Alpha Pro Tech, Ltd. Announces Fourth Quarter and Full Year 2024 Financial Results

Core Viewpoint - Alpha Pro Tech, Ltd. reported a decline in net sales and net income for the year ended December 31, 2024, primarily due to challenges in the housing market and competition, but remains optimistic about future growth in specific product segments [2][9][20]. Financial Performance - Net sales for the year ended December 31, 2024, were $57.8 million, down 5.5$61.2 million in 2023 [9][13]. - Net income for the year was $3.9 million, a decrease of 6.2$4.2 million in 2023, with earnings per diluted share remaining at $0.35 for both years [20]. - For the three months ended December 31, 2024, consolidated sales decreased to$13.8 million, down 9.5% from $15.3 million in the same period of 2023 [10][29]. Segment Performance - Building Supply segment sales for the year decreased by 11.0$36.0 million, primarily due to declines in housewrap and synthetic roof underlayment sales [14]. - Disposable Protective Apparel segment sales increased by 5.0% to $21.9 million, driven by growth in face shield sales [15]. Market Conditions - The housing market showed weakness, with housing starts down 4.4$18.6 million and working capital of $47.5 million, with no debt [9][22]. - The current ratio was 16:1, down from 21:1 in 2023, reflecting a decrease in liquidity [22]. Strategic Initiatives - The company is focusing on strengthening relationships with builders and contractors and has added new Territory Managers to drive sales [5]. - New distribution agreements with regional and national partners are expected to enhance growth opportunities in the disposable protective garments segment [7].