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McRAE INDUSTRIES, INC. REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 2026

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MOUNT GILEAD, N.C., June 15, 2026 /PRNewswire/ — McRae Industries, Inc. (Pink Sheets: MCRAA and MCRAB) reported consolidated net revenues for the third quarter of fiscal 2026 of $27,418,000 as compared to $30,870,000 for the third quarter of fiscal 2025. Net earnings for the third quarter of fiscal 2026 amounted to $858,000, or $0.38 per diluted Class A common share, as compared to $3,160,000, or $1.40 per diluted Class A common share, for the third quarter of fiscal 2025.

Consolidated net revenues for the first nine months of fiscal 2026 totaled $86,569,000 as compared to $87,120,000 for the first nine months of fiscal 2025. Net earnings for the first nine months of fiscal 2026 amounted to $3,262,000, or $1.45 per diluted Class A common share, as compared to net earnings of $6,059,000, or $2.68 per diluted Class A common share, for the first nine months of fiscal 2025.

THIRD QUARTER FISCAL 2026 COMPARED TO THIRD QUARTER FISCAL 2025

Consolidated net revenues totaled $27.4 million for the third quarter of fiscal 2026 as compared to $30.9 million for the third quarter of fiscal 2025. Sales related to our western/lifestyle boot products for the third quarter of fiscal 2026 totaled $19.7 million as compared to $20.2 million for the third quarter of fiscal 2025. This decrease in net revenues was mainly driven by a decrease in our Laredo brand. Revenues from our work boot products decreased from $8.7 million for the third quarter of fiscal 2025 to $7.9 million for the third quarter of fiscal 2026. This was primarily a result of decreased orders on military boots. Additionally, third quarter revenues for fiscal 2025 included $2.0 million in land sales through our affiliate American Mortgage Investment Company (AMIC).

Consolidated gross profit for the third quarter of fiscal 2026 amounted to approximately $6.9 million as compared to $9.8 million for the third quarter of fiscal 2025. Gross profit, as a percentage of net revenues, decreased from 31.7% for the third quarter of fiscal 2025 to 25.2% for the third quarter of fiscal 2026. Gross profit in the prior year was positively affected by $1.6 million from the land sale mentioned above. Our margins have also been negatively impacted by tariffs, as we paid $0.8 million in the third quarter for tariffs. Based on current information, we are seeking a refund for these tariff costs (as well as tariff costs for prior periods) but there can be no assurance we will receive any such refunds.

Consolidated selling, general and administrative expenses totaled approximately $6.1 million for the third quarter of fiscal 2026 as compared to $6.3 million for the third quarter of fiscal 2025. This decrease resulted primarily from decreased commissions, offset by an increase in marketing expenses.

As a result of the above, the consolidated operating profit for the third quarter of fiscal 2026 amounted to $0.8 million as compared to $3.5 million for the third quarter of fiscal 2025.

FIRST NINE MONTHS FISCAL 2026 COMPARED TO FIRST NINE MONTHS FISCAL 2025

Consolidated net revenues for the first nine months of fiscal 2026 totaled $86.6 million as compared to $87.1 million for the first nine months of fiscal 2025. Our western and lifestyle product sales totaled $63.8 million for the first nine months of fiscal 2026 as compared to $61.6 million for the first nine months of fiscal 2025. This increase in net revenues was driven by an increase in our Dan Post and Dingo brands, offset by a decrease in our Laredo and El Dorado brands. Net revenues from our work boot business decreased from $24.2 million for the first nine months of fiscal 2025 to $23.3 million for the first nine months of fiscal 2026. This decrease was in our Dan Post and Laredo work brands.

Consolidated gross profit totaled $22.1 million, or 25.6%, for the first nine months of fiscal 2026 as compared to $25.3 million, or 29.0%, for the first nine months of fiscal 2025. This decrease was not only driven by the land sale mentioned above, but also $3.0 million in tariffs paid in this fiscal year. Based on current information, we are seeking a refund for these tariff costs (as well as tariff costs for prior periods) but there can be no assurance we will receive any such refunds.

Consolidated selling, general and administrative expenses totaled approximately $19.5 million for the first nine months of fiscal 2026 as compared to $19.2 million for the first nine months of fiscal 2025. This increase resulted primarily from increased marketing expenses.

As a result of the above, the consolidated operating profit amounted to $2.6 million for the first nine months of fiscal 2026 as compared to $6.1 million for the first nine months of fiscal 2025.

On April 29th, 2026, McRae Industries, Inc. received a contract award from The United States Government DLA Troops Support for Airforce temperate weather boots. This contract has a 36 month ordering period with first delivery no later than 150 days from contract award. The estimated dollar amount for the award is $15,441,664.

Financial Condition and Liquidity

Our financial condition remained strong at May 2, 2026 as cash and cash equivalents totaled $20.6 million as compared to $31.6 million at August 2, 2025. Our working capital decreased from $85.9 million at August 2, 2025 to $72.5 million at May 2, 2026.

We currently have two lines of credit totaling $6.75 million, all of which was fully available at May 2, 2026. One credit line totaling $1.75 million (which is restricted to one hundred percent of the outstanding receivables due from the Government) expires in January 2027. Our $5.0 million line of credit, which also expires in January 2027, is secured by the inventory and accounts receivable of our Dan Post Boot Company subsidiary.

For the first nine months of fiscal 2026, operating activities provided approximately $4.5 million of cash. Net earnings, as adjusted for depreciation and other non-cash items, contributed approximately $3.2 million of cash. Increased accounts receivable and decreased employee benefits liabilities used approximately $2.0 million of cash. Decreased accounts payable and other assets provided approximately $2.5 million of cash.

Net cash used by investing activities totaled approximately $13.6 million, primarily due to the purchase of fixed assets and securities, offset by the sale of securities.

Net cash used in financing activities totaled $1.8 million, which was used primarily for dividend payments and the repurchase of stock.

We believe that our current cash and cash equivalents, cash generated from operations, and available credit lines will be sufficient to meet our capital requirements for the remainder of fiscal 2026.

Forward-Looking Statements

This press release includes certain forward-looking statements. Important factors that could cause actual results or events to differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements include: the effect of competitive products and pricing, the potential impact of tariffs on our business, uncertainties concerning the tariff refund program announced in March 2026, risks unique to selling goods to the Government (including variation in the Government’s requirements for our products and the Government’s ability to terminate its contracts with vendors), changes in fashion cycles and trends in the western boot business, loss of key customers, acquisitions, supply interruptions, additional financing requirements, our expectations about future Government orders for military boots, loss of key management personnel, our ability to successfully develop new products and services, and the effect of general economic conditions in our markets.

McRae Industries, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

May 2,
2026

August 2,
2025

ASSETS

Current assets: 

Cash and cash equivalents

$20,634

$31,593

Equity investments

9,383

8,730

Debt securities

4,963

6,786

Accounts receivable, net

18,945

17,836

Inventories, net

24,325

24,599

Income tax receivable

350

639

Prepaid expenses and other current assets

577

1,611

Total current assets

79,178

91,794

Property and equipment, net

8,824

5,274

Other assets:

Deposits

3

14

Right to Use Asset

1,174

1,589

Real estate held for investment

2,321

2,311

Debt securities

16,327

5,032

Trademarks

2,824

2,824

Total other assets

22,648

11,770

Total assets

$110,650

$108,838

 

McRae Industries, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

May 2,
2026

August 2,
2025

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities: 

Accounts payable

$3,577

$2,093

Accrued employee benefits

548

1,232

Accrued payroll and payroll taxes

973

823

Lease liability

555

555

Other

980

1,143

Total current liabilities

6,633

5,846

Lease liability

619

1,034

Deferred tax liabilities

382

382

Total liabilities

7,634

7,262

Shareholders’ equity:

Common Stock:

Class A, $1 par value; authorized 5,000,000 shares
   issued and outstanding, 1,888,332 and 1,892,793
   shares, respectively

1,888

1,893

Class B, $1 par value; authorized 2,500,000 shares;
   issued and outstanding, 361,904 and 362,977
   shares, respectively

362

363

Retained earnings

100,766

99,320

Total shareholders’ equity

103,016

101,576

Total liabilities and shareholders’ equity

$110,650

$108,838

 

McRae Industries, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data)

(Unaudited)

Three Months Ended

Nine Months Ended

May 2,

May 3,

May 2,

May 3,

2026

2025

2026

2025

Net revenues

$27,418

$30,870

$86,569

$87,120

Cost of revenues

20,520

21,077

64,420

61,859

Gross profit

6,898

9,793

22,149

25,261

Selling, general and administrative expenses

6,114

6,279

19,508

19,190

Operating profit 

784

3,514

2,641

6,071

Other income

427

271

1,869

1,733

Earnings before income taxes

1,211

3,785

4,510

7,804

Provision for income taxes

353

625

1,248

1,745

Net earnings 

$858

$3,160

$3,262

$6,059

Earnings per common share:

     Diluted earnings per share:

        Class A

0.38

1.40

1.45

2.68

        Class B

NA

NA

NA

NA

Weighted average number of common shares outstanding:

       Class A

1,892,499

1,895,011

1,892,695

1,895,893

       Class B

362,906

363,509

362,953

363,720

        Total

2,255,405

2,258,520

2,255,648

2,259,613

 

McRae Industries, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands, except share data)

(Unaudited)

Common Stock, $1 par value

Accumulated Other

Class A

Class B

Comprehensive

Retained

Shares

Amount

Shares

Amount

 Income (Loss)

 Earnings

Balance, August 3, 2024

1,896,334

$1,897

363,826

$364

$0

$94,805

Cash Dividend ($0.14 per  Class A common stock)

(265)

Cash Dividend ($0.14 per Class B common stock)

(51)

Net earnings

1,846

Balance, November 2, 2024

1,896,334

$1,897

363,826

$364

$0

$96,335

Cash Dividend ($0.84 per  Class A common stock)

(1,592)

Cash Dividend ($0.84 per Class B common stock)

(304)

Net earnings

1,053

Balance, February 1, 2025

1,896,334

$1,897

363,826

$364

$0

$95,492

Stock Buyback

(3,541)

(4)

(849)

(1)

(214)

Cash Dividend ($0.14 per  Class A common stock)

(266)

Cash Dividend ($0.14 per Class B common stock)

(51)

Net earnings

3,160

Balance, May 3, 2025

1,892,793

$1,893

362,977

$363

$0

$98,121

Common Stock, $1 par value

Accumulated Other

Class A

Class B

Comprehensive

Retained

Shares

Amount

Shares

Amount

 Income (Loss)

 Earnings

Balance, August 2, 2025

1,892,793

$1,893

362,977

$362

$0

$99,320

Cash Dividend ($0.14 per  Class A common stock)

(265)

Cash Dividend ($0.14 per Class B common stock)

(51)

Net earnings

1,449

Balance, November 1, 2025

1,892,793

$1,893

362,977

$362

$0

$100,453

Cash Dividend ($0.42 per  Class A common stock)

(795)

Cash Dividend ($0.42 per Class B common stock)

(152)

Net earnings

956

Balance, January 31, 2026

1,892,793

$1,893

362,977

$362

$0

$100,462

Stock Buyback

(4,461)

(4)

(1,073)

(1)

(238)

Cash Dividend ($0.14 per  Class A common stock)

(265)

Cash Dividend ($0.14 per Class B common stock)

(51)

Net earnings

858

Balance, May 2, 2026

1,888,332

$1,889

361,904

$361

$0

$100,766

 

McRae Industries, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine Months Ended

May 2,

May 3,

2026

2025

Cash Flows from Operating Activities:

Net earnings

$3,262

$6,059

Adjustments to reconcile net earnings to net cash used in operating activities

1,214

(3,810)

Net cash provided in operating activities

4,476

2,249

Cash Flows from Investing Activities:

Proceeds from sale of land

2,010

Purchase of land

(10)

Proceeds from sale of fixed assets

263

Capital expenditures

(4,125)

(669)

Purchase of securities

(14,079)

(2,216)

Proceeds from sale of securities

4,600

9,509

Net cash used in investing activities

(13,614)

8,897

Cash Flows from Financing Activities:

Repurchase company stock

(243)

(219)

Dividends paid

(1,578)

(2,529)

Net cash used in financing activities

(1,821)

(2,748)

Net (Decrease) Increase in Cash and Cash equivalents

(10,959)

8,398

Cash and Cash Equivalents at Beginning of Year

31,593

20,723

Cash and Cash Equivalents at End of Period

$20,634

$29,121

 

View original content:https://www.prnewswire.com/news-releases/mcrae-industries-inc-reports-earnings-for-the-third-quarter-and-first-nine-months-of-fiscal-2026-302800719.html

SOURCE McRae Industries, Inc.

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RefrigiWear® Unveils New Heated PPE System at ASSP Safety26 Expo

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ANAHEIM, Calif., June 15, 2026 /PRNewswire/ — RefrigiWear®, the leading manufacturer of insulated PPE and workwear for the global cold chain, announced the new ThermaSync™ Jacket and ThermaSync™ Glove, an integrated heated workwear system designed to keep workers warm, productive and protected even in temperatures down to -15°F.

ThermaSync™ combines heating technology with a completely unique connection to deliver warmth from core to fingertips.

The new products will debut at the ASSP Safety26 Conference & Expo, June 15–17, in Anaheim, California.

Connected Warmth from Core to Fingertips

ThermaSync™ combines battery-powered heating technology with industrial-grade durability and a completely unique connection between the products to deliver synchronized warmth from core to fingertips.

“Cold environments create real challenges for workers, affecting comfort, dexterity, productivity and job performance. Worn together, ThermaSync™ products create a connected system that maintains consistent warmth across the body and hands,” says RefrigiWear CEO Ryan Silberman.

The result is an innovative solution for insulated PPE that helps workers stay safe, comfortable and focused on the job.

ThermaSync™ Jacket

Even before powering up, the ThermaSync™ Jacket is insulated for protection in temperatures down to -15°F. Heating elements across the chest and back, plus high- and low-heat settings, let workers adjust warmth as activity levels or conditions change.

The jacket features durable abrasion-resistant, water-resistant materials, multiple pockets and an adjustable hem to block cold drafts, along with one rechargeable lithium-ion battery pack that provides up to 8 hours of heat per charge.

ThermaSync™ Glove

Also insulated for -15°F temperatures, the ThermaSync™ Glove uses magnetic connectors to draw power from the ThermaSync™ Jacket, delivering extra warmth across the back of the hand and fingers. This unique connector amplifies cold protection to your hands because if your hands are cold, it is hard to focus on anything else.

A waterproof design and grip-enhancing synthetic leather palm support secure material handling. Touchscreen-capable thumb, index and middle fingers let workers use screens without exposing hands to cold temperatures.

Experience ThermaSync™ at Safety26

ASSP Safety26 attendees are invited to visit RefrigiWear Booth #4415 for demonstrations of the ThermaSync™ Jacket and ThermaSync™ Glove.

About RefrigiWear

Founded in 1954 by Myron Breakstone, RefrigiWear makes the toughest workwear for the toughest workers and for the coldest conditions. With a long history rooted in real-world experience, RefrigiWear understands the challenges of working in extreme cold, helping the company deliver high-quality insulated workwear that stands up to the coldest, dirtiest, harshest conditions imaginable. Learn more at RefrigiWear.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/refrigiwear-unveils-new-heated-ppe-system-at-assp-safety26-expo-302800795.html

SOURCE REFRIGIWEAR

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PSignite, the company behind the CPGvision platform, is recognized by The Silicon Review as one of the Most Reputable Companies of the Year 2026

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NEW YORK, June 15, 2026 /PRNewswire/ — PSignite, a leading provider of innovative software solutions in the trade and revenue management space, today announced that it has received The Silicon Review’s Most Reputable Companies of the Year 2026 award. Click the link below for the interview with PSignite CEO, Jon Flaherty.

https://thesiliconreview.com/magazine/profile/why-tpm-and-rgm-success-depends-on-adoption-not-just-software 

About PSignite

PSignite is a leading provider of advanced software solutions for the consumer packaged goods industry. With a focus on utilizing artificial intelligence and machine learning to help companies optimize their trade promotion funds and grow revenue profitably, PSignite offers innovative platforms designed to streamline processes and deliver actionable insights. For more information, visit cpgvision.com.

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SOURCE PSignite

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GateKeeper to Showcase Proximity-Based Identity Access for Shared Workstations at Identiverse 2026

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GateKeeper will showcase its proximity-based passwordless MFA and identity access platform at Identiverse 2026 at Booth #113, highlighting how it helps mission-critical industries secure shared workstations without slowing down frontline workflows. The press release positions GateKeeper as a solution for improving identity assurance, user accountability, audit visibility, and frictionless access across manufacturing, healthcare, law enforcement, and other high-security environments.

LAS VEGAS, June 15, 2026 /PRNewswire-PRWeb/ — Untethered Labs, Inc., creator of GateKeeper Proximity, today announces that it will showcase GateKeeper Proximity and GateKeeper IDP at Identiverse 2026, taking place June 15–17 at Mandalay Bay in Las Vegas. Attendees can visit GateKeeper at Booth #113 for live demonstrations focused on passwordless workstation access, shared workstation accountability, and stronger identity assurance for mission-critical environments.

” At Identiverse, we are showing how GateKeeper extends passwordless MFA and identity assurance to the frontline environments where speed, accountability, and security all have to work together.” Siddharth Pothbare.

GateKeeper is addressing a persistent identity challenge for organizations where shared workstations, fast user switching, operational uptime, and auditability all matter. While many organizations have invested in cloud SSO, MFA, and identity governance, shared endpoint environments remain difficult to secure without adding friction to daily workflows.

Manufacturing floors, healthcare clinics, law enforcement facilities, and other high-throughput operations often require multiple users to access the same endpoint throughout the day. In these environments, long passwords, shared credentials, frequent password resets, and incomplete user traceability can create both security risk and productivity drag. GateKeeper helps organizations reduce reliance on passwords while tying workstation access events back to the individual user.

GateKeeper combines proximity-based authentication with centralized access management and identity provider capabilities. Users can authenticate with a GateKeeper token, supported NFC/RFID badge, or mobile credential, helping organizations enforce consistent MFA while maintaining a fast and familiar user experience. The result is stronger identity assurance from the workstation to applications, without forcing frontline teams into slower or more disruptive login processes.

“Identity programs have made major progress in the cloud, but shared workstations remain one of the hardest environments to secure without disrupting operations,” said Siddharth Pothbare, CEO at Untethered Labs. “At Identiverse, we are showing how GateKeeper extends passwordless MFA and identity assurance to the frontline environments where speed, accountability, and security all have to work together.”

At Booth #113, GateKeeper will demonstrate how organizations can:

Replace shared passwords with token, badge, or mobile-based passwordless authentication.Tie workstation access events to individual users, even in shared workstation environments.Enforce phone-free MFA consistently across mission-critical endpoints and applications.Improve workflow speed for operators, clinicians, officers, and frontline staff.Generate clean audit logs that support compliance, investigations, and access reviews.Extend identity assurance from workstation login to downstream application access through GateKeeper IDP capabilities.

GateKeeper’s approach has already helped mission-critical organizations reduce login friction while improving security and accountability. In one customer deployment, Major Tool & Machine reported significant time savings compared to conventional authentication methods.

“While conventional two-factor authentication methods could have cost the company over 240 hours of login time for 14,000 logins in one month, GateKeeper took only 20 hours of time to log in. GateKeeper made the computers secure, and cost 90% less in time as compared to any other authentication method.” — Tom Riddle, Network Administrator, Major Tool & Machine

About Untethered Labs, Inc.

Untethered Labs, Inc. is the creator of GateKeeper Proximity (https://gkaccess.com) a passwordless authentication and access management platform designed for environments where security, speed, and accountability are critical. GateKeeper helps organizations secure workstation access, enforce MFA, streamline user authentication, and maintain audit visibility across shared and dedicated endpoint environments.

Media Contact

GateKeeper Proximity, Untethered Labs, Inc., 1 2405475446, info@gkaccess.com, www.gkaccess.com 

Twitter, LinkedIn

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SOURCE Untethered Labs, Inc.

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