RONKONKOMA, N.Y.,
Sept. 14, 2016 /PRNewswire/ -- Lakeland Industries, Inc.
(NASDAQ: LAKE) (the "Company" or "Lakeland"), 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 2017 second quarter
ended July 31, 2016.
For financial reporting presentation purposes, the operating
results in Brazil are excluded
from many of the statements in this announcement because the
Company's transfer of the stock of its Brazilian subsidiary has
resulted in discontinued operations accounting. Commencing with its
first fiscal quarter 2016 ended April 30,
2015, historical and future financial results from the
Brazilian operations are reflected as discontinued operations in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"). Discontinued operations accounting entails the
reclassification of all of the financial results of the
Brazil operations within the
consolidated financial results of the Company. The global
operations of Lakeland Industries, Inc. excluding Brazil are shown in financial reports as
continuing operations. All statements and information in this
announcement have been presented or are restated to exclude
Brazil, except where noted. On
July 31, 2015, the Company completed
a conditional closing of the transfer of all of the stock of its
then wholly-owned Brazilian subsidiary ("Lakeland Brazil"), to Zap
Comércio de Brindes Corporativos Ltda (the "Transferee"), a company
owned by a then existing Lakeland Brazil manager. This transfer is
pursuant to a Shares Transfer Agreement entered into on
June 19, 2015. The transactions
contemplated by the Shares Transfer Agreement, which were deemed to
have been consummated as of July 31,
2015, were completed in October
2015. Pursuant to the Shares Transfer Agreement, the
Transferee has acquired all of the shares of Lakeland Brazil owned
by the Company.
Fiscal 2017 Second Quarter Financial Results
Highlights
"FROM CONTINUING OPERATIONS, UNLESS OTHERWISE NOTED"
- Consolidated revenues of $22.3
million increased over 9% from $20.4
million in first quarter of fiscal 2017
- Net income increases to $1.4
million from breakeven in first quarter
- Decline in year-over-year revenues and net income reflects
emergency demand in the prior year that was absent this year, the
global economic slowdown particularly for the oil and gas sector,
and currency declines in fiscal 2017 as compared to same period in
fiscal 2016 which reduces revenues reported on a consolidated GAAP
basis in US dollars
- Gross margin as a percentage of sales in 2Q17 increased
sequentially by 5.3 percentage points from 1Q17, which increased
sequentially from the fourth quarter by 4 percentage points
- Consolidated gross profit and margin for 2Q17 declined from
prior year on lower volume and absence of higher margin emergency
product orders
- Operating expenses reduced by nearly 10% from the first
quarter, and declined as a percentage of sales to 26.8% from
32.4%
- Positive cash flow from operations brings cash at end of
quarter to $7.9 million from
$7.0 million at beginning of fiscal
year
- Debt reduced by 35% or $3.3
million from the beginning of the fiscal year
- Authorized $2.5 million stock
repurchase program
Management's Comments
Christopher J. Ryan, President
and Chief Executive Officer of Lakeland Industries, stated, "Our
performance in the second quarter of fiscal 2017 continued the
momentum we began to experience in the first quarter of the
year. Although there has been economic challenges and
sluggishness in the industrial sectors around the world for over a
year, particularly for the oil and gas markets, we have been
successful in positioning Lakeland industries for its next phase of
growth. We have been implementing initiatives intended to
drive market shares gains and expand our vertical reach. In
turn, given the leverage we have in our business, our goal is to
improve both sales and profitability.
"An integral component of our plan to drive growth in revenues
and profits is the targeting of new vertical markets and key
multinational and government-related users to attain market share,
which may also bring an ancillary benefit of further elevating the
increasing recognition of our global brand. This strategy has
been delivering results. Second quarter sales increased by
over 9% from the first quarter of the fiscal year, which is quite
encouraging considering the continued industrial sector
headwinds. Gross margin as a percentage of sales increased
for the second consecutive sequential quarter with each period
having only modest changes in currency valuations and global
business conditions while none of these periods benefitted from
sales of higher margin emergency product orders which skews
year-over-year comparisons. Consolidated operating profit increased
from $170,000 in the first quarter to
over $2.6 million in the second
quarter. This improvement demonstrates the leverage in our
model, effective management of expenses, and our top line
growth.
"Our organic sales expansion capitalizes on investments being
made to penetrate new markets and the introduction of these
products to take market share in some of the more developed regions
we serve. Impressive progress has been made in the traction
for our fire and electrical arc safety and reflective apparel which
are being heavily marketed to government sector, utility and
specialty distribution customers.
"As we have stated -- and which has been evident thus far in
fiscal 2017 -- our growth strategies are expected to result in
increased sales despite any pressure from global economic
conditions, currency fluctuations, or the pullback in the oil and
gas sector which impacts about 10% of our business. Based on
our solid results in the second quarter and the traction of our
growth initiatives, we are confident in our future.
Reflecting this outlook, the Company has authorized a $2.5 million stock repurchase program as we
believe the acquisition of Lakeland stock is an attractive
investment in the current market and an appropriate use of our cash
given our view of solid cash flow generation."
Fiscal 2017 Second Quarter Financial Results
Net sales from continuing operations decreased 24% to
$22.3 million for the three months
ended July 31, 2016 compared to
$29.5 million for the three months
ended July 31, 2015, but increased by
over 9% from $20.4 million in the
first quarter of fiscal 2017. As compared to the year earlier
period, overall sales volume was reduced due to global softness in
the industrial sector partially resulting from a continuing
downturn in the oil and gas industry, as well as currency headwinds
in several of the foreign countries in which the Company has
operations. On a consolidated basis in US currency for the
second quarter of fiscal 2017, domestic sales were $11.8 million or 53% of total revenues and
international sales were $10.5
million or 47% of total revenues. This compares
with domestic sales of $18.5 million
or 63% of the total and internationals sales of $11.0 million or 37% of the total in the same
period of fiscal 2016.
Sales in the USA decreased by
35% to $12.6 million from
$19.5 million in the year-ago period
due primarily to the strong sales levels in the disposables and
chemical divisions related to the Company's response to the bird
flu pandemic in the second quarter of the prior year and a soft
market in the industrial sector in 2Q17. USA sales of disposables decreased by
$3.1 million, chemical sales
decreased $3.9 million, wovens and
fire protection sales combined were level, while glove sales
decreased $0.2 million and reflective
sales increased $0.2
million.
Among the Company's larger international operations, sales in
China and to the Asia Pacific Rim
were down 28% or $4.4 million, amid
decreased intercompany sales and moderate currency headwinds.
Canada sales increased by 27% or
$0.5 million, as that country
benefited from the effective implementation of market share
attainment strategies and the continued unexpected oil and gas
turnaround. The sales volume in Canada set a new company record. UK
sales decreased by $0.8 million or
23% mostly due to the Company's Ebola-related sales in fiscal 2016
second quarter and continuing currency challenges. Sales in
Russia and Kazakhstan decreased by $0.1 million or 22% as the regional economies
continue to struggle due to energy industry weakness and amid very
tough currency challenges as the currency depreciated 88% in
Kazakhstan and 8% in Russia during the last year.
Latin America sales decreased
$0.5 million or 34% due to a
depressed commodities market which curtails agriculture and mining
production and due to the poor economic and/or political
environments which impacts spending in certain regions.
As compared to the first quarter of fiscal 2017, second quarter
sales decreased 1.7% or $0.2 million
in the USA, were up 37.3% or
$3.1 million in China and to the Asia Pacific Rim, increased
by 15.3% or $0.3 million in
Canada, increased by $0.3 million or 11.7% in the UK, decreased by
$0.1 million or 22.3% in Russia and Kazakhstan, and increased by $0.2 million or 29.2% in Latin America.
Gross profit decreased $3.2
million, or 27%, to $8.6
million for the three months ended July 31, 2016, from $11.8
million for the three months ended July 31, 2015. Gross profit as a percentage
of net sales decreased to 38.6% for the three months ended
July 31, 2016, from 40.0% for the
three months ended July 31, 2015, but
increased from 33.3% from the first quarter of fiscal 2017 ended
April 30, 2016. Gross margins for
disposable products, the Company's largest product line, improved
5.4 percentage points in spite of the lower year-over-year volume
as the Company continues to contain costs and maximize production
efficiency. Major factors driving the year-over-year changes
in gross margins include Chemical protective apparel line gross
margins decreasing by 22.7% percentage points as compared to the
same quarter in the previous year primarily due to the very high
volume and high margins associated with the Company's response to
the bird flu pandemic and a 12.7 percentage point increase in Woven
products gross margin due to cost controls and manufacturing
efficiencies.
Operating expenses decreased to $6.0
million for the three months ended July 31, 2016 from $6.6
million for the three months ended April 30, 2016, and $6.1
million for the three months ended July 31, 2015. Operating expenses as a
percentage of net sales was 26.8% for the second quarter of fiscal
2017 as compared with 32.4% for the first quarter of fiscal 2017
and 20.7% in the second quarter of last year. The main
factors for the decrease in operating expenses from the year
earlier quarter are reduced sales commission of $0.4 million and lower equity compensation and
professional services fees, partially offset by a $0.3 million charge relating to currency
fluctuations and other small increases. The reduced expense
level from the first quarter of the current fiscal year resulted
from operational cost containment initiatives.
Operating profit was $2.6 million
for the three months ended July 31,
2016, up from $0.2 million in
the quarter ended April 30, 2016 and
down from $5.7 million for the
quarter ended July 31, 2015.
The reduction from the year ago period was mainly a result of lower
sales volume. As compared to the first quarter of fiscal
2017, the improvement in operating profits is attributable to
higher sales and reduced operating expenses. Operating
margins were 11.8% for the three months ended July 31, 2016, compared to 19.3% for the year ago
period and 0.8% for the three months ended April 30, 2016.
Net income was $1.4 million for
the three months ended July 31, 2016,
up from $0.0 million in the first
quarter of fiscal 2017 and down from $3.6
million for the three months ended July 31, 2015. The results for the three months
ended July 31, 2016 as compared with
the same period of 2015 are primarily due to lower sales volume and
gross margin.
As of July 31, 2016, Lakeland had
cash and cash equivalents of approximately $7.9 million and working capital of $45.9 million. Cash and cash equivalents
increased $900,000 from the beginning
of the fiscal year. The Company's $15
million revolving credit facility had $6.2 million of borrowings outstanding as of
July 31, 2016, with availability of
$8.8 million. The borrowings
under the credit facility have been reduced by approximately
$3.3 million since the beginning of
the fiscal year.
Financial Results Conference Call
Lakeland will host a conference call at 4:30 pm eastern today to discuss the Company's
fiscal 2017 second quarter financial results. The call will be
hosted by Christopher J. Ryan,
Lakeland's President and CEO, and Teri W.
Hunt, 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).
For a replay of this call through September 21, 2016, dial 877-344-7529 (Domestic)
or 412-317-0088 (International) or 855-669-9658 (Canada), Pass Code 10091925.
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 Free Cash Flow. 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.
Operating Results as
Restated for Discontinued Operations ($000)
Reconciliation to
GAAP Results
|
|
Quarter Ended
July 31, 2016
|
Quarter Ended
July 31, 2015
|
Net sales from
continuing operations
|
$22,269
|
$29,465
|
Year over year
growth
|
(24.4%)
|
29.2%
|
Gross profit from
continuing operations
|
8,590
|
11,795
|
Gross profit
%
|
38.6%
|
40.0%
|
Operating expenses
from continuing operations
|
5,959
|
6,095
|
Operating expenses as
a percentage of sales
|
26.8%
|
20.7%
|
Operating income from
continuing operations
|
2,631
|
5,700
|
Operating income as a
percentage of sales
|
11.8%
|
19.3%
|
Interest expense from
continuing operations
|
175
|
210
|
Other income from
continuing operations
|
(35)
|
-----
|
Pretax income from
continuing operations
|
2,421
|
5,490
|
Income tax expense
from continuing operations
|
990
|
1,902
|
Net income from
continuing operations
|
1,431
|
3,588
|
Non-cash
reclassification of Other Comprehensive Income to
Statement of Operations with no impact on stockholders'
equity
|
-----
|
(1,286)
|
Loss from
discontinued operations
|
-----
|
(837)
|
Loss before taxes for
discontinued operations
|
-----
|
(2,123)
|
Income tax benefit
from discontinued operations
|
-----
|
(569)
|
Net loss from
discontinued operations
|
-----
|
(1,554)
|
Net income
|
$1,431
|
$2,034
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,254,999
|
7,145,418
|
Net income per share
from continuing operations
|
$0.20
|
$0.50
|
Net loss per share
from discontinued operations
|
-----
|
$(0.22)
|
Net income per
share
|
$0.20
|
$0.28
|
|
|
|
Operating income from
continuing operations
|
$2,631
|
$5,700
|
Depreciation and
amortization
|
317
|
228
|
Other income from
continuing operations
|
(35)
|
-----
|
EBITDA from continuing
operations
|
2,913
|
5,928
|
Equity
Compensation
|
(52)
|
127
|
USA
severance
|
152
|
-----
|
Adjusted
EBITDA
|
3,013
|
6,055
|
Cash paid for taxes
(foreign)
|
460
|
391
|
Capital
expenditures
|
16
|
167
|
Free cash
flow
|
$2,537
|
$5,497
|
Operating Results as
Restated for Discontinued Operations ($ 000)
Reconciliation to
GAAP Results
|
|
Six-Months
Ended
July 31, 2016
|
Six-Months
Ended
July 31, 2015
|
Net sales from
continuing operations
|
$42,638
|
$54,284
|
Year over year
growth
|
(22.1)%
|
21.8%
|
Gross profit from
continuing operations
|
15,366
|
21,073
|
Gross profit
%
|
36.0%
|
38.8%
|
Operating expenses
from continuing operations
|
12,566
|
12,154
|
Operating expenses as
a percentage of sales
|
29.5%
|
22.4%
|
Operating income from
continuing operations
|
2,800
|
8,919
|
Operating income as a
percentage of sales
|
6.6%
|
16.4%
|
Interest expense from
continuing operations
|
373
|
393
|
Other (income)
expense from continuing operations
|
(27)
|
16
|
Pretax income from
continuing operations
|
2,400
|
8,542
|
Income tax expense
from continuing operations
|
966
|
2,794
|
Net income from
continuing operations
|
1,434
|
5,748
|
Non-cash
reclassification of Other Comprehensive Income to
Statement of Operations with no impact on stockholders'
equity
|
-----
|
(1,286)
|
Loss from
discontinued operations
|
-----
|
(1,768)
|
Loss before taxes for
discontinued operations
|
-----
|
(3,054)
|
Income tax benefit
from discontinued operations
|
-----
|
(569)
|
Net loss from
discontinued operations
|
-----
|
(2,485)
|
Net income
|
$1,434
|
$3,263
|
|
|
|
Weighted average
shares for EPS-Basic
|
7,254,585
|
7,104,471
|
Net income per share
from continuing operations
|
$0.20
|
$0.81
|
Net loss per share
from discontinued operations
|
-----
|
$(0.35)
|
Net income per
share
|
$0.20
|
$0.46
|
|
|
|
Operating income from
continuing operations
|
$2,800
|
$8,919
|
Depreciation and
amortization
|
604
|
474
|
Other (income)
expense from continuing operations
|
(27)
|
16
|
EBITDA from continuing
operations
|
3,377
|
9,409
|
Equity
Compensation
|
78
|
255
|
USA
severance
|
461
|
-----
|
Adjusted
EBITDA
|
3,916
|
9,664
|
Cash paid for taxes
(foreign)
|
592
|
995
|
Capital
expenditures
|
46
|
474
|
Free cash
flow
|
$3,278
|
$8,195
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
ASSETS
|
July 31,
|
January
31,
|
|
2016
|
2016
|
Current
assets
|
($000's)
|
Cash and cash
equivalents
|
$7,940
|
$7,022
|
Accounts receivable,
net of allowance for doubtful accounts of $573
and $593 at July 31, 2016 and January 31, 2016,
respectively
|
11,978
|
11,476
|
Inventories, net of
allowance of $2,355 and $2,566 at July 31, 2016
and January 31, 2016, respectively
|
39,239
|
40,841
|
Deferred income
taxes
|
1,171
|
1,555
|
Prepaid VAT
tax
|
1,430
|
1,143
|
Other current
assets
|
2,925
|
1,635
|
Total current
assets
|
64,683
|
63,672
|
Property and
equipment, net
|
8,810
|
9,268
|
Assets held for
sale
|
1,051
|
1,101
|
Deferred income tax,
noncurrent
|
12,783
|
12,783
|
Prepaid VAT and other
taxes
|
377
|
377
|
Security
deposits
|
111
|
93
|
Other
assets
|
8
|
95
|
Goodwill
|
871
|
871
|
Total
assets
|
$88,694
|
$88,260
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$6,616
|
$4,254
|
Accrued compensation
and benefits
|
995
|
1,157
|
Other accrued
expenses
|
1,763
|
1,813
|
Current maturity of
long-term debt
|
50
|
50
|
Short-term
borrowing
|
3,232
|
3,226
|
Borrowings under
revolving credit facility
|
6,160
|
9,458
|
Total current
liabilities
|
18,816
|
19,958
|
Long-term portion of
debt
|
731
|
691
|
VAT taxes
payable
|
8
|
95
|
Total
liabilities
|
19,555
|
20,744
|
Stockholders'
equity
|
|
|
Preferred stock, $0.01
par; authorized 1,500,000 shares (none issued)
|
-----
|
-----
|
Common stock, $0.01
par; authorized 10,000,000 shares, Issued 7,612,638
and 7,610,603; outstanding 7,256,197 and 7,254,162 at July 31, 2016
and
January 31, 2016, respectively
|
76
|
76
|
Treasury stock, at
cost; 356,441 shares at July 31, 2016 and January 31,
2016
|
(3,352)
|
(3,352)
|
Additional paid-in
capital
|
64,543
|
64,468
|
Retained
earnings
|
9,942
|
8,508
|
Accumulated other
comprehensive loss
|
(2,070)
|
(2,184)
|
Total stockholders'
equity
|
69,139
|
67,516
|
Total liabilities and
stockholders' equity
|
$88,694
|
$88,260
|
LAKELAND INDUSTRIES,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
July 31,
|
July 31,
|
|
($000's)
except for share
information
|
($000's)
except for share
information
|
|
2016
|
2015
|
2016
|
2015
|
Net sales from
continuing operations
|
$22,269
|
$29,465
|
$42,638
|
$54,284
|
Cost of goods sold
from continuing operations
|
13,679
|
17,670
|
27,272
|
33,211
|
Gross profit from
continuing operations
|
8,590
|
11,795
|
15,366
|
21,073
|
Operating expenses
from continuing operations
|
5,959
|
6,095
|
12,566
|
12,154
|
Operating profit from
continuing operations
|
2,631
|
5,700
|
2,800
|
8,919
|
Other income (loss),
net from continuing
|
(35)
|
-----
|
(27)
|
16
|
operations
|
|
|
|
|
Interest expense from
continuing operations
|
175
|
210
|
373
|
393
|
Income before taxes
from continuing operations
|
2,421
|
5,490
|
2,400
|
8,542
|
Income tax expense
from continuing operations
|
990
|
1,902
|
966
|
2,794
|
Net income from
continuing operations
|
$1,431
|
$3,588
|
$1,434
|
$5,748
|
Non-cash
reclassification of Other Comprehensive Income
to Statement of Operations (no impact on stockholders'
equity)
|
-----
|
(1,286)
|
-----
|
(1,286)
|
Loss from operations
from discontinued operations
|
-----
|
(322)
|
-----
|
(1,253)
|
Loss from disposal of
discontinued operations
|
-----
|
(515)
|
-----
|
(515)
|
Loss before taxes for
discontinued operations
|
-----
|
(2,123)
|
-----
|
(3,054)
|
Income tax benefit
from discontinued operations
|
-----
|
(569)
|
-----
|
(569)
|
Net loss from
discontinued operations
|
-----
|
(1,554)
|
-----
|
(2,485)
|
Net income
|
$1,431
|
$2,034
|
$1,434
|
$3,263
|
Net income (loss) per
common share – Basic:
|
|
|
|
|
Income from continuing
operations
|
$0.20
|
$0.50
|
$0.20
|
$0.81
|
Loss from
discontinued operations
|
$-----
|
$(0.22)
|
$-----
|
$(0.35)
|
Net income
|
$0.20
|
$0.28
|
$0.20
|
$0.46
|
Net income (loss) per
common share – Diluted:
|
|
|
|
|
Income from continuing
operations
|
$0.20
|
$0.50
|
$0.20
|
$0.80
|
Loss from discontinued
operations
|
$-----
|
$(0.22)
|
$-----
|
$(0.35)
|
Net income
|
$0.20
|
$0.28
|
$0.20
|
$0.45
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic
|
7,254,999
|
7,145,418
|
7,254,585
|
7,104,471
|
Diluted
|
7,311,166
|
7,167,123
|
7,315,867
|
7,191,469
|
Logo -
http://photos.prnewswire.com/prnh/20120611/NY21959LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lakeland-industries-inc-reports-fiscal-2017-second-quarter-financial-results-300328154.html
SOURCE Lakeland Industries, Inc.