DECATUR, AL / ACCESSWIRE / June 29, 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 it has significantly expanded its credit facility with Bank of America in support of its capital allocation strategy focused on inorganic corporate developments and other growth initiatives. The amendment to the Company's senior secured revolving credit facility increases the amount of potential borrowings from $12.5 million to $25.0 million. With cash of $60.3 million at April 30, 2021, the Company has not drawn down on the credit facility and continues to have no debt.
Charles D. Roberson, President and Chief Executive Officer of Lakeland Industries, stated, "We appreciate the continued support of Bank of America which has demonstrated its confidence in our global growth strategy by significantly increasing our credit facility. The amended credit facility provides for $15 million to be allocated toward acquisitions. Together with our substantial cash position in excess of $60 million and increasing, we are well equipped to put into action our capital allocation strategy. This plan includes organic and inorganic growth initiatives as well as other efforts to expand our global enterprise and further drive shareholder returns, including our stock buyback program."
The amended facility announced today provides improved terms under which borrowings may be used toward acquisitions by the Company or its subsidiaries. Terms of the amended facility are more completely discussed in the Company's Form 8-K filed with the Securities and Exchange Commission.
About Lakeland Industries, Inc.:
We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly, and to industrial distributors depending on the particular country and market. In addition to the United States, sales are made to more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay and Southeast Asia.
For more information concerning Lakeland, please visit the Company online at www.lakeland.com.
Lakeland Industries, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital or which express the Company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events conditions or circumstances on which such statement is based.
SOURCE: Lakeland Industries, Inc.