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Alpha Pro Tech, Ltd. reports recurring developments across its Building Supply and Disposable Protective Apparel segments. The company manufactures products designed to protect people, products and environments, including disposable protective garments, face shields and face masks for cleanroom, industrial, pharmaceutical, medical and dental markets.
News about APT commonly covers quarterly and annual financial results, segment sales trends, cash and working-capital commentary, and conditions affecting residential construction demand. Building Supply updates focus on housewrap, synthetic roof underlayment and related accessories, while corporate releases also include distribution-channel commentary and board-authorized share repurchase activity.
NOGALES, Ariz., Dec. 15, 2022 (GLOBE NEWSWIRE) -- Alpha Pro Tech, Ltd. (NYSE American: APT) announced a $2.0 million expansion of its share repurchase program, increasing the total to approximately $2.4 million. This includes $0.4 million remaining from a prior expansion in June 2022. The company plans to repurchase shares through open market purchases or privately-negotiated transactions and will retire all repurchased shares. This move aims to enhance shareholder value and indicates management's confidence in the company's future.
Alpha Pro Tech reported Q3 2022 net sales of $14.7 million, a 1.7% increase from Q3 2021, driven by a 16.2% rise in Disposable Protective Apparel segment sales to $5.1 million. However, Building Supply segment sales fell 4.6% to $9.6 million. Net income decreased to $0.5 million or $0.04 per diluted share, down from $0.8 million or $0.06 a year earlier. The company reported $15.5 million in cash, with no debt, and working capital of $50.6 million as of September 30, 2022.
Alpha Pro Tech (APT) reported its financial results for Q2 2022, revealing net sales of $17.4 million, a decline of 2.4% year-over-year. The Building Supply segment achieved record sales of $10.8 million, a 10.4% increase, driven by strong demand for housewrap products. However, the Disposable Protective Apparel segment saw a significant drop of 18.1%, totaling $6.6 million. Net income fell to $693,000 ($0.05 per share), down 58.5% from Q2 2021. Despite challenges in the disposable segment, the company is optimistic about its growth prospects in Building Supply, backed by solid cash reserves of $15.3 million and no debt.
Alpha Pro Tech (NYSE American: APT) announced a $2.0 million expansion to its existing share repurchase program, increasing the total available for buybacks to approximately $2.4 million. This includes $0.4 million remaining from a previous program initiated in December 2021. The company plans to repurchase shares via open market purchases or private transactions, with all repurchased shares intended to be retired. Open market transactions will adhere to Rule 10b5-1 and Rule 10b-18 guidelines, ensuring compliance with SEC regulations.
Alpha Pro Tech reported Q1 2022 net sales of $17.7 million, a decrease of 23.7% from $23.2 million in Q1 2021. The Building Supply segment achieved record sales of $10.2 million, growing 22.7% year-over-year, driven by strong demand for synthetic roof underlayment and housewrap. However, Disposable Protective Apparel sales declined 49.9% to $7.4 million due to reduced COVID-related demand. Net income fell to $1.5 million, or $0.12 per share, down 59.1% from $3.7 million in the prior year. The company maintains a strong balance sheet with $14.2 million in cash and no debt.
Alpha Pro Tech, Ltd. (APT) reported 2021 net sales of $68.6 million, the second-highest in its history, down from $102.7 million in 2020, largely due to a 56% decline in Disposable Protective Apparel sales. Building Supply segment sales increased 20.6% to a record $36.9 million. Net income fell to $6.7 million ($0.50 per share), significantly down from $26.9 million ($1.92 per share) in 2020. The company holds $16.3 million in cash with no debt. Positive growth forecasts in the Building Supply segment and a strategic production capacity increase are anticipated.
Alpha Pro Tech, Ltd. (APT) has announced a $2.0 million expansion of its share repurchase program, bringing the total available for repurchase to approximately $2.1 million. This includes $0.1 million from a previous program initiated in September 2020. The company plans to buy back shares through open market purchases or privately-negotiated transactions. All repurchased shares will be retired, potentially enhancing shareholder value by reducing the overall share count. This move aligns with the company's strategy to optimize its capital structure.
Alpha Pro Tech, Ltd. (APT) reported a 51.8% decrease in net sales for Q3 2021, totaling $14.5 million, compared to $30.0 million in Q3 2020. The Building Supply segment showed resilience with a 31.4% sales increase to $10.1 million, driven by rising demand for synthetic roof underlayment and housewrap products. Conversely, the Disposable Protective Apparel segment saw an 80.3% decline in sales. Net income fell to $766,000 from $8.1 million year-over-year. Despite challenges, the company maintains a strong cash position of $17.6 million and plans to invest $4.0 million to boost production capacity.
Alpha Pro Tech reported a net sales decline of 30.2% for Q2 2021, totaling $17.8 million, down from $25.5 million a year ago. The Disposable Protective Apparel segment saw a significant drop of 55.6%, primarily due to decreased demand for face masks and shields, although disposable protective garment sales surged by 36.3%. The Building Supply segment grew by 31.5%, highlighting continued demand. Net income fell to $1.8 million from $6.2 million, with EPS at $0.12 versus $0.46 in Q2 2020. The company holds $15.5 million in cash and zero debt, but faces challenges from rising costs and changing market dynamics.
Alpha Pro Tech announces a transition to a virtual-only format for its 2021 Annual Meeting of Shareholders on June 9, 2021, due to ongoing COVID-19 concerns. The meeting will take place at 9:30 a.m. ET, accessible via remote communication. Shareholders of record as of April 12, 2021, can participate by logging in with their control number and the password 'alpha2021'. A replay will be available on the company’s website until July 9, 2021. The items of business remain unchanged from previous communications.