Lakeland Industries Announces New $5.0 Million Stock Repurchase Program

Rhea-AI Summary

Lakeland Industries (NASDAQ:LAKE) announced a new stock repurchase program authorizing up to $5 million to buy back its common stock, replacing the remaining $800,000 from the previous program. CEO Charles D. Roberson emphasized that this larger program aims to enhance shareholder returns and reflects confidence in the company's stock performance, which has reached record levels. The repurchase will occur based on market conditions and may be halted at any time. Repurchased shares will be held as treasury stock for potential future corporate needs.

Positive

• Authorization of a new $5 million stock repurchase program to enhance shareholder returns.
• Previous program had limitations; a larger buyback reflects confidence in stock performance.
• Shares will be held as treasury stock, providing flexibility for future corporate purposes.

Negative

• None.

DECATUR, AL / ACCESSWIRE / February 17, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced that its Board of Directors has authorized a new stock repurchase program under which the Company may repurchase up to $5,000,000 of its outstanding common stock. This new program replaces the prior program which had approximately $800,000 remaining for repurchases.

Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries, commented, "The Board's approval of this new and substantially expanded repurchase program reflects its commitment to optimizing shareholder returns. Given the increase in our stock price to recent record levels, the $800,000 funding remaining in the previous program limited the potential of the program and our Board of Directors has proactively addressed the issue by approving this significantly larger program.

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.
We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly, and to industrial distributors depending on the particular country and market. Sales are made to more than 50 countries, the majority of which were into the United States, China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay and Southeast Asia.

For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

Contacts:
Lakeland Industries, Inc.
256-445-4000
Allen Dillard
aedillard@lakeland.com

Darrow Associates
512-551-9296
Jordan Darrow
jdarrow@darrowir.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, as well as the uncertain impact of the COVID-19 pandemic. 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.

View source version on accesswire.com:
https://www.accesswire.com/629839/Lakeland-Industries-Announces-New-50-Million-Stock-Repurchase-Program

FAQ

What is the new stock repurchase program amount for Lakeland Industries (LAKE)?

Lakeland Industries has authorized a new stock repurchase program of up to $5 million.

Why did Lakeland Industries increase its stock buyback program?

The increase reflects the company's commitment to optimizing shareholder returns, especially after the stock reached record levels.

How will Lakeland Industries conduct the stock repurchases?

Repurchases may occur through open market transactions or privately negotiated transactions, depending on market conditions.

What will Lakeland Industries do with the repurchased shares?

Repurchased shares will be held as treasury stock and may be used for employee stock plans or other corporate purposes.

Is there any risk associated with the stock repurchase program of Lakeland Industries (LAKE)?

The repurchase program may be suspended or discontinued at any time without prior notice depending on market conditions.