Exhibit
10.25

     

    
      
        	
                PROFORMA
      UNAUDITED CONDENSED COMBINED  STATEMENTS  OF
      INCOME

              	 	
                Combined

              	 
	 
      	 	
                Historical

              	 	 	 	 	 	 	 	
                Pro
      forma

              	 
	
                 ($000
      USD)

              	 	 	 	 	
                QUALYTEXTIL

              	 	 	 	 	 	 	 	 	 	 
	
                Fiscal
      Year ended January 31, 2008

              	 	
                AS
      REPORTED

              	 	 	
                US
      GAAP /USD

              	 	 	
                Adjustment

              	 	 	
                Adjustment

              	 	 	 	 
	
                Income
      Statement Data:

              	 	
                1/31/08

              	 	 	
                12/31/07

              	 	 	
                 (1)

              	 	 	
                 (2)

              	 	 	
                1/31/08

              	 
	
                Net
      sales

              	 	$	95,740	 	 	$	8,518	 	 	$	-	 	 	$	-	 	 	$	104,258	 
	
                Cost
      of goods sold

              	 	 	73,383	 	 	 	4,324	 	 	 	-	 	 	 	-	 	 	 	77,707	 
	
                Gross
      profit

              	 	 	22,357	 	 	 	4,194	 	 	 	-	 	 	 	-	 	 	 	26,551	 
	
                Operating
      expenses

              	 	 	17,374	 	 	 	2,847	 	 	 	-	 	 	 	-	 	 	 	20,221	 
	
                Operating
      profit

              	 	 	4,983	 	 	 	1,347	 	 	 	-	 	 	 	-	 	 	 	6,330	 
	
                Other
      income

              	 	 	145	 	 	 	14	 	 	 	-	 	 	 	-	 	 	 	159	 
	
                Interest
      expense

              	 	 	(330	)	 	 	(680	)	 	 	(789	)	 	 	680	 	 	 	(1,119	)
	
                Interest
      income

              	 	 	67	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	69	 
	
                Income
      before income taxes

              	 	 	4,865	 	 	 	683	 	 	 	(789	)	 	 	680	 	 	 	5,439	 
	
                Income
      tax expense

              	 	 	1,574	 	 	 	104	 	 	 	(284	)	 	 	104	 	 	 	1,498	 
	
                Net
      Income

              	 	$	3,291	 	 	$	579	 	 	$	(505	)	 	$	576	 	 	$	3,942	 
	
                Net
      income per share

              	 	$	0.60	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	0.71	 
	
                  
       # shares used for basic EPS

              	 	 	5,522,751	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,522,751	 
	
                ACCRETIVE
      TO EPS:

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	0.11	 


      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
10.25

      


      


      NOTES TO:
PROFORMA UNAUDITED CONDENSED COMBINED STATEMENTS OF INCOME

      Fiscal
year ended January 31, 2008

       

      
        
          	 
      	 	
                  Adjustment

                  Needed

                	 
	
                  (1)
      Adjustment to reflect interest- Expense that would have been incurred on
      loan to finance purchase of Qualytextil

                	 	$	13,344	 
	 	 	 	 	 
	
                  Interest
      rate assumed on proforma loan.  Used Lakeland’s actual weighted
      average interest rate for the period + 40 BPS which is the pricing
      adjustment created by the higher leverage resulting from the purchase
      price borrowing

                	 	 	5.91	%
	 	 	 	 	 
	
                  Additional
      interest expense on purchase loan pro forma

                	 	$	789	 
	 	 	 	 	 
	
                  Tax
      rate - The Company considers the rate of 36% to be appropriate as it
      represents the applicable tax effect on interest expense incurred on the
      loan assumed in USD. The Company did not use the effective tax rate which
      is 32.3%, since the rate is affected by various factors not relevant to
      the current transaction including income from various foreign
      subsidiaries, deductions etc.

                	 	 	36	%
	 	 	 	 	 
	
                  Tax
      benefit on additional interest expense

                	 	$	284	 
	 	 	 	 	 
	
                   (2)
      Adjustment to add back interest expense on Qualytextil books as the debt
      has been repaid as a result of this transaction