Alpha Pro Tech Ltd. Files 2023 Annual Report (10-K)

TL;DR

<b>Alpha Pro Tech Ltd. filed its 2023 10-K, detailing its operations in disposable protective apparel and financial performance.</b>

AI Summary

ALPHA PRO TECH LTD (APT) filed a Annual Report (10-K) with the SEC on March 13, 2024. Alpha Pro Tech Ltd. filed its 10-K for the fiscal year ending December 31, 2023. The company's principal business is the manufacturing and distribution of disposable protective apparel. The filing includes financial data for the fiscal year ended December 31, 2023. The company's address is 53 Wellington Street East, Aurora, A6, L4G 1H6. Alpha Pro Tech Ltd. was formerly known as BFD Industries Inc., with a name change on March 28, 1993.

Why It Matters

For investors and stakeholders tracking ALPHA PRO TECH LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Alpha Pro Tech Ltd.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The filing details the company's business in disposable protective apparel, a sector that may see demand fluctuations based on health trends and industrial needs, impacting revenue and profitability.

Risk Assessment

Risk Level: medium — ALPHA PRO TECH LTD shows moderate risk based on this filing. The company operates in the specialized market of disposable protective apparel, which can be subject to shifts in demand and competition, potentially impacting financial stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Alpha Pro Tech Ltd.'s market position and potential growth opportunities.

Key Numbers

• 17,099,000 — Shares Outstanding (approximate) (Implied from filing values)
• 0.01 — EPS (approximate) (Implied from filing values)
• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-13 — Filing Date (Date of submission)

Key Players & Entities

• ALPHA PRO TECH LTD (company) — Filer name
• BFD INDUSTRIES INC (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• 53 WELLINGTON STREET EAST (address) — Business and mailing address
• AURORA (location) — City in business and mailing address
• 9054790654 (phone) — Business phone number
• 19930328 (date) — Date of name change

FAQ

Risk Factors

• Market Demand and Competition [medium — market]: The company's success depends on demand for disposable protective apparel, which can be affected by economic conditions, health concerns, and competition.
• Manufacturing and Distribution [medium — operational]: Reliance on efficient manufacturing processes and distribution networks is critical for meeting customer demand and maintaining product quality.
• Financial Performance [medium — financial]: The company's financial results are subject to factors such as raw material costs, operating expenses, and market pricing for its products.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value APT NYSE American Secur

Filing Documents

• apt20231231_10k.htm (10-K) — 1830KB
• ex_633896.htm (EX-21) — 3KB
• ex_633897.htm (EX-23.1) — 3KB
• ex_633898.htm (EX-31.1) — 13KB
• ex_633899.htm (EX-31.2) — 13KB
• ex_633900.htm (EX-32.1) — 6KB
• ex_633901.htm (EX-32.2) — 8KB
• ex_637677.htm (EX-97) — 31KB
• 0001437749-24-007539.txt (&nbsp;) — 9665KB
• apt-20231231.xsd (EX-101.SCH) — 70KB
• apt-20231231_def.xml (EX-101.DEF) — 471KB
• apt-20231231_lab.xml (EX-101.LAB) — 343KB
• apt-20231231_pre.xml (EX-101.PRE) — 514KB
• apt-20231231_cal.xml (EX-101.CAL) — 49KB
• apt20231231_10k_htm.xml (XML) — 2178KB

Business

Item 1. Business 3 General 3

Business

Business 3 Strategy 4 Products 4 Markets 5 Distribution 5 Financial Information About Geographic Areas 6 Manufacturing 6 Competition 7 Regulatory Requirements 7 Patents and Trademarks 7 Human Capital 7 Available Information 8

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 11

Cybersecurity Disclosure

Item 1C. Cybersecurity Disclosure 11

Properties

Item 2. Properties 13

Legal Proceedings

Item 3. Legal Proceedings 13

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 14 PART II: 14

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 14

(Reserved)

Item 6. (Reserved) 14

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 20

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 21

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51

Controls and Procedures

Item 9A. Controls and Procedures 51

Other Information

Item 9B. Other Information 51

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 PART III: 52

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 52

Executive Compensation

Item 11. Executive Compensation 52

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 52

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 53

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 53 PART IV: 53

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 53

Form 10-K Summary

Item 16. Form 10-K Summary 53 Exhibit Index 54

Signatures

Signatures 55 2 PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in registration statements, annual reports and other periodic reports and filings of the Company (as defined below) filed with the Securities and Exchange Commission ("SEC"). Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions, including, without limitation, our expected orders, new products, production levels and sales in 2024 and other information that is not historical information. All statements, other than statements of historical facts that address the Company's expectations of sources of capital or that express the Company's expectations for the future with respect to financial performance or operating strategies or results can be identified as forward-looking statements. As a result, there can be no assurance that the Company's future results will not be materially different from those described herein as "expected," "anticipated," "forecasted," "estimated," "believed," "predicted," "intended," "planned," "potential," "may," "continue" or "should," or using variations of such words or similar expressions, which reflect the current views of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statements are based. Any ex

BUSINESS

BUSINESS Alpha Pro Tech is in the business of protecting people, products and environments. We accomplish this by developing, manufacturing and marketing a line of high-value, disposable protective apparel and infection control products for the cleanroom, industrial, pharmaceutical, medical and dental markets through our wholly-owned subsidiary, Alpha Pro Tech, Inc. We also manufacture a line of building supply construction weatherization products through our wholly-owned subsidiary, Alpha ProTech Engineered Products, Inc. Our products are sold under the Alpha Pro Tech brand name, as well as under private label. Our products are grouped into two business segments: (1) the Building Supply segment, consisting of construction weatherization products, such as housewrap, housewrap accessories including window and door flashing, and seam tape, synthetic roof underlayment and synthetic roof underlayment accessories, as well as other woven materials; and (2) the Disposable Protective Apparel segment, consisting of disposable protective garments (including shoecovers, bouffant caps, coveralls, gowns, frocks and lab coats), face masks and face shields. All financial information presented in this report reflects the current segmentation. 3 STRATEGY Our principal strategy focuses on developing, producing and marketing differentiated, innovative high value products that protect people, products and environments. Our key sales growth strategies are based on communicating directly with end users and developing innovative products to suit individual end users' needs. Our products are used primarily in cleanrooms, industrial safety manufacturing environments and health care facilities, such as hospitals, laboratories and dental offices, as well as residential and multi-family building and re-roofing sites. Our products are distributed principally in the United States of America ("United States" or "U.S.") through a network consisting of purchasing groups, national distributo

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View this 10-K filing on SEC EDGAR