form10ka-83703_lake.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K/A
(Mark
one)
|
x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the
fiscal year ended January 31,
2007
OR
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the
transition period from _____________ to ______________
Commission
File Number: 0 – 15535
LAKELAND
INDUSTRIES,
INC.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
|
13-3115216
|
|
(State
of Incorporation)
|
|
(I.R.S.
Employer Identification Number)
|
| |
|
|
701
Koehler Ave., Suite 7, Ronkonkoma, NY 11779
(Address
of Principal Executive Offices)
(631)
981-9700
(Registrant's
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Securities
registered pursuant to Section 12 (g) of the Act
Title
of
Class – Common Stock $0.01 Par Value
Name
of
Exchange on which listed - NASDAQ
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined
in
Rule 405 of the Securities Act.
Yeso No
x
Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Exchange Act.
Yes
o No x
Indicate
by check mark whether the registrant (1) has filed all reports required to
be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements
for
the past 90 days.
Yes
x No
o
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§ 229.405 of this Chapter) is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.
Yesx Noo
Indicate
by check mark whether the registrant is a large accelerated filer an accelerated
file or a non- accelerated filer (as defined in Rule 12-b-2 of the Exchange
Act).
Large
accelerated filer o
Accelerated
Filer ý
Non-Accelerated
Filer o
Indicate
by check mark whether the
registrant is a shell company (as defined in Rule 12-b-2 of the Exchange
Act).
Yeso No
x
As
of
July 31, 2006, the aggregate market value of the registrant’s common stock held
by non-affiliates of the registrant was $57,041,653 based on the closing price
of the common stock as reported on the National Association of Securities
Dealers Automated Quotation System National Market System.
Indicate
the number of shares outstanding of each of the issuer’s classes of common
stock, as of the latest practicable date.
|
Class
|
|
Outstanding
at April 12, 2007
|
|
Common
Stock, $0.01 par value per share
|
|
5,521,824
|
Report
of Independent Registered Public Accounting Firm
Board
of
Directors and Stockholders
Lakeland
Industries, Inc. and Subsidiaries
Ronkonkoma,
New York
We
have
audited the accompanying consolidated balance sheets of Lakeland Industries,
Inc. and Subsidiaries ("Lakeland") as of January 31, 2007 and 2006 and
the related consolidated statements of income, stockholders' equity and cash
flows for the three years then ended. We have also audited the schedule listed
in Item 15(a)(2) of this Form 10-K for the years ended January 31, 2007,
2006 and 2005. We have also audited management’s assessment, included in the
accompanying "Management's Report on Internal Control Over Financial Reporting",
that Lakeland Industries, Inc. and Subsidiaries maintained effective internal
control over financial reporting as of January 31, 2007, based on
criteria established in Internal Control—Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Lakeland’s management is responsible for these consolidated financial statements
and schedule, for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control
over
financial reporting. Our responsibility is to express an opinion on these
consolidated financial statements and the schedule, an opinion on management's
assessment, and an opinion on the effectiveness of the company's internal
control over financial reporting based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement and whether effective
internal control over financial reporting was maintained in all material
respects. Our audit of financial statements included examining, on a test
basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation.
Our
audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, evaluating
management’s assessment, testing and evaluating the design and operating
effectiveness of internal control, and performing such other procedures as
we
considered necessary in the circumstances. We believe that our audits provide
a
reasonable basis for our opinions.
A
company’s internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s internal control
over financial reporting includes those policies and procedures that (1)
pertain
to the maintenance of records that, in reasonable detail, accurately and
fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary
to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company
are
being made only in
accordance with authorizations of management and directors of the company;
and
(3) provide reasonable assurance regarding prevention or timely detection
of
unauthorized acquisition, use, or disposition of the company’s assets that could
have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may
not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
In
our
opinion, the consolidated financial statements referred to above present
fairly,
in all material respects, the consolidated financial position of Lakeland
Industries, Inc. and Subsidiaries as of January 31, 2007 and 2006 and
the results of its operations and its cash flows for the three years then
ended
in conformity with accounting principles generally accepted in the United
States
of America. Also in our opinion, the related financial statement schedule,
when
considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.
Also
in our opinion, management’s assessment that Lakeland maintained effective
internal control over financial reporting as of January 31, 2007, is fairly
stated, in all material respects, based on criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Furthermore, in our opinion, Lakeland
maintained, in all material respects, effective internal control over financial
reporting as of January 31, 2007, based on criteria established in
Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
As
discussed in Note 1 to the financial statements, effective
February 1, 2006, the Company adopted Statement of Financial
Accounting Standards No. 123(R), Share-Based Payment.
/s/Holtz
Rubenstein Reminick LLP
Melville,
New York
April
5,
2007