Financial Performance - Net sales for 2024 decreased to $57.84 million, down 7.2% from $61.23 million in 2023[198]. - Consolidated net income for the year ended December 31, 2024, was $3,929,000, down from $4,189,000 in 2023, a decrease of about 6.2%[273]. - The company reported an income tax expense of $1,091,000 for the year ended December 31, 2024[192]. - The provision for income taxes for 2024 was $1,091,000, a decrease from $1,236,000 in 2023, reflecting an 11.8% reduction[261]. - Total comprehensive income for 2024 was $3.87 million, down from $4.24 million in 2023, impacted by foreign currency translation losses[199]. Assets and Liabilities - Total assets increased to $73,742,000 as of December 31, 2024, compared to $68,763,000 in 2023, reflecting a growth of approximately 4.3%[196]. - Total liabilities rose to $11,508,000 in 2024, compared to $7,195,000 in 2023, marking an increase of approximately 60%[196]. - Cash and cash equivalents decreased to $18,636,000 in 2024 from $20,378,000 in 2023, a decline of about 8.5%[196]. - Accounts receivable, net, fell to $3,692,000 in 2024, down from $5,503,000 in 2023, representing a decrease of approximately 33%[196]. - Deferred income tax liabilities increased to $503,000 in 2024 from $442,000 in 2023, a rise of about 13.8%[196]. - Property and equipment net value rose to $8,520,000 in 2024 from $5,587,000 in 2023, with machinery and equipment increasing to $16,732,000[240]. - Long-lived assets, net of accumulated depreciation and amortization, increased to $8,520,000 as of December 31, 2024, from $5,587,000 in 2023, representing an increase of approximately 52.1%[274]. Inventory and Receivables - Inventories increased to $22,733,000 in 2024, up from $20,131,000 in 2023, indicating a rise of about 13%[196]. - Total inventory increased to $22,733,000 in 2024 from $20,131,000 in 2023, with raw materials at $10,948,000 and finished goods at $8,851,000[239]. - Accounts receivable decreased to $4.89 million in 2024 from $6.55 million in 2023, reflecting improved collection efforts[214]. - The Company’s accounts receivable from Customer A accounted for 36% of total accounts receivable as of December 31, 2024, up from 34% in 2023[280]. Operating Expenses - Operating expenses increased to $19.48 million in 2024, compared to $18.70 million in 2023, primarily due to higher selling, general, and administrative expenses[198]. - Stock-based compensation expense for 2024 was $59,000, up from $25,000 in 2023, with 29,675 restricted stock equity awards granted in 2024[225]. - Operating lease expenses increased from approximately $1,285,000 in 2023 to $1,650,000 in 2024, marking a 28.5% increase[263]. Segment Performance - The Building Supply segment generated net sales of $35,965,000 in 2024, down from $40,396,000 in 2023, reflecting a decrease of about 10.7%[273]. - The Disposable Protective Apparel segment reported net sales of $57,840,000 in 2024, compared to $61,232,000 in 2023, indicating a decline of approximately 5.5%[273]. - The Company’s total segment income for the Building Supply segment was $5,746,000 in 2024, slightly up from $5,703,000 in 2023, an increase of about 0.8%[273]. - The Company’s total segment income for the Disposable Protective Apparel segment was $4,481,000 in 2024, compared to $4,385,000 in 2023, an increase of approximately 2.2%[273]. Shareholder Actions - The Company repurchased and retired 831,000 shares of common stock for $4,452,000 in 2024, compared to 951,010 shares for $4,002,000 in 2023, indicating a 12% increase in repurchase value[251]. - The Company accrued a cash bonus of $264,000 for the year ended December 31, 2024, compared to $286,000 for 2023, reflecting a decrease of approximately 7.7%[269]. Other Financial Information - The company holds a noncontrolling equity investment in a foreign entity valued at $5,814,000 as of December 31, 2024, up from $5,247,000 in 2023[196]. - The foreign currency translation losses reduced the balance of equity in unconsolidated affiliates by $1,499,000 and $1,437,000 as of December 31, 2024, and 2023, respectively[231]. - The accumulated other comprehensive loss on equity in unconsolidated affiliate was $1,499,000 as of December 31, 2024, compared to $1,437,000 in 2023, indicating a 4.3% increase[260]. - The Company has written off a $490,000 deposit related to a lawsuit for equipment that was never delivered, pending any recovery[266]. - The company plans to continue focusing on its building supply and disposable protective apparel segments to drive future growth[203].
Alpha Pro Tech(APT) - 2024 Q4 - Annual Report