Company: APT
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025400
Chunk: 26

Company: ALPHA PRO TECH LTD
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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000, or 16.4%. The net income decrease between the six months ended June 30, 2025 and the same period of 2024 was due to a decrease in income before provision for income taxes of $458,000, partially offset by a decrease in provision for income taxes of $95,000. Net income as a percentage of net sales was 6.1% for the six months ended June 30, 2025, compared to 7.5% for the same period of 2024. Basic and diluted earnings per common share for each of the six months ended June 30, 2025 and 2024, was $0.18 and $0.20, respectively.

22

Alpha Pro Tech, Ltd.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2025, the Company had cash and cash equivalents (“cash”) of $14,464,000 and working capital of $47,528,000. As of June 30, 2025, the Company’s current ratio (current assets/current liabilities) was 17:1. Cash decreased by 22.4%, or $4,172,000, to $14,464,000 as of June 30, 2025, compared to $18,636,000 as of December 31, 2024, and working capital increased by $12,000, to $47,528,000 from $47,516,000 as of December 31, 2024. The decrease in cash from December 31, 2024, was due to cash used in operating activities of $1,871,000, cash used in investing activities of $273,000, and cash used in financing activities of $2,028,000.

Net cash used in operating activities of $1,871,000 for the six months ended June 30, 2025 was due to net income of $1,857,000, as adjusted primarily by the following: stock-based compensation expense of $272,000, depreciation and amortization expense of $483,000, equity in income of unconsolidated affiliate of $278,000, operating lease asset amortization of $462,000, an increase in accounts receivable of $4,886,000, a decrease in prepaid expenses of $438,000, a decrease in inventory of $372,000, a decrease in accounts payable and accrued liabilities of $156,000, and a