Lakeland Industries, Inc. (LAKE) Earnings Call Transcript & Summary

Greetings. Welcome to the Lakeland Industries Annual Shareholder Meeting Conference Call. [Operator Instructions] Voting will be open to all shareholders throughout the duration of the meeting. Please use the link, vote my shares, and follow the prompts. Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. James Jenkins, President, CEO and Chairman of the Board. Jim, please go ahead.

This meeting is called to order. Ladies and gentlemen, welcome to the 2025 Annual Meeting of Stockholders of Lakeland Industries. We are excited to host today's meeting through this virtual online platform, which allows access to and participation in the annual meeting to all stockholders. While this meeting is virtual we welcome questions from our stockholders. You can submit questions in writing to the virtual meeting website during the annual meeting in the Q&A tab on the virtual platform. Please note that no questions will be taken on any other matter. We intend to answer as many questions that pertain to come matters as time allows during the meeting. Questions that are substantially similar may be grouped and were not answered to ensure we are able to answer questions in this virtual format. Please remember that you may vote your shares online at any time during this meeting prior to closing of the polls. My name is Jim Jenkins, I'm Chief Executive Officer, President and Chairman of the Board of Lakeland Industries. I'll act as Chairman of the meeting; and Roger Shannon, our Chief Financial Officer and Secretary, will act as secretary of the meeting. At this meeting, we will consider the election of 3 directors, the ratification of the selection of RSM US LLP to serve as our independent registered public accounting firm for fiscal year ending January 31, 2026, and the approval by a nonbinding advisory vote of the compensation of our named executive officers. First, I would like to introduce the officers and directors of Lakeland Industries, Inc. that are present at today's meeting: Roger Shannon, Chief Financial Officer and Secretary; our directors who are not up for reelection at this meeting, Marty Glavin, Jeff Schlarbaum, Ron Herring, Melissa Kidd. And finally, our 3 director nominees, Nikki Hamblin, Tom McAteer; and myself, Jim Jenkins. Also present via WebEx is [ Emily White ] who is the Inspector of Elections for the meeting. [indiscernible] from RSM, our independent registered public accounting firm, will be available by telephone. And if any stockholder who has not voted, will you please do so online at this time as voting will be open through the duration of the meeting. Please use the link, vote my shares, and follow the prompts. Pursuant from the authority vested in me by the Board of Directors of this company, I hereby direct that Emily White as an Inspector of Elections take an oath of office and make a poll of the stockholders represented at this meeting in person or by proxy.

Ms. White has taken an oath of office and has made a poll to the stockholders. The number of shares present in person and by proxy is 6,936,069 shares which is 72.93% of the 9,511,039 shares outstanding common stock of the company entitled to vote at this meeting.

I declare that a quorum is present and that this meeting is regularly and lawfully convened and ready to transact business. The first matter to come before this meeting is the election of 3 directors to each serve for a term of 3 years until the annual meeting stockholders in 2028 or until their respective successors are elected and qualified. The Board of Directors recommends the following nominees, which have been...

The Board of Directors recommends the following nominees, which have been approved by the Nominating and Governance Committee of our Board of Directors to serve for a term of 3 years until the Annual Meeting of Stockholders in 2028 or until their respective successors are chosen and qualified. Nikki Hamblin, Tom McAteer, and Jim Jenkins.

Are there any questions that have been submitted online with respect to the nominations?

I hereby move that the nominations be closed and second these nominations.

The inspector of election has advised me that the plurality of the votes has been cast with the nominated directors. The directors dominated for election at the meeting have been elected to serve for a term of 3 years until the next annual meeting of stockholders in 2028 or until their successor is chosen and qualified. The next matter to come before this meeting is the ratification of the selection of the company's Audit Committee of RSM US LLP, serve as the company's independent registered public accounting firm for the fiscal year ending January 31, 2026, as set forth in the proxy statement. May I have a motion.

I hereby recommend the ratification of the selection by the company's Audit Committee of RSM US LLP to serve as the company's independent registered public accounting firm for the fiscal year ending January 31, 2026. .

Are there any questions that have been submitted online with respect to this proposal?

I hereby move that the matter be closed and second the motion of Ms. Hamblin.

The inspector of election has advised me that a majority of the shares present in person or by proxy and entitled to vote on this proposal have cast votes in favor of the ratification of the selection of RSM US LLP as our company's independent registered public accounting firm for the fiscal year ending January 31, 2026. Next matter to come before the meeting is the approval on an advisory basis of the compensation of our named executive officers. Do I have a motion.

I hereby recommend the approval on an advisory basis of the compensation of our named executive officers.

Are there any questions that have been submitted online with respect to this proposal? .

I hereby move that the matter be closed and second the motion of Ms. Hamblin.

The Inspector of Election has advised me that a majority of the shares present in person or by proxy and entitled to vote on this proposal have cast votes in favor of the advisory vote on the compensation of our named executive officers. Are there any other questions that have been submitted online to be discussed at this meeting. There being no questions, I ask for a motion to adjourn.

I hereby move that this meeting be adjourned.

I second the motion to adjourn the meeting.

The meeting is adjourned.

This concludes today's conference, and you may disconnect at this time. Thank you for your participation.