Alpha Pro Tech, Ltd. Announces 10.5% Increase in First Quarter Earnings for 2003.Business Editors NOGALES Nogales (nōgä`lās), city (1990 pop. 19,489), Santa Cruz co., S Ariz. on the Mexican border with its adjacent city, Nogales (1990 pop. 105,873), Sonora, NW Mexico. There are copper, silver, and lead mines. , Ariz.--(BUSINESS WIRE)--April 24, 2003 Alpha Pro Tech (AMEX AMEX See: American Stock Exchange :APT)(CHX See Chicago Stock Exchange. CHX See Chicago Stock Exchange (CHX). :APT) a leading manufacturer of disposable protective apparel and consumer products announced its financial results for the first quarter ended March 31, 2003. Revenues for the three months ended March 31, 2003 increased slightly to $5,244,000 from $5,203,000 in the comparable prior year period. Gross margins for the three months increased 12.4%, to $2,726,000 from $2,425,000 in the comparable prior year period. Gross margin for the first quarter of 2003 was 52.0% as compared to 46.6% for the same quarter of 2002. Net income for the quarter increased 10.5%, to $465,000 from $421,000, while earnings per share remained even at $.02 for both the present quarter and the first quarter of 2002. The balance sheet continues to remain strong with a current ratio of 4.1:1 as of March 31, 2003. Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. improved by 5% to $9,644,000 from $9,222,000 as of December 31, 2002. Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. remains low at $370,000 as of March 31, 2003. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. improved to $9,965,000 as of March 31, 2003 from $9,774,000 as of December 31, 2002. Al Millar, President of Alpha Pro Tech commented, "We are pleased to announce another successful quarter and are encouraged by the profitable results in spite of difficult economic conditions. Sales and marketing efforts continue to focus on growth in the Pharmaceutical Industry, where there are many opportunities to gain market share." "Since the beginning of April, due to the outbreak of SARS, the Company has had a dramatic increase in N-95 respirator respirator /res·pi·ra·tor/ (res´pi-ra?ter) ventilator (2). cuirass respirator see under ventilator. mask orders primarily for Asia, which will have a positive impact on revenue and earnings for the next two quarters of 2003 at a minimum. While it is impossible for us to predict how long this epidemic will last, Hong Kong's secretary of health, welfare and food, Dr. Yeoh Eng-kiong Yeoh Eng Kiong (Traditional Chinese: 楊永強; Simplified Chinese: 杨永强 , cautioned at a news conference recently that 'We do not anticipate it (SARS) will be eradicated completely because it is a highly infectious virus." "With the increase in N-95 mask orders and strong Pharmaceutical orders, management expects the second quarter to show substantial improvements in both revenue and profitability." "Another growth opportunity we are currently pursuing, in partnership with BIOXUSA (http://www.bioxusa.com), is a line of protective garments, which have been developed and tested, to aid in the Homeland Defense Initiative," Mr. Millar went on to say. 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 For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. ; Nogales, Arizona Nogales is a city in Santa Cruz County, Arizona, United States. The population was 20,878 at the 2000 census. According to 2005 Census Bureau estimates, the population of the city is 20,833.[1] The city is the county seat of Santa Cruz County. ; Janesville, Wisconsin Janesville is a city in southern Wisconsin. It is the county seat of Rock CountyGR6 and the principal municipality of the Janesville, Wisconsin Metropolitan Statistical Area. As of the 2000 census, the city had a population of 59,498. ; Valdosta, Georgia The city of Valdosta is the county seat of Lowndes County, Georgia, United States. It is the principal city of the Valdosta, Georgia Metropolitan Statistical Area. As of the 2000 census, the city had a total population of 43,724. ; and Benjamin Hill, Mexico. For more information visit Alpha Pro Tech's Website at http://www.alphaprotech.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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.
ALPHA PRO TECH, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended
March 31,
2003 2002
----------- ------------
Sales $5,244,000 $5,203,000
Cost of Goods Sold
(excluding depreciation & amortization) 2,518,000 2,778,000
Gross Margin 2,726,000 2,425,000
Expenses:
Selling, General & Admin. Expenses 1,867,000 1,658,000
Operating Income 739,000 659,000
Pretax Income 740,000 649,000
Provision for Income Taxes 275,000 228,000
Net Income $465,000 $421,000
Basic Earnings Per Share $0.02 $0.02
Diluted Earnings Per Share $0.02 $0.02
Basic Weighted Average Shares 22,500,134 23,547,216
Diluted Weighted Average Shares 23,012,139 24,179,918
BALANCE SHEET HIGHLIGHTS
March 31st December 31st
2003 2002
Cash $2,449,000 $2,879,000
Total Current Assets $9,644,000 $9,222,000
Net Property and Equipment $3,217,000 $3,283,000
Total Assets $13,116,000 $12,775,000
Total Current Liabilities $2,352,000 $2,172,000
Total Liabilities $3,151,000 $3,001,000
Shareholder's Equity $9,965,000 $9,774,000
Total Liabilities and Equity $13,116,000 $12,775,000
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