FORM 10-Q - QUARTERLY REPORT
UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2002
-------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
--------------- ---------------
Commission File Number: 0-15535
LAKELAND INDUSTRIES, INC.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3115216
- ----------------------- -----------------------------------
(State of incorporation) (IRS Employer Identification Number)
711-2 Koehler Ave., Ronkonkoma, New York 11779
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(Address of principal executive offices)
(631) 981-9700
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES [ X ] NO [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
Common Stock, $.01 par value, outstanding at September 11, 2002 - 2,966,357
shares.
LAKELAND INDUSTRIES, INC.
AND SUBSIDIARIES
FORM 10-Q
The following information of the Registrant and its subsidiaries is submitted
herewith:
PART I - FINANCIAL INFORMATION:
Item 1. Financial Statements:
Page
----
Introduction ....................................................................................1
Condensed Consolidated Balance Sheets - July 31, 2002 and January 31, 2002..........................2
Condensed Consolidated Statements of Income - Three Months
and Six Months Ended July 31, 2002 and 2001.........................................................3
Condensed Consolidated Statement of Stockholders' Equity
for the Six Months Ended July 31, 2002..............................................................4
Condensed Consolidated Statements of Cash Flows - Six Months
Ended July 31, 2002 and 2001........................................................................5
Notes to Condensed Consolidated Financial Statements................................................6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...............9
PART II - OTHER INFORMATION:
Item 4. Submission Of Matters To A Vote Of Sercurity Holders...............................................10
Item 6. Exhibits and Reports on Form 8-K...................................................................10
Signatures.........................................................................................11
Certifications.....................................................................................12
LAKELAND INDUSTRIES, INC.
AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements:
Introduction
------------
CAUTIONARY STATEMENTS
This report may include "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are all statements other than
statements of historical fact included in this report, including, without
limitation, the statements under the heading "Management's Discussion and
Analysis of Financial Condition and Results of Operations" regarding the
Company's financial position and liquidity, the Company's strategic
alternatives, future capital needs, development and capital expenditures
(including the amount and nature thereof), future net revenues, business
strategies, and other plans and objectives of management of the Company for
future operations and activities.
Forward-looking statements are based on certain assumptions and analyses
made by the Company in light of its experience and its perception of historical
trends, current conditions, expected future developments and other factors it
believes are appropriate under the circumstances. These statements are subject
to a number of assumptions, risks and uncertainties, and factors in the
Company's other filings with the Securities and Exchange Commission (the
"Commission"), general economic and business conditions, the business
opportunities that may be presented to and pursued by the Company, changes in
law or regulations and other factors, many of which are beyond the control of
the Company. Readers are cautioned that these statements are not guarantees of
future performance, and the actual results or developments may differ materially
from those projected in the forward-looking statements. All subsequent written
and oral forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by these
cautionary statements.
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
July 31, January 31,
ASSETS 2002 2002
(Unaudited) (Derived from audited
--------- financial statements)
--------------------
Current Assets:
Cash and cash equivalents............................................ $2,560,548 $ 1,760,635
Accounts receivable, net of allowance for
doubtful accounts of $320,000 and $221,000 at
July 31, 2002 and January 31, 2002, respectively ................... 9,069,821 9,600,738
Inventories ......................................................... 23,478,617 26,529,150
Prepaid income taxes ................................................ -- 242,029
Deferred income taxes ............................................... 888,000 888,000
Other current assets ................................................ 470,574 524,274
----------- -----------
Total current assets........................................ 36,467,560 39,544,826
Property and equipment, net of accumulated
depreciation of $3,410,000 at July 31, 2002
and $3,113,000 at January 31, 2002 ................................ 2,155,083 2,218,459
Construction in progress ............................................ 540,488
Other assets ........................................................ 742,089 654,200
----------- -----------
$39,905,220 $42,417,485
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable..................................................... $3,522,255 $ 4,759,373
Current portion of long-term liabilities ............................ 14,260,633 17,028,032
Accrued expenses and other current liabilities ...................... 994,939 991,021
Due to affilate...................................................... 168,099
---------- -----------
Total current liabilities ...................................... 18,945,926 22,778,426
Long-term liabilities ............................................... 455,001 609,105
Deferred income taxes ............................................... 303,000 303,000
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $.01 par;
1,500,000 shares authorized; none issued
Common stock, $.01 par;
10,000,000 shares authorized;
2,966,357 and 2,684,600 shares issued and outstanding
at July 31, 2002 and January 31, 2002, respectively................ 29,663 26,846
Additional paid-in capital........................................... 8,753,951 6,360,741
Retained earnings ................................................... 11,417,679 12,339,367
----------- -----------
Total stockholders' equity ..................................... 20,201,293 18,726,954
----------- -----------
$39,905,220 $42,417,485
=========== ===========
See notes to condensed consolidated financial statements.
2
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
July 31, July 31,
2002 2001 2002 2001
---- ---- ---- ----
Net sales..........................................$18,964,284 $17,932,070 $ 39,607,468 $37,366,593
Cost of goods sold................................. 15,321,155 14,719,315 31,790,454 30,756,775
---------- ---------- ---------- ----------
Gross profit.........................................3,643,129 3,212,755 7,817,014 6,609,818
Operating expenses...................................2,706,856 2,402,070 5,434,803 4,580,838
---------- ---------- ---------- ----------
Operating profit................................... 936,273 810,685 2,382,211 2,028,980
Other income, net ................................ 30,620 4,576 40,503 11,505
Interest expense......................................(169,166) (228,288) (344,828) (497,493)
---------- ---------- ---------- ----------
Income before income taxes ....................... 797,727 586,973 2,077,886 1,542,992
Provision for income taxes.......................... 239,209 57,126 623,209 323,719
---------- ---------- ---------- ----------
Net income ...........................................$558,518 $ 529,847 $1,454,677 $1,219,273
======== ========= ========== ==========
Net income per common share*:
Basic............................................. $.19 $.18 $.49 $.42
======== ========= ========== ==========
Diluted.......................................... $.19 $.18 $.49 $.42
======== ========= ========== ==========
Weighted average common shares outstanding*:
Basic.......................................... 2,966,181 2,912,322 2,962,217 2,911,461
======== ========= ========== ==========
Diluted........................................ 2,976,110 2,939,039 2,974,785 2,933,613
======== ========= ========== ==========
*Adjusted for the 1 for 10 stock distribution to shareholders of record on July
31, 2002.
See notes to condensed consolidated financial statements.
3
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED)
Six months ended July 31, 2002
Additional
Common stock paid-in Retained
Shares Amount capital earnings Total
------ ------ ------- -------- -----
Balance, January 31, 2002 2,684,600 $26,846 $6,360,741 $12,339,367 $18,726,954
Net income 1,454,677 1,454,677
Exercise of stock options 7,350 73 19,589 19,662
10% stock dividend 274,407 2,744 2,373,621 (2,376,365) --
- -- ------- ----- --------- ---------- ----------
Balance, July 31, 2002 2,966,357 $29,663 $8,753,951 $11,417,679 $20,201,293
========= ======= ========== =========== ===========
See notes to condensed consolidated financial statements.
4
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
SIX MONTHS ENDED
July 31,
2002 2001
---- ----
Cash Flows from Operating Activities:
Net income ...........................................................$1,454,677 $1,219,273
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Provision for bad debts ............................................ 233,549 68,727
Depreciation and amortization....................................... 333,986 293,446
(Increase) decrease in accounts receivable.......................... 297,368 2,482,932
(Increase) decrease in inventories................................... 3,050,533 (115,007)
(Increase) decrease in prepaid income taxes and other current assets.... 295,729 199,267
(Increase) decrease in other assets............................... (124,252) (185,298)
Increase (decrease) in accounts payable, accrued
expenses and other liabilities and due to affiliate.................(1,040,101) (1,712,984)
---------- ----------
Net cash provided by (used in) operating
activities......................................................... 4,501,489 2,250,356
---------- ----------
Cash Flows from Investing Activities:
Purchases of property and equipment ................................ (234,247) (50,749)
Construction in progress............................................ (540,488) --
---------- ----------
Net cash provided by (used in) investing activities................. (774,735) (50,749)
---------- ----------
Cash Flows from Financing Activities:
Proceeds from exercise of stock options............................ 19,662 34,650
Net borrowings (reductions) under loan agreements.................... (2,409,203) (1,459,838)
Repayments of term loan............................................. (537,300) (308,201)
---------- ----------
Net cash provided by (used in) financing activities.................. (2,926,841) (1,733,389)
---------- ----------
Net increase (decrease) in cash..................................... 799,913 466,218
Cash and cash equivalents at beginning of period..................... 1,760,635 784,578
---------- ----------
Cash and cash equivalents at end of period............................$2,560,548 $1,250,796
========== ==========
Supplemental disclosures of cash flow information:
Cash paid during period for:
Interest............................................................$344,828 $497,493
========== ==========
Income taxes....................................................... $260,000 $175,000
========== ==========
See notes to condensed consolidated financial statements.
5
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Business
Lakeland Industries, Inc. and Subsidiaries (the "Company"), a Delaware
corporation, organized in April 1982, is engaged primarily in the manufacture of
personal safety protective work clothing. The principal market for the Company's
products is the United States. No customer accounted for more than 10% of net
sales during the six-month periods ended July 31, 2002 and 2001.
Qing Dao MayTung Heathcare Co, LTD. is a real estate holding company that
was formed during the six months ended July 31, 2002 for the purpose of
constructing a building in The People's Republic Of China.
2. Basis of Presentation
The condensed consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission and reflect all adjustments which are, in
the opinion of management, necessary to present fairly the consolidated
financial information required therein. Certain information and note disclosures
normally included in financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these condensed consolidated
financial statements be read in conjunction with the consolidated financial
statements and the notes thereto included in the Company's Annual Report on Form
10-K filed with the Securities and Exchange Commission for the year ended
January 31, 2002.
The results of operations for the three-month and six-month periods ended
July 31, 2002 and 2001 are not necessarily indicative of the results to be
expected for the full year.
3. Principles of Consolidation
The accompanying condensed consolidated financial statements include the
accounts of the Company and its wholly-owned subsidiaries, Laidlaw, Adams &
Peck, Inc., Lakeland Protective Wear, Inc. (a Canadian corporation), Lakeland de
Mexico S.A. de C.V. (a Mexican corporation), Weifang Lakeland Safety Products,
Co., Ltd. (a Chinese corporation) and Qing Dao May Tung Healthcare Co., Ltd. ( a
Chinese corporation). All significant intercompany accounts and transactions
have been eliminated.
4. Inventories
Inventories consist of the following:
July 31, January 31,
2002 2002
---- ----
Raw materials.............................$6,353,797 $6,248,990
Work-in-process.......................... 1,630,043 3,997,470
Finished goods............................15,494,777 16,282,690
----------- ----------
$23,478,617 $26,529,150
=========== ===========
Inventories are stated at the lower of cost or market. Cost is determined on the
first-in, first-out method.
6
5. Stockholders' Equity
(a) Stock split
On June 24, 2002, the Company announced a 1-for-10 stock split in the form
of a 10% stock dividend to shareholders of record on July 31, 2002 with a
distribution date of August 30, 2002. Share and per share amounts have been
restated to reflect the stock split for all periods presented.
(b) Earnings per share
Basic earnings per share are based on the weighted average number of common
shares outstanding without consideration of potential common shares. Diluted
earnings per share are based on the weighted average number of common and
potential common shares outstanding. The diluted earnings per share calculation
takes into account the shares that may be issued upon exercise of stock options,
reduced by the shares that may be repurchased with the funds received from the
exercise based on the average price during the period.
The following table sets forth the computation of basic and diluted earnings per
share:
Three Months Ended Six Months Ended
July 31, July 31,
2002 2001 2002 2001
---- ---- ---- ----
Numerator
Net income $ 558,518 $ 529,847 $1,454,677 $1,219,273
========== ========== ========== ==========
Denominator
Denominator for basic earnings per share
(Weighted-average shares)
2,966,181 2,912,322 2,962,217 2,911,461
Effect of dilutive securities:
Stock options 9,929 26,717 12,568 22,152
--------- --------- --------- ---------
Denominator for diluted earnings per share
(adjusted weighted-average shares) and
assumed conversions 2,976,110 2,939,039 2,974,785 2,933,613
========== ========== ========== ==========
Basic earnings per share $ .19 $ .18 $ .49 $ .42
========== ========== ========== ==========
Diluted earnings per share $ .19 $ .18 $ .49 $ .42
========== ========== ========== ==========
Excluded from the calculation of earnings per share are options to purchase
1,100 and 2,200 shares at July 31, 2002 and 2001, respectively, as their
inclusion would have been anti dilutive.
7
6. Credit Facility
At July 31, 2002, the balance outstanding under the Company's secured $18
million revolving credit facility amounted to $13,544,230. This facility, which
is based on a percentage of eligible accounts receivable and inventory, as
defined, has been renewed and expires on July 31, 2003. Borrowings under the
facility bear interest at a rate per annum equal to the one-month LIBOR plus 2%.
At July 31, 2002, the balance outstanding under the Company's five year term
loan is $716,403. The term loan is payable in monthly installments of $89,550,
plus interest payable at the 30-day commercial paper rate, plus 2.45%. The
credit facility and term loan are collateralized by substantially all of the
assets of the Company and guaranteed by certain of the Company's subsidiaries.
The credit facility and term loan contain financial covenants, including, but
not limited to, minimum levels of earnings and maintenance of minimum tangible
net worth and other certain ratios at all times.
7. Major Supplier
The Company purchased approximately 73% of its raw materials from DuPont.
The Company has been purchasing such raw materials from DuPont for over twenty
years, and as one of its largest customers in Tyvek, considers its relationship
with this supplier to be excellent. The Company expects this relationship to
continue for the foreseeable future. If required, similar raw materials could be
purchased from other sources; although, the Company's competitive position in
the marketplace could be affected.
8. Effects of Recent Accounting Pronouncements
In April 2002, the Financial Accounting Standards Board (" FASB") issued
Statement of Financial Accounting Standard ("SFAS") No. 145, "Rescission of FASB
Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical
Corrections". This statement eliminates the current requirement that gains and
losses on debt extinguishment must be classified as extraordinary items in the
income statement. Instead, such gains and losses will be classified as
extraordinary items only if they are deemed to be unusual and infrequent, in
accordance with the current GAAP criteria for extraordinary classification. In
addition, SFAS 145 eliminates an inconsistency in lease accounting by requiring
that modifications of capital leases that result in reclassification as
operating leases be accounted for consistent with sale-leaseback accounting
rules. The statement also contains other nonsubstantive corrections to
authoritative accounting literature. The rescission of SFAS 4 is effective in
fiscal years beginning after May 15, 2002. The amendment and technical
corrections to SFAS 13 are effective for transactions occurring after May 15,
2002. All other provisions of SFAS 145 are effective for financial statements
issued on or after May 15, 2002. Management believes that the adoption of SFAS
No. 145 will not have a material impact on its financial position or results of
operations.
In June 2002, the FASB issued SFAS No. 146, "Account for Costs Associated
with Exit or Disposal Activities", which addresses accounting for restructuring
and similar costs. SFAS No. 146 supersedes previous accounting guidance,
principally Emerging Issues Task Force Issue No. 94-3. SFAS No. 146 requires
that the liability for costs associated with an exit or disposal activity be
recognized when the liability is incurred. SFAS No. 146 also establishes that
the liability should initially be measured and recorded at fair value.
Accordingly, SFAS No. 146 may affect the timing of recognizing future
restructuring costs as well as the amount recognized. SFAS No. 146 is effective
for exit or disposal activities that are initiated after December 31, 2002.
Management believes that the adoption of SFAS No. 146 will not have a material
impact on its financial position or results of operations.
8
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ITEM 2.
Six months ended July 31, 2002 compared to the six months ended July 31, 2001.
Net Sales. Net sales for the six months ended July 31, 2002 increased
$2,240,000 or 6% to $39,607,000 from $37,367,000 reported for the six months
ended July 31, 2001. The increase in sales was principally attributable to
improving economic conditions and to the Company's April 1, 2002 sales price
increase. This industry continues to be highly competitive.
Gross Profit. Gross profit for the six months ended July 31, 2002,
increased by $1,207,000 or 18.3% to $7,817,000 from $6,610,000 for the six
months ended July 31, 2001. Gross profit as a percentage of net sales increased
to 19.7% for the six months ended July 31, 2002 from 17.7% reported for the
prior year, principally due to the increase in selling prices offset partially
by a decrease in labor and overhead costs. Commencing in March, the Company
incurred an increase in the price of raw materials (from a major supplier),
which will have an effect on margins for the remainder of this fiscal year.
Operating Expenses. Operating expenses for the six months ended July 31,
2002 increased by $854,000 or 18.6% to $5,435,000 or 13.7% of net sales from
$4,581,000 or 12.3% of net sales for the six months ended July 31, 2001.
Operating expenses increased principally as a result of increased freight costs,
R&D expense, bad debt, professional fees, sales and use taxes, and commission
expense.
Interest Expense. Interest expense decreased primarily due to lower
interest costs reflecting a decrease in average borrowings under the company's
credit facilities and decreasing interest rates.
Income Tax Expense. The effective tax rate for the six months ended July
31, 2002 and 2001 of 30% and 20.98%, respectively, deviates from the Federal
statutory rate of 34%, which is primarily attributable to differing foreign tax
rates and state income taxes.
Net Income. As a result of the foregoing, net income increased to
$1,455,000 for the six months ended July 31, 2002 or 19.4% from net income of
$1,219,000 for the six months ended July 31, 2001.
Three months ended July 31, 2002 compared to the three months ended July 31,
2001.
Net Sales. Net sales for three months ended July 31, 2002 increased
$1,032,000 or 5.8% to $18,964,000 from $17,932,000 reported for the three months
ended July 31, 2001. The increase in sales was principally attributable to
improving economic conditions and the April 1, 2002 price increase. This
industry continues to be highly competitive.
Gross Profit. Gross profit for the quarter ended July 31, 2002 increased by
$430,000 or 13.4% to $3,643,000 from $3,213,000 for the quarter ended July 31,
2001. Gross profit as a percentage of net sales increased to 19.2% for the three
months ended July 31, 2001 from 17.9% reported for the prior year, principally
due to the increase in selling prices, offset by an increase in the cost of raw
materials (from a major supplier).
Operating Expenses. Operating expenses for the quarter ended July 31, 2002
increased by $305,000 or 12.7% to $2,707,000 or 14.3% of net sales from
$2,402,000 or 13.4% of net sales for the quarter ended July 31, 2001. Operating
expenses increased principally as a result of increased sales salaries,
commissions, freight, and medical insurance.
Interest Expense. Interest expenses decreased primarily due to lower
interest costs reflecting a decrease in average borrowing under the Company's
credit facilities and decreasing interest rates.
Income Tax Expense. The effective tax rate for the three months ended July
31, 2001 of 30% and 9.7%, respectively, deviates from the Federal statutory rate
of 34%, which is primarily attributable to a differing mixture of foreign
profits and tax rates and state and local income taxes, than in the comparable
quarter last year.
9
Net Income. As a result of the foregoing, net income increased to $559,000
for the three months ended July 31, 2002 or 5.47% from net income of $530,000
for the three months ended July 31, 2001.
LIQUIDITY and CAPITAL RESOURCES
- -------------------------------
Liquidity and Capital Resources. The Company's working capital is equal to
$17,522,000 at July 31, 2002. The Company's primary sources of funds for
conducting its business activities have been from cash flow provided by
operations and borrowings under its credit facilities. The Company requires
liquidity and working capital primarily to fund increases in inventories and
accounts receivable associated with sales growth and, to a lesser extent, for
capital expenditures.
Net cash provided by operating activities was $4,501,000 for the six months
ended July 31, 2002 and was due primarily to a decrease in inventories of
$3,051,000, offset by the decrease in accounts payable $1,040,000 and net income
of $1,455,000.
Net cash used in investing activities was $775,000 and was due to purchases
of equipment aggregating approximately $234,000 and the construction of a
building in the People's Republic of China for which approximately $540,000 has
been expended to date.
Net cash used in financing activities of $2,927,000 was primarily
attributable to repayments of $2,409,000 during the six months in connection
with the revolving credit facility, and repayments under the term loan of
$537,000.
The revolving credit facility permits the Company to borrow up to a maximum
of $18 million. The revolving credit agreement expires on July 31, 2003 and has
therefore been classified as a short-term liability in the accompanying balance
sheet at July 31, 2002. Borrowings under the revolving credit facility amounted
to approximately $13,544,000 at July 31, 2002. The $3 million term-loan
agreement entered into in November 1999 has an outstanding balance of $716,000
and expires on March 31, 2003.
The Company believes that cash flow from operations and the revolving
credit facility will be sufficient to meet its currently anticipated operating,
capital expenditures and debt service requirements for at least the next 12
months. Historically, the Company has been able to renew its credit facility on
acceptable terms, however there can be no assurance that such financing will
continue to be available.
Foreign Currency Activity. The Company's foreign exchange exposure is
principally limited to the relationship of the U.S. Dollar to the Mexican Peso,
the Chinese RMB and the Canadian Dollar.
PART II. OTHER INFORMATION
ITEMS 1-3 AND 5 ARE NOT APPLICABLE.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SERCURITY HOLDERS
The annual meeting of shareholders of the company (the "Annual Meeting") was
held on June 19, 2002 in Ronkonkoma, New York. The company had 2,684,600 shares
of common stock outstanding as of April 26, 2002, the record date for the Annual
Meeting.
Proposal 1- Election of Director:
The candidate listed below duly was elected to the Board of directors at
the Annual meeting by the tally indicated.
Candidate Votes in Favor Votes Withheld
- --------- -------------- --------------
Christopher J. Ryan 2,512,785 35,501
Item 6. Exhibits and Reports on Form 8-K:
99.1 Certification, dated September 11, 2002, required by Section 906 of the
Public Company Accounting Reform and Investor protection Act of 2002
(18 U.S.C ss. 1350, as adopted).
Item 9. Regulation FD Disclosure
b- No reports on Form 8-K were filed during the three month period ended
July 31, 2002.
10
SIGNATURES
---------------- ----------------
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
LAKELAND INDUSTRIES, INC.
(Registrant)
/s/ Raymond J. Smith
Date: September 11, 2002 ----------------------------------------
Raymond J. Smith,
President and Chief Executive Officer
/s/ Christopher J. Ryan
Date: September 11, 2002 ----------------------------------------
Christopher J. Ryan,
Executive Vice President, Secretary and
General Counsel
/s/ James M. McCormick
Date: September 11, 2002 ----------------------------------------
James M. McCormick,
Vice President and Treasurer
(Principal Accounting Officer)
11
Certification
I, Raymond J. Smith, Chief Executive Officer and President of Lakeland
Industries, Inc., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Lakeland
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report; and
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report.
Date: September 11, 2002
/s/ Raymond J. Smith
---------------------------------------
Raymond J. Smith
Chief Executive Officer and President
(Principal Executive Officer)
Certification
I, James M. McCormick, Principal Accounting Officer and V.P. and Treasurer of
Lakeland Industries, Inc., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Lakeland
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report; and
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report.
Date: September 11, 2002
/s/ James M. McCormick
---------------------------------------
James M. McCormick
V.P and Treasurer
(Principal Accounting Officer)
Certification
I, Christopher J. Ryan, Executive Vice President and Secretary of Lakeland
Industries, Inc., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Lakeland
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report; and
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report.
Date: September 11, 2002
/s/ Christopher J. Ryan
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Christopher J. Ryan
Executive Vice President, Secretary
and General Counsel
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