Alpha Pro Tech, Ltd. (NYSE American: APT), a
leading manufacturer of products designed to protect people,
products and environments, including disposable protective apparel
and building products, today announced financial
results
for the third quarter and nine months
ended September 30, 2020.
Lloyd Hoffman, President and Chief Executive
Officer of Alpha Pro Tech, commented, “As a result of the COVID-19
pandemic, we continue to experience a significant surge in customer
demand for our personal protective equipment (PPE) products,
specifically face masks, and most notably our proprietary N-95
Particulate Respirator. We saw a dramatic increase in revenue from
face mask sales throughout the third quarter, and we currently
expect face mask sales to increase through the fourth quarter of
2020 and into 2021. In addition, sales of disposable protective
garments and our Building Supply segment products saw
year-over-year increases during the third quarter, continuing the
trend from the first half of 2020. We also expect sales of
these products to show continued top line growth for the remainder
of 2020 and into 2021.”
Face mask sales have grown during each quarter
of 2020. Third quarter 2020 face mask sales were $13.4 million,
compared to $8.5 million in the second quarter of 2020 and $4.5
million in the first quarter of 2020. Management now expects that
total mask sales for 2020 will be approximately $43 million. Based
on current and anticipated investment in additional equipment and
human capital, management currently expects face mask production
capacity of $100 million in 2021(including the increased production
capacity from the previously reported phase 2 expansion).
The Company has also seen a significant increase
in orders of the Company’s face shield products, with approximately
$10.0 million of face shield orders fulfilled in the first nine
months of 2020. Although orders of the Company’s face shield
products are expected to remain above historic levels through the
fourth quarter of 2020, management now believes that, due to
increased competition resulting from relatively low barriers to
entry in the face shield market and a surplus of face shields now
available to consumers, face shield sales during the fourth quarter
will be down from the unprecedented levels experienced in the
second and third quarters of 2020, and face shield sales for the
second half of the year will be less than the approximately $6.0
million previously expected.
Hoffman continued, “Since the beginning of the
pandemic, we and others in our industry have addressed the growing
customer demand for PPE products by increasing and improving the
human, mechanical and supply chain components behind production.
Even with these increases and improvements, customer demand for PPE
products, face masks in particular, continues to exceed industry
supply in many instances, and we believe that this may continue for
some time. Due to this customer demand and the current state
of the industry, we expect continued face mask sales growth during
the fourth quarter and into 2021, but much of our production will
be presold. Industry-wide reports also appear to indicate that,
even with the significant increase in supply, demand will continue
to outpace capacity for immediate utilization, with longer-term
stockpiling not realistic until late 2021 and into 2022. As a
result of these developments, and in the interest of protecting the
Company’s competitive position, we will no longer provide
intra-quarter updates on order levels and backlogs.”
Net Sales
Consolidated sales for the three months
ended September 30, 2020 increased to $30.0 million, from
$12.0 million for the three months ended September 30, 2019,
representing an increase of $18.0 million, or 149.7%. This increase
consisted of increased sales in the Disposable Protective Apparel
segment of $17.6 million and increased sales in the Building Supply
segment of $453,000.
Sales for the Disposable Protective
Apparel segment for the three months ended September 30,
2020 increased by $17.5 million, or 364%, to $22.4
million, compared to $4.8 million for the same period of 2019. This
segment increase was due to a 1,627% increase in sales of face
masks, a 1,024% increase in sales of face shields and a 23.8%
increase in sales of disposable protective garments.
The increase in face mask sales was primarily
attributable to increased sales of our proprietary N-95 Particulate
Respirator face mask resulting from increased customer demand
associated with the COVID-19 pandemic. The increase in face shield
sales was also attributable to the pandemic and further benefited
from the Company’s strong inventory position. Due to the surplus of
face shields in the market discussed above, the Company expects
sales of face shields to decrease significantly in the coming
quarters but still to remain above historical levels as the
pandemic persists.
Disposable protective garment sales experienced
a 23.8% increase in the quarter, largely as a result of the
pandemic. The Company’s joint venture in India, which is the
primary supply source for these products, was under a
government-mandated closure that ended in late May 2020, and the
manufacturing facilities did not immediately resume full operation,
as many employees did not return after the mandate was lifted and
new employees had to be trained. This supply chain disruption
negatively affected availability and, therefore, sales of the
Company’s disposable protective garments in the third quarter of
2020. Conditions at the current time have improved, so similar
constraints are not expected to have a material impact on sales in
the fourth quarter of 2020.
The sales mix of the Disposable Protective
Apparel segment for the three months ended September 30, 2020 was
approximately 20% for disposable protective garments, 60% for face
masks and 20% for face shields. This compared to approximately 76%
for disposable protective garments, 16% for face masks and 8% for
face shields for the three months ended September 30, 2019.
Building Supply segment sales for the
three months ended September 30, 2020 increased by
$453,000, or 6.3%, to $7.7 million, compared to $7.2 million for
the three months ended September 30, 2019. The Building Supply
segment increase was primarily due to an increase in sales of
synthetic roof underlayment of 6.7%, an increase in sales of
housewrap of 2.1% and an increase in sales of other woven material
of 27.8% compared to the same period of 2019.
The sales mix of the Building Supply segment for
the three months ended September 30, 2020 was approximately 49% for
synthetic roof underlayment, 44% for housewrap and 7% for other
woven material. This compared to approximately 48% for synthetic
roof underlayment, 46% for housewrap and 6% for other woven
material for the three months ended September 30, 2019. Our
synthetic roof underlayment product line includes REX SynFelt®, REX
TECHNOply® and TECHNO SB®, and our housewrap product line consists
of REX Wrap®, REX Wrap Plus® and REX Wrap Fortis®.
The third quarter of 2020 was a record quarter
for housewrap sales, and, even though sales in the third quarter
were only slightly higher than in the comparative quarter of 2019,
sales in the third quarter of 2019 were a record up to that point.
The housewrap sales increase was aided by a strong inventory
position in the Company’s manufacturing facility in the United
States. Sales of both synthetic roof underlayment and housewrap
have benefitted from an increase in new home construction during
2020 and management’s determination to expand the Company’s
distribution reach to cover the new home growth. At the end of the
third quarter of 2020, the Company’s backlog of open orders for
both the synthetic roof underlayment and housewrap product lines
was at higher than historical levels.
Consolidated sales for the nine months
ended September 30, 2020 increased to $73.7 million, from
$35.8 million for the nine months ended September 30, 2019,
representing an increase of $37.9 million, or 106.1%. This increase
consisted of increased sales in the Disposable Protective Apparel
Segment of $35.7 million and increased sales in the Building Supply
segment of $2.3 million.
Sales for the Disposable Protective
Apparel segment for the nine months ended September 30,
2020 increased by $35.7 million, or 232.9%, to $51.0
million, compared to $15.3 million for the same period of 2019.
This segment increase was due to a 989.6% increase in sales of face
masks, a 755.6% increase in sales of face shields and a 22.1%
increase in sales of disposable protective garments, all primarily
due to increased customer demand associated with the pandemic. The
sales mix of the Disposable Protective Apparel segment for the nine
months ended September 30, 2020 was 28% for disposable protective
garments, 52% for face masks and 20% for face shields. This sales
mix is compared to 76% for disposable protective garments, 16% for
face masks and 8% for face shields for the nine months ended
September 30, 2019.
Building Supply segment sales for the
nine months ended September 30, 2020 increased by $2.3
million, or 11.0%, to $22.7 million, compared to $20.4 million for
the same period of 2019. The Building Supply segment increase was
primarily due to an increase in sales of housewrap of 11.2%, an
increase in sales of synthetic roof underlayment of 9.4% and an
increase in sales of other woven material of 19.6% compared to the
same period of 2019. Synthetic roof underlayment sales increased as
a result of increased sales of the Company’s TECHNO family of
products. Synthetic roof underlayment and housewrap sales were
positively affected by improved U.S. housing starts. Other woven
material sales were up as a result of our largest customer in this
category increasing its order volume. The sales mix of the Building
Supply segment for the nine months ended September 30, 2020 was 46%
for synthetic roof underlayment, 45% for housewrap and 9% for other
woven material. This compared to 47% for synthetic roof
underlayment, 45% for housewrap and 8% for other woven material for
the nine months ended September 30, 2019.
Gross Profit
Gross profit increased by $10.9 million, or
258.7%, to $15.1 million for the three months ended September 30,
2020, from $4.2 million for the same period of 2019. The gross
profit margin was 50.4% for the three months ended September 30,
2020, compared to 35.1% for the three months ended September 30,
2019. The gross profit margin was positively affected by the
significant change in product mix, primarily due to the surge in
customer demand for face masks, most notably our proprietary N-95
Particulate Respirator, and face shields, which generally have a
higher gross profit margin than our other products.
Gross profit increased by $23.2 million, or
176.5%, to $36.3 million for the nine months ended September 30,
2020, from $13.1 million for the same period of 2019. The gross
profit margin was 49.3% for the nine months ended September 30,
2020, compared to 37.6% for the same period of 2019.
The gross profit margin could be slightly
affected in the fourth quarter of 2020 as a result of increases in
the prices of some raw materials. However, management expects
continued higher gross profit margin for the rest of 2020 and into
2021 due to sales associated with the pandemic.
Selling, General and Administrative
Expenses
Selling, general and administrative expenses
increased by $1.4 million, or 52.6%, to $4.6 million for the three
months ended September 30, 2020, from $3.2 million for the three
months ended September 30, 2019. However, as a percentage of net
sales, selling, general and administrative expenses decreased to
15.3% for the three months ended September 30, 2020, from 26.4% for
the same period of 2019, primarily as a result of the growth in net
sales. The increase in selling, general and administrative expenses
was primarily the result of increased employee compensation,
increased sales commissions, increased accrued bonuses, increased
insurance costs, increased general office expenses and increased
factory-related expenses, largely associated with the pandemic.
Selling, general and administrative expenses
increased by $3.1 million, or 30.9%, to $13.2 million for the nine
months ended September 30, 2020, from $10.1 million for the nine
months ended September 30, 2019. However, as a percentage of net
sales, selling, general and administrative expenses decreased to
18.0% for the nine months ended September 30, 2020, down from 29.2%
for the same period of 2019, primarily as a result of the growth in
net sales.
Income from Operations
Income from operations increased by $9.5
million, or 1,045%, to $10.4 million for the three months ended
September 30, 2020, compared to $906,000 for the same period of
2019. The increased income from operations was primarily due to an
increase in gross profit of $10.9 million, partially offset by an
increase in selling, general and administrative expenses of $1.4
million and an increase in depreciation and amortization expense of
$44,000. Income from operations as a percentage of net sales for
the three months ended September 30, 2020 was 34.5%, compared to
7.5% for the same period of 2019.
Income from operations increased by $19.9
million, or 763%, to $22.5 million for the nine months ended
September 30, 2020, compared to $2.6 million for the nine months
ended September 30, 2019. The increased income from operations was
primarily due to an increase in gross profit of $23.2 million,
partially offset by an increase in selling, general and
administrative expenses of $3.1 million and an increase in
depreciation and amortization expense of $136,000. Income from
operations as a percentage of net sales for the nine months ended
September 30, 2020 was 30.6%, compared to 7.2% for the same period
of 2019.
Net Income
Net income for the three months ended September
30, 2020 was $8.1 million, compared to net income of $437,000 for
the same period of 2019, representing an increase of $7.7 million,
or 1,755%. The net income increase was due to an increase in income
before provision for income taxes of $10.1 million, partially
offset by an increase in provision for income taxes of $2.4
million. Net income as a percentage of net sales for the three
months ended September 30, 2020 was 27.0%, and net income as a
percentage of net sales for the three months ended September 30,
2019 was 3.6%. Basic earnings per common share for the three months
ended September 30, 2020 and 2019 were $0.60 and $0.03,
respectively. Diluted earnings per common share for the three
months ended September 30, 2020 and 2019 were $0.58 and $0.03,
respectively.
Net income for the nine months ended September
30, 2020 was $19.7 million, compared to net income of $2.7 million
for the same period of 2019, representing an increase of $17.0
million, or 638%. Net income for the nine-month period
significantly exceeded the Company’s previous net income record for
a full annual period – $9.0 million for the year ended December 31,
2009, which resulted primarily from increased sales due to the H1N1
pandemic. The net income increase comparing the 2020 and 2019
periods was due to an increase in income before provision for
income taxes of $19.7 million, partially offset by an increase in
provision for income taxes of $2.7 million. A tax benefit from
exercised stock options positively impacted net income in the first
quarter of 2020. Net income as a percentage of net sales for the
nine months ended September 30, 2020 was 26.7%, and net income as a
percentage of net sales for the same period of 2019 was 9.4%. Basic
earnings per common share for the nine months ended September 30,
2020 and 2019 were $1.46 and $0.20, respectively. Diluted earnings
per common share for the nine months ended September 30, 2020 and
2019 were $1.41 and $0.20, respectively.
Balance Sheet
As of September 30, 2020, the Company had cash
of $24.6 million and working capital of $44.7 million, representing
an increase in working capital of $20.9 million from $23.8 million
as of December 31, 2019. As of September 30, 2020, the Company’s
current ratio (current assets/current liabilities) was 7:1,
compared to a current ratio of 11:1 as of December 31, 2019. The
change in current ratio was primarily a result of customer advance
payments for future dated PPE orders, which totaled $3.2 million at
the end of the third quarter of 2020.
Cash increased by 275%, or $18.0 million, to
$24.6 million as of September 30, 2020, compared to $6.6 million as
of December 31, 2019. Approximately $3.2 million of the increase in
cash was attributable to customer advance payments for future dated
PPE orders. The increase in cash from December 31, 2019 was due to
cash provided by operating activities of $17.0 million and cash
provided by financing activities of $1.6 million, partially offset
by cash used in investing activities of $566,000.
Colleen McDonald, Chief Financial Officer,
commented, “In September 2020, we added an additional $5.0 million
to our stock repurchase program and now have a total of $6.8
million available for additional stock purchases under the
repurchase program. For the nine months ended September 30, 2020,
we repurchased 55,100 shares of common stock at a cost of $406,000.
To date, the Company has repurchased a total of 17.9 million shares
of common stock at a cost of $35.8 million through the repurchase
program.”
About Alpha Pro Tech, Ltd.Alpha Pro Tech, Ltd.
is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech
Engineered Products, Inc. Alpha Pro Tech, Inc. develops,
manufactures and markets innovative disposable and limited-use
protective apparel products for the industrial, clean room, medical
and dental markets. Alpha ProTech Engineered Products, Inc.
manufactures and markets a line of construction weatherization
products, including building wrap and roof underlayment. The
Company has manufacturing facilities in Salt Lake City, Utah;
Nogales, Arizona; Valdosta, Georgia; and a joint venture in India.
For more information and copies of all news releases and
financials, visit Alpha Pro Tech’s website at
http://www.alphaprotech.com.
Certain statements made in this press release
constitute “forward-looking statements” within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include any statement that
may predict, forecast, indicate or imply future results,
performance or achievements instead of historical facts and may be
identified generally by the use of forward-looking terminology and
words such as “expects,” “anticipates,” “estimates,” “believes,”
“predicts,” “intends,” “plans,” “potentially,” “may,” “continue,”
“should,” “will” and words of similar meaning. Without limiting the
generality of the preceding statement, all statements in this press
release relating to estimated and projected
earnings, expectations regarding order volume, timing of
fulfillment of orders, production capacity and our plans to
ramp up production and expand capacity, product
demand, availability of raw materials and supply chain access,
margins, costs, expenditures, cash flows, sources of capital,
growth rates and future financial and operating results are
forward-looking statements. We caution investors that any such
forward-looking statements are only estimates based on current
information and involve risks and uncertainties that may cause
actual results to differ materially from the results contained in
the forward-looking statements. We cannot give assurances that any
such statements will prove to be correct. Factors that could cause
actual results to differ materially from those estimated by us
include the risks, uncertainties and assumptions described from
time to time in our public releases and reports filed with the
Securities and Exchange Commission, including, but not limited to,
our most recent Annual Report on Form 10-K and Quarterly Report on
Form 10-Q. Specifically, these factors include, but are not
limited to, changes in global economic conditions; the effects of
the COVID-19 pandemic on our business and operations, the business
and operations of those within our supply chain and global economic
conditions generally; changes in order volume by our customers; the
inability of our suppliers and contractors to meet our
requirements; potential challenges related to international
manufacturing; our partnership with a joint venture partner; the
inability to protect our intellectual property; competition in our
industry; customer preferences; the timing and market acceptance of
new product offerings; security breaches or disruptions to the
information technology infrastructure; the impact of legal and
regulatory proceedings or compliance challenges; and volatility in
our common stock price and our investments. We also caution
investors that the forward-looking information described herein
represents our outlook only as of this date, and we undertake no
obligation to update or revise any forward-looking statements to
reflect events or developments after the date of this press
release. Given these uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results.
– Tables follow –
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
2019 (1) |
|
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
24,583,000 |
|
$ |
6,548,000 |
|
|
Investments |
|
|
173,000 |
|
|
335,000 |
|
|
Accounts
receivable, net of allowance for doubtful accounts of |
|
|
|
|
|
|
|
|
|
$68,000 as of
September 30, 2020 and $53,000 as of December 31, 2019 |
|
|
9,137,000 |
|
|
3,568,000 |
|
|
Accounts
receivable, related party |
|
|
833,000 |
|
|
724,000 |
|
|
Inventories |
|
|
13,155,000 |
|
|
11,303,000 |
|
|
Prepaid
expenses |
|
|
4,859,000 |
|
|
3,587,000 |
|
|
|
|
Total current
assets |
|
|
52,740,000 |
|
|
26,065,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
|
4,086,000 |
|
|
3,943,000 |
|
Goodwill |
|
|
55,000 |
|
|
55,000 |
|
Definite-lived
intangible assets, net |
|
|
9,000 |
|
|
11,000 |
|
Right-of-use
assets |
|
|
2,501,000 |
|
|
3,178,000 |
|
Equity investment
in unconsolidated affiliate |
|
|
5,295,000 |
|
|
4,839,000 |
|
|
|
|
Total assets |
|
$ |
64,686,000 |
|
$ |
38,091,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
992,000 |
|
$ |
501,000 |
|
|
Accrued
liabilities |
|
|
2,969,000 |
|
|
920,000 |
|
|
Customer advance
payments of orders |
|
|
3,218,000 |
|
|
- |
|
|
Lease
liabilities |
|
|
893,000 |
|
|
882,000 |
|
|
|
|
Total current
liabilities |
|
|
8,072,000 |
|
|
2,303,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities,
net of current portion |
|
|
1,657,000 |
|
|
2,337,000 |
|
Deferred income
tax liabilities, net |
|
|
224,000 |
|
|
224,000 |
|
|
|
|
Total
liabilities |
|
|
9,953,000 |
|
|
4,864,000 |
|
Commitments |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
|
|
Common stock, $.01
par value: 50,000,000 shares authorized; |
|
|
|
|
|
|
|
|
|
13,577,847 and
12,885,273 shares outstanding as of |
|
|
|
|
|
|
|
|
|
September 30, 2020
and December 31, 2019, respectively |
|
|
136,000 |
|
|
129,000 |
|
|
Additional paid-in
capital |
|
|
2,539,000 |
|
|
708,000 |
|
|
Retained
earnings |
|
|
52,058,000 |
|
|
32,390,000 |
|
|
|
|
Total
shareholders' equity |
|
|
54,733,000 |
|
|
33,227,000 |
|
|
|
|
Total liabilities
and shareholders' equity |
|
$ |
64,686,000 |
|
$ |
38,091,000 |
|
(1) |
The condensed
consolidated balance sheet as of December 31, 2019 has been
prepared using information from the audited consolidated balance
sheet as of that date. |
|
|
Condensed
Consolidated Statements of Income (Unaudited) |
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
For the Nine Months Ended |
|
|
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
30,027,000 |
|
|
$ |
12,027,000 |
|
|
$ |
73,681,000 |
|
|
$ |
35,745,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold, excluding depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
amortization |
|
|
14,891,000 |
|
|
|
7,807,000 |
|
|
|
37,378,000 |
|
|
|
22,616,000 |
|
|
|
|
|
Gross profit |
|
|
15,136,000 |
|
|
|
4,220,000 |
|
|
|
36,303,000 |
|
|
|
13,129,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general
and administrative |
|
|
4,580,000 |
|
|
|
3,172,000 |
|
|
|
13,236,000 |
|
|
|
10,108,000 |
|
Depreciation and
amortization |
|
|
186,000 |
|
|
|
142,000 |
|
|
|
546,000 |
|
|
|
410,000 |
|
|
|
|
|
Total operating expenses |
|
|
4,766,000 |
|
|
|
3,314,000 |
|
|
|
13,782,000 |
|
|
|
10,518,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
10,370,000 |
|
|
|
906,000 |
|
|
|
22,521,000 |
|
|
|
2,611,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in income
of unconsolidated affiliate |
|
|
250,000 |
|
|
|
10,000 |
|
|
|
456,000 |
|
|
|
371,000 |
|
Gain (loss) on
marketable securities |
|
|
(24,000 |
) |
|
|
(387,000 |
) |
|
|
(42,000 |
) |
|
|
223,000 |
|
Interest income,
net |
|
|
1,000 |
|
|
|
18,000 |
|
|
|
17,000 |
|
|
|
52,000 |
|
|
|
|
|
Total other income |
|
|
227,000 |
|
|
|
(359,000 |
) |
|
|
431,000 |
|
|
|
646,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for
income taxes |
|
|
10,597,000 |
|
|
|
547,000 |
|
|
|
22,952,000 |
|
|
|
3,257,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
2,490,000 |
|
|
|
110,000 |
|
|
|
3,284,000 |
|
|
|
592,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
8,107,000 |
|
|
$ |
437,000 |
|
|
$ |
19,668,000 |
|
|
$ |
2,665,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.60 |
|
|
$ |
0.03 |
|
|
$ |
1.46 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share |
|
$ |
0.58 |
|
|
$ |
0.03 |
|
|
$ |
1.41 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares outstanding |
|
|
13,588,554 |
|
|
|
13,056,173 |
|
|
|
13,431,210 |
|
|
|
13,209,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding |
|
|
14,033,027 |
|
|
|
13,075,692 |
|
|
|
13,977,564 |
|
|
|
13,238,026 |
Company Contact: |
Investor Relations Contact: |
Alpha Pro Tech, Ltd. |
HIR Holdings |
Donna Millar |
Cameron Donahue |
905-479-0654 |
651-707-3532 |
e-mail: ir@alphaprotech.com |
e-mail: cameron@hirholdings.com |
Alpha Pro Tech (AMEX:APT)
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