Alpha Pro Tech, Ltd. (NYSE Amex: APT):
- For the quarter ended March 31, 2011, Building Supply segment sales increased sequentially by 5.5% to $4.7 million from $4.5 million as of December 31, 2010 but were essentially flat compared to $4.7 million as of March 31, 2010. Synthetic roof underlayment generated record sales in the month of March 2011 after being impacted by unusually cold, snowy weather in January and February.
- Inventory decreased by $1.0 million, or 6.1%, to $16.3 million as of March 31, 2011 from $17.3 million as of December 31, 2010; both Disposable Protective Apparel segment and Infection Control segment inventories were down, and inventory for the Building Supply segment had a slight increase.
- The Company entered into two asset purchase agreements, with the same principal purchaser, to sell its line of pet beds and its line of medical bed pads. The Company sold its inventory at cost, plus additional compensation for non-inventory assets and goodwill. Alpha Pro Tech, Ltd. (NYSE Amex: APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel and building products, today announced financial results for the first quarter ended March 31, 2011.
Consolidated sales for the first quarter of 2011 decreased 23.1% to $8.9 million from $11.6 million in the comparable quarter of 2010. Sales for the Disposable Protective Apparel segment for the three months ended March 31, 2011 decreased by 42.8% to $2.9 million, compared to $5.1 million for the same period of 2010. Building Supply segment sales for the three months ended March 31, 2011 increased by 0.5% to $4.7 million, compared to $4.7 million for the same period of 2010, and were up 5.5% sequentially from $4.5 million in the fourth quarter ended December 31, 2010. The sales mix of the Building Supply segment for the three months ended March 31, 2011 was 66% for synthetic roof underlayment and 34% for housewrap. This compared to 70% for synthetic roof underlayment and 30% for housewrap for the first quarter of 2010. Infection Control segment sales for the three months ended March 31, 2011 decreased by 29.2% to $1.3 million, compared to $1.8 million for the same period of 2010. Mask sales were down by 34.5% to $838,000, and shield sales were down by 13.5% to $351,000.
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