Safety garments maker Lakeland announces stock repurchase plan
25 Feb '08
2 min read
Lakeland Industries Inc, a market leader in protective apparel, announced that the company's Board of Directors has authorized the repurchase of up to $3,000,000 worth of Lakeland's outstanding common stock.
Under this new program, 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 or in privately negotiated transactions in accordance with applicable securities and other laws, including the Securities Exchange Act of 1934. Lakeland intends to finance the purchase using its available cash and cash equivalents.
Depending on market conditions and other factors, the repurchase program may be commenced or suspended at any time without prior notice. The repurchased shares will be held as treasury stock and will be principally used for ongoing stock issuances under employee stock plans and other general corporate purposes.
Chris Ryan, President of Lakeland, commented, "The Board's approval of this repurchase program is a reflection of the confidence that the board and management have in Lakeland's operating fundamentals and growth prospects and, accordingly, our shared belief that our current valuation does not reflect Lakeland's underlying long-term value.
Accordingly, we believe that the acquisition of Lakeland stock is an attractive and appropriate investment in the current market and an appropriate use of our cash. This repurchase program reflects the ongoing commitment of the Lakeland Board to taking tangible steps intended to enhance shareholder value."