Lakeland Reports Record Sales for the 3 Months and 12 Months Ended January 31, 2001

Q4 Net Sales of $20.1 Million - Up 28.8% Over Q4'00 of $15.6 Million

Q4 Net Income (Loss) of $(64,000) Down 109.9% Over Q4'00 of $648,000

Q4 Basic Earnings (Loss) Per Share of $(.03) Down 112% Over Q4'00 of $.25

Twelve Month Net Sales of $76.1 Million - Up 29.8% Over '00 of

$58.6 Million

Twelve Month Net Income of $1.123 Million - Down $625,000 Over '00 of

$1.748 Million

Twelve Month Basic Earnings Per Share of $0.42 - Down 35.4% Over

'00 of $0.65



Apr 30, 2001, 01:00 ET from Lakeland Industries, Inc.

    RONKONKOMA, N.Y., April 30 /PRNewswire/ --
 Lakeland Industries, Inc. (Nasdaq:   LAKE), a leading manufacturer of industrial
 and medical protective apparel, today reported record sales for its fourth
 quarter and year ended January 31, 2001.
     Lakeland's net income for the fourth quarter ended January 31, 2001
 decreased to a loss of $(64,000) from $648,000 as compared to the fourth
 quarter of 2000 -- down 109.9%. As for net income per basic share, Lakeland
 reported $(.03) loss for this fourth quarter, down 112% from $25 for the
 fourth quarter ended January 31, 2000.
     Net sales for the fourth quarter of fiscal 2001 increased 28.8% to
 $20.1 Million, compared with fiscal 2000 fourth quarter net sales of
 $15.6 Million.
     At January 31, 2001, the company's balance sheet included total assets of
 $38.6 million, working capital of $16 million, total current liabilities of
 $20 million and stockholders' equity of $16.5 million or $6.25 per share of
 book value.
     Lakeland's net income for the twelve months ended January 31, 2001,
 decreased to $1,123,000 from $1,748,000 for the twelve months of 2000 -- down
 35.8%. As for net income per diluted share, Lakeland reported $.42 for the
 twelve, months ended January 31, 2001 -- down 35.4% from $.65 for the twelve
 months of 2000. Year-to-date net sales have increased 29.8% from $58.6 million
 in 2000 to $76.1 million in 2001.
     Lower Tyvek disposable prices in the last two quarters of fiscal 2001 were
 the result of two competitors tying to gain greater market share. One of these
 competitors shut its doors on January 7, 2001 reducing industry capacity for
 Tyvek disposables by approximately $20 million. Immediately, after the
 bankruptcy of this competitor on February 1, 2001 Lakeland increased its net
 prices on Tyvek disposable garments by approximately 3%. Additionally, with
 the demise of 3 discounters (representing approximately $35 million in
 capacity) over the last two years, prices seem to have stabilized for the
 first time in 3 years. Management, therefore, expects a positive comparison in
 earnings between fiscal 2001 and upcoming 2002 fiscal year end numbers.
     Fourth quarter profits were primarily affected by continued lower Tyvek
 disposable clothing market prices and by the continuing move of a division's
 entire manufacturing operations in order to merge it with another existing
 Lakeland divisional production facility, and the attendant moving, start-up
 costs, training, and new factory certification expenses associated with this
 move. Management's goal in combining these manufacturing operations in the
 long run is to achieve better economics of scale and concomitantly higher
 earnings in fiscal 2002.
     Earnings for fiscal year 2001 were also negatively impacted by higher
 interest rates instituted continually during fiscal 2001 by the Federal
 Reserve Board. Higher interest rates on a pretax basis negatively impacted
 earnings by approximately $.08 a share.
     The increase in prices starting February 2001, the lowering of interest
 rates and the decline in new factory start-up costs have all positively
 impacted first quarter earnings ending April 30, 2001 as compared to the
 preceding six months ended January 31, 2001. If these conditions hold
 throughout fiscal 2002, management expects both sales and earnings to increase
 in the coming fiscal year.
 
     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 "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. (Financial table
 follows)
 
                           Lakeland Industries, Inc.
                                And Subsidiaries
 
                       CONSOLIDATED STATEMENTS OF INCOME
 
                             Fiscal year ended          Three Months Ended
                                January 31,                 January 31,
                            2001          2000          2001          2000
     Net Sales          $76,108,038   $58,644,181  $20,130,148   $15,559,179
     Cost of goods sold  64,797,943    48,155,753   17,802,346    12,616,202
       Gross profit      11,310,095    10,488,428    2,327,802     2,942,977
 
       Total operating
        expenses          8,619,076     7,190,951    2,138,111     1,882,580
 
       Operating profit   2,691,019     3,297,477      189,691     1,060,397
 
     Other income (expense)
       Interest expense (1,247,708)     (821,333)    (325,430)     (282,497)
       Other income expense
        - net                42,067        33,062        9,271       (1,106)
 
       Total other
        expense         (1,205,64l)     (788,271)    (316,159)     (283,603)
       Income (loss)
        before
        income taxes      1,485,378     2,509,206    (126,468)       776,794
 
     Income Tax Benefit
      (expense)           (362,000)     (761,000)       62,572     (128,000)
 
     NET INCOME (LOSS)   $1,123,378    $1,748,206    $(63,896)      $648,794
 
     Net income per
      common share
       Basic                   $.42          $.66       $(.03)          $.25
       Diluted                 $.42          $.65       $(.03)          $.24
 
     Weighted average
      common share
       Basic              2,645,446     2,653,950    2,646,000     2,644,000
       Diluted            2,667,161     2,673,449    2,664,414     2,659,177
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X02648015
 
 

SOURCE Lakeland Industries, Inc.
    RONKONKOMA, N.Y., April 30 /PRNewswire/ --
 Lakeland Industries, Inc. (Nasdaq:   LAKE), a leading manufacturer of industrial
 and medical protective apparel, today reported record sales for its fourth
 quarter and year ended January 31, 2001.
     Lakeland's net income for the fourth quarter ended January 31, 2001
 decreased to a loss of $(64,000) from $648,000 as compared to the fourth
 quarter of 2000 -- down 109.9%. As for net income per basic share, Lakeland
 reported $(.03) loss for this fourth quarter, down 112% from $25 for the
 fourth quarter ended January 31, 2000.
     Net sales for the fourth quarter of fiscal 2001 increased 28.8% to
 $20.1 Million, compared with fiscal 2000 fourth quarter net sales of
 $15.6 Million.
     At January 31, 2001, the company's balance sheet included total assets of
 $38.6 million, working capital of $16 million, total current liabilities of
 $20 million and stockholders' equity of $16.5 million or $6.25 per share of
 book value.
     Lakeland's net income for the twelve months ended January 31, 2001,
 decreased to $1,123,000 from $1,748,000 for the twelve months of 2000 -- down
 35.8%. As for net income per diluted share, Lakeland reported $.42 for the
 twelve, months ended January 31, 2001 -- down 35.4% from $.65 for the twelve
 months of 2000. Year-to-date net sales have increased 29.8% from $58.6 million
 in 2000 to $76.1 million in 2001.
     Lower Tyvek disposable prices in the last two quarters of fiscal 2001 were
 the result of two competitors tying to gain greater market share. One of these
 competitors shut its doors on January 7, 2001 reducing industry capacity for
 Tyvek disposables by approximately $20 million. Immediately, after the
 bankruptcy of this competitor on February 1, 2001 Lakeland increased its net
 prices on Tyvek disposable garments by approximately 3%. Additionally, with
 the demise of 3 discounters (representing approximately $35 million in
 capacity) over the last two years, prices seem to have stabilized for the
 first time in 3 years. Management, therefore, expects a positive comparison in
 earnings between fiscal 2001 and upcoming 2002 fiscal year end numbers.
     Fourth quarter profits were primarily affected by continued lower Tyvek
 disposable clothing market prices and by the continuing move of a division's
 entire manufacturing operations in order to merge it with another existing
 Lakeland divisional production facility, and the attendant moving, start-up
 costs, training, and new factory certification expenses associated with this
 move. Management's goal in combining these manufacturing operations in the
 long run is to achieve better economics of scale and concomitantly higher
 earnings in fiscal 2002.
     Earnings for fiscal year 2001 were also negatively impacted by higher
 interest rates instituted continually during fiscal 2001 by the Federal
 Reserve Board. Higher interest rates on a pretax basis negatively impacted
 earnings by approximately $.08 a share.
     The increase in prices starting February 2001, the lowering of interest
 rates and the decline in new factory start-up costs have all positively
 impacted first quarter earnings ending April 30, 2001 as compared to the
 preceding six months ended January 31, 2001. If these conditions hold
 throughout fiscal 2002, management expects both sales and earnings to increase
 in the coming fiscal year.
 
     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 "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. (Financial table
 follows)
 
                           Lakeland Industries, Inc.
                                And Subsidiaries
 
                       CONSOLIDATED STATEMENTS OF INCOME
 
                             Fiscal year ended          Three Months Ended
                                January 31,                 January 31,
                            2001          2000          2001          2000
     Net Sales          $76,108,038   $58,644,181  $20,130,148   $15,559,179
     Cost of goods sold  64,797,943    48,155,753   17,802,346    12,616,202
       Gross profit      11,310,095    10,488,428    2,327,802     2,942,977
 
       Total operating
        expenses          8,619,076     7,190,951    2,138,111     1,882,580
 
       Operating profit   2,691,019     3,297,477      189,691     1,060,397
 
     Other income (expense)
       Interest expense (1,247,708)     (821,333)    (325,430)     (282,497)
       Other income expense
        - net                42,067        33,062        9,271       (1,106)
 
       Total other
        expense         (1,205,64l)     (788,271)    (316,159)     (283,603)
       Income (loss)
        before
        income taxes      1,485,378     2,509,206    (126,468)       776,794
 
     Income Tax Benefit
      (expense)           (362,000)     (761,000)       62,572     (128,000)
 
     NET INCOME (LOSS)   $1,123,378    $1,748,206    $(63,896)      $648,794
 
     Net income per
      common share
       Basic                   $.42          $.66       $(.03)          $.25
       Diluted                 $.42          $.65       $(.03)          $.24
 
     Weighted average
      common share
       Basic              2,645,446     2,653,950    2,646,000     2,644,000
       Diluted            2,667,161     2,673,449    2,664,414     2,659,177
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X02648015
 
 SOURCE  Lakeland Industries, Inc.