Exhibit 99.1

 

Alpha Pro Tech

  L T D.                          

 

ALPHA PRO TECH, LTD. ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2017

 

 

FOR IMMEDIATE RELEASE

 

Company Contact: Investor Relations Contact:
Alpha Pro Tech, Ltd.   Hayden IR
Donna Millar Cameron Donahue
905-479-0654 651-653-1854
e-mail: ir@alphaprotech.com e-mail: cameron@haydenir.com

          

Net income for 2017 was $2.6 million, or $0.18 per diluted share, compared to $3.2 million, or $0.19 per diluted share, for 2016

 

Excluding a $619,000 accrual related to the death of our former President and Chairman, net income for 2017 would have been $3.1 million, or $0.21 per diluted share

 

Gross margin for 2017 increased to 39.6%, up from 36.8% for 2016

 

The Company repurchased and retired 1.2 million shares of common stock at a cost of $4.2 million

 

 

Nogales, Arizona March 8, 2018Alpha 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, 2017.

 

Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, Ltd., commented, “Our 2017 financial results were bolstered by a nearly three percentage point increase in gross profit margin, despite lower net sales. Management remains focused on strategies to manage our cost platform to maximize gross profit potential and will continue to concentrate on inventory levels across all business segments. Net income for 2017, although down, was negatively impacted by a $619,000 accrual related to the death benefit provided in the employment agreement of our former President and Chairman. Excluding this accrual, net income would have been down by only 1.2% compared to 2016, and earnings per share would actually have been $0.21 per diluted share, compared to $0.19 for 2016. Our balance sheet remains healthy, and the generation of cash from operations supports our active share repurchase program, which directly returns value to our shareholders.”

 

 

The following information was filed by Alpha Pro Tech Ltd (APT) on Thursday, March 8, 2018 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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