Alpha Pro Tech, Ltd. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a decline in net sales and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, net sales totaled $14,251,000, a decrease of 11.2% from $16,053,000 in the same period of 2023. For the nine months, net sales also fell to $44,023,000 from $45,967,000, marking a 4.2% decline.
The company's gross profit for the third quarter was $5,484,000, down 9.1% from $6,035,000 in the prior year, while gross profit for the nine months increased to $17,743,000, up 3.6% from $17,123,000. The gross profit margin improved to 38.5% for the third quarter and 40.3% for the nine months, compared to 37.6% and 37.3%, respectively, in 2023.
Income from operations for the third quarter decreased significantly to $737,000, a 48.2% drop from $1,423,000 in the same quarter of 2023. For the nine months, income from operations was $2,775,000, down 12.2% from $3,161,000. Net income for the third quarter was $862,000, a decrease of 39.7% from $1,430,000, while net income for the nine months was $3,082,000, slightly down from $3,128,000 in 2023.
The Building Supply segment experienced a notable decline in sales, with revenues falling 23.2% to $8,798,000 in the third quarter, attributed to decreased sales of housewrap, synthetic roof underlayment, and other woven materials. Conversely, the Disposable Protective Apparel segment saw an 18.4% increase in sales to $5,453,000, driven by significant growth in face masks and face shields.
Alpha Pro Tech's total assets increased to $73,325,000 as of September 30, 2024, from $68,763,000 at the end of 2023, while total liabilities rose to $11,261,000 from $7,195,000. The company repurchased 695,000 shares of common stock for $3,731,000 during the nine months, with $1,463,000 remaining under its stock repurchase program.
The company continues to manage its cash flow effectively, reporting cash and cash equivalents of $18,394,000 as of September 30, 2024, down from $20,378,000 at the end of 2023. The current ratio decreased to 19:1 from 21:1, indicating a slight reduction in liquidity. Overall, Alpha Pro Tech is navigating a challenging market environment while focusing on strategic growth in its Disposable Protective Apparel segment.
About ALPHA PRO TECH LTD
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