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Alpha Pro Tech Ltd (APT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Alpha Pro Tech Ltd

CIK: 884269 Ticker: APT

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.”

 

 

The following information was filed by Alpha Pro Tech Ltd (APT) on Tuesday, March 5, 2019 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Note 1 - The Company
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual)
Note 10 - Shareholders' Equity (Tables)
Note 10 - Shareholders' Equity - Information About Stock Options (Details)
Note 10 - Shareholders' Equity - Stock Option Activity (Details)
Note 10 - Shareholders' Equity - Stock Option Valuation Assumptions (Details)
Note 11 - Income Taxes
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes - Deferred Income Tax Assets (Details)
Note 11 - Income Taxes - Income Tax Reconciliation (Details)
Note 11 - Income Taxes - Provision For Income Taxes (Details)
Note 12 - Commitments And Contingencies
Note 12 - Commitments And Contingencies (Details Textual)
Note 12 - Commitments And Contingencies (Tables)
Note 12 - Commitments And Contingencies - Future Minimum Lease Payments Required Under Non-Cancelable Operating Lease (Details)
Note 13 - Employee Benefit Plans
Note 13 - Employee Benefit Plans (Details Textual)
Note 14 - Activity Of Business Segments
Note 14 - Activity Of Business Segments (Details Textual)
Note 14 - Activity Of Business Segments (Tables)
Note 14 - Activity Of Business Segments - Consolidated Net Property And Equipment, Goodwill And Intangible Assets (Details)
Note 14 - Activity Of Business Segments - Consolidated Net Sales (Details)
Note 14 - Activity Of Business Segments - Consolidated Net Sales And Long-Lived Asset Information By Geographic Area (Details)
Note 14 - Activity Of Business Segments - Reconciliation Of Total Segment Income To Total Consolidated Net Income (Details)
Note 15 - Concentration Of Risk
Note 15 - Concentration Of Risk (Details Textual)
Note 15 - Concentration Of Risk (Tables)
Note 15 - Concentration Of Risk - Customer Concentration (Details)
Note 16 - Employment Agreements
Note 16 - Employment Agreements (Details Textual)
Note 17 - Related Party Transactions
Note 17 - Related Party Transactions (Details Textual)
Note 18 - Subsequent Events
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Fair Value Of Financial Assets (Details)
Note 2 - Summary Of Significant Accounting Policies - Property And Equipment (Details)
Note 2 - Summary Of Significant Accounting Policies - Reconciliation Of Net Income And Number Of Shares Used In Computations Of Basic And Diluted Eps (Details)
Note 3 - Investments
Note 3 - Investments (Details Textual)
Note 4 - Inventories
Note 4 - Inventories (Tables)
Note 4 - Inventories - Inventories (Details)
Note 5 - Property And Equipment
Note 5 - Property And Equipment (Details Textual)
Note 5 - Property And Equipment (Tables)
Note 5 - Property And Equipment - Property And Equipment (Details)
Note 6 - Goodwill And Intangible Assets
Note 6 - Goodwill And Intangible Assets (Details Textual)
Note 6 - Goodwill And Intangible Assets (Tables)
Note 6 - Goodwill And Intangible Assets - Definite-Lived Intangible Assets (Details)
Note 6 - Goodwill And Intangible Assets - Estimated Future Amortization Expense Related To Definite-Lived Intangible Assets (Details)
Note 7 - Equity Investment In Unconsolidated Affiliate
Note 7 - Equity Investment In Unconsolidated Affiliate (Details Textual)
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities (Details Textual)
Note 8 - Accrued Liabilities (Tables)
Note 8 - Accrued Liabilities - Accrued Liabilities (Details)
Note 9 - Notes Payable
Note 9 - Notes Payable (Details Textual)
Significant Accounting Policies (Policies)
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

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