-----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, SdWWCmLzH9iZY5QYD37izpwrGu8veQyjfslA+CLl8ajX1am6HUNPZyscpFd6dQZZ L52iLTTcY1IbFLiVaU27DA== 0000914317-04-002419.txt : 20040614 0000914317-04-002419.hdr.sgml : 20040611 20040614102921 ACCESSION NUMBER: 0000914317-04-002419 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040614 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040614 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: 04860032 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-60979_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 and Exchange Act of 1934 Date of Report (Date of earliest event reported) June 14, 2004 ------------- 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, in changed since last report.) Table of Contents - ----------------- Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) Financial Statements: None. (b) Pro Forma Financial Information: None. (c) Exhibits: The following exhibits are furnished as part of this Report to the extent described in Items 9 and 12. 99.1 Press Release dated June 14, 2004 issued by Lakeland Industries, Inc. Item 12. Results of Operations and Financial Condition. On June 14, 2004, Lakeland Industries, Inc. ("Lakeland") issued a press release reporting earnings for the quarter ended April 30, 2004. The information in this Form 8-K and the Exhibits attached hereto shall be deemed "furnished" and not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any company filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. 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 14, 2004 By: /s/ Christopher J. Ryan ----------------------- Christopher J. Ryan President EX-99.1 2 exhibit99-1.txt Company Press Release Source Lakeland Industries, Inc. Lakeland Reports Positive Sales Comparisons for the 3 Months Ended April 30, 2004 Q1'05 Net Sales of $26.8 Million - Up 12.6% Over Q1'04 of $23.8 Million Q1'05 Basic and Diluted Earnings Per Share of $0.44 and $0.43, respectively - Up 69% Over Q1'04 of $0.26 per share. RONKONKOMA, NY, June 14, 2004 - Lakeland Industries, Inc. (National NASDAQ Symbol: LAKE), a leading manufacturer of industrial protective clothing for Homeland Security and other industrial applications, today reported record sales and earnings for its first quarter ended April 30, 2004. Lakeland's net income for the three months ended April 30, 2004 increased to $1.4 million from $0.9 million for the three months ended April 30, 2003, an increase of 65%. Net income per basic and diluted share was $0.44 and $0.43 per share respectively, for the three months ended April 30, 2004 versus $0.26 per share for the three months ended April 30, 2003. LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS April 30, January 31, 2004 2004 (Unaudited) Current assets: Cash and cash equivalents .................................................. $ 2,773,608 $ 2,445,271 Accounts receivable, net of allowance for doubtful accounts of $323,000 at April 30, 2004 and at January 31, 2004 ...................................................... 14,026,362 12,570,320 Inventories ................................................................ 27,488,454 26,265,807 Deferred income taxes ...................................................... 790,272 790,272 Other current assets ....................................................... 1,094,870 1,213,104 ----------- ----------- Total current assets .............................................. 46,173,566 43,284,774 Property and equipment, net of accumulated depreciation of $4,636,000 at April 30, 2004 and $4,511,000 January 31, 2003 .......................................... 5,038,296 3,921,308 Other assets ............................................................... 135,683 97,745 ----------- ----------- $51,347,545 $47,303,827 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable ........................................................... $ 3,979,830 $ 3,461,353 Current portion of long-term liabilities ................................... -- 16,784,781 Accrued expenses and other current liabilities ............................. 1,958,213 1,263,044 ----------- ----------- Total current liabilities ............................................. 5,938,043 21,509,178 Borrowing under revolving credit facility .................................. 16,910,211 0
Other long-term liabilities ................................................ 529,647 517,147 Deferred income taxes ...................................................... 250,532 250,532 Minority interest in Variable Interest Entities ............................ 1,266,807 -- 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 3,273,925shares at April 30, 2004 and at January 31, 2004 ............................................... 32,739 32,739 Additional paid-in capital ................................................. 11,862,461 11,862,461 Retained earnings .......................................................... 14,557,105 13,131,770 ----------- ----------- Total stockholders' equity ............................................ 26,452,305 25,026,970 ----------- ----------- $51,347,545 $47,303,827 =========== ===========
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED April 30, 2004 2003 ---- ---- Net sales ................................................... $ 26,838,023 $ 23,824,886 Cost of goods sold .......................................... 20,858,591 19,729,070 ------------ ------------ Gross profit ................................................ 5,979,432 4,095,816 Operating expenses .......................................... 3,586,720 2,623,162 ------------ ------------ Operating profit ............................................ 2,392,712 1,472,654 Other income, net ........................................... 9,460 15,442 Interest expense ............................................ (137,141) (137,796) ------------ ------------ Income before income taxes .................................. 2,265,031 1,350,300 Provision for income taxes .................................. 721,000 486,000 ------------ ------------ Income before minority interest ............................. 1,544,031 864,300 Minority interest in Net income of Variable Interest Entities 118,696 -- ------------ ------------ Net Income .................................................. $ 1,425,335 $ 864,300 ============ ============ Net income per common share* Basic .............................................. $ 0.44 $ 0.26 ============ ============ Diluted ............................................ $ 0.43 $ 0.26 ============ ============ Weighted average common shares outstanding* Basic .............................................. 3,273,925 3,266,997 ============ ============ Diluted ............................................ 3,278,803 3,274,757 ============ ============
*Adjusted for the 10% stock dividend to shareholders of record on July 31, 2003. LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED April 30, 2004 2003 ---- ---- Cash Flows from Operating Activities: Net income ............................................. $ 1,425,335 $ 864,300 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for bad debts ............................. -- (74,000) Depreciation and amortization ....................... 231,455 207,777 Minority interest in Net income of Variable Interest Entities .......................... 118,696 Decrease in accounts receivable ........................ (1,456,042) (2,855,924) (Increase) decrease in inventories ..................... (1,222,647) 3,097,595 (Increase) decrease in other current assets ............ 176,552 (204,717) (Increase) in other assets ............................. (37,798) (88,105) Increase (decrease) in accounts payable, accrued expenses and other liabilities ....................... 1,139,514 961,258 ----------- ----------- Net cash provided by operating activities ........................................... 375,065 1,908,184 ----------- ----------- Cash Flows from Investing Activities: Purchases of property and equipment .................... (153,417) (585,446) ----------- ----------- Net cash used in investing activities .................. (153,417) (585,446) ----------- ----------- Cash Flows from Financing Activities: Proceeds from exercise of stock options ................ -- 9,750 Net borrowings (payments) under loan agreements ........ 106,689 (1,422,413) ----------- ----------- Net cash provided by (used in) financing activities .... 106,689 (1,412,663) ----------- ----------- Net increase (decrease) in cash ........................ 328,337 (89,925) Cash and cash equivalents at beginning of period ....... 2,445,271 1,474,135 ----------- ----------- Cash and cash equivalents at end of period ............. .$2,773,608 $ 1,384,210 =========== ===========
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 "estimates" "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 - See our products in Green or Financial Info in Black or contact: Christopher J. Ryan Lakeland Industries Inc. Tel. # 631-981-9700 Fax # 631-981-9751 E-mail: chrisr@lakeland-ind.com -----END PRIVACY-ENHANCED MESSAGE-----