UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 01-15725 Alpha Pro Tech, Ltd. (Exact Name of Registrant as Specified in Its Charter) Delaware, U.S.A. 63-1009183 (State or Other Jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 01-15725 Alpha Pro Tech, Ltd. (Exact Name of Registrant as Specified in Its Charter) Delaware, U.S.A. 63-1009183 (State or Other Jurisdiction of In ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 01-15725 Alpha Pro Tech, Ltd. (Exact Name of Registrant as Specified in Its Charter) Delaware, U.S.A. 63-1009183 (State or Other Jurisdiction of I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 001-15725 ALPHA PRO TECH, LTD. (Exact Name of Registrant as Specified in Its Charter) Delaware 63-1009183 (State or Other Jurisdiction of Incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 01-15725 Alpha Pro Tech, Ltd. (Exact Name of Registrant as Specified in Its Charter) Delaware, U.S.A. 63-1009183 (State or Other Jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 01-15725 Alpha Pro Tech, Ltd. (Exact Name of Registrant as Specified in Its Charter) Delaware, U.S.A. 63-1009183 (State or Other Jurisdiction of In ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 01-15725 Alpha Pro Tech, Ltd. (Exact Name of Registrant as Specified in Its Charter) Delaware, U.S.A. 63-1009183 (State or Other Jurisdiction of I ...

[Part I - Business and Risk Factors](index=5&type=section&id=Part%20I) This section outlines the company's business operations, product segments, competitive landscape, key risk factors, and property details [Business Overview](index=5&type=section&id=Item%201.%20Business) Alpha Pro Tech operates in Building Supply, Disposable Protective Apparel, and Infection Control segments, distributing innovative products primarily in the U.S. with manufacturing in the U.S. and India - The company's business is structured into three main segments: **Building Supply**, **Disposable Protective Apparel**, and **Infection Control**[12](index=12&type=chunk) - The primary distribution channel is a network of independent distributors, with most orders being filled within **30 days** rather than maintaining a large backlog[26](index=26&type=chunk) - Manufacturing is conducted in U.S. facilities (Georgia, Arizona, Utah) and supplemented by a **41.66% owned joint venture** in India (Harmony Plastics) and other subcontractors in Asia and Mexico[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) Net Sales by Geographic Region (in thousands) | Geographic Region | 2018 | 2017 | |-------------------|--------------|--------------| | United States | $45,595 | $43,169 | | International | $1,029 | $856 | | **Consolidated** | **$46,624** | **$44,025** | [Products](index=6&type=section&id=1.1%20Products) The company offers specialized products across its Building Supply, Disposable Protective Apparel, and Infection Control segments, including weather-resistant housewrap, protective apparel, and patented face masks - Building Supply products include **REX™ housewrap** and **REX™ SynFelt synthetic roof underlayment**, designed for durability and weather resistance[17](index=17&type=chunk)[18](index=18&type=chunk) - Infection Control products feature patented designs like the **Positive Facial Lock®** and **Magic Arch®** in their face masks, including an **N-95 respirator** recommended by the CDC during the 2009 H1N1 pandemic[20](index=20&type=chunk) [Competition](index=9&type=section&id=1.2%20Competition) The company faces intense competition from larger, well-resourced companies like DuPont, Interwrap, Kimberly-Clark, 3M, and Cardinal Health across its various market segments - Major competitors in the construction supply market are **DuPont** for housewrap and **Interwrap Inc.** for synthetic roof underlayment[36](index=36&type=chunk) - In the medical, dental, industrial, and cleanroom markets, the company competes with large corporations such as **Kimberly-Clark**, **3M**, **Johnson & Johnson**, and **Cardinal Health**[36](index=36&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including adverse economic conditions, reliance on limited suppliers and large customers, international manufacturing challenges, intellectual property protection, intense competition, and stock price volatility - The business is vulnerable to **unfavorable economic conditions**, **loss of large customers**, and **reliance on a limited number of suppliers and contractors**, particularly for its Disposable Protective Apparel and Building Supply segments[47](index=47&type=chunk)[48](index=48&type=chunk)[50](index=50&type=chunk) - International manufacturing and joint ventures, particularly in Asia and India, expose the company to risks such as changes in **foreign regulations**, **trade barriers (tariffs)**, **currency fluctuations**, and **political instability**[52](index=52&type=chunk)[53](index=53&type=chunk) - The company faces **intense competition** from more established companies with greater resources, which could affect pricing, market share, and the acceptance of new products[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Properties](index=16&type=section&id=Item%202.%20Properties) The company leases all its primary facilities, including its executive office in Canada and manufacturing/operational sites in Georgia, Arizona, and Utah, with leases expiring between 2019 and 2024 Leased Facilities Overview | Location | Segment/Use | Size (sq ft) | Lease Expiration | |---------------------------|-----------------------------|--------------|------------------| | Markham, ON, Canada | Executive Office | 4,200 | Feb 28, 2021 | | Valdosta, GA | Building Supply Mfg. | 165,400 | Jan 1, 2024 | | Nogales, AZ | Disposable Apparel Ops | 60,000 | Dec 31, 2019 | | Salt Lake City, UT | Face Mask Mfg. | 34,500 | Jul 31, 2024 | [Part II - Market, Financials, and MD&A](index=17&type=section&id=Part%20II) This section covers the company's common stock market, share repurchase activities, detailed management discussion and analysis of financial performance, and comprehensive financial statements [Common Stock Market and Repurchases](index=17&type=section&id=Item%205.%20Market%20For%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE American under 'APT', with active share repurchases in Q4 2018 and a **$2 million** program expansion authorized in December 2018 Issuer Purchases of Equity Securities (Q4 2018) | Period | Total Shares Purchased | Avg. Price Paid/Share | |------------------------|------------------------|-----------------------| | Oct 1 - 31, 2018 | 72,600 | $3.53 | | Nov 1 - 30, 2018 | 48,400 | $3.51 | | Dec 1 - 31, 2018 | 85,900 | $3.71 | | **Total Q4 2018** | **206,900** | **$3.60** | - As of December 31, 2018, **$2,699,000** was available for repurchase under the company's share repurchase program following a **$2,000,000** expansion authorized in December 2018[76](index=76&type=chunk) [Management's Discussion and Analysis (MD&A)](index=17&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2018, consolidated sales increased by **5.9%**, net income grew **37.7%** to **$3.6 million** due to lower SG&A and tax rates, and the company maintained strong liquidity with **$7.0 million** cash and an unused **$3.5 million** credit facility [Results of Operations (2018 vs. 2017)](index=20&type=section&id=7.1%20Results%20of%20Operations) Consolidated sales increased **5.9%** to **$46.6 million** in 2018, driven by growth in Disposable Protective Apparel and Building Supply, leading to a **37.7%** rise in net income despite a gross margin decline Financial Performance Summary (2018 vs. 2017) | Metric | 2018 | 2017 | Change | |-----------------------------|---------------|---------------|-----------| | Net Sales | $46,624,000 | $44,025,000 | +5.9% | | Gross Profit | $17,711,000 | $17,452,000 | +1.5% | | Gross Profit Margin | 38.0% | 39.6% | -1.6 p.p. | | Income from Operations | $3,874,000 | $2,926,000 | +32.4% | | Net Income | $3,625,000 | $2,633,000 | +37.7% | | Diluted EPS | $0.26 | $0.18 | +44.4% | Segment Sales Performance (2018 vs. 2017) | Segment | 2018 Sales | 2017 Sales | Change | |-------------------------------|---------------|---------------|--------| | Building Supply | $26,035,000 | $24,641,000 | +5.7% | | Disposable Protective Apparel | $15,612,000 | $14,250,000 | +9.6% | | Infection Control | $4,977,000 | $5,134,000 | -3.1% | - The decrease in SG&A expenses was primarily due to a **$619,000 death benefit accrual** in 2017 for the former President, which was not repeated in 2018[100](index=100&type=chunk) - The effective tax rate decreased to **17.9%** in 2018 from **28.3%** in 2017, mainly due to the U.S. Tax Cuts and Jobs Act, which lowered the federal corporate tax rate[107](index=107&type=chunk)[108](index=108&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=7.2%20Liquidity%20and%20Capital%20Resources) As of December 31, 2018, the company maintained strong liquidity with **$7.0 million** cash and **$24.5 million** working capital, despite a cash decrease driven by **$3.2 million** in stock repurchases, and has an unused **$3.5 million** credit facility Key Balance Sheet and Liquidity Metrics (as of Dec 31) | Metric | 2018 | 2017 | |---------------------|---------------|---------------| | Cash | $7,007,000 | $8,763,000 | | Working Capital | $24,540,000 | $24,177,000 | | Current Ratio | 14:1 | 10:1 | - Net cash used in financing activities was **$3.2 million**, primarily from repurchasing **999,900 shares** of common stock for **$3.6 million**, partially offset by **$0.4 million** from stock option exercises[119](index=119&type=chunk)[120](index=120&type=chunk) - The company has a **$3.5 million credit facility** with Wells Fargo, which was unused as of December 31, 2018[111](index=111&type=chunk) [Financial Statements and Supplementary Data](index=29&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for FY2018 and FY2017, including the independent auditor's report, management's internal control report, and detailed financial statements with accompanying notes - Management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2018[136](index=136&type=chunk) - The independent auditor, Tanner LLC, issued an **unqualified opinion**, stating the financial statements are presented fairly in all material respects[138](index=138&type=chunk) [Notes to Consolidated Financial Statements](index=37&type=section&id=8.1%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, new accounting standard adoptions (ASC 606, ASU 2016-01), the **41.66%** Indian joint venture, significant customer concentration, and the ongoing stock repurchase program - The company adopted new accounting standards **ASU 2014-09 (Revenue from Contracts)** and **ASU 2016-01 (Financial Instruments)** effective January 1, 2018, with the latter resulting in unrealized gains/losses on marketable securities being recorded in net income[191](index=191&type=chunk)[192](index=192&type=chunk) - The company purchased **$16.5 million** and **$14.6 million** of inventory from its **41.66%-owned unconsolidated affiliate**, Harmony Plastics, in 2018 and 2017, respectively[211](index=211&type=chunk) Customer Concentration (% of Net Sales) | Customer | 2018 | 2017 | |------------|-------|-------| | Customer A | 20% | 19% | | Customer B | 12% | 10% | Segment Income Reconciliation to Net Income (in thousands) | Description | 2018 | 2017 | |-------------------------------------|-------------|-------------| | Building Supply Income | $3,836 | $4,143 | | Disposable Protective Apparel Income| $2,862 | $2,516 | | Infection Control Income | $1,722 | $1,844 | | **Total Segment Income** | **$8,420** | **$8,503** | | Unallocated Corporate Expenses | ($4,006) | ($4,833) | | Provision for Income Taxes | ($789) | ($1,037) | | **Consolidated Net Income** | **$3,625** | **$2,633** | [Controls and Procedures](index=58&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were **effective** as of December 31, 2018, with no material changes in Q4 2018, and no auditor attestation report was required - The principal executive and financial officers concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[257](index=257&type=chunk) - No changes in internal control over financial reporting occurred during the fourth quarter of 2018 that materially affected, or are reasonably likely to materially affect, internal controls[259](index=259&type=chunk) [Part III - Corporate Governance and Executive Compensation](index=58&type=section&id=Part%20III) This section provides information on the company's corporate governance, executive compensation, and equity compensation plans, primarily by reference to the proxy statement [Directors, Compensation, and Related Party Transactions](index=58&type=section&id=Items%2010-14) Information on directors, executive compensation, security ownership, and related party transactions is incorporated by reference from the 2019 Proxy Statement, with equity compensation plan details provided - Disclosure for directors, executive officers, corporate governance, executive compensation, security ownership, and related transactions is incorporated by reference from the forthcoming **2019 Proxy Statement**[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[266](index=266&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2018) | Plan Category | Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | |---------------------------------------------|--------------------------------------------------------------|---------------------------------|------------------------------------------| | Equity compensation plan approved by shareholders | 1,022,913 | $2.69 | 1,522,250 | [Part IV - Exhibits and Schedules](index=60&type=section&id=Part%20IV) This section lists all exhibits and financial statement schedules filed as part of the Form 10-K, including required certifications [Exhibits and Financial Statement Schedules](index=60&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules filed with the Form 10-K, noting that financial statement schedules are omitted as permitted for a smaller reporting company - The report includes the consolidated financial statements in **Item 8** and a list of exhibits filed with the report[269](index=269&type=chunk)[271](index=271&type=chunk) - Financial statement schedules are not included, as the company qualifies as a **smaller reporting company**[270](index=270&type=chunk)