Alpha Pro Tech Reports 2001 Results; Management Expects Record 2002.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)--March 26, 2002 Alpha Pro Tech, Ltd. (AMEX AMEX See: American Stock Exchange :APT) (CHX See Chicago Stock Exchange. CHX See Chicago Stock Exchange (CHX). :APT), a developer, manufacturer and marketer of disposable protective apparel for the medical, dental, industrial clean room and food service markets, today announced sales and decreased earnings for the year ended December 31, 2001. For the year, sales increased 1% to $21,333,000 from $21,130,000 in 2000. "Sales in 2001 were greatly impacted by the recessionary conditions, the events of September 11th and the dramatic impact those events had on the industries that Alpha Pro Tech services," stated Al Millar, Alpha Pro Tech's president. "Through August 2001, the company's sales were out pacing 2000 sales by 10.8%. Orders booked in 2002 have returned to normal levels and management expects 2002 to be a record year for the company." Income before provision for income taxes decreased 27% to $1,206,000, compared to $1,659,000 for the year ended December 31, 2000. Net income decreased 46% to $786,000, or three cents a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $1,460,000, or six cents a diluted share, for the year ended December 31, 2000. There were 24,452,699 diluted shares outstanding for the year compared to 25,580,880 diluted shares outstanding for the year ended December 31, 2000. "Gross margins for the year increased to 42.6% from 42.1% in 2000. Margins would have improved to 43.0% excluding the costs associated with the closing of one of our Mexican facilities and a personnel reduction at the other Mexican facility. These actions were the result of shifting production to China and we expect a continued improvement in our gross margins in 2002," Millar added. "The balance sheet remains strong with working capital of $6,445,000. The company's current ratio is a very strong 4.84:1 and 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. increased eight percent to $8,904,000 from $8,230,000 in 2000," Millar said. 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, Ariz.; Janesville, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .; Valdosta, Ga.; and Benjamin Hill, Mexico. For more information visit Alpha Pro Tech's Web site at http://www.alphaprotech.com.
For the Year Ended
December 31,
2001 2000
Sales $21,333,000 $21,130,000
Pre-tax income $ 1,206,000 $ 1,659,000
Provision for income taxes $ 420,000 $ 199,000
Net Income $ 786,000 $ 1,460,000
Basic and Diluted Net
Income Per Share $ 0.03 $ 0.06
Diluted Weighted Average
Shares Outstanding 24,452,699 25,580,880
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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which such statement is based. |
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