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Lakeland INDUSTRIES , INC EXHIBIT 99.1 202 Pride Lane SW Decatur , AL 35603 ( 256 ) 350-3873 - www.lakeland.com Lakeland Industries , Inc. Reports Fiscal 2022 Second Quarter Financial Results DECATUR , AL - September 9 , 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 financial results for its fiscal 2022 second quarter ended July 31 , 2021 . Fiscal 2022 Second Quarter Financial Results Highlights Net sales for 2Q22 of $ 27.5 million , compared with 2Q21 of $ 35.0 million and 1Q22 of $ 34.1 million Traditional industrial demand strengthening 0 0 0 0 COVID - 19 related sales of approximately $ 3.5 million in 2Q22 ( as compared with $ 4.1 million in 1Q22 and $ 14.0 million in 2Q21 ) driven by demand from Asia Overstocking within U.S. distribution channels and freight - out / delivery logistical challenges presented headwinds for 2Q22 revenue ; inventory levels increased amid shipping delays Increase in High Performance Wear , Fire and Glove product lines in 2Q22 over 2Q21 when PPE demand had already shifted to Disposables ( and Chemical ) garments for COVID - 19 Gross profit for 2Q22 of $ 12.7 million , compared with $ 17.3 million in 2Q21 Gross margin as a percentage of net sales in 2Q22 was 46.3 % , compared to 49.5 % in 2Q21 Operating expenses of $ 8.8 million in 2Q22 , up from $ 7.6 million in 2Q21 Operating profit of $ 3.9 million in 2Q22 , compared with $ 9.8 million in 2Q21 Net income of $ 2.6 million or $ 0.32 per basic share and $ 0.31 per diluted common share in 2Q22 , down from $ 9.3 million or $ 1.17 per basic share and $ 1.16 per diluted common share in 2Q21 Adjusted earnings before interest , taxes , depreciation , and amortization ( Adjusted EBITDA ) * of $ 4.7 million in 2Q22 , compared with $ 10.5 million in 2Q21 Capital expenditures for 2Q22 of $ 0.4 million , down from $ 0.5 million in 2Q21 Solid current ratio of 7.5 : 1 at 7/31/21 Cash of $ 59.8 million at 7/31/21 , up by $ 7.2 million or 14 % from beginning of fiscal year No debt at end of second quarter with up to $ 25 million available under credit facilities $ 5 million in share repurchases completed in 2Q22 * EBITDA and Adjusted EBITDA are non - GAAP financial measures . Reconciliation is provided in the tables of this press release . 1 Management's Comments Charles D. Roberson , President and Chief Executive Officer of Lakeland Industries , stated , " Lakeland's performance improvements are proving to be sustainable as we have again delivered on our margin , expense controls and cash management objectives as reported in our fiscal 2022 second quarter financial results . This performance is even more impressive when considering the significant global business challenges presented in the aftermath of the COVID - 19 pandemic last year and more recent , unpredictable waves of outbreaks in the U.S. and Southeast Asia . " Fiscal 2022 second quarter sales of $ 27.5 million were negatively affected by larger than anticipated freight issues that culminated in excess inventory within distribution channels in our largest global market , the U.S. , and we believe it is not an indication of our revenues going forward . That said , it should be noted that our revenue in the second quarter of fiscal 2022 is essentially identical to our pre - COVID fiscal 2020 second quarter revenue of $ 27.5 million , yet on these similar revenues operating income in the second quarter of fiscal 2022 was $ 3.9 million compared to pre - COVID operating income of $ 2.6 million in the second quarter of fiscal 2020 , an increase of 50 % . We believe that these metrics show that the performance improvements we have made are not based on COVID - 19 sales volume and appear to be sustainable going forward . " Our sales team is successfully implementing our profitability strategies , with second quarter gross margins in excess of 45 % even as revenue declined as expected from both the first quarter and the prior year period . COVID and its variants resulted in new demand from Southeast Asia for our disposable and chemical garments . This demand is being addressed by manufacturing of garments in our China facilities . While our international sales have been growing , the new Asia demand was able to partially offset the reduced revenue , primarily in the U.S. , that has been delayed due to logistics challenges . “ In the second quarter our sales in the U.S. declined to approximately $ 10 million . This was the result of customers over ordering in prior periods resulting in excess channel inventories and shipping delays primarily associated with ocean freight carriers . We believe that these are temporary issues and that these sales will return once U.S. inventory levels and external logistics capabilities normalize . We also believe the current wave of COVID - 19 cases in the U.S. and subsequent near record hospitalizations will accelerate the depletion of any inventories . Once our customers have worked through U.S. inventories , with manufacturing capacity now capable of servicing combined industrial and COVID demand , sales may return to normal levels , subject to a risk of continued or additional freight delays . “ COVID - 19 business conditions continue to create both opportunities and challenges , yet its anomalies cannot hide the value generated by the fundamental operational and organizational improvements that Lakeland has made . As previously discussed , the critical elements of our plan include the strengthening of our leadership team , investing in capacity expansion and higher margin product development , and focusing on profit enhancement initiatives led by a new data - centric approach to planning and supporting our addressable markets . All of these elements have come into play this year and helped us to navigate some challenging issues .