Exhibit 99.1

 

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ALPHA PRO TECH, LTD. ANNOUNCES RECORD FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2020

 

Record Full Year Net Sales of $102.7 Million, an Increase of 120% Year-Over-Year

 

Record Full Year Net Income of $27.1 Million, or $1.94 per diluted share

 

FOR IMMEDIATE RELEASE

 

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

 

 

Record net sales for the fourth quarter ended December 31, 2020 of $29.0 million, compared to $10.9 million for the fourth quarter ended December 31, 2019

 

Record net income for the fourth quarter of 2020 of $7.4 million, or $0.53 per diluted share, compared to net income of $335,000, or $0.03 per diluted share, for the same period of 2019

 

Record net sales in 2020 of $102.7 million, compared to $46.7 million in 2019

 

Record net income in 2020 of $27.1 million, or $1.94 per diluted share, compared to net income of $3.0 million, or $0.23 per diluted share, in 2019

 

Record face mask sales of $41.8 million in 2020, compared to $3.1 million in 2019; face mask sales increased sequentially each quarter in 2020, with a record of $15.4 million in the fourth quarter of 2020

 

 

Nogales, Arizona March 9, 2021 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 full year ended December 31, 2020.

 

Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “Alpha Pro Tech delivered an exceptional year, reaching several milestones, including surpassing $100 million in revenue, over $27 million in net income and $1.94 diluted earnings per share. 2020 was a record year for face masks, with sales totaling $41.8 million, blowing past the prior record set in 2009 during the H1N1 pandemic by a multiple of 2.4 times. Face mask sales grew during each quarter of 2020. Fourth quarter face mask sales were $15.4 million, compared $13.4 million in the third quarter of 2020, $8.5 million in the second quarter of 2020 and $4.5 million in the first quarter of 2020. The increase in face mask sales was primarily attributable to increased sales of our proprietary N-95 Particulate Respirator face mask, manufactured in Salt Lake City, Utah, resulting from increased customer demand associated with the COVID-19 pandemic.”

 

Mr. Hoffman continued, “We also saw a record year in 2020 for face shield sales, which increased by a multiple of 2.9 times compared to the prior record set in 2009. Sales of our disposable protective garments increased by an impressive 23.7% in 2020.”

 

Mr. Hoffman added, “Despite the challenges of 2020, our Building Supply segment experienced a record year with growth across all product lines. Our TECHNO family of synthetic roof underlayment products showed continued growth as a result of strong sales of our TECHNO SB®25 product line, which was instrumental in the 16.4% growth of this family of products in 2020. Housewrap sales also hit record levels in 2020, and the addition of housewrap accessories, namely flashing and tape products, to our portfolio opened up new market distribution opportunities and contributed to an increase of housewrap sales of 12.5%. Sales of both synthetic roof underlayment and housewrap 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. As anticipated, sales of our other woven materials improved in 2020, with an increase of 20.2%, as our historically largest customer for these products resumed its normal buying pattern.”

 

 

The following information was filed by Alpha Pro Tech Ltd (APT) on Tuesday, March 9, 2021 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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