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Exhibit 99.1
ALPHA PRO TECH, LTD. ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 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 fourth quarter of 2018 was $11.0 million, an increase of 10% compared to $9.9 million for the fourth quarter of 2017. |
● | Revenue for the year ended December 31, 2018 increased 5.9% to $46.6 million, compared to $44.0 million for the year ended December 31, 2017. |
● | Net income for the fourth quarter of 2018 was $618,000, or $0.05 per diluted share, compared to $176,000, or $0.01 per diluted share, for the fourth quarter of 2017. |
● | Net income for the year ended December 31, 2018 was $3.6 million, or $0.26 per diluted share, compared to $2.6 million, or $0.18 per diluted share, for the year ended December 31, 2017, an increase of 37.7%. |
Nogales, Arizona – March 5, 2019 – 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, 2018.
Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “Increased sales in 2018 were driven by solid growth in our Building Supply and Disposable Protective Apparel segments, which grew by 6% and 10%, respectively. Building Supply sales were positively impacted by record revenue in both housewrap and other woven material products. Based on the success of our TECHNO SB® synthetic roof underlayment product in 2018, we will be expanding this line to include two new products, an economy and a premium version. These new products should provide significant growth opportunities commencing in 2019. Strong Disposable Protective Apparel segment sales in 2018 were driven by increased sales to our major international supply chain partner and to our national and regional distributors. We are optimistic about continued overall company revenue growth for 2019.”
Hoffman continued, “Demand for our products, coupled with our continued focus on controlling costs, contributed to our financial results for 2018, including 38% net income growth for the year. Our consistent generation of net income allows us to return value to our shareholders through our share repurchase program, which enabled us to increase earnings per share by 48% during 2018. Earnings per share of $0.26 in 2018 has only been exceeded one time in our history, in 2009, which resulted, in large part, from record sales in connection with the unusual global H1N1 Influenza A pandemic.”
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Alpha Pro Tech Ltd's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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Ticker: APT
CIK: 884269
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-004169
Submitted to the SEC: Wed Mar 06 2019 9:30:34 AM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Monday, December 31, 2018
Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies