Lakeland Industries Announces the Initiation of a Quarterly Dividend Program

Rhea-AI Summary

Lakeland Industries, Inc. (NASDAQ:LAKE) has announced its initiation of a quarterly cash dividend program, declaring an initial dividend of $0.03 per share. This dividend will be payable on February 22, 2023, to stockholders recorded as of February 15, 2023. The Board of Directors expressed confidence in the company’s ability to generate positive cash flow and its potential for organic and acquisitive growth, aiming to enhance long-term shareholder value. This systematic return of capital represents a strategic move to attract a broader investor base while maintaining financial strength.

Positive

• Initiation of quarterly cash dividend program.
• Initial dividend of $0.03 per share.
• Confidence from the Board in long-term cash flow generation.
• Potential for future organic and acquisitive growth.

Negative

• None.

HUNTSVILLE, AL / ACCESSWIRE / February 1, 2023 /Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state, and local levels, today announced that its Board of Directors has declared a quarterly cash dividend as part of the initiation of a recurring quarterly dividend program. The initial quarterly dividend of $0.03 per share will be paid on February 22, 2023, to stockholders of record as of February 15, 2023.

"This dividend program reflects our Board of Directors' confidence in Lakeland's long-term record of positive cash flow generation, strong potential future organic and acquisitive growth opportunities, and commitment and ability to return capital to shareholders over time. We believe it is the best way to increase long-term shareholder value, while preserving our financial strength and flexibility," said Charles D. Roberson, Lakeland's President and Chief Executive Officer. "With the implementation of this continuing dividend, Lakeland has an additional capital allocation tool to enhance total shareholder return and attract the broadest investor base possible."

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. In addition to the United States, sales are made to more than 50 foreign countries, the majority of which were into 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.
256-445-4100
Allen Dillard
aedillard@lakeland.com

Alpha IR Group
312-445-2870
Robert Winters or Stephen Poe
LAKE@alpha-ir.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This press release contains "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. 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. 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 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," "can," "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, except as may be required by law.

SOURCE: Lakeland Industries, Inc.

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FAQ

What is the dividend amount announced by Lakeland Industries?

Lakeland Industries announced an initial dividend of $0.03 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on February 22, 2023, to stockholders of record as of February 15, 2023.

Why has Lakeland Industries initiated a dividend program?

The dividend program reflects the Board's confidence in the company's long-term cash flow and growth potential.

How does the dividend program impact Lakeland's shareholders?

The dividend program aims to enhance long-term shareholder value and attract a broader investor base.