 10.19 |
Outstanding Unvested Grants at Maximum at End of FY18, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.63 |
Restricted Stock Grants - Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Unvested Grants at Maximum at Beginning of FY18, restricted stock | 67,619 |
Granted during FY18 through January 31,2018 | 42,291 |
Becoming Vested during FY18 through January 31,2018 | 40,570 |
Forfeited during FY18 through January 31,2018 | 27,049 |
Outstanding Unvested Grants at Maximum at End of FY18, restricted stock | 42,291 |
Restricted Stock Grants Non Employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Unvested Grants at Maximum at Beginning of FY18, restricted stock | 0 |
Granted during FY18 through January 31,2018 | 14,493 |
Becoming Vested during FY18 through January 31,2018 | 0 |
Forfeited during FY18 through January 31,2018 | 0 |
Outstanding Unvested Grants at Maximum at End of FY18, restricted stock | 14,493 |
Retainer In Stock Non Employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Unvested Grants at Maximum at Beginning of FY18, restricted stock | 32,372 |
Granted during FY18 through January 31,2018 | 7,568 |
Becoming Vested during FY18 through January 31,2018 | 27,151 |
Forfeited during FY18 through January 31,2018 | 0 |
Outstanding Unvested Grants at Maximum at End of FY18, restricted stock | 12,789 |
STOCKHOLDERS_ EQUITY (Details T
STOCKHOLDERS’ EQUITY (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2017 | Aug. 17, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jun. 21, 2017 | Mar. 24, 2017 | Jul. 19, 2016 | Oct. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,139 | ||||||||
Stock Repurchase Program, Authorized Amount | $ 2,500,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 55,500 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11 | ||||||||
Class of Warrant or Right, Outstanding | 55,500 | ||||||||
Common Stock, Shares, Issued | 8,472,640 | 7,620,215 | 360,000 | ||||||
Share Based Compensation Arrangements By Share Based Payment Award Market Liability | $ 1,913 | ||||||||
Number Of Share To BeIssued Under Under writing Agreement | 725,000 | ||||||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Underwriting Discount Per Share Sold | $ 0.966 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 108,750 | ||||||||
Net Proceeds From Issuance Of Common Stock After Deducting Underwriting Discounts And Estimated Offering Expenses | $ 10,100,000 | ||||||||
Shares Issued, Price Per Share | $ 13.80 | ||||||||
Shelf Registration Statement, Maximum Amount Authorized | $ 30,000,000 | ||||||||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 808,750 | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 43,675 | 4,612 | 190,436 | ||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 56,784 | ||||||||
2012 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 310,000 | ||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Stock Options At Base Line Performance | $ 0 | ||||||||
2012 Plan [Member] | Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 293,887 | ||||||||
2015 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Stock Options At Base Line Performance | $ 0 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 100,000 | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 5,221 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 67,000 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 43,029 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 23,971 | ||||||||
Bonus-in-stock program [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Purchase Price Of Common Stock, Percent | 133.00% | ||||||||
2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Stock Options At Base Line Performance | $ 730,503 | ||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 56,784 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 13.80 | ||||||||
Restricted Stock [Member] | 2012 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 0 | ||||||||
Restricted Stock [Member] | 2015 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,568 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 0 | ||||||||
Restricted Stock [Member] | 2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 26,323 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 294,703 | ||||||||
Stock Appreciation Rights [Member] | 2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,376 | ||||||||
Performance based Restricted Stock [Member] | 2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted Stock or Unit Expense | $ 143,010 | ||||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 83,750 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Taxes [Line Items] | |||
Pretax Income (Loss) | $ 8,343 | $ 6,272 | $ 5,568 |
Income Tax Expense (Benefit) Current: | |||
Federal | 600 | (49) | 225 |
State and other taxes | 20 | 29 | (41) |
Foreign | 1,325 | 1,577 | 1,554 |
Income Tax Expense (Benefit) Deferred: | |||
Domestic | 5,955 | 823 | 157 |
Valuation allowance-deferred tax asset | 3 | 0 | (181) |
Foreign | 0 | 0 | 0 |
Total | 7,903 | 2,380 | 3,117 |
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Pretax Income (Loss) | 7,480 | 1,833 | 6,140 |
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Pretax Income (Loss) | $ 863 | $ 4,439 | $ (572) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Taxes [Line Items] | |||
Statutory rate | 33.81% | 34.00% | 34.00% |
State Income Taxes, Net of Federal Tax Benefit | 2.27% | 0.59% | 1.77% |
Adjustment to Deferred | 0.00% | 0.00% | 8.86% |
Foreign Dividend and Subpart F Income | (17.19%) | 2.15% | 10.93% |
Transition Tax (net of FTC from Transition Tax) | 26.53% | 0.00% | 0.00% |
Argentina Flow Through Loss | 0.38% | (0.38%) | (1.76%) |
Brazil Worthless Stock Deduction | 0.00% | 0.00% | (14.21%) |
Permanent Differences | (1.32%) | 0.46% | (8.78%) |
Valuation Allowance-Deferred Tax Asset | 0.34% | 0.00% | (3.26%) |
Rate Change | 47.17% | 0.00% | 0.00% |
Other | 2.74% | 1.12% | 3.22% |
Effective Rate | 94.73% | 37.94% | 30.77% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Deferred tax assets: | ||||
Inventories | $ 866 | $ 1,122 | $ 1,267 | |
US tax loss carryforwards, including work opportunity credit | [1] | 4,411 | 8,613 | 9,336 |
Accounts receivable and accrued rebates | 242 | 266 | 238 | |
Accrued compensation and other | 190 | 109 | 266 | |
India reserves - US deduction | 19 | 75 | 75 | |
Equity based compensation | 126 | 286 | 202 | |
Foreign tax credit carry-forward | 2,199 | 3,698 | 3,388 | |
State and local carry-forwards | 1,017 | 791 | 900 | |
Argentina timing difference | 37 | 51 | 116 | |
Depreciation and other | 90 | 80 | 103 | |
Amortization | (174) | (240) | (218) | |
Brazil write-down | 181 | 0 | 0 | |
Allowance for Note Receivable - Brazil | 552 | 834 | 835 | |
Deferred tax asset | 9,756 | 15,685 | 16,508 | |
Less valuation allowance | 2,199 | 2,170 | 2,170 | |
Net deferred tax asset - USA | $ 7,557 | $ 13,515 | $ 14,338 | |
[1] | The federal net operating loss (“NOL”) that is left after FY18 will expire after 1/31/2034 (20 years from the generated date of 1/31/2014). The credits will begin to expire after 1/31/2020 (10 years from the 1st carryover year generated date of 1/31/2010) and will fully expire after 1/31/2028. |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Taxes [Line Items] | ||||
Dividends | $ 5,000,000 | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 3,000 | $ 0 | $ (181,000) | |
Deferred Tax Assets, Valuation Allowance, Noncurrent | $ 2,200,000 | $ 2,200,000 | $ 2,200,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 33.81% | 34.00% | 34.00% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 5,100,000 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 5,120,928 | |||
Deferred Tax Assets, Net of Valuation Allowance | $ 7,557,000 | $ 13,515,000 | $ 14,338,000 | |
Scenario, Plan [Member] | ||||
Income Taxes [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Earnings in form of cash and cash equivalents [Member] | ||||
Income Taxes [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 15.50% | |||
All Other Earnings and Profits [Member] | ||||
Income Taxes [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 8.00% | |||
Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carry forwards Expiration Period | 15 years | |||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carry forwards Expiration Period | 20 years | |||
Brazil [Member] | ||||
Income Taxes [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 9,500,000 | |||
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount | $ 2,200,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Numerator | |||||||||||||||
Net income from continuing operations | $ (4,919) | $ 1,806 | $ 1,842 | $ 1,711 | $ 946 | $ 1,513 | $ 1,431 | $ 3 | $ (78) | $ 2,120 | $ 3,588 | $ 2,160 | $ 440 | $ 3,893 | $ 7,790 |
Net loss from discontinued operations | 0 | 0 | (3,936) | ||||||||||||
Net income | $ 440 | $ 3,893 | $ 3,854 | ||||||||||||
Denominator | |||||||||||||||
Denominator for basic earnings per share (weighted-average shares which reflect 356,441 shares in the treasury) | 7,638,264 | 7,257,553 | 7,171,965 | ||||||||||||
Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options | 53,289 | 69,695 | 82,375 | ||||||||||||
Denominator for diluted earnings per share (adjusted weighted average shares) | 7,691,553 | 7,327,248 | 7,254,340 | ||||||||||||
Basic earnings per share from continuing operations (in dollars per share) | $ (0.64) | $ 0.23 | $ 0.25 | $ 0.24 | $ 0.13 | $ 0.21 | $ 0.2 | $ 0 | $ (0.01) | $ 0.29 | $ 0.5 | $ 0.31 | $ 0.06 | $ 0.54 | $ 1.09 |
Basic loss per share from discontinued operations (in dollars per share) | 0 | 0 | (0.55) | ||||||||||||
Basic earnings per share (in dollars per share) | 0.06 | 0.54 | 0.54 | ||||||||||||
Diluted earnings per share from continuing operations (in dollars per share) | $ (0.64) | $ 0.23 | $ 0.25 | $ 0.23 | $ 0.13 | $ 0.21 | $ 0.2 | $ 0 | $ (0.01) | $ 0.29 | $ 0.5 | $ 0.3 | 0.06 | 0.53 | 1.07 |
Diluted loss per share from discontinued operations (in dollars per share) | 0 | 0 | (0.54) | ||||||||||||
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.53 | $ 0.53 |
BENEFIT PLANS (Details Textual)
BENEFIT PLANS (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Description of Defined Contribution Pension and Other Postretirement Plans | the Company changed to a Safe Harbor tiered matching plan equal to 100% of the first 1% of eligible participant’s compensation contributed to the Plan and 50% of the next 5% of eligible participant’s compensation contributed to the Plan (maximum Company match 3.5% of salary) | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 206,000 | $ 193,000 | $ 120,000 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% |
DERIVATIVE INSTRUMENTS AND FO56
DERIVATIVE INSTRUMENTS AND FOREIGN CURRENCY EXPOSURE (Details Textual) - USD ($) | Jan. 31, 2018 | Jan. 31, 2017 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 0 | $ 1,500,000 |
Derivative Instruments and Hedges, Liabilities, Total | $ 0 | $ 25,826 |
RELATED PARTIES AND TRANSACTI57
RELATED PARTIES AND TRANSACTIONS (Details Textual) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Affiliated Entity [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 236,000 |
THE COMPANY_S EXIT FROM BRAZI58
THE COMPANY’S EXIT FROM BRAZIL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Transactions [Line Items] | |||
Net sales from discontinuing operations | $ 869 | ||
Gross profit from discontinuing operations | 164 | ||
Operating expenses from discontinuing operations | 763 | ||
Operating loss from discontinuing operations | (599) | ||
Interest expense from discontinuing operations | 256 | ||
Other expense from discontinuing operations | 2,683 | ||
Loss from operation of discontinuing operations (includes a $0.1 million tax benefit from Q1) | (3,538) | ||
Non-cash reclassification of Other Comprehensive Income to Statement of Operations (no impact on stockholders’ equity) | (1,286) | ||
Loss from disposal of discontinued operations | (515) | ||
Loss before taxes for discontinued operations | $ 0 | $ 0 | (5,339) |
Income tax benefit from discontinued operations | $ 0 | $ 0 | (1,403) |
Net loss from discontinued operations | $ (3,936) |
THE COMPANY_S EXIT FROM BRAZI59
THE COMPANY’S EXIT FROM BRAZIL (Details Textual) | Sep. 01, 2015USD ($) | Sep. 01, 2015BRL (R$) | Jul. 01, 2015USD ($) | Jul. 01, 2015BRL (R$) | Aug. 01, 2015USD ($) | Aug. 01, 2015BRL (R$) | Jun. 18, 2015USD ($) | Oct. 31, 2010USD ($) | Oct. 31, 2010BRL (R$) | Oct. 31, 2015USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2016BRL (R$) | Dec. 11, 2015USD ($) | Dec. 11, 2015BRL (R$) | Oct. 31, 2015BRL (R$) | Jul. 31, 2015USD ($) | Oct. 31, 2010BRL (R$) |
Transactions [Line Items] | ||||||||||||||||||
Receivable Amount From Settlement Agreement | $ 8,500,000 | |||||||||||||||||
Quarterly Installments Amount In Settlement Liabilities | 250,000 | |||||||||||||||||
Settlement Liabilities, Current | 3,750,000 | |||||||||||||||||
Gain (Loss) Related to Litigation Settlement | 224,000 | |||||||||||||||||
Repayments of Notes Payable | $ 84,000 | R$ 294500 | ||||||||||||||||
Received From Transferee Under Shares Transfer Agreement | 1 | |||||||||||||||||
Long-term Debt, Total | $ 1,681,000 | |||||||||||||||||
Loss Contingency Accrual At Carrying Value | 150,000 | |||||||||||||||||
Labor Claims [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | 700,000 | |||||||||||||||||
Claim 2007-2009 By State Of Bahia [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Loss Contingency Accrual At Carrying Value | $ 2,300,000 | R$ 6200000 | ||||||||||||||||
Value Added Tax Judicial Tax Claim Amount | $ 500,000 | R$ 1300000 | ||||||||||||||||
Value Added Tax Fines And Penalties | 3,100,000 | R$ 8300000 | ||||||||||||||||
Value Added Tax Payable During Period | $ 5,400,000 | 14,600,000 | ||||||||||||||||
Claim 2007-2009 By State Of Bahia [Member] | Other Claims [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Value Added Tax Fines And Penalties | R$ | R$ 2700000 | |||||||||||||||||
Lana dos Santos Claim [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Additional Capital Contribution Amount | $ 188,000 | |||||||||||||||||
Former Officers [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Receivable Amount From Settlement Agreement | $ 3,410,000 | |||||||||||||||||
Lakeland Brazil [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Long-term Debt, Total | $ 2.29 | R$ 8584012 | ||||||||||||||||
Capital Contribution Amount | $ 1,130,000 | |||||||||||||||||
Loss Contingency, Damages Paid, Value | $ 582,000 | |||||||||||||||||
Payment For Capital Contribution | R$ | R$ 992000 | |||||||||||||||||
Lakeland Brazil [Member] | Labor Claims [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Loss Contingency, Damages Awarded, Value | 100,000 | |||||||||||||||||
Lakeland Brazil [Member] | Notes Payable, Other Payables [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 82,000 | R$ 288300 | $ 188,000 | |||||||||||||||
Payment For Capital Contribution | $ 320,000 | |||||||||||||||||
Debt Instrument, Face Amount | R$ | R$ 582000 | |||||||||||||||||
Lakeland Brazil [Member] | Case Filed In 2010 [Member] | Labor Claims [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | 100,000 | |||||||||||||||||
Lakeland Brazil [Member] | Case Filed In 2014 [Member] | Labor Claims [Member] | ||||||||||||||||||
Transactions [Line Items] | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 300,000 |
COMMITMENTS AND CONTINGENCIES60
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Line Items] | |||
Gross rental | $ 682,640 | $ 506,507 | $ 422,487 |
COMMITMENTS AND CONTINGENCIES61
COMMITMENTS AND CONTINGENCIES (Details 1) | Jan. 31, 2018USD ($) |
Year ending January 31, | |
2,019 | $ 860,011 |
2,020 | 516,108 |
2,021 | 431,686 |
2,022 | 431,686 |
2,023 | 311,436 |
and thereafter | 23,902 |
Total | $ 2,574,829 |
COMMITMENTS AND CONTINGENCIES62
COMMITMENTS AND CONTINGENCIES (Details Textual) | Jan. 31, 2018USD ($) |
COMMITMENTS AND CONTINGENCIES [Line Items] | |
Annual Base Remuneration Payments Due Current | $ 885,529 |
Annual Base Remuneration Payments Due In Three Years | 404,439 |
Loss Contingency Accrual | $ 150,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales from continuing operations | $ 25,157 | $ 23,960 | $ 23,909 | $ 22,961 | $ 20,302 | $ 23,243 | $ 22,269 | $ 20,369 | $ 20,474 | $ 24,888 | $ 29,465 | $ 24,819 | $ 95,987 | $ 86,183 | $ 99,646 |
Domestic [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales from continuing operations | $ 50,450 | $ 46,540 | $ 56,540 | ||||||||||||
Sales Revenue, Percentage | 52.55% | 54.00% | 56.74% | ||||||||||||
International [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales from continuing operations | $ 45,540 | $ 39,640 | $ 43,110 | ||||||||||||
Sales Revenue, Percentage | 47.45% | 46.00% | 43.26% | ||||||||||||
Sales Revenue, Net [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales from continuing operations | $ 95,990 | $ 86,180 | $ 99,650 | ||||||||||||
Sales Revenue, Percentage | 100.00% | 100.00% | 100.00% |
SEGMENT REPORTING (Details 1)
SEGMENT REPORTING (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2006 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | $ 25,157 | $ 23,960 | $ 23,909 | $ 22,961 | $ 20,302 | $ 23,243 | $ 22,269 | $ 20,369 | $ 20,474 | $ 24,888 | $ 29,465 | $ 24,819 | $ 95,987 | $ 86,183 | $ 99,646 | ||
Operating Profit (Loss) | 1,157 | $ 2,665 | $ 2,182 | $ 2,473 | 1,799 | $ 2,248 | $ 2,631 | $ 169 | $ (300) | $ 3,192 | $ 5,700 | $ 3,220 | 8,477 | 6,847 | 11,812 | ||
Depreciation and Amortization Expense | 775 | 1,194 | 986 | ||||||||||||||
Interest Expense | 163 | 620 | 785 | ||||||||||||||
Income Tax Expense (Benefits) | 7,903 | 2,380 | 3,117 | ||||||||||||||
Total assets | [1] | 94,531 | 84,554 | 94,531 | 84,554 | ||||||||||||
Assets Less Intersegment | [1] | 94,530 | 84,550 | 94,530 | 84,550 | ||||||||||||
Property and Equipment | 8,789 | 8,527 | 8,789 | 8,527 | |||||||||||||
Capital Expenditures | 910 | 410 | 840 | ||||||||||||||
Goodwill | 871 | 871 | 871 | 871 | $ 900 | ||||||||||||
Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | (44,620) | (34,090) | (44,210) | ||||||||||||||
External Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 95,990 | 86,180 | 99,650 | ||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 44,620 | 34,090 | 44,210 | ||||||||||||||
Operating Profit (Loss) | 60 | 150 | (180) | ||||||||||||||
Depreciation and Amortization Expense | (50) | (50) | (170) | ||||||||||||||
Income Tax Expense (Benefits) | 0 | 20 | (40) | ||||||||||||||
Total assets | [1] | (55,120) | (52,730) | (55,120) | (52,730) | ||||||||||||
Property and Equipment | 30 | (20) | 30 | (20) | |||||||||||||
Unites States [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 54,790 | 50,460 | 60,330 | ||||||||||||||
Operating Profit (Loss) | 10,150 | 8,090 | 11,380 | ||||||||||||||
Depreciation and Amortization Expense | 120 | 150 | 150 | ||||||||||||||
Income Tax Expense (Benefits) | 0 | 0 | 0 | ||||||||||||||
Total assets | [1] | 67,020 | 56,340 | 67,020 | 56,340 | ||||||||||||
Assets Less Intersegment | [1] | 33,160 | 30,940 | 33,160 | 30,940 | ||||||||||||
Property and Equipment | 1,990 | 2,090 | 1,990 | 2,090 | |||||||||||||
Capital Expenditures | 30 | 40 | 60 | ||||||||||||||
Goodwill | 870 | 870 | 870 | 870 | |||||||||||||
Unites States [Member] | Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 4,340 | 3,920 | 3,790 | ||||||||||||||
Unites States [Member] | External Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 50,450 | 46,540 | 56,540 | ||||||||||||||
Other foreign [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 18,610 | 15,170 | 13,320 | ||||||||||||||
Operating Profit (Loss) | 2,540 | 1,550 | (120) | ||||||||||||||
Depreciation and Amortization Expense | 150 | 150 | 60 | ||||||||||||||
Interest Expense | 50 | 100 | 130 | ||||||||||||||
Income Tax Expense (Benefits) | 670 | 230 | 210 | ||||||||||||||
Total assets | [1] | 20,300 | 18,160 | 20,300 | 18,160 | ||||||||||||
Assets Less Intersegment | [1] | 12,610 | 10,170 | 12,610 | 10,170 | ||||||||||||
Property and Equipment | 1,500 | 1,550 | 1,500 | 1,550 | |||||||||||||
Capital Expenditures | 0 | 10 | 80 | ||||||||||||||
Other foreign [Member] | Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 1,740 | 970 | 470 | ||||||||||||||
Other foreign [Member] | External Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 16,870 | 14,200 | 12,850 | ||||||||||||||
Europe (UK) [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 9,110 | 8,970 | 14,530 | ||||||||||||||
Operating Profit (Loss) | 160 | 340 | 2,650 | ||||||||||||||
Depreciation and Amortization Expense | 10 | 0 | 20 | ||||||||||||||
Interest Expense | 10 | 10 | 20 | ||||||||||||||
Income Tax Expense (Benefits) | 50 | 140 | 490 | ||||||||||||||
Total assets | [1] | 4,630 | 3,610 | 4,630 | 3,610 | ||||||||||||
Assets Less Intersegment | [1] | 4,630 | 3,580 | 4,630 | 3,580 | ||||||||||||
Property and Equipment | 30 | 30 | 30 | 30 | |||||||||||||
Capital Expenditures | 0 | 0 | 0 | ||||||||||||||
Europe (UK) [Member] | Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 40 | 0 | 10 | ||||||||||||||
Europe (UK) [Member] | External Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 9,070 | 8,970 | 14,520 | ||||||||||||||
Mexico [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 3,870 | 3,270 | 3,650 | ||||||||||||||
Operating Profit (Loss) | (20) | (20) | 40 | ||||||||||||||
Depreciation and Amortization Expense | 110 | 120 | 120 | ||||||||||||||
Income Tax Expense (Benefits) | 0 | 80 | (210) | ||||||||||||||
Total assets | [1] | 4,690 | 3,990 | 4,690 | 3,990 | ||||||||||||
Assets Less Intersegment | [1] | 4,840 | 4,070 | 4,840 | 4,070 | ||||||||||||
Property and Equipment | 1,990 | 2,050 | 1,990 | 2,050 | |||||||||||||
Capital Expenditures | 60 | 50 | 40 | ||||||||||||||
Mexico [Member] | Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 1,390 | 1,610 | 2,040 | ||||||||||||||
Mexico [Member] | External Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 2,480 | 1,660 | 1,610 | ||||||||||||||
China [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 52,630 | 40,640 | 50,320 | ||||||||||||||
Operating Profit (Loss) | 3,280 | 4,090 | 4,690 | ||||||||||||||
Depreciation and Amortization Expense | 250 | 250 | 380 | ||||||||||||||
Interest Expense | 0 | 120 | 140 | ||||||||||||||
Income Tax Expense (Benefits) | 600 | 1,110 | 1,110 | ||||||||||||||
Total assets | [1] | 31,590 | 30,540 | 31,590 | 30,540 | ||||||||||||
Assets Less Intersegment | [1] | 16,970 | 18,440 | 16,970 | 18,440 | ||||||||||||
Property and Equipment | 1,920 | 2,050 | 1,920 | 2,050 | |||||||||||||
Capital Expenditures | 120 | 60 | 160 | ||||||||||||||
China [Member] | Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 35,510 | 25,830 | 36,190 | ||||||||||||||
China [Member] | External Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 17,120 | 14,810 | 14,130 | ||||||||||||||
Brazil [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Depreciation and Amortization Expense | 180 | 570 | 430 | ||||||||||||||
India [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Total assets | [1] | (850) | (1,360) | (850) | (1,360) | ||||||||||||
Assets Less Intersegment | [1] | 980 | 430 | 980 | 430 | ||||||||||||
Property and Equipment | 150 | 30 | 150 | 30 | |||||||||||||
Capital Expenditures | 140 | 20 | 0 | ||||||||||||||
Corporate [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | 1,600 | 1,760 | 1,710 | ||||||||||||||
Operating Profit (Loss) | (7,690) | (7,350) | (6,650) | ||||||||||||||
Interest Expense | 100 | 390 | 500 | ||||||||||||||
Income Tax Expense (Benefits) | 6,580 | 800 | 1,560 | ||||||||||||||
Total assets | [1] | 22,270 | 26,000 | 22,270 | 26,000 | ||||||||||||
Assets Less Intersegment | [1] | 21,340 | 16,920 | 21,340 | 16,920 | ||||||||||||
Property and Equipment | $ 1,180 | $ 750 | 1,180 | 750 | |||||||||||||
Capital Expenditures | 560 | 230 | 500 | ||||||||||||||
Corporate [Member] | Intersegment Sales [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net sales from continuing operations | $ 1,600 | $ 1,760 | $ 1,710 | ||||||||||||||
[1] | Negative assets reflect intersegment amounts eliminated in consolidation |
SEGMENT REPORTING (Details Text
SEGMENT REPORTING (Details Textual) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 150 | $ 901 | $ 200 |
UNAUDITED QUARTERLY RESULTS O66
UNAUDITED QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||||||
Net sales from continuing operations | $ 25,157 | $ 23,960 | $ 23,909 | $ 22,961 | $ 20,302 | $ 23,243 | $ 22,269 | $ 20,369 | $ 20,474 | $ 24,888 | $ 29,465 | $ 24,819 | $ 95,987 | $ 86,183 | $ 99,646 |
Gross profit from continuing operations | 9,902 | 9,053 | 8,690 | 8,558 | 7,752 | 8,519 | 8,590 | 6,776 | 6,011 | 9,248 | 11,795 | 9,279 | 36,203 | 31,637 | 36,333 |
Operating profit (loss) from continuing operations | 1,157 | 2,665 | 2,182 | 2,473 | 1,799 | 2,248 | 2,631 | 169 | (300) | 3,192 | 5,700 | 3,220 | 8,477 | 6,847 | 11,812 |
Net income (loss) from continuing operations | $ (4,919) | $ 1,806 | $ 1,842 | $ 1,711 | $ 946 | $ 1,513 | $ 1,431 | $ 3 | $ (78) | $ 2,120 | $ 3,588 | $ 2,160 | $ 440 | $ 3,893 | $ 7,790 |
Basic earnings per share from continuing operations (in dollars per share) | $ (0.64) | $ 0.23 | $ 0.25 | $ 0.24 | $ 0.13 | $ 0.21 | $ 0.2 | $ 0 | $ (0.01) | $ 0.29 | $ 0.5 | $ 0.31 | $ 0.06 | $ 0.54 | $ 1.09 |
Income from continuing operations | $ (0.64) | $ 0.23 | $ 0.25 | $ 0.23 | $ 0.13 | $ 0.21 | $ 0.2 | $ 0 | $ (0.01) | $ 0.29 | $ 0.5 | $ 0.3 | $ 0.06 | $ 0.53 | $ 1.07 |