APT very nice report. .40/share
Alpha Pro Tech, Ltd. Announces Fourth Quarter and Full Year Financial Results for the Period Ended December 31, 2009
Company Reports Record Revenues and Net Income for the Fourth Quarter and Full Year
Fourth quarter 2009 revenue increased by 107.3% to a record $18.9 million from $9.1 million in the 2008 fourth quarter, led by a 254.3% increase in Infection Control sales, a 124.0% increase in Building Supply sales and a 31.1% increase in Disposable Protective Apparel sales.
Revenue for 2009 increased by 66.8% to a record $59.7 million from $35.8 million in 2008, with record annual revenues for all product segments.
Net income increased 1,098.6% for the three months ended December 31, 2009 to a record $3.5 million, compared to net income of $0.3 million for the three months ended December 31, 2008.
Net income increased 478.1% for 2009 to a record $9.0 million, compared to net income of $1.6 million for 2008.
Inventory increased by $1.0 million, or 8.6%, to $13.1 million as of December 31, 2009 from December 31, 2008. The increase was primarily due to an increase in inventory for the Infection Control segment as the result of a significant increase in sales, partially offset by a decrease in inventory for the Building Supply segment.
Consolidated Balance Sheets (Audited)
December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $ 9,753,000 $ 4,578,000
Accounts receivable, net of allowance for doubtful
accounts of $65,000 and $71,000 at December 31, 2009 and 2008, respectively 8,593,000 5,091,000
Inventories, net 13,094,000 12,057,000
Prepaid expenses and other current assets 2,792,000 1,340,000
Deferred income taxes 457,000 510,000
Total current assets 34,689,000 23,576,000
Property and equipment, net 3,843,000 3,942,000
Goodwill, net 55,000 55,000
Intangible assets, net 184,000 202,000
Equity investments in and advances to unconsolidated affiliates 1,701,000 1,393,000
Total assets $ 40,472,000 $ 29,168,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 2,963,000 $ 620,000
Accrued liabilities 2,732,000 1,263,000
Total current liabilities 5,695,000 1,883,000
Deferred income taxes 906,000 819,000
Total liabilities 6,601,000 2,702,000
Commitments and contingencies
Shareholders' equity:
Common stock, $.01 par value, 50,000,000 shares
authorized, 22,419,285 and 23,850,855 issued and outstanding at
December 31, 2009 and 2008, respectively 224,000 239,000
Additional paid-in capital 23,164,000 24,785,000
Accumulated surplus/(deficit) 10,483,000 1,442,000
Total shareholders' equity 33,871,000 26,466,000
Total liabilities and shareholders' equity $ 40,472,000 $ 29,168,000
Consolidated Income Statements -- for details (See below)
finance.yahoo.com
|
