Exhibit 99.1

 

Alpha Pro Tech

L T D.

 

ALPHA PRO TECH, LTD. ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2018

 

 

 

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

    

Revenue for the third quarter of 2018 increased modestly to $12.1 million, compared to $12.0 million for the third quarter of 2017.

 

Revenue for the nine months ended September 30, 2018 increased 4.6% to $35.7 million, compared to $34.1 million for the same period of 2017.

 

Net income for the third quarter of 2018 was $1.5 million, or $0.11 per diluted share, compared to $1.1 million, or $0.07 per diluted share, for the third quarter of 2017.

 

Net income for the nine months ended September 30, 2018 was $3.0 million, or $0.21 per diluted share, compared to $2.5 million, or $0.16 per diluted share, for the same period of 2017.

 

Repurchased 793,000 shares of common stock at a cost of $2.8 million through the first nine months of 2018.

 

 

Nogales, Arizona – November 5, 2018 – 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 three and nine month periods ended September 30, 2018.

 

Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “Increased sales in the third quarter were led by modest growth in our Disposable Protective Apparel and Infection Control segments due to increased sales to our national distributors. The drop in housing starts in September, which we believe was influenced by Hurricane Florence, was a drag on sales in our Building Supply segment. However, we expect growth of our housewrap products to pick up in the coming quarters. Year-to-date, our top-line growth of 4.6%, is growing at a faster pace than the overall economy, and our disciplined approach to cost and inventory management has enabled us to grow our income from operations by 18%.”   

 

Hoffman continued, “Operating and net income were up substantially on a modest increase in revenue in the third quarter of 2018, primarily as a result of favorable adjustments related to recovery efforts from the Company’s former litigation counsel subsequent to the settlement of a litigation matter. While we are pleased with the impact to our financial results for the third quarter, the operating results of our business are clearer to evaluate on a year-to-date basis, given the legal settlement expense recorded in the first quarter and subsequent recovery recorded in the third quarter.”     

 

 

The following information was filed by Alpha Pro Tech Ltd (APT) on Monday, November 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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