SOURCE: Lakeland Industries, Inc.

Lakeland Industries, Inc.

February 17, 2011 09:00 ET

Lakeland Industries Completes Shares Buyback

EPS to Increase by Approximately 4% Based on Reduction in Shares Outstanding

RONKONKOMA, NY--(Marketwire - February 17, 2011) - Lakeland Industries, Inc. (NASDAQ: LAKE), a market leader in protective apparel, today announced the completion of the stock repurchase plan announced in November 2010. From December 2010 through mid-February 2011, the Company repurchased 231,119 shares of its outstanding common stock, valued at approximately $2,000,000. 

"As we stated when announcing the repurchase program, the buyback reflects our confidence in the Company's underlying long-term value and strong operating fundamentals, business opportunities and growth prospects," said Lakeland Industries President and Chief Executive Officer Christopher J. Ryan. "Furthermore, upon full effect in our fiscal 2012 second quarter, the reduction in outstanding common stock should result in an increase to diluted earnings per share by approximately 4%."

Under the repurchase program, stock purchases were executed through open market transactions or in privately negotiated transactions in accordance with applicable securities and other laws, including the Securities Exchange Act of 1934. 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.

About Lakeland Industries, Inc.:
Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company's products are sold by a direct sales force and through independent sales representatives to a network of over 1,000 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, Lakeland supplies federal, state, and local government agencies, fire and police departments, airport crash rescue units, the Department of Defense, the Centers for Disease Control and Prevention, and many other federal and state agencies. For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

"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 8-K(s), registration statements, annual reports and other periodic 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," which words 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.

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