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Lakeland INDUSTRIES , INC EXHIBIT 99.1 1525 Perimeter Parkway , Suite 325 Huntsville , AL 35806 ( 256 ) 350-3873 www.lakeland.com Lakeland Industries , Inc. Reports Fiscal 2022 Third Quarter Financial Results HUNTSVILLE , AL - December 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 third quarter ended October 31 , 2021 . Fiscal 2022 Third Quarter Financial Results Highlights Net sales for 3Q22 were $ 30.0 million , compared with 2Q22 of $ 27.5 million and 3Q21 of $ 41.5 million 0 Traditional industrial activity continues to indicate strengthening demand 0 0 COVID - 19 related sales of approximately $ 6.0 million in 3Q22 ( as compared with $ 3.5 million in 2Q22 and $ 14.5 million in 3Q21 ) driven primarily by demand from Asia High Performance Wear , High Visibility , and Wovens increase sequentially from 2Q22 to 3Q22 Gross profit was $ 12.6 million in 3Q22 , compared to 2Q22 of $ 12.7 million and $ 21.7 million in 3Q21 Gross margin as a percentage of net sales in 3Q22 was 42.1 % , compared to 46.3 % in 2Q22 and 52.3 % in 3Q21 Operating expenses were $ 8.5 million in 3Q22 , down from $ 8.8 million in 2Q22 and $ 9.2 million in 3Q21 Operating profit was $ 4.1 million in 3Q22 , up from $ 3.9 million in 2Q22 and down from $ 12.5 million in 3Q21 Net income was $ 2.8 million in 3Q22 , up from $ 2.6 million in 2Q22 and down from $ 9.3 million in 3Q21 Adjusted earnings before interest , taxes , depreciation , and amortization ( Adjusted EBITDA ) * of $ 4.9 million in 3Q22 , compared with $ 4.7 million in 2Q22 and 13.8 million in 3Q21 In 3Q22 the Company completed a $ 2.8 million investment in Bodytrak and funded $ 0.9 million in share repurchases * 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 , " In our fiscal 2022 third quarter ended October 31 , 2021 , Lakeland continued to demonstrate the durability of its post - COVID business model delivering strong financial results for the period . Revenues exceeded $ 30 million for the quarter , an increase of 9 % sequentially from the second quarter . We maintained our gross margin improvement over pre - pandemic periods , and continued to exercise discipline in our operational expenses resulting in another profitable quarter . We accomplished this as freight rates threatened our margins , supply shortages delayed sales , and we learned that our assumptions about how the pandemic would end were incorrect . Against this challenging backdrop , our strong results in the third quarter reinforces our belief that we have made sustainable improvements to our operational performance that will drive continued increases in profitability as COVID - 19 continues to wane and industrial activity continues to improve . " Q3 FY22 saw an unanticipated increase in COVID - 19 driven sales that contributed approximately 20 % or $ 6 million to our revenue in this period compared to approximately 13 % or $ 3.5 million in Q2 FY22 . This is a deviation from our previous expectations for continuous quarter over quarter declines in COVID - 19 demand as the pandemic winds down . We attribute this change primarily to regional differences in COVID - 19 responses and preparation . Q3 FY22 saw a wave of COVID - 19 outbreaks in Southeast Asia while Q2 FY22 was the height of the delta variant outbreak in the U.S. This quarter over quarter increase in pandemic related sales leads us to believe that COVID - 19 outbreaks in developing regions of the world are likely to result in greater demand than outbreaks in developed countries where vaccination levels and PPE stockpiles are greater . Q2 FY22 saw the bulk of the delta variant outbreak in the U.S. but generated less demand than the Q3 FY22 outbreak of the same variant in Southeast Asia . We believe this trend is likely to repeat itself , with diminishing demand differences , as the pandemic runs its course . Our strategy in response to this development is unchanged . We are well positioned to address demand fluctuations around the world and have adequate inventory of finished goods to respond , without delay , to these events as they unfold . This development does not alter our internal growth projections as the net result is COVID demand for our products exceeding our previous expectations while industrial sales projections reflect global economic growth . " The fallout from the pandemic has led to supply chain challenges globally . We have responded by increasing both our finished goods and raw materials inventories to mitigate the threats posed by freight challenges and raw materials availability issues . There have been spot shortages and periodic price