<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                               ------------------

                                    FORM 10-Q

                               ------------------

                Quarterly Report pursuant to section 13 or 15(d)
                     of the Securities Exchange Act of 1934

        For the Quarter Ended March 31, 2001 Commission File No. 0-19893
                                             ---------------------------

                              Alpha Pro Tech, Ltd.
                              --------------------
             (exact name of registrant as specified in its charter)

Delaware, U.S.A.                               63-1009183
----------------                               ----------
(State or other jurisdiction                (I.R.S. Employer Identification No.)
of incorporation)

Suite 112, 60 Centurian Drive
Markham, Ontario, Canada                              L3R 9R2
------------------------                              -------
(Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code:  (905) 479-0654

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 3 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes X   No
   ---    ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of APRIL 26, 2001

Common stock, $.01 par value.....               23,892,009
<PAGE>

                              ALPHA PRO TECH, LTD.

                                Table of Contents

<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION

ITEM 1  Consolidated Financial Statements (Unaudited)                           Page No.
<S>         <C>                                                                    <C>
      a)    Consolidated Balance Sheet -
            March 31, 2001 (unaudited) and December 31, 2000                       1

      b)    Consolidated Statement of Operations
            for the three months ended March 31, 2001
            and March 31, 2000 (unaudited)                                         2

      c)    Consolidated Statement of Shareholder's Equity
            for the three months ended March 31, 2001 (unaudited)                  3

      d)    Consolidated Statement of Cash Flows for the three months ended
            March 31, 2001 and March 31, 2000 (unaudited)                          4

      e)    Notes to Consolidated Financial Statements                             5-7

ITEM 2  Management's Discussion and Analysis of Financial
       Condition and Results of Operations                                         8-12


SIGNATURES                                                                         13
</TABLE>
<PAGE>

ALPHA PRO TECH, LTD.

CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                   MARCH 31,     DECEMBER 31,
                                                                     2001           2000
                                                                  (UNAUDITED)
<S>                                                              <C>             <C>
ASSETS
Current assets:
   Cash                                                          $  1,219,000    $  1,131,000
   Accounts receivable, net of allowance for doubtful
      accounts of $32,000 at March 31, 2001
      and December 31, 2000                                         2,867,000       3,359,000
   Inventories, net                                                 3,446,000       2,399,000
   Prepaid expenses and other current assets                          325,000         247,000
   Deferred income taxes                                              250,000         250,000
                                                                 ------------    ------------
      Total current assets                                          8,107,000       7,386,000

Property and equipment, net                                         3,238,000       2,806,000
Intangible assets, net                                                239,000         254,000
Notes receivable and other assets                                      57,000          58,000
                                                                 ------------    ------------
                                                                 $ 11,641,000    $ 10,504,000
                                                                 ------------    ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable                                              $  1,684,000    $    932,000
   Accrued liabilities                                                635,000         467,000
   Notes payable, current portion                                     132,000         131,000
   Capital leases, current portion                                     28,000          41,000
                                                                 ------------    ------------
      Total current liabilities                                     2,479,000       1,571,000

Notes payable, less current portion                                   325,000         363,000
Deferred income taxes                                                 340,000         340,000
                                                                 ------------    ------------
      Total liabilities                                             3,144,000       2,274,000
                                                                 ------------    ------------


Shareholders' Equity:
   Common stock, $.01 par value, 50,000,000 shares authorized,
    23,920,516 and 23,942,516 shares issued and
    outstanding at March 31, 2001
    and December 31, 2000, respectively                               239,000         239,000
   Additional paid-in capital                                      23,995,000      24,028,000
   Accumulated deficit                                            (15,737,000)    (16,037,000)
                                                                 ------------    ------------
      Total shareholders' equity                                    8,497,000       8,230,000
                                                                 ------------    ------------
                                                                 $ 11,641,000    $ 10,504,000
                                                                 ============    ============
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.


                                       1
<PAGE>

Alpha Pro Tech, Ltd.

Consolidated Statement of Operations (Unaudited)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                           FOR THE THREE MONTHS ENDED MARCH 31,

                                                  2001             2000

<S>                                           <C>             <C>
Sales                                         $  5,435,000    $  4,940,000

Cost of goods sold, excluding depreciation
    and amortization                             3,054,000       2,888,000
                                              ------------    ------------

                                                 2,381,000       2,052,000

Expenses:
 Selling, general and administrative             1,809,000       1,550,000
 Depreciation and amortization                     117,000         102,000
                                              ------------    ------------
 Income from operations                            455,000         400,000

    Interest, net                                   (4,000)        (12,000)
                                              ------------    ------------

Income before provision for income taxes           459,000         412,000


Provision for income taxes                         159,000               0
                                              ------------    ------------

Net income                                    $    300,000    $    412,000
                                              ============    ============


Basic income per share                        $     0.01      $     0.02
                                              ------------    ------------

Diluted income per share                      $     0.01      $     0.02
                                              ------------    ------------
Basic weighted average shares outstanding       23,691,868      24,086,103
                                              ------------    ------------
Diluted weighted average shares outstanding     25,051,701      26,131,013
                                              ------------    ------------
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements


                                       2
<PAGE>

ALPHA PRO TECH, LTD.

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                      Shares    Common      Additional   Accumulated       Total
                                 Stock       Paid-in       Deficit
                                             Capital
<S>                 <C>         <C>        <C>           <C>            <C>
Balance at
December 31, 2000   23,942,516  $239,000   $24,028,000   ($16,037,000)  $8,230,000

Options Exercised       11,000                  12,000                  $   12,000

Shares
repurchased/cancelled  (33,000)                (45,000)                    (45,000)

Net Income                                                    300,000      300,000
                    ----------  --------   -----------   ------------   ----------
Balance at
March 31, 2001      23,920,516  $239,000   $23,995,000   ($15,737,000)  $8,497,000
                    ==========  ========   ===========   ============   ==========
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements


                                       3
<PAGE>

ALPHA PRO TECH, LTD.

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                     FOR THE THREE MONTHS ENDED
                                                              MARCH 31,

                                                         2001           2000
<S>                                                  <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                           $   300,000    $   412,000
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
  Depreciation and amortization                          117,000        102,000

  Changes in assets and liabilities:
    Restricted cash                                                      11,000
    Accounts receivable, net                             492,000       (281,000)
    Inventories                                       (1,047,000)      (525,000)
    Prepaid expenses, notes receivable
      other assets                                       (77,000)       192,000
    Accounts payable and accrued liabilities             920,000         60,000
                                                     -----------    -----------

Net cash provided by (used in) operating
  activities:                                            705,000        (29,000)
                                                     -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Purchase of property and equipment                  (527,000)      (101,000)
    Cost of intangible assets                             (7,000)        (6,000)
                                                     -----------    -----------

Net cash used in investing activities                   (534,000)      (107,000)
                                                     -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from loans payable                                       5,281,000
    Repayments on loans payable                          (37,000)    (4,801,000)
    Proceeds from issuance of common stock                                1,000
    Proceeds from exercise of options                     12,000        167,000
    Payments for repurchase of common stock              (45,000)       (81,000)
    Principle repayments on capital leases               (13,000)       (34,000)
                                                     -----------    -----------

Net cash provided by (used in)                           (83,000)       533,000
                                                     -----------    -----------
financing activities

Increase in cash during the period                        88,000        397,000

Cash, beginning of period                            $ 1,131,000    $   785,000
                                                     -----------    -----------
Cash, end of period                                  $ 1,219,000    $ 1,182,000
                                                     -----------    -----------

Supplemental disclosure of cash flow information:
    Cash paid for interest                           $     9,000    $    21,000
                                                     -----------    -----------
</TABLE>

The accompanying notes are an integral part of these consolidated
financial statements


                                       4
<PAGE>

ALPHA PRO TECH, LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

--------------------------------------------------------------------------------

1.  THE COMPANY

    Alpha Pro Tech, Ltd. (the Company) manufactures and distributes a variety of
    disposable mask, shield, shoe cover, apparel products and woundcare
    products. Most of the Company's disposable apparel, mask and shield
    products, and woundcare products are distributed to medical, dental,
    industrial, and clean room markets, predominantly in the United States.

2.  BASIS OF PRESENTATION

The accompanying consolidated financial statements are unaudited but, in the
opinion of management, contain all the adjustments (consisting of those of a
normal recurring nature) considered necessary to present fairly the financial
position, results of operations and cash flows for the periods presented in
conformity with generally accepted accounting principles applicable to interim
periods. The accompanying consolidated financial statements should be read in
conjunction with the audited consolidated financial statements of the Company
for the year ended December 31, 2000.

    There have been no significant changes since December 31, 2000 in accounting
    principles and practices utilized in the presentation of these financial
    statements.

3.  INVENTORIES

<TABLE>
<CAPTION>
                                               MARCH 31,    DECEMBER 31,
                                                  2000          2001
<S>                                            <C>           <C>
       Raw materials                           $2,106,000    $1,375,000
       Work in process                            413,000       174,000
       Finished goods                           1,232,000     1,155,000
                                              ------------ -------------
                                                3,751,000     2,704,000
       Less reserve for obsolescence             (305,000)     (305,000)
                                               $3,446,000    $2,399,000
                                              ------------ -------------
</TABLE>

4.  RECLASSIFICATIONS

    Certain 2000 balances have been reclassified to conform with the current
    quarter's presentation. These reclassifications had no effect on net income,
    total assets, or liabilities.


                                       5
<PAGE>

ALPHA PRO TECH, LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

--------------------------------------------------------------------------------

5.  BASIC AND DILUTED NET INCOME PER SHARE

    The following table provides a reconciliation of both the net income and the
    number of shares used in the computation of "basic" EPS, which utilizes the
    weighted average number of shares outstanding without regard to potential
    shares, and "diluted" EPS, which includes all such shares.

<TABLE>
<CAPTION>
                                                        FOR THE THREE MONTHS
                                                           ENDED MARCH 31,
                                                         2000           1999
<S>                                                   <C>            <C>
Net income (Numerator)                                $   300,000    $   412,000

Shares (Denominator):
   Basic weighted average shares outstanding           23,691,868     24,086,103
   Add: Dilutive effect of stock options and
   warrants                                             1,359,833      2,044,910
                                                      -----------    -----------

   Diluted weighted average shares outstanding         25,051,701     26,131,013
                                                      ===========    ===========

Net income per share:
   Basic                                              $      0.01    $      0.02

   Diluted                                            $      0.01    $      0.02
</TABLE>

6.  PROVISION FOR INCOME TAX

    The Company accounts for income taxes in accordance with Statement of
    Financial Accounting Standards No. 109 (SFAS 109), "Accounting for Income
    Taxes". This statement requires an asset and liability approach for
    accounting for income taxes. The provision for income taxes for the three
    months ended March 31, 2001 was $159,000, as compared to $0 for the three
    months ended March 31, 2000. The effective tax rate for the first quarter
    2001 was 34% as compared to 0% for the same period in 2000 as the Company
    had net operating loss (NOL) carryforwards to utilize.


                                       6
<PAGE>

ALPHA PRO TECH, LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

--------------------------------------------------------------------------------

7.  ACTIVITY OF BUSINESS SEGMENTS

    The Company classifies its businesses into three fundamental segments:
    Apparel, consisting of a complete line of disposable clothing such as
    coveralls, frocks, lab coats, hoods, bouffant caps, and shoe covers
    (including the Aqua Track and spunbond shoe covers); Mask and eye shields,
    consisting principally of medical, dental and industrial masks and eye
    shields; and Extended Care Unreal Lambskin(R), consisting principally of
    fleece and other related products which includes a line of pet beds.

    The accounting policies of the segments are the same as those described
    previously under "Summary of Significant Accounting Policies." Segment data
    excludes charges allocated to head office and corporate sales/marketing
    departments. The Company evaluates the performance of its segments and
    allocates resources to them based primarily on net sales.

    The following table shows net sales for each segment for the three months
    ended March 31, 2001 and 2000:

<TABLE>
<CAPTION>
                                                      FOR THE THREE MONTHS
                                                         ENDED MARCH 31,
                                                      2001             2000
<S>                                                <C>              <C>
Apparel                                            $ 3,433,000      $ 2,854,000
Mask and shield                                      1,402,000        1,450,000
Fleece                                                 600,000          636,000
                                                   -----------      -----------

Consolidated total net sales                       $ 5,435,000      $ 4,940,000
                                                   ===========      ===========
</TABLE>

    A reconciliation of total segment net income to total consolidated net
    income for the three months ended March 31, 2001 and 2000 is presented
    below:

<TABLE>
<CAPTION>
                                                      FOR THE THREE MONTHS
                                                         ENDED MARCH 31,
                                                      2001             2000
<S>                                                <C>              <C>
Apparel                                            $   853,000      $   493,000
Mask and Shield                                        102,000          477,000
Fleece                                                 139,000          153,000
                                                   -----------      -----------

Total segment net income                             1,094,000        1,123,000
Unallocated corporate overhead expenses               (794,000)        (711,000)
                                                   -----------      -----------

Consolidated net income                            $   300,000      $   412,000
                                                   ===========      ===========
</TABLE>


                                       7
<PAGE>

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2001, COMPARED TO THE THREE MONTHS ENDED MARCH 31,
2000

Alpha Pro Tech, Ltd. ("Alpha" or the "Company") reported net income before
provision for income taxes for the three months ended March 31, 2001 of $459,000
as compared to net income before provision for income taxes of $412,000 for the
three months ended March 31, 2000, representing an improvement of $47,000 or
11.4%. The net income before provision for income taxes increase of $47,000 is
attributable primarily to an increase in gross profit of $329,000 due to higher
sales and gross profit margin, partially offset by an increase in selling,
general and administrative expenses of $259,000, an increase in depreciation and
amortization of $15,000 and a decrease in net interest income of $8,000.

SALES Consolidated sales for the three months ended March 31, 2001 increased to
$5,435,000 from $4,940,000 for the three months ended March 31, 2000,
representing an increase of $495,000 or 10.0%.

Sales for the Apparel Division for the three months ended March 31, 2001 were
$3,433,000 as compared to $2,854,000 for the same period of 2000. The Apparel
Division sales increase of $579,000 or 20.3% was due to increased sales to the
Company's largest distributor. This distributor has reported sales increases to
its customers of the Company's products for eleven consecutive quarters. The
Company's management expects this growth to continue, and as a result the
Company's sales to this distributor should also remain strong.

Mask and eye shield sales decreased by $48,000 or 3.3% to $1,402,000 for the
first quarter of 2001 from $1,450,000 in 2000. This decrease is primarily the
result of a decline in industrial mask sales, partially offset by growth in
medical mask sales. Industrial mask sales were unusually strong in the first
quarter of 2000. Although, mask and eye shield sales were down this quarter
compared to the same quarter in 2000, this quarter's mask and eye shield sales
were the strongest in the past four quarters.

Sales from the Company's Extended Care Unreal Lambskin(R) (and other related
products, which includes a line of pet beds), decreased by $36,000 or 5.7% to
$600,000 for the three months ended March 31, 2001 from $636,000 for the three
months ended March 31, 2000. The decrease in sales of $36,000 is primarily the
result of a decrease in medical fleece product sales partially offset by an
increase in pet bed sales. In 2000, the Company implemented a pet products
telemarketing campaign and feels that sales should continue to strengthen in
2001.


                                       8
<PAGE>

The Company's largest distributor, which supplies the industrial
cleanroom/safety market and accounts for a significant percent of Company's
revenues, has had sales increases of the Company's products to their end-users
for eleven consecutive quarters. The expectation is that growth should continue,
and as a result the Company's sales to this distributor should also remain
strong.

The Medical market, which includes a line of face masks and fleece bed pads, is
up by $65,000 or 7.2% year to date. Medical face masks sales are up and fleece
bed pads sales are down. With the release of the new medical mask product
portfolio and the addition of independent sales representatives, sales of
medical face masks are expected to continue to improve in 2001.

Dental market sales are basically flat, up by $3,000 or 0.7% for the three
months ended March 31, 2001 as compared to the same period in 2000. The Company
is working with a national dental distributor to increase the Company's share of
the Dental market. The result of those efforts are expected to improve the
Company's dental market revenue in the latter half of 2001.

Sales in the Pet/consumer supply market, in which the Company markets a line of
pet beds, are up by $19,000 or 6.7% for the three months ended March 31, 2001 as
compared to the same period in 2000. The Company has dedicated a sales
representative to this market since last year and sales should continue to
strengthen.

In the Food Service market, sales for the three months ended March 31, 2001 were
$67,000 compared to $46,000 in the same period of 2000, an increase of $21,000
or 45.7%. The Company continues to see growth from its existing customers, and
the telemarketing and sampling campaigns to its major customer is generating
positive results. Furthermore, new efforts to acquire additional national chain
business have been implemented, and we anticipate new revenues from this
strategy this year. In that vein, the Company will be showcasing its proprietary
Personal Safety Apparel product line and several new leading edge niche products
at the world's largest trade show in Chicago in May, 2001. Management is
confident our increased exposure and new product launches to the Foodservice
sector will result in added revenues for the balance of 2001, and will position
Alpha for significant revenue growth in this marketplace.

Management believes that in 2001, revenue will grow in all of its current
markets, which include Industrial Cleanroom/Safety, Medical, Dental, Pet Supply
and Food Service.


                                       9
<PAGE>

COST OF GOODS SOLD Cost of goods sold increased to $3,054,000 for the three
months ended March 31, 2001 from $2,888,000 for the same period in 2000. As a
percentage of net sales, cost of goods sold decreased to 56.2% in 2001 from
58.5% in 2000. Gross profit margin increased to 43.8% for the three months ended
March 31, 2001 from 41.5% for the same period in 2000. Management expects gross
profit margin for fiscal 2001 to continue to be strong, due to a more global
emphasis on purchasing and a continued emphasis on improving manufacturing
processes and efficiency.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative
expenses increased by $259,000 or 16.7%, to $1,809,0000 for the three months
ended March 31, 2001 from $1,550,000 for the three months ended March 31, 2000.
As a percentage of net sales, selling, general and administrative expenses
increased to 33.3% in the three months ended March 31, 2001 from 31.4% in the
same period of 2000. The increase in selling, general and administrative
expenses primarily consists of increased payroll related costs of $151,000, with
the largest percentage being sales & marketing based salaries; increased general
expense of $86,000, and exchange rate losses of $11,000. Management expects
selling, general and administrative expenses as a percentage of net sales to
decrease as sales increase.

DEPRECIATION & AMORTIZATION Depreciation and amortization expense increased by
$15,000 to $117,000 for the three months ended March 31, 2001 from $102,000 for
the same period in 2000. The increase is primarily attributable to an increased
number of depreciable automated shoecover machines and the introduction of new
mask machines.

INCOME FROM OPERATIONS Income from operations increased by $55,000 or 13.8%, to
$455,000 for the three months ended March 31, 2001 as compared to income from
operations of $400,000 for the three months ended March 31, 2000. The increase
in income from operations is due to an increase in gross profit of $329,000,
partially offset by an increase in selling, general and administrative expenses
of $259,000 and an increase in depreciation and amortization of $15,000.

NET INTEREST Net interest income decreased by $8,000, to net interest income of
$4,000 for the three months ended March 31, 2001 from net interest income of
$12,000 for the three months ended March 31, 2000. The decrease in net interest
income is due to decreased interest income partially offset by lower borrowings,
lower interest rates and a decreased number of outstanding capital leases.


                                       10
<PAGE>

PROVISION FOR INCOME TAX The provision for income tax was $159,000 for the three
months ended March 31, 2001 from $0 for the three months ended March 31, 2000.
The estimated tax rate for the first quarter ended March 31, 2001 is 34.0%, as
compared with 0.0% in the same period of 2000. The Company utilized its net
operating loss (NOL's) carryforwards by the end of the third quarter of last
year.

INCOME BEFORE PROVISION FOR INCOME TAXES Net income before provision for income
taxes for the three months ended March 31, 2001 was $459,000 as compared to
$412,000 for the three months ended March 31, 2000, representing an improvement
of $47,000 or 11.4%. The net income before provision for income taxes
improvement of $47,000 is attributable primarily to an increase in gross profit
of $329,000 due to higher sales and gross profit margin, partially offset by an
increase in selling, general and administrative expenses of $259,000, an
increase in depreciation and amortization of $15,000 and a decrease in net
interest income of $8,000.

NET INCOME Net income for the three months ended March 31, 2001 was $300,000
compared to net income of $412,000 for the three months ended March 31, 2000, a
reduction of $112,000 or 27.2%. The net income decrease of $112,000 is comprised
of an increase in income taxes of $159,000 and a decrease in interest income of
$8,000, partially offset by an increase in income from operations of $55,000.


                                       11
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2001, the Company had cash of $1,219,000 and working capital of
$5,628,000. During the three months ended March 31, 2001, cash increased by
$88,000 and accounts payable and accrued liabilities increased by $920,000. The
increase in the Company's cash is primarily due to income from operations, a
decrease in accounts receivable and an increase in accounts payable & accrued
liabilities, partially offset by an increase in inventories and capital
expenditures. The Company has a $4,029,000 credit facility with the bank,
consisting of a line of credit of up to $3,500,000, a term note of $225,000 and
a equipment loan of $304,000, with interest at prime plus 1.0% on the credit
line, prime plus 1.0% on the term loan and an 8.5% fixed rate on the equipment
loan. At March 31, 2001, the prime interest rate 8.0%. The line of credit
expires in May 2002, the term note expires in April 2003 and the equipment loan
expires in November 2005. At March 31, 2001, the Company had not borrowed on its
line of credit.

Net cash provided by operations was $705,000 for the three months ended March
31, 2001 compared to cash used in operations of $29,000 for the same period of
2000. The Company's generation of cash from operations for the three months
ended March 31, 2001 is due primarily to net income, a decrease in accounts
receivable and an increase in accounts payable and accrued liabilities,
partially offset by an increase in inventory and prepaid expenses & other
assets.

The Company's investing activities have consisted primarily of expenditures for
property & equipment of $527,000 and increases in intangible assets of $7,000
for a total of $534,000 for the three months ended March 31, 2001 compared to
$107,000 for the three months ended March 31, 2000.

The Company anticipates that its mask manufacturing capabilities will be further
improved in 2001 at an estimated cost of $300,000. The Company also anticipates
that its automated shoecover manufacturing capabilities will be further improved
in 2001 at an estimated cost of $150,000. The Company intends to lease equipment
whenever possible.

During the three months ended March 31, 2001, the Company's cash used in
financing activities resulted primarily from net decreases in the Company's
loans payable of $37,000, decreases in capital leases of $13,000 and the
buy-back of 33,000 of the Company's common shares at a cost of $45,000 and the
exercise of 11,000 shares of the Company's common shares in which the Company
received $12,000. The Company announced in December 1999 that it approved the
buy-back of up to $500,000 of its own shares. In January 2001, the Company
announced that its Board of Directors had approved the repurchase of an
additional $500,000 of the Company's outstanding common stock. As of April 15,
2001, the Company has bought back 464,300 common shares at a cost of $607,100.

The Company believes that cash generated from operations, its current cash
balance, and the funds available under its traditional banking agreement, will
be sufficient to satisfy the Company's projected working capital and planned
capital expenditures for at least 12 months.


                                       12
<PAGE>

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                    Alpha Pro Tech, Ltd.


DATE: APRIL 26, 2001                BY: /s/ SHELDON HOFFMAN
                                    -----------------------------------
                                    SHELDON HOFFMAN
                                    CHIEF EXECUTIVE OFFICER
                                    CHIEF FINANCIAL OFFICER
                                    PRINCIPAL FINANCIAL OFFICER


                                       13