Navigation Links
Lakeland Industries, Inc. Issues Updates on Fiscal 2013
Date:5/1/2013

RONKONKOMA, N.Y., May 1, 2013 /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 the Company has filed a Form 12b-25 requesting delay in filing its Annual Report on Form 10-K. The Company is working with a potential financing opportunity, currently in the process of due diligence. The company can offer no assurance that such financing will close on a timely basis or will close at all.

(Logo: http://photos.prnewswire.com/prnh/20120611/NY21959LOGO )

The following is the Company's preliminary revenue data:Summary of Revenue ($000)

year ended January 31,

quarter ended January 31,2013

2012

2013

2012Sales

95,118

96,327

23,399

20,165


  • The Company took a $10 million goodwill impairment charge against our Brazil operations as a result of poor sales in Brazil in the fourth quarter of fiscal 2013, which we reported on March 7, 2013.
  • The Company anticipates that it will take an additional $800,000 markdown on the Indian assets held for sale due to the difficulty in disposing of this property and the likely realizable value.
  • Excluding Brazil sales, Lakeland worldwide sales have had sequential growth for four consecutive quarters starting with Q4 fiscal 2012 as the low point resulting from the termination of the Company's supply contract with DuPont.
  • Lakeland sales with and without Brazil by quarter ($000)Q4FY12

    Q1FY13

    Q2FY13

    Q3FY13

    Q4FY13

    Q4 year over yearLakeland consolidated sales

    20,165

    23,981

    23,499

    24,239

    23,399

    3,234

    16.0%Brazil sales

    3,036

    5,191

    4,699

    4,285

    2,683

    (353)

    (11.6%)Lakeland worldwide sales excluding Brazil

    17,129

    18,790

    18,800

    19,954

    20,716

    3,587

    20.9%Sequential growth byquarter (excluding Brazil)9.7%

    0.1%

    6.1%

    3.8%

  • The Company has paid a total of $1.6 million against the Brazil settlement liability since September 2012 through March 2013. All of which came from operating cash flow in the US with no borrowing needed.
  • External sales growth in China, UK and Chile remain very strong.
  • Commenting on the recent developments, Lakeland Industries President and Chief Executive Officer Christopher J. Ryan said, "We have had a difficult time in Brazil starting with a judgment against the Company in the amount of approximately US$12 million, followed by a precipitous drop in sales as an indirect result of the judgment. We are working diligently on right sizing the Brazil operations. We are looking into potentially selling this operation while at the same time working on restructuring the operation. Readers should consider that most of the problems we encountered over the past 11 months result directly or indirectly from the Brazilian operations. Thus, we plan to either resolve or extricate ourselves from this situation as quickly as possible. Besides being a tremendous distraction to management, Brazil has caused the US parent to incur a tremendous amount of additional legal, travel, investment banking and banking expenses among other expenses to deal with all the falling domino problems caused by Brazil."

    Mr. Ryan also stated, "Lakeland will continue to seek to reduce operating costs this coming year, dispose of low  ROI assets and increase sales.

    Financial Results Conference Call

    Lakeland will host a conference following the release of our Annual Report filed on Form 10-K.

    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 8-K(s), registration statements, annual reports and other periodic 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.


    '/>"/>
    SOURCE Lakeland Industries, Inc.
    Copyright©2012 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Lakeland Industries, Inc. Announces Completion of Line of Credit with HSBC UK
    2. Amendia, Inc. and Medline Industries, Inc. Announce Investment and Strategic Business Alliance
    3. Lower Operating Expense Augments Digital X-rays Uptake Across Industries, Finds Frost & Sullivan
    4. Sun Pharmaceutical Industries, Inc. Issues Nationwide Voluntary Recall of One Lot of Nimodipine Capsules due to Crystallization of the Fill Material
    5. Fero Industries, Inc. Issues Corporate Update
    6. Fero Industries, Inc. Changes Name to PharmaRoth Labs, Inc.
    7. Icahn Issues Statement Regarding Amylin Pharmaceuticals
    8. Patient Advocate Foundation Announces New Co-Pay Relief (CPR) Offerings for Patients Facing Health Issues Due to Electrolyte Imbalance
    9. U.S. Patent Office Issues Sixth Patent Covering Zero-Footprint Medical Image Viewers to Heart Imaging Technologies, LLC
    10. Upcoming Presentations on Global Market Access Issues and Trends in Health Economics and Outcomes Research at ISPOR 2012 by Novel Health Strategies
    11. BD Issues 2011 Sustainability Report
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:10/10/2017)... , Oct. 10, 2017   West Pharmaceutical Services, ... solutions for injectable drug administration, today shared the results ... Adapter for improving the intradermal administration of polio vaccines. ... Vaccination Summit in May 2017 by Dr. Ondrej ... Department, World Health Organization (WHO), and recently published in ...
    (Date:10/4/2017)... , Oct. 4, 2017  South Korean-based healthcare product ... training aide "cprCUBE" on Kickstarter. The device will educate ... cardiac arrests with better efficiency compared to the dated ... real-time feedback on efficacy of the compression for a ... has a goal to raise $5,000. ...
    (Date:10/2/2017)... Mich. , Oct. 2, 2017 Diplomat ... 8th Day Software and Consulting, LLC , and ... 8th Day Software, based in Tennessee ... LLC. 8th Day expands EnvoyHealth,s service offerings for health ... development. "In an ...
    Breaking Medicine Technology:
    (Date:10/13/2017)... ... October 13, 2017 , ... Coveros, a leader ... been awarded a contract by the Center for Medicare and Medicaid Services (CMS). ... the enterprise use of Agile methodologies in a consistent and high value manner ...
    (Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... ... advisory services for healthcare compliance program management, will showcase a range of technology ... Association for Assisted Living (NCAL) Convention and Expo to be held October 14–18, ...
    (Date:10/12/2017)... ... October 12, 2017 , ... The company has ... today’s consumer and regulatory authorities worldwide. From Children’s to Adults 50+, every formula ... the highest standard. , These products are also: Gluten Free, Non-GMO, Vegan, ...
    (Date:10/12/2017)... , ... October 12, 2017 , ... ... a leader in post-acute health care, have expanded their existing home health joint ... Health. , AccentCare has been operating a joint venture home health company with ...
    (Date:10/12/2017)... PA (PRWEB) , ... October 12, 2017 , ... ... is the recipient of a 2017 Folio Magazine Eddie Digital Award for ‘Best B-to-B ... York City on October 11, 2017. , The annual award competition recognizes editorial and ...
    Breaking Medicine News(10 mins):