Published: October 25, 2005
Lakeland Industries, Inc. Announces an Increase in Its Tyvek(R) and General Protection Tychem(R) Contamination Garment Prices
Lakeland Industries, Inc. (NASDAQ: LAKE),
today announced that it will increase the prices of its Tyvek® and
Tychem® Garments by approximately 5% on or about November 21, 2005.
These garment price increases are in response to raw material price
increases set for November 15, 2005 and other energy related cost
increases.
Consequently, Lakeland Industries, Inc. plans on increasing its inventories
of raw materials in the next month dramatically, prior to November 15, 2005
when the majority of its raw material price increases are slated to take
effect.
In other matters, Lakeland Industries, Inc. recently hired Kevin Zhang to
head up its sales operations in China, Dan Edwards as National Accounts
Manager, and appointed Charles Roberson (currently head of Technical Sales)
as head of International Sales.
About Lakeland Industries, Inc.:
We manufacture and sell a comprehensive line of safety garments and
accessories for the industrial protective clothing market. Our products are
sold by our in-house sales force and independent sales representatives to a
network of over 800 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, we supply federal,
state and local governmental agencies and departments such as fire and
police departments, airport crash rescue units, the Department of Defense,
Central Intelligence Agency, Federal Bureau of Investigation, and the
Centers for Disease Control. In fiscal 2005, we had net sales of $95.3
million and earnings per share of $1.12 (as adjusted for the 10% stock
split effective April, 2005). For the first and second quarter of fiscal
2006, we had sales of $25.7 and 25.1 million, net income of $1.7 and 1.6
million and $0.34 and 0.33 per share, respectively.
For more information concerning Lakeland, please visit us 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," which words 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.
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