Financial Performance - Net sales for Q1 2024 were $13.5 million, a decrease of 2.3% from $13.8 million in Q1 2023[2]. - Net income for Q1 2024 was $576,000, representing an increase of 4.3% from $552,000 in Q1 2023, with earnings per share remaining at $0.05[18]. - Gross profit increased by $435,000, or 8.7%, to $5.4 million, with a gross profit margin of 40.2% compared to 36.1% in Q1 2023[13]. - Net sales for March 2024 were $13,482,000, a decrease of 2.3% compared to $13,800,000 in March 2023[27]. - Gross profit increased to $5,417,000 in March 2024, up 8.7% from $4,982,000 in March 2023[27]. - Net income for March 2024 was $576,000, slightly up from $552,000 in March 2023, representing a growth of 4.4%[27]. - Basic earnings per share remained stable at $0.05 for both March 2024 and March 2023[27]. Segment Performance - Building Supply segment sales decreased by $391,000, or 4.5%, to $8.2 million, while Disposable Protective Apparel segment sales increased by $73,000, or 1.4%, to $5.24 million[2][10]. - The Building Supply segment achieved 7.6% growth in core products, excluding other woven materials, despite economic uncertainty in the housing market[3][10]. - Housewrap and accessories sales grew by 24.3%, with premium housewrap line (REX™ Wrap Fortis) sales up 13.7%[4]. - Sales of disposable protective garments increased by 0.5%, with a significant demand indicated by a 24% increase in sales to a major international supply chain partner[7]. Expenses and Liabilities - Selling, general and administrative expenses rose by $534,000, or 12.4%, to $4.8 million, increasing as a percentage of net sales to 36.0% from 31.3%[14]. - Operating expenses rose to $5,091,000 in March 2024, compared to $4,556,000 in March 2023, reflecting an increase of 11.7%[27]. - Total current liabilities decreased to $2,065,000 in March 2024 from $2,566,000 in December 2023, a reduction of 19.6%[25]. Assets and Equity - As of March 31, 2024, the company had cash of $18.5 million and working capital of $50.3 million, with no debt[19]. - Total assets increased to $72,712,000 as of March 31, 2024, compared to $68,763,000 at the end of December 2023, marking a growth of 5.6%[24][26]. - Shareholders' equity increased to $61,643,000 as of March 31, 2024, compared to $61,568,000 at the end of December 2023, reflecting a slight increase of 0.1%[26]. Share Repurchase - The company repurchased 270,000 shares at a cost of $1.4 million during Q1 2024, with a total of 20.7 million shares repurchased at approximately $51.7 million[20]. Forward-Looking Statements - The company cautions that forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from estimates[22]. Equity in Affiliates - The company reported equity in income of unconsolidated affiliates at $138,000 for March 2024, up from $109,000 in March 2023, an increase of 26.6%[27].
Alpha Pro Tech(APT) - 2024 Q1 - Quarterly Results