Business
Lakeland Industries Announces New $5.0 Million Expansion to Stock Repurchase Program
Expectations for Sustainable Performance Improvements and Continued Free Cash Flow Support Increase to Buyback AuthorizationDECATUR, AL / ACCESSWIRE / July 7,
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Expectations for Sustainable Performance Improvements and Continued Free Cash Flow Support Increase to Buyback AuthorizationDECATUR, AL / ACCESSWIRE / July 7, 2021 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced that its Board of Directors has authorized an increase of $5 million to the stock repurchase program announced February 17, 2021, under which the Company could repurchase up to $5 million of outstanding common stock. This expansion is in addition to the prior program which has been completely utilized during the fiscal second quarter ending July 31, 2021. As a result of this addition, the Company will fully replenish its ability to repurchase its outstanding common stock. Since May 1, 2021, the Company has repurchased approximately 227,454 shares, as of the close of stock market trading today.Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries, commented, \"The Board's approval of this substantial expansion to our February 17, 2021 repurchase program reflects our heightened commitment to optimizing shareholder returns. Our expectations for continued free cash flow generation, driven by sustainable performance improvements, along with our sizable cash balance are sufficient for the Company to both return cash to shareholders in the form of stock buybacks, and provide for our long-term growth strategy, including potential business acquisitions. Lakeland is committed to allocating capital in a sustainable, balanced approach that will increase shareholder value.\"Under the program announced today, share repurchases may be made from time to time depending on market conditions, share price and availability and other factors at Lakeland's discretion. Lakeland's repurchase of shares will take place in open market transactions at prevailing market prices or in privately negotiated transactions in accordance with applicable securities and other laws, including the Securities Exchange Act of 1934. Depending on market conditions and other factors, the repurchase program may be suspended or discontinued by Lakeland at any time without prior notice. The repurchased shares will be held as treasury stock and may be used for...