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Alpha Pro Tech, Ltd.(APT), a leading manufacturer of protective apparel and infection control products, has released its financial results for the first quarter of 2023. The company reported a net income of $552,000 for the quarter, showcasing its resilience and adaptability in a dynamic business landscape. The revenue for the quarter stood at $13.8 million, reflecting the company's ongoing commitment to meeting market demands while effectively managing costs.
As of March 31, 2023, Alpha Pro Tech's total assets amounted to $64.1 million, with current assets accounting for $51.8 million. The company maintained a healthy balance of cash and cash equivalents at $13.8 million, along with accounts receivable and inventories. The balance sheet highlighted the company's ongoing investments in property and equipment, goodwill, and intangible assets.
The company's net sales for the three months ended March 31, 2023, totaled $13.8 million. The cost of goods sold, excluding depreciation and amortization, amounted to $8.8 million, leading to a gross profit of $4.98 million. Operating expenses, including selling, general and administrative costs, totaled $4.56 million, resulting in income from operations of $426,000.
In addition to its net income of $552,000, Alpha Pro Tech reported other comprehensive income, including foreign currency translation gains of $137,000. This contributed to a comprehensive income of $689,000 for the quarter, showcasing the company's global presence and its ability to navigate currency fluctuations.
Condensed Consolidated Statements of Shareholders’ Equity
The company's shareholders' equity as of March 31, 2023, amounted to $60.99 million. Alpha Pro Tech's commitment to growth was evident through stock-based compensation expenses, common stock repurchases and retirements, and options exercised during the quarter. These activities reflected the company's strategic approach to enhancing shareholder value.
Condensed Consolidated Statements of Cash Flows
Alpha Pro Tech's operating activities resulted in a net cash use of $1.7 million for the first quarter of 2023. This included adjustments for stock-based compensation, depreciation, and amortization. The company invested $289,000 in property and equipment and managed its financing activities, including stock option exercises and common stock repurchases, which resulted in a net cash use of $483,000.
Alpha Pro Tech's first quarter financial results underscore its continued dedication to innovation and growth within the protective apparel and infection control industry. Despite the challenging global economic environment, the company's net income of $552,000 and revenue of $13.8 million demonstrate its ability to adapt to changing market conditions while maintaining financial stability. With a robust balance sheet, comprehensive income, and strategic equity management, Alpha Pro Tech remains poised for sustained success in the quarters ahead.