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Microcap & Penny Stocks : AlphaProTech(APTD)

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To: Northern Marlin who wrote (96)	8/23/1997 4:18:00 PM
From: Jim	of 177

Philip: The reason for the 20% number is that the 1995 annual report gave the gross profit for Disposable apparel at 31.7% in 1994. I can not find my 1996 annual report so don't know if a newer number was reported. The apparel division is basicly a cut and sew operation. In order to produce more you hire more people and cut more goods. The labor and material do not change. No improvement with increased scale of operation. The over head in the 2 nd quarter 10Q was given as 20%. The same as in the 1995 annual report. A gross of 20 to 25% is all that can be obtained in this kind of market unless you can retail the product vs wholesale as Alpha does. This is not bad news, as the growth is in the apparel division. If you were to see a major move in the other divisions that have a 40 to 50% gross the effect would be greater. Jim

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