Attached files
| file | filename |
|---|---|
| 8-K/A - LAKELAND INDUSTRIES INC | v176896_8ka.htm |
| EX-10.27 - LAKELAND INDUSTRIES INC | v176896_ex10-27.htm |
| EX-10.30 - LAKELAND INDUSTRIES INC | v176896_ex10-30.htm |
| EX-10.29 - LAKELAND INDUSTRIES INC | v176896_ex10-29.htm |
| EX-10.24 - LAKELAND INDUSTRIES INC | v176896_ex10-24.htm |
| EX-10.25 - LAKELAND INDUSTRIES INC | v176896_ex10-25.htm |
| EX-10.28 - LAKELAND INDUSTRIES INC | v176896_ex10-28.htm |
| EX-10.23 - LAKELAND INDUSTRIES INC | v176896_ex10-23.htm |
Exhibit
10.26
NOTES TO:
PROFORMA UNAUDITED CONDENSED COMBINED STATEMENTS OF INCOME
Three
months ended April 30, 2008
|
Adjustment
Needed
|
||||
|
(1)
Adjustment to reflect interest- Expense that would have been incurred on
loan to finance purchase of Qualytextil
|
$ | 13,344 | ||
|
Interest
rate assumed on proforma loan. Used Lakeland’s actual weighted
average interest rate for the period + 40 BPS which is the pricing
adjustment created by the higher leverage resulting from the purchase
price borrowing
|
3.93 | % | ||
|
Additional
interest expense on purchase loan pro forma
|
$ | 131 | ||
|
Tax
rate - The Company considers the rate of 36% to be appropriate as it
represents the applicable tax effect on interest expense incurred on the
loan assumed in USD. The Company did not use the effective tax rate which
is 25.0%, since the rate is affected by various factors not relevant to
the current transaction including income from various foreign
subsidiaries, deductions etc.
|
36 | % | ||
|
Tax
benefit on additional interest expense
|
$ | 47 | ||
|
(2)
Adjustment to add back interest expense on Qualytextil books as
the debt has been repaid as a result of this transaction
|
||||