APT 2.25 up .03 vol 190,000...as reported SARS cases pick up this stock should begin to move...they have excellent numbers sans SARS :
Alpha Pro Tech, Ltd. Announces 94% Increase in Earnings for the Third Quarter of 2003
Wednesday October 29, 4:00 pm ET
NOGALES, Ariz.--(BUSINESS WIRE)--Oct. 29, 2003--Alpha Pro Tech (AMEX:APT - News; CHX:APT - News)
30% Increase in 3rd Q Revenues to $6,517,000 from $5,013,000
94% Increase in 3rd Q Net Income to $701,000 from $362,000
3rd Q EPS of $.03 vs. $.02
28% Increase in YTD Revenues to $20,467,000 with a 74% increase in YTD Net Income to $2,529,000
YTD EPS OF $.11 vs. $.06
Alpha Pro Tech (AMEX:APT - News; CHX:APT - News) a leading manufacturer of disposable protective apparel and consumer products announced its financial results for the three and nine months ended September 30, 2003.
Revenues for the three months ended September 30, 2003 increased 30% to $6,517,000 from $5,013,000 in the comparable prior year period. Gross margins for the quarter increased 27% to $3,218,000 from $2,533,000 reported in the third quarter of 2002. Income from operations also increased substantially to $946,000 from $552,000. Net income for the quarter increased 94% to $701,000 from $362,000, which generated earnings of $.03 per fully diluted share compared to $.02 per share in the third quarter of 2002. This release marks the Company's twenty-third consecutive quarter of profitability.
For the nine months ended September 30, 2003, revenues increased 28% to $20,467,000 from $16,021,000 in the comparable prior year period. Gross margins for the first nine months of the year increased 34% to 10,719,000 from 8,029,000 in the prior year period. Income from operations increased 76% for the nine months to $3,919,000 from $2,221,000 in 2002. Net income for the year to date also increased significantly to $2,529,000 from $1,451,000, representing an increase of 74%. Earnings per fully diluted share nearly doubled as it reached $.11 compared to $.06 in the comparable prior year period.
The balance sheet continued to strengthen as the Company's current ratio stood at 4.1:1 on September 30, 2003. Current assets have improved by 35% to 12,444,000 from $9,222,000 on December 31, 2002. In addition, cash levels increased 10% to $3,180,000 on September 30th from $2,879,000 on December 31, 2002. The Company remains debt free and shareholders' equity has improved greatly to $12,269,000 from $9,774,000 on December 31, 2002, representing a 26% increase.
Al Millar, President of Alpha Pro Tech, commented, "We are very pleased to announce another successful quarter for the Company. Revenue for the 3rd quarter increased 30% to $6.5 million from $5.0 million. Our core business, which excludes SARS related sales, grew by $1.0 million, primarily attributable to increased sales to the Pharmaceutical industry. In addition, we had a $0.5 million benefit from SARS related N-95 mask and eye shield sales during the quarter. We recently hired additional sales personnel and our third quarter results indicate that this approach is working. We intend to add additional sales personnel when required. Our goal is to grow core revenues by 20% in 2004."
Mr. Millar went on to say, "While we cannot predict the outcome of the SARS virus in the future, the World Health Organization (WHO) has stated that they are uncertain as to the potential seasonality of the virus, and as to whether it will resurface later this year. Regardless of another SARS outbreak, we still anticipate a stronger than normal demand for the N-95 Particulate Respirator mask, as well as other masks in the future, due to a heightened awareness of infection control precautions. Accordingly, we have increased our inventory of N-95 Respirators and eye-shield to respond quickly to our customers needs."
In March 2003, the Company announced that its Board of Directors had approved the buy-back of up to an additional $500,000, the fifth buyback authorized by the Board of Directors since 1999. For the nine months ended September 30, 2003, the Company bought back a total of 300,000 common shares at a cost of $287,000 and has retired the shares.
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. develops, manufactures and markets innovative disposable and limited-use protective apparel products for the medical, dental, industrial, clean room and food service markets. The Company has manufacturing facilities in Salt Lake City, Utah; Nogales, Arizona; Janesville, Wisconsin; Valdosta, Georgia; and Benjamin Hill, Mexico. For more information visit Alpha Pro Tech's Website at alphaprotech.com.
This news release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in registration statements, annual reports and other periodic reports and filings of the Company filed with the Securities and Exchange Commission. All statements, other than statements of historical facts, which address the Company's expectations of sources of capital or which express the Company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. As a result, there can be no assurance that the Company's future results will not be materially different from those described herein as "believed," "anticipated," "estimated" or "expected," which reflect the current views of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based. |
