Alpha Pro Tech Achieves Record First Quarter Profits On Strong Revenues; Net Income Up 227.7%.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)--May 14, 1999-- ALPHA PRO TECH, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: APTD APTD Aid to the Permanently and Totally Disabled APTD Army Personnel Transformation Directorate APTD Appointed ), achieved record first quarter earnings on strong revenues, Al Millar, President, announced today. First quarter profits rose 227.7% to $272,000, equal to $.01 per share on 24,379,268 diluted weighted average shares outstanding, against $83,000 or $.00 per share on 24,357,651 diluted shares in the comparable period a year ago. First quarter revenues totaled $4,489,000 against $4,742,000 in last year's first quarter. Said Mr. Millar: "The strong performance in first quarter net income represents the Company's fifth consecutive quarter of profitability and is a reflection of the restructuring that the Company has undergone during the past year and a half resulting in decreased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , increased gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. due to improved manufacturing processes and efficiency, as well as an emphasis on developing innovative, high margin products." First quarter sales were impacted by reduced Apparel Division sales of $2,703,000 compared with $3,160,000 in the year ago quarter. Mr. Millar attributed this primarily to decreased sales to its largest distributor in the first two months of 1999 due to the continued effects of the Asian financial crisis and, since then, sales have strengthened. First quarter sales of the Company's mask and eye shield products increased 13.3% to $1,127,000 while sales of the Company's Extended Care Unreal Lambskin(R) and other related products, increased 12.3% to $659,000 over the year ago first quarter. At March 31, 1999, Alpha Pro Tech had a cash position of $363,000 and working capital of $3,908,000, up $320,000 and $257,000, respectively, for the three months, with shareholders equity increasing $272,000 to $6,225,000 for the three months. Alpha Pro Tech 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; Valdosta, Georgia; and Benjamin Hill and Nogales, Mexico. 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 ("Act") provides a 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. for forward-looking information made on behalf of the Company. 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, including statements with respect to year 2000 compliance, can be identified as forward-looking statements. Such statements made by the Company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the Company, actual results may differ materially from the expectations expressed in the forward-looking statements.
ALPHA PRO TECH, LTD.
Selected Statement of Operations Data
(Unaudited)
1999 1998
Sales $ 4,489,000 $ 4,742,000
Net Income $ 272,000 $ 83,000
Diluted Net Income Per Share $ 0.01 $ 0.00
Diluted Weighted Average
Shares Outstanding 24,379,268 24,357,651
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