Alpha Pro Tech Ltd (APT) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Earnings Press Release
10-Q Quarterly Report
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Alpha Pro Tech Ltd
Ticker: APT CIK: 884269

Exhibit 99.1

ALPHA PRO TECH, LTD. ANNOUNCES FINANCIAL RESULTS

FOR THE THIRD QUARTER OF 2020

Record Net Sales of $30.0 Million, an Increase of 150% Year-over-Year

Third Quarter Net Income of $8.1 Million, or $0.58 per 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

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Record net sales of $30.0 million for the three months ended September 30, 2020, compared to $12.0 million for the three months ended September 30, 2019, representing an increase of $18.0 million, or 149.7%

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Net income for the third quarter of 2020 of $8.1 million, or $0.58 per diluted share, compared to net income of $437,000 for the same period of 2019, representing an increase of $7.7 million, or 1,755%

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Record face mask sales of $13.4 million in the third quarter of 2020, up 57.6% sequentially from $8.5 million in the second quarter of 2020

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Increase in cash to $24.6 million as of September 30, 2020, compared to $6.6 million as of December 31, 2019, an increase of $18.1 million, or 275.4%

Nogales, Arizona – November 5, 2020 – 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 third quarter and nine months ended September 30, 2020.

Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “As a result of the COVID-19 pandemic, we continue to experience a significant surge in customer demand for our personal protective equipment (PPE) products, specifically face masks, and most notably our proprietary N-95 Particulate Respirator. We saw a dramatic increase in revenue from face mask sales throughout the third quarter, and we currently expect face mask sales to increase through the fourth quarter of 2020 and into 2021. In addition, sales of disposable protective garments and our Building Supply segment products saw year-over-year increases during the third quarter, continuing the trend from the first half of 2020. We also expect sales of these products to show continued top line growth for the remainder of 2020 and into 2021.”

Face mask sales have grown during each quarter of 2020. Third quarter 2020 face mask sales were $13.4 million, compared to $8.5 million in the second quarter of 2020 and $4.5 million in the first quarter of 2020. Management now expects that total mask sales for 2020 will be approximately $43 million. Based on current and anticipated investment in additional equipment and human capital, management currently expects face mask production capacity of $100 million in 2021 (including the increased production capacity from the previously reported phase 2 expansion).

The Company has also seen a significant increase in orders of the Company’s face shield products, with approximately $10.0 million of face shield orders fulfilled in the first nine months of 2020. Although orders of the Company’s face shield products are expected to remain above historic levels through the fourth quarter of 2020, management now believes that, due to increased competition resulting from relatively low barriers to entry in the face shield market and a surplus of face shields now available to consumers, face shield sales during the fourth quarter will be down from the unprecedented levels experienced in the second and third quarters of 2020, and face shield sales for the second half of the year will be less than the approximately $6.0 million previously expected.

The following information was filed by Alpha Pro Tech Ltd (APT) on Thursday, November 5, 2020 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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