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KD
ALPHA PRO TECH LTD.
(APTD - OTC Bulletin Board)
Investment Recommendation:
STRONG BUY
Risk Level: Speculative/High
Risk
Portfolio Objective: Long-term Growth
Investment Recommendation: APTD is a rapidly growing company that sells
disposable products such as eye shields, face masks, and a new non-skid shoe
covers, among others. During the last three years, APTD has distinguished itself
from the competition in two ways:
1.by listening to what the market wants, and then delivering an innovative
product that meets that need; and
2.by pursuing a strategy to become a vertically integrated company, capable of
designing, manufacturing and marketing its own products in a cost effective
way.
APTD's products are known for their innovative designs and quality manufacturing,
as evidenced by the company receiving 13 U.S. patents on its products. APTD's
growth during the last three years has come from a combination of both external
growth through acquisition and internal growth from the development of its products
and markets. Indeed, after completing four acquisitions since 1992, and increasing
sales from $8.1 million that year to a projected $15.0 million at the end of fiscal
1995, we believe the company is positioned to achieve revenues of $25 million in
fiscal 1996, and earnings of $0.18 per share.
We expect that over the remainder of 1996 it will become increasingly clear that
APTD is emerging as a significant growth company. We anticipate that even without
any significant contribution from sales to the food service industry of the Aqua Trak
shoe cover, which was officially rolled out on August 1, consolidated 1996 sales will
still advance by over 20% from last year's level. More significantly, for fiscal 1996
APTD will by our estimate post per-share profitability, likely in the vicinity of $0.03,
and in 1997 with food service sales becoming substantial, both sales and earnings
should climb sharply. Since the time we issued our first report on APTD in October
1995, several developments for the company have been extremely positive, of
which we rank the Chicopee Inc. distribution agreement of April 1996, and the
yearend 1996 bolstering of the balance sheet among the most important. To be sure,
the two traditional core businesses of the company are doing very well; sales of face
masks and eye shields for surgeons and dentists are expanding, as are sales of clean
room apparel items. However, clearly the market opportunity inherent for APTD in
the food service area constitutes the motivating investment appeal for the common
shares. In our opinion, an order for the Aqua Trak shoe cover by any one of the
major fast-food chains could well put APTD on the investment map and contribute
to a growing awareness in the investment community that the company's stock is
undervalued. Accordingly, we also believe that APTD could be a takeover target
sometime in the future. For high risk-tolerant investors seeking above-average
capital gains we view the APTD shares as a STRONG BUY.
Price (8/29/96):
$ 1.38
Shares Outstanding:
20,495,463
52-Week Price
range
$1.03 - 2.38
Fully diluted shares
Outstanding
26,000,000
Russell 2000:
335.61
Est. Float:
6.1 million
Working Capital
6/30/96
$2.1million
Est.Instit. Ownership:
0.0 %
Insider's Holdings:
20% |
