-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RSV0AWCGnbhmoWsTZJGyvwy9Z2zDIPSgzeshsccZ266GEm68NSye2S3auPDNV1v5 4wxHcv0JpXC3FhameRRq5g== 0000914317-03-001729.txt : 20030610 0000914317-03-001729.hdr.sgml : 20030610 20030610164513 ACCESSION NUMBER: 0000914317-03-001729 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030611 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKELAND INDUSTRIES INC CENTRAL INDEX KEY: 0000798081 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 133115216 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15535 FILM NUMBER: 03739349 BUSINESS ADDRESS: STREET 1: 711-2 KOEHLER AVENUE CITY: RONKONKOMA STATE: NY ZIP: 11779 BUSINESS PHONE: 5169819700 MAIL ADDRESS: STREET 1: 711- 2 KOEHLER AVENUE CITY: RONKONKOMA STATE: NY ZIP: 11779 8-K 1 form8k_52653-lakeland.txt United States Securities and Exchange Commission Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 11, 2003 ------------- Lakeland Industries, Inc. - ------------------------- (Exact name of registrant as specified in its charter) Delaware 0-15535 13-3115216 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 711-2 Koehler Avenue, Ronkonkoma, NY 11779-7410 - ------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (631) 981-9700 -------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) Table of Contents - ----------------- Item 7. Financial Statements and Exhibits (c) Exhibits: The following exhibit is filed herewith: Exhibit Number Description ======= ================================================================= 99.2 Text of press release issued by Lakeland Industries, Inc., dated June 11, 2003, titled "Lakeland Reports Positive Sales Comparisons for the 3 Months Ended April 30, 2003," together with related Condensed Consolidated Balance Sheets and Statements of Income. Item 9. Regulation FD Disclosure In accordance with Securities and Exchange Commission Release No. 33-8216, the following information, which is intended to be furnished under Item 12, "Results of Operations and Financial Condition," is instead being furnished under Item 9, "Regulation FD Disclosure." This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On June 11, 2003, Lakeland Industries, Inc. ("Lakeland") issued a press release regarding Lakeland's financial results for its first fiscal quarter ended April 30, 2003. The full text of Lakeland's press release, together with the related Condensed Consolidated Balance Sheets and Statements of Income are attached hereto as Exhibit 99.2. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LAKELAND INDUSTRIES, INC. Date: June 11, 2003 By: /s/ Christopher J. Ryan --------------------------- Christopher J. Ryan Executive Vice President Table of Contents - ----------------- EXHIBIT INDEX Exhibit Number Description ======= ================================================================= 99.2 Text of press release issued by Lakeland Industries, Inc., dated June 11, 2003, titled "Lakeland Reports Positive Sales Comparisons for 3 Months Ended April 30, 2003," together with related Condensed Consolidated Balance Sheets and Statements of Income. EX-99.2 3 exhibit99-2.txt Company Press Release Exhibit 99.2 Source Lakeland Industries, Inc. Lakeland Reports Positive Sales Comparisons for the 3 Months Ended April 30, - ---------------------------------------------------------------------------- 2003 - ---- Q1 '04 Net Sales of $23.825 Million - Up 15.4% Over Q1'03 of $20.643 Million Q1 '04 Basic Earnings Per Share of $.29 - Down 3% Over Q1'03 of $.30 a share adjusted for the 10% stock dividend issued 7/31/02 RONKONKOMA, NY, June 11, 2003 - Lakeland Industries, Inc. (National NASDAQ Symbol: LAKE), a leading manufacturer of industrial protective apparel, today reported record sales for its first quarter ended April 30, 2003. From a sales perspective this was the Company's highest quarterly revenue in its history and can be attributed to an improving economy, Fire Act Federal Spending, SARS related garment demands at our Toronto, Canada and Chinese subsidiaries, and to customer anticipation of the May 12, 03 price increases, announced on March 7, 2003. Lakeland's net income for the three months ended April 30, 2003, decreased slightly this first quarter ended April 30, 2003 to $864,000 from $896,000 for the three months of the first quarter fiscal 2003 - down 3%. As for the net income per diluted share, Lakeland reported $.29 versus $.30 for the same period last year. Although sales increased by 15.4% in the Company's first quarter compared to last year, earnings decreased slightly by $32,000, because starting March 1, 2003 the company incurred an increase in the price of raw materials of approximately 3%, but could not impose a price increase on its finished products until May 12, 2003 due to market conditions. SARS spending by Chinese and Canadian authorities continued strongly into the Company's second quarter, but it is management's belief that the epidemic will be mostly contained by August and that spending in this area may slow down thereafter. Sales of high-end chemical suits for terrorist response increased by 41% this quarter over last year's comparable quarter, management believes, in response to the release of $360 million by FEMA to fire departments in late 2002 and early 2003, (the "Fire Act"). This grant program has been doubled to $750 million for 2003, and Lakeland's management estimates these monies will start being disbursed by FEMA in September 2003. Sales at Lakeland's Fire Division (primarily fire coats for fireman) increased by 62%, this quarter over last year's comparable first quarter, again in response to Fire Act spending. At April 30, 2003, Lakeland's balance sheet included total assets of $43.2 million working capital of $18.3 million, total current liabilities of $20.5 million and stockholders' equity of $22.2 million or $7.48 per share of book value. LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS April 30, January 31, 2003 2003 (Unaudited) Current Assets: Cash and cash equivalents .................................................. $ 1,384,210 $ 1,474,135 Accounts receivable, net of allowance for doubtful accounts of $269,000 at April 30, 2003 and $343,000 at January 31, 2003 ............................................. 13,294,112 10,364,188 Inventories ................................................................ 22,372,449 25,470,044 Deferred income taxes ...................................................... 1,001,133 1,001,133 Other current assets ....................................................... 754,281 549,564 ----------- ----------- Total current assets .............................................. 38,806,185 38,859,064 Property and equipment, net of accumulated depreciation of $3,916,000 at April 30, 2003 and $3,708,000 January 31, 2003 .......................................... 3,734,504 3,356,835 Other assets ............................................................... 694,940 606,835 ----------- ----------- $43,235,629 $42,822,734 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable ........................................................... $ 4,015,631 $ 3,014,038 Current portion of long-term liabilities ................................... 15,235,469 16,657,882 Accrued expenses and other current liabilities ............................. 1,221,840 1,262,175 ----------- ----------- Total current liabilities ............................................. 20,472,940 20,934,095 Long-term liabilities ...................................................... 514,572 514,572 Deferred income taxes ...................................................... 14,643 14,643 Commitments and Contingencies Stockholders' Equity Preferred stock, $.01 par; authorized 1,500,000 shares (none issued) Common stock, $.01 par; authorized 10,000,000 shares; issued and outstanding 2,972,407 shares at April 30, 2003 and 2,969,107 at January 31, 2003 ..................................... 29,724 29,691 Additional paid-in capital.................................................. 8,772,390 8,762,673 Retained earnings .......................................................... 13,431,360 12,567,060 ----------- ----------- Total stockholders' equity ............................................ 22,233,474 21,359,424 ----------- ----------- $43,235,629 $42,822,734 =========== ===========
See notes to condensed consolidated financial statements. LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED April 30, 2003 2002 ---- ---- Net sales .................................................................... $ 23,824,886 $ 20,643,184 Cost of goods sold ........................................................... 19,729,070 16,469,299 ------------ ------------ Gross profit ................................................................. 4,095,816 4,173,885 Operating expenses ........................................................... 2,623,162 2,727,947 ------------ ------------ Operating profit ............................................................. 1,472,654 1,445,938 Other income, net ............................................................ 15,442 9,883 Interest expense ............................................................. (137,796) (175,662) ------------ ------------ Income before income taxes ................................................... 1,350,300 1,280,159 Provision for income taxes ................................................... 486,000 384,000 ------------ ------------ Net Income.............................................................. ..... $ 864,300 $ 896,159 ============ ============ Net income per common share* Basic................................................................ $.29 $ .30 ============ ============ Diluted.............................................................. $.29 $ .30 ============ ============ Weighted average common shares outstanding* Basic ............................................................... 2,969,997 2,953,060 ============ ============ Diluted ............................................................. 2,977,052 2,968,268 ============ ============
See notes to condensed consolidated financial statements Statements contained in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities and Litigation Reform Act of 1995. In addition, words such as "could," "should," "may," "feels," "believes," "anticipates," "expects" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties, including but not limited to the timely development and acceptance of new products, the impact of competitive products and pricing, changing market conditions, the successful integration of acquisitions, continued availability and favorable pricing of raw materials, and the other risks. Actual results may differ materially from those projected. The company disclaims, however, any intent or obligation to update these forward-looking statements For further information on the Company see http/www.Lakeland.com - products in Green or Financial Info in Black or contact: Christopher J. Ryan or Raymond J. Smith Lakeland Industries Inc. Tel. # 631-981-9700 Fax # 631-981-9751 E-mail: annz@lakeland-ind.com -----END PRIVACY-ENHANCED MESSAGE-----