MRO Magazine

/C O R R E C T I O N — Lakeland Industries, Inc./


May 18, 2015
By PRN NewsWire

In the news release, Lakeland Industries, Inc. Reports Fiscal 2015 Fourth Quarter and Year End Financial Results, issued 18-May-2015 by Lakeland Industries, Inc. over PR Newswire, we are advised by the company that in the table titled, “CONDENSED CONSOLIDATED BALANCE SHEETS” the value in the 2015 column for line, “Other liabilities – accrued legal fees in Brazil” should read 65, rather than 64,910 as originally issued inadvertently. The complete, corrected release follows:

Lakeland Industries, Inc. Reports Fiscal 2015 Fourth Quarter and Year End Financial Results

Company Expects Continued Improvements in Fiscal 2016 Operating Results

RONKONKOMA, N.Y., May 18, 2015 /PRNewswire/ — Lakeland Industries, Inc. (NASDAQ: LAKE), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced financial results for its fiscal 2015 fourth quarter and year end ended January 31, 2015. For financial reporting presentation purposes, the operating results in Brazil are excluded from many of the statements in this announcement because the Company’s commercial lender has excluded Brazil from most covenant calculations, as well as other factors, including the Company’s recent determination to exit Brazil. The Company’s Brazilian operations have resulted in significant losses for the past three years, the inclusion of which the Company believes distorts the analysis for the balance of the consolidated global businesses.

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Fiscal 2015 Fourth Quarter and Full Year Financial Results Highlights

— Revenue Growth — Q4 Sales worldwide were $26.5 million (“M”) this year and $22.2M last year, an increase of 19.4%. Excluding Brazil, sales were $25.3M this year compared with $20.4M last year, an increase of 24.0%. — Fiscal year 2015 sales were $99.7M and $91.4M last year, an increase of 9.1%. Worldwide sales, excluding Brazil, were $93.4M this year compared with $84.1M last year, an increase of 11.0%. — Margin Improvement and Expense Management — Q4 Gross margin worldwide was a record 37.5%, compared to 28.2% last year. Excluding Brazil, gross margin increased from 29.8% last year to 37.7% this year. — Gross margin this year was 33.9% compared with 27.2% last year. Excluding Brazil, gross margin was 33.9% this year and 29.9% last year. — Q4 Operating expenses worldwide increased by $1.1M and decreased as a percent of sales to 29.2% from 29.9% last year. Operating expenses for Lakeland worldwide, excluding Brazil, increased by $0.7M. — Significant Increases in Operating Income and Adjusted EBITDA* — Q4 Operating income increased to $2.2M from an operating loss of $(0.4)M last year. Excluding Brazil, operating income was $3.0M this year as compared with $0.3M last year. — Operating income in FY15 was $5.0M compared with a loss of $(0.4)M last year. Excluding Brazil, operating income was $7.0M in FY15 as compared to $4.0M for the same period last year. — Q4 Adjusted EBITDA worldwide this year was $2.9M vs. $1.4M last year. Excluding Brazil, Adjusted EBITDA was $3.5M this year vs. $1.6M last year. — Adjusted EBITDA for FY15 was $8.5M and $5.6M last year. Excluding Brazil, FY15 Adjusted EBITDA was $9.9M and $7.9M last year. — Net Income Growth — Net income this year included a non-cash charge of $2.0M, net of tax of $0.3M (or $0.35 per share net of tax), for early extinguishment of Subordinated Debt, $0.6M, net of tax of $0.4M (or $0.10 per share), for a non-cash charge for the equity compensation relating to the change in the performance level of the restricted stock plan to the maximum performance level, of $0.08 per share for tax on a dividend from China and various smaller foreign tax adjustments; the early extinguishment charge consisted of writing off original issue discount (“OID”) and unamortized fees. Net income further includes a $9.5M tax benefit in the US from a worthless stock deduction for Brazil (or $1.53 per share). Without Brazil and the above items, the EPS for FY15 would have been $0.78. — Q4 Net income this year includes a $9.5M tax benefit in the US from Brazil (or $1.35 per share), and Brazil losses of $(0.11) per share excluding this tax benefit. Q4 EPS without Brazil and excluding the tax benefit was $0.36. — Q4 Net income of $11.3M or $1.60 per share vs. net loss of $(1.6M) or $(0.27) per share last year. — Brazil net income this year was $6.7M including the $9.5M tax benefit or $1.08 per share (loss of $0.47 per share without tax benefit and without early extinguishment of debt of $0.02) compared with a net loss of $(6.0M) or $(1.05) per share last year. — Completed PIPE equity raise of $11.1M in Q3. — Balance Sheet Strengthened — Cash and equivalents decreased by 4.0% from $7.0M at end of Q3 this year to $6.8 M at end of Q4; such balances increased by 48.5% since beginning of fiscal year. — Paid off subordinated debt; Total debt reduced from beginning of year. This has been accretive to EPS by $0.04 for Q4 FY15 and is expected to add $0.16 in FY16 including subordinated debt payoff and reduction in the senior debt balances. — Stockholders’ Equity at end of fiscal 2015 increased by 42% from end of prior year.

*Includes non-GAAP measures – see table included herein for reconciliation to GAAP measures

Management’s Comments

Christopher J. Ryan, President and Chief Executive Officer of Lakeland Industries, stated, “Fiscal year 2015 was remarkable on many fronts, including significant progress in raising awareness of the Lakeland brand worldwide and improving our financial performance and fiscal health. Among our global initiatives, we announced our determination to exit Brazil which has been losing money for three years during which time it had caused material hardships throughout our Company. We believe we have found a way to exit this business, enhance our focus on the areas of growth throughout our otherwise expanding global operating footprint, and improve our overall financial performance.

“Lakeland Industries’ global consolidated sales excluding Brazil grew by 11% in fiscal 2015, with a 24% increase in the fourth quarter driven by sales in connection with the Ebola crisis for which we ramped up our capacity production. Ebola related sales activity aided in our efforts to more meaningfully break into the private and public sector healthcare market. Lakeland branded products were featured on numerous news reports as purchase orders were received from North American and European buyers. Beyond the traditional growth we have been experiencing, our sales in the fourth quarter relating to protective apparel used to combat the Ebola outbreak will similarly impact the first quarter of the present fiscal year.

“Reflecting our improving outlook, we were pleased to have raised $11.1 million in October through an offering of our common stock. The net proceeds from this offering were used to reduce debt. We ended fiscal 2015 by reducing our total debt by nearly 40% from the end of the prior year, including the elimination of some of our most expensive debt. In turn, the reduction of interest service will contribute to our efforts to improve profitability and cash flow. Lakeland Industries recorded sizable increases in cash flow or Adjusted EBITDA as well as net income, although these improvements were aided and sometimes partially offset by items which are one-time in nature primarily related to our exit from Brazil and early extinguishment of debt. The common denominators are that we ended the year in a materially improved financial condition and demonstrated the strength of our global product line and manufacturing capabilities.

“While Lakeland Industries does not provide specific guidance for its future financial results performance, we presently have sufficient visibility and confidence in delivering continued improved operating results in the current fiscal year which began February 1, 2015. We expect improved traction for our consolidated global businesses in fiscal 2016, excluding the discontinued operations in Brazil, with improved performance in sales, operating profit, net income and cash flow.”

Brazil Operations

As previously disclosed, the Company has determined to exit Brazil. As part of its exit strategy, a sale of the Brazilian operations to a current officer of its Brazilian subsidiary, subject to negotiation and entry into a definitive agreement, has been approved by the Company’s Board of Directors. The sale would involve the assumption of a substantial amount of liabilities by the buyer and additional funding from the Company. Any such sale or other action is subject to the approval of the Company’s senior lender, Alostar Bank of Commerce. Based upon management’s discussions with Alostar, the Company anticipates receiving formal approval from the bank in approximately 30 days.

The Company’s banking covenants are mainly based on world-wide adjusted EBITDA, excluding Brazil. Further, there is a covenant prohibiting any new cash investment or advances from the parent company into Brazil. The bank has structured this in a way that allows management the freedom to restructure in Brazil. Approval for the Company’s exit plan for Brazil is currently pending from its lender.

Commencing with its first fiscal quarter 2016 ended April 30, 2015, historical and future financial results from the Brazilian operations will be reflected as discontinued operations in accordance with Generally Accepted Accounting Principles (“GAAP”). Discontinued operations accounting will entail the reclassification of all of the financial results of the Brazil operations within the consolidated financial results of the parent company, and a restatement of prior periods to reflect the same treatment. The global operations of Lakeland Industries excluding Brazil will be shown in financial reports as Continuing Operations.

Operating Earnings and Adjusted EBITDA – Lakeland Consolidated with and without Brazil ————————————————————————————– Quarter Ended January 31, 2015 Quarter Ended January 31, 2014 —————————— —————————— Lakeland consolidated Brazil Lakeland worldwide Lakeland consolidated Brazil Lakeland worldwide excluding Brazil excluding Brazil Sales $26,524 $1,218 $25,306 $22,222 $1,814 $20,408 Year over Year growth 19.4% (32.9%) 24.0% — — — Gross Profit 9,942 409 9,533 6,249 170 6,079 Gross Margin 37.5% 33.6% 37.7% 28.2% 9.4% 29.8% Operating Expenses 7,732 1,219 6,513 6,638 838 5,800 Operating expense as % of sales 29.2% 100.1% 25.7% 29.9% 46.2% 28.4% Operating Income 2,210 (810) 3,020 (389) (668) 279 Less Other (income) Expenses mainly early extinguishment of debt 103 87 16 (204) (204) (204) Add Other Income 49 — 49 48 — 48 Add Depreciation and Amortization 305 48 257 381 75 306 — — — — — — EBITDA $2,667 $(675) $3,342 $(164) $(797) $633 —— —– —— —– —– —- Equity Compensation 130 — 130 19 — 19 Additional Brazil Severance and executive recruiter fee Additional Brazil Severance and executive recruiter fee — — 132 63 69 Brazil additional Foreign Exchange losses (gains) 70 70 — 204 204 204 Brazil additional inventory reserve unusual charge Brazil additional inventory reserve unusual charge — — 305 305 — Brazil Labor Litigation 210 210 — — — — Inventory reserve in USA and China- discontinued product lines raw material /finished goods Inventory reserve in USA and China- discontinued product lines raw material /finished goods — — 906 — 906 Early extinguishment of debt-fee writeoff /gain in Brazil (133) (133) — — — — —- —- ADJUSTED EBITDA $2,944 $(528) $3,472 $1,402 $(225) $1,627 —— —– —— —— —– —— Cash paid for taxes (foreign) 665 — 665 374 — 374 Capital expenditures 500 15 485 147 4 143 — — — — — — Free Cash Flow $1,779 $(543) $2,322 $881 $(229) $1,110 —— —– —— —- —– —— Numbers may not add due to rounding *This table is a reconciliation of GAAP to non-GAAP Financial Measures. **Brazil numbers, as presented in this table, include immaterial intercompany transactions.

Operating Earnings and Adjusted EBITDA – Lakeland Consolidated with and without Brazil — Year ended January 31, 2015 Year ended January 31, 2014 ————————— ————————— Lakeland consolidated Brazil Lakeland worldwide Lakeland consolidated Brazil Lakeland worldwide excluding Brazil excluding Brazil Sales 99,734 6,314 93,420 91,385 7,212 84,173 Year over Year growth 9.1% (12.5%) 11.0% — — — Gross Profit 33,712 2,013 31,698 24,833 (309) 25,142 Gross Margin 33.8% 31.9% 33.9% 27.2% (4.3%) 29.9% Operating Expenses 28,755 4,016 24,740 25,192 4,102 21,090 Operating expense as % of sales 28.8% 63.6% 26.5% 27.6% 56.9% 25.1% Operating Income 4,957 (2,002) 6,958 (359) (4,411) 4,052 Less Other (income) Expenses mainly early extinguishment of debt and labor litigation in Brazil in the current year and VAT tax in Brazil in prior year (2,419) (328) (2,094) 50 — 50 Add Other Income (125) 89 (214) -476 -476 -476 Add Depreciation and Amortization 1,335 227 1,109 1,607 329 1,278 —– — —– —– — —– EBITDA $3,748 $(2,014) $5,759 $822 $(4,558) $5,380 —— ——- —— —- ——- —— Equity Compensation 1,203 — 1,203 198 — 198 Additional Brazil Severance and executive recruiter fee Additional Brazil Severance and executive recruiter fee — — 286 186 100 Financing Fees in Other Expense (adjustments) Financing Fees in Other Expense (adjustments) — — 75 — 75 Qingdao plant shutdown costs and costs of sale Qingdao plant shutdown costs and costs of sale — — 480 — 480 Brazil additional Foreign Exchange losses 125 125 — 475 475 475 Brazil additional VAT tax charge 76 76 — 153 153 153 Brazil additional inventory reserve unusual charge Brazil additional inventory reserve unusual charge — — 1,464 1,464 — Brazil Labor Litigation 584 584 — — — — Change in accounting estimate- OH rates revised Change in accounting estimate- OH rates revised — — 354 — 354 Inventory reserve in USA and China- discontinued product lines raw material/finished goods 300 — 300 1,297 — 1,297 Severance and recruiter charges in USA 112 — 112 — — — PA plant shutdown costs 235 — 235 — — — Early extinguishment of debt – fee writeoff / gain in Brazil 2,162 (133) 2,295 — — — —– —- —– ADJUSTED EBITDA $8,545 $(1,362) $9,907 $5,604 $(2,280) $7,884 —— ——- —— —— ——- —— Cash paid for taxes (foreign) 1,763 — 1,763 1,331 — 1,331 Capital expenditures 905 30 875 829 83 746 — — — — — — Free Cash Flow $5,876 $(1,392) $7,269 $3,444 $(2,363) $5,807 —— ——- —— —— ——- —— Numbers may not add due to rounding *This table is a reconciliation of GAAP to non-GAAP Financial Measures. **Brazil numbers, as presented in this table, include immaterial intercompany transactions.

EARNINGS AND EPS: Quarter Quarter Ended January 31, 2015 Quarter Ended January 31, 2014 ————————- —————————— —————————— Lakeland consolidated Brazil Lakeland worldwide Lakeland consolidated Brazil Lakeland worldwide excluding Brazil excluding Brazil Operating Income 2,210 (810) 3,018 (389) (668) 281 Other (Expenses) Income 103 87 16 (204) (204) (204) Add Other Income 49 — 49 48 — 48 Interest expense (330) (158) (172) (816) (215) (601) pretax income 2,030 (881) 2,914 (1,359) (1,087) (272) Income tax expense (benefit) (9,252) (9,649) 397 251 — 251 Net income 11,282 8,768 2,517 (1,610) (1,087) (523) # shares for basic EPS (000s) 7,048 7,048 7,048 5,921 5,921 5,921 —– —– —– —– —– —– EPS as reported $1.601 $1.244 $0.357 $(0.272) $(0.184) $(0.088) —— —— —— ——- ——- ——- EPS adjustments Q4 FY 14: ————————- Q4 FY 14 – EPS effect of various inventory reserve items in USA and China $—– $—– $—– $0.104 $—– $0.104 Q4 FY 15 EPS effect of $9.5mm Brazil tax benefit in USA $(1.35) $(1.35) $—– $—– $—– $—– Q4 FY 14 – EPS effect of various Brazil charges – FX, inventory reserves $—– $—– $—– $0.097 $0.097 $—– —— —— —— —— —— —— Q4 EPS as adjusted-FY 15 and FY 14 $0.253 $(0.104) $0.357 $(0.071) $(0.087) $0.016 ———————————- —— ——- —— ——- ——- —— Year ended January 31, 2015 Year ended January 31, 2014 ————————— ————————— YTD: —- Operating Income 4,956 (2,002) 6,958 (359) (4,411) 4,052 Other (Expenses) Income (2,422) (328) (2,094) (476) (476) (476) Add Other Income (125) 89 (214) 50 — 50 Interest expense (2,352) (674) (1,678) (2,186) (1,082) (1,104) pretax income (loss) 57 (2,915) 2,974 (2,971) (5,969) 2,998 Income tax expense (benefit)* (8,337) (9,649) 1,312 (2,851) — (2,851) Net income 8,38 6,734 1,662 (120) (5,969) 5,849 # shares for basic EPS (000s) 6,214 6,214 6,214 5,689 5,689 5,689 —– —– —– —– —– —– EPS as reported $1.351 $1.084 $0.267 $(0.021) $(1.049) $1.028 —— —— —— ——- ——- —— EPS effect – FY 14 reversal of deferred tax valuation $4.5 mm $—– $—– $—– $(0.810) $—– $(0.810) FY 14 – EPS effect sale of Qingdao $—– $—– $—– $0.084 $—– $0.084 FY 14 – EPS effect of various Brazil charges – FX, inventory reserves $—– $—– $—– $0.400 $0.400 $—– EPS – tax charges for dividends from China in Q2 and Q3 $0.085 $—– $0.085 $—– $—– $—– FY 14 – EPS effect of various inventory reserve items in USA and China $—– $—– $—– $0.197 $—– $0.197 EPS – equity compensation cumulative change to maximum in Q3 $0.102 $—– $0.102 $—– $—– $—– EPS net effect of early extinguishment of debt $0.310 $(0.021) $0.331 $—– $—– $—– Q4 FY 15 EPS effect of $9.5mm Brazil tax benefit in USA $(1.529) $(1.529) $—– $—– $—– $—– ——- ——- —— —— —— —— EPS as adjusted – Fiscal years ended January 2015 and 2014 $0.320 $(0.467) $0.786 $(0.149) $(0.649) $0.499 —— ——- —— ——- ——- —— Numbers may not add due to rounding *This table is a reconciliation of GAAP to non-GAAP Financial Measures. **Brazil numbers, as presented in this table, include immaterial intercompany transactions. *The $9.5 million tax benefit from the Brazil worthless stock deduction while a US tax benefit, has been shown in the Brazil column since it is wholly derived from the Brazil losses. This table is intended to show worldwide operations excluding Brazil.

Financial Results Conference Call

Lakeland will host a conference call at 4:30 pm eastern today to discuss the Company’s fiscal 2015 fourth quarter and year-end financial results. The conference call will be hosted by Christopher J. Ryan, Lakeland’s Chief Executive Officer, and Gary Pokrassa, Lakeland’s Chief Financial Officer. Investors can listen to the call by dialing 888-347-6609 (Domestic) or 412-902-4291 (International) or 855-669-9657 (Canada), Pass Code 10063840.

For a replay of this call through May 25, 2015, dial 877-344-7529 (Domestic) or 412-317-0088 (International) or 855-669-9658 (Canada), Pass Code 10063840.

About Lakeland Industries, Inc.: Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company’s products are sold by a direct sales force and through independent sales representatives to a network of over 1,200 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, Lakeland supplies federal, state, and local government agencies, fire and police departments, airport crash rescue units, the Department of Defense, the Centers for Disease Control and Prevention, and many other federal and state agencies. For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. All statements, other than statements of historical facts, which address Lakeland’s expectations of sources or uses for capital or which express the Company’s expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. As a result, there can be no assurance that Lakeland’s future results will not be materially different from those described herein as “believed,” “projected,” “planned,” “intended,” “anticipated,” “estimated” or “expected,” or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company’s expectations or any change in events conditions or circumstances on which such statement is based.

Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP), the Company uses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA and consolidated income, excluding Brazil. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies.

For more information on the non-GAAP financial measures, please see the Reconciliation of GAAP to non-GAAP Financial Measures tables in this press release. These accompanying tables include details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except share data) January 31, ASSETS 2015 2014 —- —- Current assets (as restated) Cash and cash equivalents $6,762 $4,555 Accounts receivable, net of allowance for doubtful accounts of $525,200 and $588,800 at January 31, 2015 and 2014, respectively 14,166 13,795 Inventories 40,308 39,844 Deferred income taxes 1,144 4,707 Prepaid VAT tax 1,775 471 Other current assets 2,663 2,108 —– —– Total current assets 66,818 65,481 Property and equipment, net 11,688 12,069 Deferred income tax, noncurrent 13,101 Prepaid VAT and other taxes 173 124 Security deposits 113 404 Intangibles, prepaid bank fees and other assets, net 443 1,533 Goodwill 871 871 — — Total assets $93,208 $80,483 ======= ======= LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $8,415 $8,181 Accrued compensation and benefits 2,860 1,189 Other accrued expenses 2,559 1,440 Current maturity of long-term debt 50 50 Current maturity of arbitration settlement 1,000 1,000 Short-term borrowing 3,299 2,559 Borrowings under revolving credit facility 5,642 12,415 —– —— Total current liabilities 23,824 26,835 Accrued arbitration award in Brazil (net of current maturities) 2,870 3,759 Long-term portion of Canada loan 800 1,111 Subordinated debt, net of OID, including PIK interest —– 1,525 Other liabilities -accrued legal fees in Brazil 65 71 VAT taxes payable long term 2,393 2,706 —– —– Total liabilities 29,952 36,006 Stockholders’ equity Preferred stock, $.01 par; authorized 1,500,000 shares —– — (none issued) Common stock, $.01 par; authorized 10,000,000 shares, 74 57 issued 7,414,037 and 5,713,180; outstanding 7,057,596 and 5,356,739 at January 31, 2015 and 2014, respectively Treasury stock, at cost; 356,441 shares at January 31, 2015 and January 31, 2014 (3,352) (3,352) Additional paid-in capital 64,594 53,365 Accumulated deficit 4,654 (3,745) Accumulated other comprehensive loss (2,714) (1,849) —— —— Total stockholders’ equity 63,256 44,477 —— —— Total liabilities and stockholders’ equity $93,208 $80,483 ======= ======= Numbers may not add due to rounding

LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except share data) (Unaudited) Years Ended January 31, 2015 2014 —- —- Net sales $99,734 $91,385 Cost of goods sold 66,022 66,551 —— —— Gross profit 33,712 24,833 Operating expenses Selling and shipping 13,460 11,798 General and administrative 15,295 13,395 —— —— Total operating expense 28,755 25,192 —— —— Operating profit (loss) 4,957 (359) Foreign exchange loss in Brazil (125) (476) Other income (loss), of which $2,302,400 is from early extinguishment of debt (2,419) 50 Interest expense (2,352) (2,186) —— —— Income (loss) before income taxes 61 (2,971) — —— Benefit from income taxes (8,337) (2,851) —— —— Net income (loss) $8,399 $(120) ====== ===== Net income (loss) per common share: Basic $1.35 $(0.02) Diluted $1.33 $(0.02) ===== ====== Weighted average common shares outstanding: Basic 6,214,303 5,689,230 Diluted 6,325,525 5,689,230 Numbers may not add due to rounding

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CONTACT: Lakeland Industries, 631-981-9700, Christopher Ryan,CJRyan@lakeland.com, Gary Pokrassa, GAPokrassa@lakeland.com; DarrowAssociates, 631-367-1866, Jordan Darrow, jdarrow@darrowir.com

Web site: http://www.lakeland.com/