Stage set for further market expansion - Lakeland

15 Jun '10

4 min read

“Consistent with our strategy for the past few quarters and in light of the new agreement with DuPont, we have systematically been reducing our inventory levels. Against a backdrop of increasing sales -- with the first quarter of fiscal 2011 at the highest level in a year and a half – we have seen an improvement in our working capital, inventory turns, cash generation, cash position and debt level. At April 30, 2010, we had reduced our inventory by nearly $5 million from the beginning of the fiscal year three months earlier, reduced the borrowings under our credit facility by nearly half to $5 million, and increased our cash balance nearly 12% since January 31, 2010 to $5.7 million. We have sufficient cash flow and balance sheet strength to accommodate the unanticipated Brazilian tax issue, and are well positioned for continued performance improvements with a markedly enhanced financial condition as well as to capitalize on the many growth opportunities we have identified within our global operating footprint.”

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Lakeland Industries Inc

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