form8k-93929_lake.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 23,
2008
Lakeland
Industries, Inc.
(Exact
Name Of Registrant As Specified In Charter)
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Delaware
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0-15535
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13-3115216
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(State
of Incorporation)
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(Commission
File No.)
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(I.R.S.
Employer
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Identification
No.)
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701
Koehler Avenue, Suite 7, Ronkonkoma, New York 11779-7410
(Address
of principal executive offices, including zip code)
(631)
981-9700
(Registrant’s
telephone number, including area code)
Not
applicable
(Former
name or address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 below):
¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e(4)(c))
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Item
8.01 – Other Events.
On July 23, 2008, Lakeland Industries,
Inc. (the “Company”) reached a settlement with the Internal Revenue Service (the
“IRS”) regarding its examination of the Company’s Federal Income Tax returns for
taxable years ending January 31, 2003, 2004 and 2005. As previously
disclosed in the Company’s Form 10-K for the year ending January 31, 2008, the
IRS audit related to deductions taken by the Company for charitable
contributions of its stock in trade and one other issue which would result in a
timing difference.
The Company has accrued an amount of
$282,000 pursuant to Financial Accounting Standards Board Interpretation No. 48
(FIN 48) for this tax liability. The Company agreed with the IRS to settle
the audit for the amount of $91,000, which includes interest of
$24,000. The impact of this settlement results in an additional state tax
liability of $12,000, which includes interest of $3,000. The settlement
also resulted in the Company recording a deferred tax asset of
$28,000. Accordingly, the Company will report a reduction in
income tax expense of $207,000 for this transaction in its second quarter
report for July 31, 2008.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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LAKELAND
INDUSTRIES, INC.
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(Registrant)
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Date:
August 1, 2008
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/s/
Christopher J. Ryan
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Christopher
J. Ryan
President
& CEO
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