Exhibit 99.1

 

 

ALPHA PRO TECH, LTD. ANNOUNCES FINANCIAL RESULTS FOR THE

FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2019

 

 

 

FOR IMMEDIATE RELEASE

 

Company Contact:

Investor Relations Contact:

Alpha Pro Tech, Ltd. 

Hayden IR

Donna Millar

Cameron Donahue

905-479-0654 ext. #4231

651-653-1854

e-mail: ir@alphaprotech.com 

e-mail: cameron@haydenir.com

 

 

Revenue for the year ended December 31, 2019 was $46.7 million, compared to $46.6 million for the year ended December 31, 2018.

 

 

Net income for the year ended December 31, 2019 was $3.0 million, or $0.23 per diluted share, compared to $3.6 million, or $0.26 per diluted share, for the year ended December 31, 2018.

 

Nogales, Arizona – February 26, 2020 – 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 fourth quarter and year ended December 31, 2019.

 

Correction: the previously released press release omitted additional information regarding Mr. Hoffman’s quote. The following release updates that information.

 

Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “Sales in the Building Supply segment finished the year strong as a direct result of the expansion of our TECHNO family of spunbond based (SB) synthetic roof underlayment products earlier in the year and improved U.S. housing starts in the second half of 2019. Sales of our TECHNO family of products grew by 36.3% in 2019 and were a significant driver of our 11.5% overall growth in sales of synthetic roof underlayment for the year.”

 

Hoffman continued “Our gross margins were negatively affected in 2019, primarily due to a change in product mix in the Building Supply segment and as a result of the mid-year termination of the Generalized System of Preferences, which had provided tariff-free status for sales of many of our Disposable Protective Apparel segment products and, to a lesser extent, some of our Building Supply segment products. We expect gross profit margin to stabilize and be in the mid-to-high thirty percent range for 2020. However, as a result of a surge in customer demand resulting from the outbreak of Covid-19, our overall gross margin is expected to be higher than normal in the first quarter of 2020 and potentially for the rest of the year, as gross margin on the N-95 face mask is significantly higher than our overall gross margin.”

 

 

The following information was filed by Alpha Pro Tech Ltd (APT) on Wednesday, February 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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