Company: APT
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437749-25-033545
Chunk: 42

Company: ALPHA PRO TECH LTD
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 42
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 2025, compared to 7.0% for the same period of 2024. Basic and diluted earnings per common share for each of the nine months ended September 30, 2025 and 2024, was $0.27 and $0.28, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, the Company had cash and cash equivalents (“cash”) of $17,658,000 and working capital of $48,078,000. As of September 30, 2025, the Company’s current ratio (current assets/current liabilities) was 14:1. Cash decreased by 5.2%, or $978,000, to $17,658,000 as of September 30, 2025, compared to $18,636,000 as of December 31, 2024, and working capital increased by $562,000, to $48,078,000 from $47,516,000 as of December 31, 2024. The decrease in cash from December 31, 2024, was due to cash used in investing activities of $372,000 and cash used in financing activities of $2,658,000 offset by cash provided by operating activities of $2,052,000.

Net cash provided by operating activities of $2,052,000 for the nine months ended September 30, 2025 was due to net income of $2,833,000, as adjusted primarily by the following: stock-based compensation expense of $408,000, depreciation and amortization expense of $686,000, equity in income of unconsolidated affiliate of $305,000, operating lease asset amortization of $698,000, an increase in accounts receivable of $2,235,000, a decrease in prepaid expenses of $894,000, an increase in inventory of $746,000, an increase in accounts payable and accrued liabilities of $489,000, and a decrease in lease liabilities of $670,000, all compared to December 31, 2024.

Accounts receivable increased by $2,235,000, or 45.7%, to $7,129,000 as of September 30, 2025, from $4,894,000 as of December 31, 2024. The increase in accounts receivable was primarily related to increased sales in the third quarter of 2025 compared to the latter part of