Financial Performance - Net income for Q2 2024 was $1.6 million, or $0.15 per diluted share, representing a 43.5% increase from $1.1 million, or $0.10 per diluted share, in Q2 2023[1][18] - Net sales for Q2 2024 were $16.3 million, up 1.1% from $16.1 million in Q2 2023, driven by a 13.8% increase in Disposable Protective Apparel segment sales[2][7] - Gross profit for Q2 2024 increased by $735,000, or 12.0%, to $6.8 million, with a gross profit margin of 42.0% compared to 37.9% in Q2 2023[13] - Income from operations for Q2 2024 increased by $400,000, or 30.5%, to $1.7 million, with an operating margin of 10.5% compared to 8.1% in Q2 2023[15] - Net income for the three months ended June 30, 2024, was $1.6 million, compared to $1.1 million for the same period in 2023, indicating a significant increase[28] - Basic earnings per common share for the three months ended June 30, 2024, were $0.15, compared to $0.10 for the same period in 2023[28] Sales Performance - Disposable Protective Apparel segment sales increased by $770,000, or 13.8%, to $6.3 million in Q2 2024, marking the highest quarter in two years[2][9] - Building Supply segment sales decreased by $596,000, or 5.7%, to $9.9 million in Q2 2024, primarily due to a 9.0% decline in housewrap sales[3][8] - The Company reported net sales of $16.3 million for the three months ended June 30, 2024, compared to $16.1 million for the same period in 2023, representing a 1.1% increase[28] Expenses and Margins - Selling, general and administrative expenses rose by $309,000, or 6.8%, to $4.9 million in Q2 2024, increasing as a percentage of net sales to 30.0% from 28.4%[14] - Operating expenses increased to $5.1 million for the three months ended June 30, 2024, compared to $4.8 million for the same period in 2023[28] Cash and Assets - Cash and cash equivalents as of June 30, 2024, were $16.2 million, with working capital totaling $50.7 million and no debt[2][20] - The Company currently has no outstanding debt and believes its cash balance will satisfy projected working capital needs[21] - Total assets increased to $72.7 million as of June 30, 2024, from $68.8 million as of December 31, 2023[27] Inventory and Stock Repurchase - Inventory increased by $654,000, or 3.2%, to $20.8 million as of June 30, 2024, from $20.1 million as of December 31, 2023[21] - The Company repurchased 515,000 shares of common stock at a cost of $2.7 million during the six months ended June 30, 2024, totaling 20.9 million shares repurchased at approximately $54.4 million[21] - As of June 30, 2024, the Company had $1.5 million available for additional stock purchases under its stock repurchase program[21] Future Outlook - Management expects continued growth in Disposable Protective Apparel sales for the remainder of 2024, despite challenges in the Building Supply segment[5] - The company launched a new line of self-adhered roofing products in late 2023, anticipating revenue growth from this product line[4]
Alpha Pro Tech(APT) - 2024 Q2 - Quarterly Results