RONKONKOMA, N.Y., July 25, 2016 /PRNewswire/ -- Lakeland
Industries, Inc. (NASDAQ: LAKE), a leading global manufacturer of
industrial protective clothing for industry, municipalities,
healthcare and to first responders on the federal, state and local
levels, today announced that its Board of Directors has authorized
a stock repurchase program under which the Company may repurchase
up to $2,500,000 of its outstanding
common stock.
Christopher J. Ryan, Lakeland
Industries President and Chief Executive Officer, commented, "The
Board's approval of this repurchase program reflects its view that
our stock price, perhaps recently impacted by geopolitical, global
economic and international currency conditions which may either be
beyond our control or not directly impacting our operational
performance, does not adequately represent Lakeland's underlying
long term value or its prospects for continued growth. We
believe that 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 from organic growth
initiatives. Similar to our last repurchase program announced in
2010, the current plan reflects the ongoing commitment of the
Lakeland Board to taking tangible steps intended to enhance
shareholder value."
Under the program announced today, share repurchases may be made
from time to time depending on market conditions, share price and
availability and other factors at Lakeland's discretion.
Lakeland's repurchase of shares will take place in open market
transactions at prevailing market prices or in privately negotiated
transactions in accordance with applicable securities and other
laws, including the Securities Exchange Act of 1934.
Depending on market conditions and other factors, the repurchase
program may be suspended or discontinued by Lakeland at any time
without prior notice. The repurchased shares will be held as
treasury stock and may be used for funding stock issuances under
employee stock plans approved by shareholders and other general
corporate purposes, including but not limited to potential
acquisitions.
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.
Any customers referenced or implied through reference in this
press releases does not represent an endorsement of Lakeland
Industries or its products.
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SOURCE Lakeland Industries, Inc.