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Last $9.20 USD
Change Today +0.50 / 5.75%
Volume 43.1K
LAKE On Other Exchanges
Symbol
Exchange
Stuttgart
As of 5:20 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

lakeland industries inc (LAKE) Key Developments

Lakeland Industries Inc. Announces CFO Succession Plan

Lakeland Industries Inc. announced that Gary Pokrassa has retired as Chief Financial Officer. Teri W. Hunt, a 10 year veteran of Lakeland and most recently serving as Vice President of Finance based in the company's Decatur, Alabama offices, has been named as Acting Chief Financial Officer, effective July 17, 2015, to succeed Mr. Pokrassa. In order to facilitate a smooth succession, Mr. Pokrassa has agreed to continue with the company in a consulting capacity for a period of one year.

Lakeland Industries Inc. Announces Early Payoff of Arbitration Settlement to Accelerate Exit from Brazil

Lakeland Industries Inc. announced it has amended the settlement agreement (the original settlement agreement) from September 11, 2012 relating to an arbitration with the former management of its Brazil subsidiary. The amended settlement agreement includes a discounted early payoff of the outstanding balance owed to the former management of the Brazil subsidiary pursuant to the original settlement agreement. Following the satisfaction of all regularly scheduled payments of the original settlement agreement to date, the company has agreed to complete the payoff of the new settlement agreement by June 30, 2015, which will satisfy the remaining $3,750,000 balance under the original settlement agreement. The payoff amount of the new settlement agreement is $3,413,000, resulting in a gain of $224,000 after allowing for imputed interest on the original settlement agreement. As part of the original settlement agreement, all alleged outstanding claims against the company arising from an arbitration proceeding in Brazil involving the company and the former management of the Brazil subsidiary were settled for an aggregate of approximately $8,500,000, which was payable by the company over a period of six years. Prior to the new settlement agreement, the remaining amount owed under the original settlement agreement was to be paid in quarterly installments of $250,000 through December 31, 2018. The amendment to the original settlement agreement contains a general release of claims by the former management of the Brazil subsidiary in favor of the company and its past or present officers, directors, and other affiliates, as well as other closing conditions.

Lakeland Industries Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 30, 2015

Lakeland Industries Inc. reported unaudited consolidated earnings results for the first quarter ended April 30, 2015. For the quarter, the company reported revenue of $24.819 million compared to $21.758 million a year ago. Operating profit from continuing operations was $3.220 million against $0.858 million reported last year. Income before taxes from continuing operations was $3.052 million against $0.377 million reported last year. Net income from continuing operations was $2.160 million or $0.30 per diluted share against $0.354 million or $0.06 per basic and diluted share reported last year. Net income was $1.229 million or $0.17 per basic and diluted share. EBITDA from continuing operations was $3.481 million against $1.153 million reported last year. Adjusted EBITDA was $3.609 million against $1.712 million reported last year. Capital expenditure was $0.307 million against $0.089 million reported last year. Free cash flow was $2.698 million against $1.316 million reported last year. Net book value per share at April 30, 2015 was $9.18. Net income from continuing operations grew by over 5,500% and free cash flow from continuing operations improved 105%.

Lakeland Industries Inc. to Report Q1, 2016 Results on Jun 15, 2015

Lakeland Industries Inc. announced that they will report Q1, 2016 results at 5:00 PM, Eastern Standard Time on Jun 15, 2015

Lakeland Industries Inc., Q1 2016 Earnings Call, Jun 15, 2015

Lakeland Industries Inc., Q1 2016 Earnings Call, Jun 15, 2015

 

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