Ronkonkoma-based Lakeland Industries Inc., a maker of safety garments, will repurchase up to $2 million of its stock.
The company board's approval of the move shows that it has confidence in the company's current performance and its prospects for growth, Christopher J. Ryan, the company's chief executive, said this week.
It also indicates "our shared belief that our current valuation does not reflect Lakeland's underlying long-term value," Ryan said.
Lakeland this fiscal year has reduced its debt as it increased its cash holdings, he said. Buying the stock is the best use of available cash, he said.
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