Lakeland Industries (LAKE) Announces Prelim. Q2 Results, Launch of Secondary Offering of Common Stock

Lakeland Industries, Inc. (NASDAQ: LAKE) today announced certain preliminary unaudited financial results for its fiscal 2018 second quarter ended July 31, 2017. The Company also announced today that it intends to offer shares of its common stock in an underwritten public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Preliminary Fiscal 2018 Second Quarter Financial Results

For the second quarter of fiscal year 2018, Lakeland estimates its revenue to range from $23.0 million to $25.0 million, net income to range from $1.4 million to $1.6 million, earnings per share to range from $0.19 to $0.21 and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA*) to range from $2.2 million to $2.4 million.

The revenue, net income, earnings per share and EBITDA estimates presented above are preliminary and subject to revision based upon the completion of the Company's quarter-end financial closing process and completion of our consolidated financial statements and are not meant to be comprehensive for this period. These preliminary estimates have been prepared by, and are the responsibility of, the Company's management based upon the most current information available to them. Such preliminary estimates have not been subject to any audit procedures, review procedures, or any procedures by our independent registered public accounting firm. Following the completion of our quarter-end financial closing process, we may report financial results that could differ significantly from these estimates.

For more information on the non-GAAP financial measures, please see the Reconciliation of GAAP to non-GAAP Financial Measures table in this press release.

The information presented herein should not be considered a substitute for the financial information to be filed with the SEC in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2017 once it becomes available. The Company has no intention or obligation to update the preliminary estimated unaudited financial results in this release prior to filing its Quarterly Report on Form 10-Q for quarter ended July 31, 2017.

Financial Results Conference Call

Lakeland will issue its actual financial results for the fiscal 2018 second quarter and conduct a conference call on Wednesday, September 13, 2017. Details for the conference call will be announced in advance of the issuance of the earnings press release.

Additional Offering Information

Roth Capital Partners and Craig-Hallum Capital Group are acting as joint book-running managers for the offering. The underwriters are expected to have a 45-day option to purchase an additional 15% of the shares of common stock sold in the primary offering to cover overallotments, if any.

The Company expects to use the net proceeds from the offering for building additional overseas manufacturing facilities, payment of capital expenditures associated with equipment, repayment of all borrowings under its line of credit, and general corporate purposes.

The shares described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC") on April 11, 2017. The shares may be offered only by means of a prospectus. Once available, copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov and may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, California 92660, telephone (949) 720-7227 or email at [email protected] and from Craig-Hallum Capital Group LLC, 222 South 9th Street, Suite 350, Minneapolis, MN 55402, telephone (612) 334-6300 or email at [email protected].

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