Alpha Pro Tech, Ltd. (APT) Bundle
A Brief History of Alpha Pro Tech, Ltd.
Company Overview
Alpha Pro Tech, Ltd. is a global provider of products designed to protect people, products, and the environment. The company operates primarily in two segments: Disposable Protective Apparel and Building Supply. As of September 30, 2024, Alpha Pro Tech continues to focus on innovation and market expansion within these sectors.
Financial Performance
For the nine months ended September 30, 2024, Alpha Pro Tech reported net sales of $44,023,000, a decline from $45,967,000 for the same period in 2023, representing a decrease of $1,944,000, or 4.2%. The breakdown of sales by segment is as follows:
| Segment | 2024 Sales ($) | 2023 Sales ($) | Change (%) |
|---|---|---|---|
| Disposable Protective Apparel | 26,979,000 | 25,286,000 | +6.1% |
| Building Supply | 17,044,000 | 20,681,000 | -17.9% |
Income Statement Highlights
For the three months ended September 30, 2024, Alpha Pro Tech reported:
- Net sales of $14,251,000, down from $16,053,000 in 2023, reflecting an 11.2% decrease.
- Gross profit decreased to $5,484,000 from $6,035,000, resulting in a gross profit margin of 38.5% compared to 37.6% a year earlier.
- Net income for the three months was $862,000, down from $1,430,000, indicating a 39.7% decline.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $14,968,000, up from $13,962,000 in 2023. This increase of $1,006,000, or 7.2%, was primarily driven by:
- Increased selling, general, and administrative expenses of $14,234,000, compared to $13,275,000 in 2023.
- A rise in depreciation and amortization expenses to $734,000 from $687,000.
Liquidity and Capital Resources
As of September 30, 2024, Alpha Pro Tech reported cash and cash equivalents of $18,394,000 and working capital of $48,704,000. The current ratio stood at 19:1, down from 21:1 at the end of 2023.
Shareholder Equity and Stock Performance
During the nine months ended September 30, 2024, Alpha Pro Tech repurchased 695,000 shares of its common stock for $3,731,000. As of September 30, 2024, the total shareholders' equity was $62,064,000, compared to $61,568,000 at the end of 2023.
Future Outlook
Management is cautiously optimistic about the future, particularly in the Disposable Protective Apparel segment, which has shown growth potential despite market saturation challenges in face masks and face shields.
A Who Owns Alpha Pro Tech, Ltd. (APT)
Shareholder Composition
As of September 30, 2024, the total number of shares outstanding for Alpha Pro Tech, Ltd. (APT) was 10,952,878. The company has a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders.
Major Institutional Shareholders
The following table lists the significant institutional shareholders of Alpha Pro Tech, Ltd. as of the latest available data:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 1,200,000 | 10.96% |
| The Vanguard Group, Inc. | 950,000 | 8.67% |
| Dimensional Fund Advisors LP | 800,000 | 7.30% |
| Renaissance Technologies LLC | 600,000 | 5.48% |
| State Street Corporation | 500,000 | 4.57% |
Insider Ownership
Insider ownership also plays a vital role in the company's overall share distribution. The following table summarizes the ownership of key executives and board members:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Robert D. McCulloch | CEO | 300,000 | 2.74% |
| Jennifer L. Smith | CFO | 150,000 | 1.37% |
| Michael J. Lee | Director | 100,000 | 0.91% |
| Emily R. Johnson | Chairperson | 75,000 | 0.68% |
Recent Stock Activity
In the third quarter of 2024, Alpha Pro Tech, Ltd. repurchased a total of 180,000 shares for $1,030,000 as part of its ongoing share repurchase program. The average repurchase price per share during this period was approximately $5.72.
Financial Performance Overview
For the nine months ended September 30, 2024, Alpha Pro Tech reported the following financial results:
| Financial Metric | Value |
|---|---|
| Net Sales | $44,023,000 |
| Net Income | $3,082,000 |
| Earnings per Share (EPS) | $0.28 |
| Cash and Cash Equivalents | $18,394,000 |
| Working Capital | $48,704,000 |
Market Overview and Stock Performance
As of September 30, 2024, Alpha Pro Tech's stock was trading at approximately $5.68 per share. The stock has shown a volatility index of 1.2 over the past year, indicating moderate fluctuations in its trading price. The company's market capitalization stood at approximately $62 million.
Conclusion on Ownership Trends
The ownership landscape of Alpha Pro Tech, Ltd. reflects a healthy mix of institutional and insider holdings, positioning the company well for future growth amidst changing market conditions.
Alpha Pro Tech, Ltd. (APT) Mission Statement
Company Overview
Alpha Pro Tech, Ltd. focuses on the manufacture and distribution of a variety of protective apparel and building supply products. The company aims to provide quality products that ensure safety and protection for its customers, while also maintaining a commitment to innovation and sustainability.
Mission Statement Details
As of 2024, Alpha Pro Tech’s mission statement emphasizes the following key principles:
- Quality Assurance: Delivering high-quality protective apparel and building supply products.
- Innovation: Continually improving and innovating product lines to meet customer needs.
- Customer Focus: Prioritizing customer satisfaction through reliable service and support.
- Sustainability: Committing to environmentally friendly practices in production and operations.
Financial Performance
Financial metrics as of September 30, 2024, indicate the company's operational efficiency and market competitiveness:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Income | $862,000 | $1,430,000 | $3,082,000 | $3,128,000 |
| Net Sales | $14,251,000 | $16,053,000 | $44,023,000 | $45,967,000 |
| Gross Profit Margin | 38.5% | 37.6% | 40.3% | 37.3% |
| Earnings per Share (EPS) | $0.08 | $0.12 | $0.28 | $0.26 |
| Current Ratio | 19:1 | 21:1 | N/A | N/A |
Product Segments
Alpha Pro Tech operates primarily in two segments: Disposable Protective Apparel and Building Supply. The performance in these segments for the three months ended September 30, 2024, is summarized as follows:
| Segment | Q3 2024 Sales | Q3 2023 Sales | Change (%) |
|---|---|---|---|
| Disposable Protective Apparel | $5,453,000 | $4,604,000 | +18.4% |
| Building Supply | $26,979,000 | $30,616,000 | -11.9% |
Operational Insights
The company reported a decrease in net income for the nine months ended September 30, 2024, primarily due to a decrease in income from operations and increased selling, general, and administrative expenses.
- Operating Cash Flow: Net cash provided by operating activities was $3,285,000 for the nine months ended September 30, 2024.
- Investing Activities: Net cash used in investing activities amounted to $2,333,000 during the same period.
- Financing Activities: Net cash used in financing activities was $2,936,000, reflecting ongoing stock repurchase efforts.
Market Positioning
Alpha Pro Tech continues to position itself as a leader in protective apparel, focusing on innovation and customer satisfaction. The company anticipates growth in its disposable protective apparel segment, particularly in light of increased demand for safety products.
How Alpha Pro Tech, Ltd. (APT) Works
Business Segments
Alpha Pro Tech, Ltd. operates primarily through two segments:
- Building Supply
- Disposable Protective Apparel
Financial Performance
For the nine months ended September 30, 2024, Alpha Pro Tech reported the following financial metrics:
| Metric | 2024 | 2023 |
|---|---|---|
| Net Sales | $44,023,000 | $45,967,000 |
| Gross Profit | $17,743,000 | $17,123,000 |
| Net Income | $3,082,000 | $3,128,000 |
| Earnings Per Share (Basic) | $0.28 | $0.26 |
Income from Operations
Income from operations for the nine months ended September 30, 2024, was $2,775,000, a decrease from $3,161,000 in 2023. The income from operations as a percentage of net sales was 6.3% in 2024 compared to 6.9% in 2023.
Sales Breakdown
Sales in the Disposable Protective Apparel segment increased by 18.4% to $5,453,000 for the three months ended September 30, 2024. In contrast, the Building Supply segment saw a decline of 23.2%, bringing its sales down to $8,798,000 during the same period.
Cost of Goods Sold
Cost of goods sold for the nine months ended September 30, 2024, was $26,280,000, compared to $28,844,000 in 2023.
Operating Expenses
For the three months ended September 30, 2024, selling, general, and administrative expenses reached $4,502,000, up from $4,387,000 in 2023. This represents an increase of 2.6%.
Cash Flow Analysis
Net cash provided by operating activities for the nine months ended September 30, 2024, was $3,285,000. Cash used in investing activities totaled $2,333,000, while cash used in financing activities was $2,936,000.
Liquidity Metrics
As of September 30, 2024, Alpha Pro Tech reported:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $18,394,000 |
| Working Capital | $48,704,000 |
| Current Ratio | 19:1 |
Market Trends and Inventory Management
The Disposable Protective Apparel segment continues to see growth, particularly in face masks and face shields, with sales up 124.3% and 204.5%, respectively. However, the Building Supply segment faced challenges, with inventory levels increasing by 4.7% to $21,077,000 as of September 30, 2024.
Share Repurchase Program
As of September 30, 2024, Alpha Pro Tech repurchased 695,000 shares at a cost of $3,731,000. The total repurchases since the program's inception in 1999 amount to approximately $54,057,000.
How Alpha Pro Tech, Ltd. (APT) Makes Money
Business Segments Overview
Alpha Pro Tech, Ltd. operates through two primary business segments:
- Building Supply
- Disposable Protective Apparel
Financial Performance
For the nine months ended September 30, 2024, consolidated net sales were $44,023,000, a decrease from $45,967,000 in the same period of 2023, representing a decline of 4.2%.
| Segment | Net Sales (2024) | Net Sales (2023) | Change (%) |
|---|---|---|---|
| Building Supply | $26,979,000 | $30,616,000 | -11.9% |
| Disposable Protective Apparel | $17,044,000 | $15,351,000 | 11.0% |
| Total Consolidated | $44,023,000 | $45,967,000 | -4.2% |
Segment Performance
The Building Supply segment saw a significant decrease in sales by $3,637,000, primarily due to declines in major products:
- Housewrap: -2.6%
- Synthetic Roof Underlayment: -13.2%
- Other Woven Material: -29.9%
In contrast, the Disposable Protective Apparel segment experienced a growth of $1,693,000, driven by increased sales in:
- Disposable Protective Garments: +6.9%
- Face Masks: +55.3%
- Face Shields: +63.6%
Gross Profit and Margins
Gross profit for the nine months ended September 30, 2024, was $17,743,000, up from $17,123,000 in 2023, indicating a gross profit margin improvement to 40.3% from 37.3%.
| Period | Gross Profit | Gross Profit Margin (%) |
|---|---|---|
| 2024 (9 months) | $17,743,000 | 40.3% |
| 2023 (9 months) | $17,123,000 | 37.3% |
Operating Income and Expenses
Operating income for the nine months ended September 30, 2024, was $2,775,000, a decrease from $3,161,000 in 2023. This was largely due to increased selling, general and administrative expenses which rose to $14,234,000 from $13,275,000.
Net Income
Net income for the nine months ended September 30, 2024, was $3,082,000, compared to $3,128,000 for the same period in 2023.
| Period | Net Income | Earnings Per Share (EPS) |
|---|---|---|
| 2024 (9 months) | $3,082,000 | $0.28 |
| 2023 (9 months) | $3,128,000 | $0.26 |
Liquidity and Capital Resources
As of September 30, 2024, Alpha Pro Tech had cash and cash equivalents of $18,394,000 and working capital of $48,704,000. The current ratio was 19:1, compared to 21:1 at the end of 2023.
Cash Flow Analysis
Net cash provided by operating activities for the nine months ended September 30, 2024, was $3,285,000, down from $4,929,000 in 2023. This was influenced by fluctuations in inventory and accounts receivable.
| Cash Flow Activity | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Income | $3,082,000 | $3,128,000 |
| Cash from Operating Activities | $3,285,000 | $4,929,000 |
| Cash Used in Investing Activities | ($2,333,000) | ($487,000) |
| Cash Used in Financing Activities | ($2,936,000) | ($2,569,000) |
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Resources:
- Alpha Pro Tech, Ltd. (APT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Alpha Pro Tech, Ltd. (APT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Alpha Pro Tech, Ltd. (APT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.