Financial Performance - Net sales for the year ended December 31, 2024, were $57.8 million, down 5.5% compared to $61.2 million for the year ended December 31, 2023[4] - Net income for the year ended December 31, 2024, was $3.9 million, a decrease of 6.2% from $4.2 million in 2023, with earnings per share remaining at $0.35[20] - Gross profit for the year ended December 31, 2024, increased by 0.5% to $22.9 million, with a gross profit margin of 39.6% compared to 37.3% in 2023[17] - Net sales for the year ended December 31, 2024, were $57,840,000, a decrease of 5.8% compared to $61,232,000 in 2023[27] - Gross profit for the year ended December 31, 2024, was $22,933,000, slightly up from $22,829,000 in 2023, indicating a stable gross margin[27] - Net income for the year ended December 31, 2024, was $3,929,000, down from $4,189,000 in 2023, reflecting a decline of approximately 6.2%[27] - Basic earnings per share remained stable at $0.35 for both 2024 and 2023, despite fluctuations in net income[27] Cash and Assets - Cash as of December 31, 2024, was $18.6 million, with working capital of $47.5 million and no debt[4] - Cash and cash equivalents decreased to $18,636,000 in 2024 from $20,378,000 in 2023, a decline of approximately 8.5%[26] - Total assets increased to $73,742,000 in 2024 from $68,763,000 in 2023, representing a growth of approximately 2.8%[26] - Property and equipment, net, increased significantly to $8,520,000 in 2024 from $5,587,000 in 2023, reflecting a growth of approximately 52.1%[26] - Total shareholders' equity rose to $62,234,000 in 2024 from $61,568,000 in 2023, an increase of about 1.1%[26] Sales Performance - Sales of disposable protective garments increased by approximately 19% compared to pre-pandemic levels, with a projected continued growth in 2025[9] - Sales of synthetic roof underlayment saw a surge in the fourth quarter of 2024, attributed to rebuilding efforts after hurricanes, with expectations for growth in 2025[6] - Building Supply segment sales for the year ended December 31, 2024, decreased by 11.0% to $36.0 million, primarily due to declines in housewrap and other woven material sales[14] - Sales of other woven material decreased by $1.3 million, or 28.2%, primarily due to a customer acquisition, prompting the company to pursue new opportunities[8] Shareholder Actions - The company repurchased 831,000 shares of common stock at a cost of $4.5 million during the year, with a total of 21.2 million shares repurchased at approximately $54.8 million[22] Future Outlook - Management expects growth in the Building Supply segment in 2025, contingent on housing starts and economic conditions[9]
Alpha Pro Tech(APT) - 2024 Q4 - Annual Results