Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Entity Registrant Name | ALPHA PRO TECH LTD | |
Entity Central Index Key | 884,269 | |
Trading Symbol | apt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 17,455,454 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Current assets: | |||
Cash | $ 8,247,000 | $ 9,681,000 | [1] |
Investments | 551,000 | 656,000 | [1] |
Accounts receivable, net of allowance for doubtful accounts of $71,000 and $46,000 as of March 31, 2016 and December 31, 2015, respectively | $ 6,196,000 | 2,762,000 | [1] |
Accounts receivable, related party | 8,000 | [1] | |
Inventories | $ 14,755,000 | 16,398,000 | [1] |
Prepaid expenses and other current assets | 2,522,000 | 3,092,000 | [1] |
Deferred income tax assets | 484,000 | 484,000 | [1] |
Total current assets | 32,755,000 | 33,081,000 | [1] |
Property and equipment, net | 2,812,000 | 2,907,000 | [1] |
Goodwill | 55,000 | 55,000 | [1] |
Definite-lived intangible assets, net | 46,000 | 51,000 | [1] |
Equity investments in unconsolidated affiliate | 3,138,000 | 3,040,000 | [1] |
Total assets | 38,806,000 | 39,134,000 | [1] |
Current liabilities: | |||
Accounts payable | 1,077,000 | 1,027,000 | [1] |
Accrued liabilities | 1,053,000 | 1,128,000 | [1] |
Total current liabilities | 2,130,000 | 2,155,000 | [1] |
Deferred income tax liabilities | 816,000 | 867,000 | [1] |
Total liabilities | $ 2,946,000 | $ 3,022,000 | [1] |
Commitments | |||
Shareholders' equity: | |||
Common stock, $.01 par value: 50,000,000 shares authorized; 17,455,456 and 17,850,456 shares outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 174,000 | $ 178,000 | [1] |
Additional paid-in capital | 15,867,000 | 16,526,000 | [1] |
Accumulated other comprehensive loss | (244,000) | (148,000) | [1] |
Retained earnings | 20,063,000 | 19,556,000 | [1] |
Total shareholders' equity | 35,860,000 | 36,112,000 | [1] |
Total liabilities and shareholders' equity | $ 38,806,000 | $ 39,134,000 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Allowance for doubtful accounts | $ 71,000 | $ 46,000 | [1] |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | [1] |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | [1] |
Common stock, shares outstanding (in shares) | 17,455,456 | 17,850,456 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 11,847,000 | $ 10,654,000 |
Cost of goods sold, excluding depreciation and amortization | 7,602,000 | 6,829,000 |
Gross profit | 4,245,000 | 3,825,000 |
Operating expenses: | ||
Selling, general and administrative | 3,457,000 | 3,577,000 |
Depreciation and amortization | 154,000 | 171,000 |
Total operating expenses | 3,611,000 | 3,748,000 |
Income from operations | 634,000 | 77,000 |
Other income: | ||
Equity in income of unconsolidated affiliate | 98,000 | 98,000 |
Interest income, net | 1,000 | 1,000 |
Total other income | 99,000 | 99,000 |
Income before provision for income taxes | 733,000 | 176,000 |
Provision for income taxes | 226,000 | 28,000 |
Net income | $ 507,000 | $ 148,000 |
Basic earnings per common share (in dollars per share) | $ 0.03 | $ 0.01 |
Diluted earnings per common share (in dollars per share) | $ 0.03 | $ 0.01 |
Basic weighted average common shares outstanding (in shares) | 17,669,331 | 18,299,933 |
Diluted weighted average common shares outstanding (in shares) | 17,669,331 | 18,499,572 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 507,000 | $ 148,000 |
Other comprehensive loss: | ||
Change in unrealized loss on marketable securities, net of tax | (96,000) | (328,000) |
Comprehensive income (loss) | $ 411,000 | $ (180,000) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2015 | 17,850,456 | 17,850,456 | ||||
Balance at Dec. 31, 2015 | $ 178,000 | $ 16,526,000 | $ 19,556,000 | $ (148,000) | $ 36,112,000 | [1] |
Common stock repurchased and retired (in shares) | (395,000) | |||||
Common stock repurchased and retired | $ (4,000) | (675,000) | (679,000) | |||
Stock-based compensation | 16,000 | 16,000 | ||||
Net income | 507,000 | 507,000 | ||||
Other comprehensive loss | (96,000) | $ (96,000) | ||||
Balance (in shares) at Mar. 31, 2016 | 17,455,456 | 17,455,456 | ||||
Balance at Mar. 31, 2016 | $ 174,000 | $ 15,867,000 | $ 20,063,000 | $ (244,000) | $ 35,860,000 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash Flows From Operating Activities: | |||
Net income | $ 507,000 | $ 148,000 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Stock-based compensation expense | 16,000 | 6,000 | |
Depreciation and amortization | 154,000 | 171,000 | |
Equity in income of unconsolidated affiliate | (98,000) | (98,000) | |
Changes in assets and liabilities: | |||
Accounts receivable, net | (3,434,000) | (2,459,000) | |
Accounts receivable, related party | 8,000 | (84,000) | |
Inventories | 1,643,000 | (2,573,000) | |
Prepaid expenses and other current assets | 570,000 | (56,000) | |
Accounts payable and accrued liabilities | (25,000) | 924,000 | |
Net cash used in operating activities | (659,000) | (4,021,000) | |
Cash Flows From Investing Activities: | |||
Purchase of property and equipment | (55,000) | $ (58,000) | |
Purchase of marketable securities | (41,000) | ||
Net cash used in investing activities | (96,000) | $ (58,000) | |
Cash Flows From Financing Activities: | |||
Repurchase of common stock | (679,000) | (311,000) | |
Net cash used in financing activities | (679,000) | (311,000) | |
Decrease in cash | (1,434,000) | (4,390,000) | |
Cash, beginning of the period | 9,681,000 | [1] | 5,495,000 |
Cash, end of the period | $ 8,247,000 | $ 1,105,000 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 1 - The Company
Note 1 - The Company | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. The Company Alpha Pro Tech, Ltd. (“Alpha Pro Tech” or the “Company”) is in the business of protecting people, products and environments. The Company accomplishes this by developing, manufacturing and marketing a line of building supply products for the new home and re-roofing markets; a line of disposable protective apparel for the cleanroom, industrial and pharmaceutical markets; and a line of infection control products for the medical and dental markets. The Building Supply segment consists of construction weatherization products, such as housewrap and synthetic roof underlayment, as well as other woven material. The Disposable Protective Apparel segment consists of a complete line of shoecovers, bouffant caps, coveralls, gowns, frocks and lab coats. The Infection Control segment consists of a line of face masks and eye shields. The Company’s products are sold under the "Alpha Pro Tech" brand name and under private label, and are predominantly sold in the United States of America (“US”). |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of Presentation The interim financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. These interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, omit certain information and note disclosures necessary to present the statements in accordance with US generally accepted accounting principles (“US GAAP”). The interim condensed consolidated financial statements should be read in conjunction with the Company’s current year SEC filings on Form 8-K, as well as the consolidated financial statements for the year ended December 31, 2015, which are included in the Company’s Annual Report on Form 10-K (the “2015 Form 10-K”), which was filed on March 3, 2016. The results of operations for the three months ended March 31, 2016 reported in this Form 10-Q are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet as of December 31, 2015 was prepared using information from the audited consolidated balance sheet contained in the 2015 Form 10-K, and does not include all disclosures required by US GAAP for annual consolidated financial statements. |
Note 3 - Stock-Based Compensati
Note 3 - Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3. Stock-Based Compensation The Company maintains a stock option plan under which the Company may grant incentive stock options and non-qualified stock options to employees and non-employee directors. Stock options have been granted with exercise prices at or above the fair market value of the underlying shares of common stock on the date of grant. Options vest and expire according to terms established at the grant date. The Company records compensation expense for the fair value of stock-based awards determined as of the grant date, including employee stock options. For the three months ended March 31, 2016 and 2015, there were no stock options granted under the Company’s option plan. The Company recognized $16,000 and $6,000 in stock-based compensation expense for the three months ended March 31, 2016 and 2015, respectively, related to the vesting of previously issued options. Stock options to purchase 225,000 shares of common stock were outstanding as of March 31, 2016, and December 31, 2015. Alpha Pro Tech, Ltd. Notes to Condensed Consolidated Financial Statements (Unaudited) The Company uses the Black-Scholes option-pricing model to value the options. The Company uses historical data to estimate the life of the options. The risk-free interest rate for periods within the contractual life of the award is based on the US Treasury yield curve in effect at the time of grant. The estimated volatility is based on historical volatility and management’s expectations of future volatility. The Company uses an estimated dividend payout of zero, as the Company has not paid dividends in the past and, at this time, does not expect to do so in the future. The following table summarizes stock option activity for the three months ended March 31, 2016: Weighted Average Exercise Price Shares Per Option Options outstanding, December 31, 2015 225,000 $ 1.52 Granted to employees and non-employee directors - - Exercised - - Canceled/expired/forfeited - - Options outstanding, March 31, 2016 225,000 1.52 Options exercisable, March 31, 2016 65,000 1.43 As of March 31, 2016, $94,000 of total unrecognized compensation cost related to stock options was expected to be recognized over a weighted average period of 2.3 years. |
Note 4 - Investments
Note 4 - Investments | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investments As of March 31, 2016 and December 31, 2015, investments totaled $551,000 and $656,000, respectively, which consisted of marketable securities. The following provides information regarding the Company’s marketable securities as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 Cost basis $ 544,000 $ 502,000 Gains previously recognized on warrants 380,000 380,000 Loss included in accumulated other comprehensive income (loss) (373,000 ) (226,000 ) Fair value $ 551,000 $ 656,000 No marketable securities were sold during the three months ended March 31, 2016 and the year ended December 31, 2015. The change in unrealized loss of $96,000 and $328,000 for the three months ended March 31, 2016 and 2015, respectively, in the statements of comprehensive income (loss) are presented net of tax for the quarters ended March 31, 2016 and 2015, respectively. The tax benefit on the unrealized loss was $51,000, and $205,000 for the quarters ended March 31, 2016 and 2015, respectively. |
Note 5 - Recent Accounting Pron
Note 5 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 5. Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases Management periodically reviews new accounting standards that are issued. Management has not identified any other new standards that it believes merit further discussion. |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories As of March 31, 2016 and December 31, 2015, inventories consisted of the following: March 31, December 31, 2016 2015 Raw materials $ 5,664,000 $ 6,456,000 Work in process 3,610,000 4,143,000 Finished goods 5,481,000 5,799,000 $ 14,755,000 $ 16,398,000 |
Note 7 - Equity Investments in
Note 7 - Equity Investments in Unconsolidated Affiliate | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Equity Investment in Unconsolidated Affiliate In 2005, Alpha ProTech Engineered Products, Inc. (a subsidiary of Alpha Pro Tech, Ltd.) entered into a joint venture with a manufacturer in India for the production of building products. Under the terms of the joint venture agreement, a private company, Harmony Plastics Private Limited (“Harmony”), was created with ownership interests of 41.66% by Alpha ProTech Engineered Products, Inc. and 58.34% by Maple Industries and Associates. Alpha Pro Tech, Ltd. Notes to Condensed Consolidated Financial Statements (Unaudited) This joint venture positions Alpha ProTech Engineered Products, Inc. to respond to current and expected increased product demand for housewrap and synthetic roof underlayment and provides future capacity for sales of specialty roofing component products and custom products for industrial applications requiring high quality extrusion coated fabrics. In addition, the joint venture now supplies products for the Disposable Protective Apparel segment. The capital from the initial funding and a bank loan, which loan is guaranteed exclusively by the individual shareholders of Maple Industries and Associates and collateralized by the assets of Harmony, were utilized to purchase the original manufacturing facility in India. Harmony currently has five facilities in India (three owned and two rented), consisting of: (1) a 102,000 square foot building for manufacturing building products; (2) a 71,500 square foot building for manufacturing coated material and sewing proprietary disposable protective apparel; (3) a 16,000 square foot facility for sewing proprietary disposable protective apparel; (4) a 12,000 square foot rented facility for coating material; and (5) a 93,000 square foot rented facility for the manufacturing of building products. All additions have been financed by Harmony with no guarantees from the Company. The Company assesses whether or not related entities are variable interest entities (“VIEs”). For those related entities that qualify as VIEs, the Company determines whether or not it is the primary beneficiary of the VIE, and, if so, the Company will consolidate the VIE. The Company has determined that Harmony is not a VIE and is, therefore, considered to be an unconsolidated affiliate. The Company records its investment in Harmony as “equity investment in unconsolidated affiliate” in the accompanying condensed consolidated balance sheets. The Company records its equity interest in Harmony’s results of operations as “equity in income of unconsolidated affiliate” in the accompanying condensed consolidated statements of income. The Company periodically reviews its investment in Harmony for impairment. Management has determined that no impairment was required as of March 31, 2016. For the three months ended March 31, 2016 and 2015, Alpha Pro Tech purchased $2,822,000 and $3,058,000 of inventories, respectively, from Harmony. For the three months ended March 31, 2016 and 2015, the Company recorded equity in income of unconsolidated affiliate of $98,000 and $98,000, respectively. As of March 31, 2016, the Company’s investment in Harmony was $3,138,000, which consisted of its original $1,450,000 investment and cumulative equity in income of unconsolidated affiliate of $2,707,000, less $942,000 in repayments of the advance and $77,000 in dividends. |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued Liabilities As of March 31, 2016 and December 31, 2015, accrued liabilities consisted of the following: March 31, December 31, 2016 2015 Bonuses payable $ 549,000 $ 727,000 Payroll expenses 310,000 207,000 Uncertain tax position liability 194,000 194,000 $ 1,053,000 $ 1,128,000 |
Note 9 - Basic and Diluted Earn
Note 9 - Basic and Diluted Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Basic and Diluted Earnings Per Common Share The following table provides a reconciliation of both net income and the number of shares used in the computation of “basic” earnings per common share (“EPS”), which utilizes the weighted average number of common shares outstanding without regard to dilutive shares, and “diluted” EPS, which includes all such dilutive shares, for the three months ended March 31, 2016 and 2015. For the Three Months Ended March 31, 2016 2015 Net income (numerator) $ 507,000 $ 148,000 Shares (denominator): Basic weighted average common shares outstanding 17,669,331 18,299,933 Add: dilutive effect of common stock options - 199,639 Diluted weighted average common shares outstanding 17,669,331 18,499,572 Earnings per common share: Basic $ 0.03 $ 0.01 Diluted $ 0.03 $ 0.01 |
Note 10 - Activity of Business
Note 10 - Activity of Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 . Activity of Business Segments The Company operates through three business segments: Building Supply Disposable Protective Apparel Infection Control Segment data excludes charges allocated to the principal executive office and other unallocated expenses and income tax. The Company evaluates the performance of its segments and allocates resources to them based primarily on net sales. Alpha Pro Tech, Ltd. Notes to Condensed Consolidated Financial Statements (Unaudited) The following table presents consolidated net sales for each segment for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Building Supply $ 6,754,000 $ 5,811,000 Disposable Protective Apparel 3,825,000 3,648,000 Infection Control 1,268,000 1,195,000 Consolidated net sales $ 11,847,000 $ 10,654,000 The following table presents the reconciliation of consolidated segment income to consolidated net income for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Building Supply $ 1,012,000 $ 653,000 Disposable Protective Apparel 335,000 331,000 Infection Control 455,000 387,000 Total segment income 1,802,000 1,371,000 Unallocated corporate overhead expenses 1,069,000 1,195,000 Provision for income taxes 226,000 28,000 Consolidated net income $ 507,000 $ 148,000 The following table presents the consolidated net property and equipment, goodwill and definite-lived intangible assets (“consolidated assets”) by segment as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 Building Supply $ 2,333,000 $ 2,410,000 Disposable Protective Apparel 379,000 394,000 Infection Control 159,000 166,000 Total segment assets 2,871,000 2,970,000 Unallocated corporate assets 42,000 43,000 Total consolidated assets $ 2,913,000 $ 3,013,000 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events The Company has reviewed and evaluated whether subsequent events have occurred from the condensed consolidated balance sheet date of March 31, 2016 through the filing date of this Quarterly Report on Form 10-Q that would require accounting or disclosure and has concluded that there are no such subsequent events. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The interim financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. These interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, omit certain information and note disclosures necessary to present the statements in accordance with US generally accepted accounting principles (“US GAAP”). The interim condensed consolidated financial statements should be read in conjunction with the Company’s current year SEC filings on Form 8-K, as well as the consolidated financial statements for the year ended December 31, 2015, which are included in the Company’s Annual Report on Form 10-K (the “2015 Form 10-K”), which was filed on March 3, 2016. The results of operations for the three months ended March 31, 2016 reported in this Form 10-Q are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet as of December 31, 2015 was prepared using information from the audited consolidated balance sheet contained in the 2015 Form 10-K, and does not include all disclosures required by US GAAP for annual consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires deferred income tax liabilities and assets to be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. The guidance is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption being permitted. The Company has not adopted this guidance for the year ended December 31, 2015. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. Management is evaluating the requirements of this guidance and has not yet determined the impact of the adoption on the Company’s financial position or results of operations. Management periodically reviews new accounting standards that are issued. Management has not identified any other new standards that it believes merit further discussion. |
Note 3 - Stock-Based Compensa20
Note 3 - Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Exercise Price Shares Per Option Options outstanding, December 31, 2015 225,000 $ 1.52 Granted to employees and non-employee directors - - Exercised - - Canceled/expired/forfeited - - Options outstanding, March 31, 2016 225,000 1.52 Options exercisable, March 31, 2016 65,000 1.43 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | March 31, December 31, 2016 2015 Cost basis $ 544,000 $ 502,000 Gains previously recognized on warrants 380,000 380,000 Loss included in accumulated other comprehensive income (loss) (373,000 ) (226,000 ) Fair value $ 551,000 $ 656,000 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2016 2015 Raw materials $ 5,664,000 $ 6,456,000 Work in process 3,610,000 4,143,000 Finished goods 5,481,000 5,799,000 $ 14,755,000 $ 16,398,000 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2016 2015 Bonuses payable $ 549,000 $ 727,000 Payroll expenses 310,000 207,000 Uncertain tax position liability 194,000 194,000 $ 1,053,000 $ 1,128,000 |
Note 9 - Basic and Diluted Ea24
Note 9 - Basic and Diluted Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2016 2015 Net income (numerator) $ 507,000 $ 148,000 Shares (denominator): Basic weighted average common shares outstanding 17,669,331 18,299,933 Add: dilutive effect of common stock options - 199,639 Diluted weighted average common shares outstanding 17,669,331 18,499,572 Earnings per common share: Basic $ 0.03 $ 0.01 Diluted $ 0.03 $ 0.01 |
Note 10 - Activity of Busines25
Note 10 - Activity of Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended March 31, 2016 2015 Building Supply $ 6,754,000 $ 5,811,000 Disposable Protective Apparel 3,825,000 3,648,000 Infection Control 1,268,000 1,195,000 Consolidated net sales $ 11,847,000 $ 10,654,000 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended March 31, 2016 2015 Building Supply $ 1,012,000 $ 653,000 Disposable Protective Apparel 335,000 331,000 Infection Control 455,000 387,000 Total segment income 1,802,000 1,371,000 Unallocated corporate overhead expenses 1,069,000 1,195,000 Provision for income taxes 226,000 28,000 Consolidated net income $ 507,000 $ 148,000 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, 2016 2015 Building Supply $ 2,333,000 $ 2,410,000 Disposable Protective Apparel 379,000 394,000 Infection Control 159,000 166,000 Total segment assets 2,871,000 2,970,000 Unallocated corporate assets 42,000 43,000 Total consolidated assets $ 2,913,000 $ 3,013,000 |
Note 3 - Stock-Based Compensa26
Note 3 - Stock-Based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Allocated Share-based Compensation Expense | $ 16,000 | $ 6,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 225,000 | 225,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 94,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days |
Note 3 - Stock Option Activity
Note 3 - Stock Option Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Options outstanding (in shares) | 225,000 | |
Options outstanding (in dollars per share) | $ 1.52 | |
Granted to employees and non-employee directors (in shares) | 0 | 0 |
Exercised (in shares) | ||
Exercised (in dollars per share) | ||
Canceled/expired/forfeited (in shares) | ||
Canceled/expired/forfeited (in dollars per share) | ||
Options outstanding (in shares) | 225,000 | |
Options outstanding (in dollars per share) | $ 1.52 | |
Options exercisable (in shares) | 65,000 | |
Options exercisable (in dollars per share) | $ 1.43 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Available-for-sale Securities, Current | $ 551,000 | $ 656,000 | [1] |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 | |
Marketable Securities, Unrealized Gain (Loss) | (96,000) | (328,000) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ (51,000) | $ (205,000) | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 4 - Available-for-Sale Mar
Note 4 - Available-for-Sale Marketable Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Marketable Securities [Member] | |||
Cost basis | $ 544,000 | $ 502,000 | |
Gains previously recognized on warrants | 380,000 | 380,000 | |
Loss included in accumulated other comprehensive income (loss) | (373,000) | (226,000) | |
Available-for-sale Securities, Current | 551,000 | 656,000 | |
Available-for-sale Securities, Current | $ 551,000 | $ 656,000 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 6 - Inventories (Details)
Note 6 - Inventories (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Raw materials | $ 5,664,000 | $ 6,456,000 | |
Work in process | 3,610,000 | 4,143,000 | |
Finished goods | 5,481,000 | 5,799,000 | |
$ 14,755,000 | $ 16,398,000 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 7 - Equity Investments i31
Note 7 - Equity Investments in Unconsolidated Affiliate (Details Textual) - USD ($) | 3 Months Ended | 120 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2005 | |
Harmony [Member] | Alpha Pro Tech Engineered Products [Member] | ||||
Equity Method Investment, Ownership Percentage | 41.66% | |||
Harmony [Member] | Maple Industries and Associates [Member] | ||||
Equity Method Investment, Ownership Percentage | 58.34% | |||
Harmony [Member] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | |||
Equity Method Investments | 3,138,000 | |||
Equity Method Investment, Aggregate Cost | $ 1,450,000 | |||
Cumulative Equity In Income Of Unconsolidated Affiliate | 2,707,000 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 942,000 | |||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 77,000 | |||
Expense To Acquire Inventory | 2,822,000 | $ 3,058,000 | ||
Income (Loss) from Equity Method Investments | $ 98,000 | $ 98,000 |
Note 8 - Accrued Liabilities (D
Note 8 - Accrued Liabilities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Bonuses payable | $ 549,000 | $ 727,000 | |
Payroll expenses | 310,000 | 207,000 | |
Uncertain tax position liability | 194,000 | 194,000 | |
$ 1,053,000 | $ 1,128,000 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 9 - Reconciliation of Net
Note 9 - Reconciliation of Net Income and Number of Shares Used in Computations of Basic and Diluted EPS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income (numerator) | $ 507,000 | $ 148,000 |
Shares (denominator): | ||
Basic weighted average common shares outstanding (in shares) | 17,669,331 | 18,299,933 |
Add: dilutive effect of common stock options (in shares) | 199,639 | |
Diluted weighted average common shares outstanding (in shares) | 17,669,331 | 18,499,572 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.03 | $ 0.01 |
Diluted (in dollars per share) | $ 0.03 | $ 0.01 |
Note 10 - Activity of Busines34
Note 10 - Activity of Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Number of Operating Segments | 3 |
Note 10 - Consolidated Net Sale
Note 10 - Consolidated Net Sales (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Building Supply [Member] | Operating Segments [Member] | ||
Consolidated net sales | $ 6,754,000 | $ 5,811,000 |
Disposable Protective Apparel [Member] | Operating Segments [Member] | ||
Consolidated net sales | 3,825,000 | 3,648,000 |
Infection Control [Member] | Operating Segments [Member] | ||
Consolidated net sales | 1,268,000 | 1,195,000 |
Consolidated net sales | $ 11,847,000 | $ 10,654,000 |
Note 10 - Reconciliation of Tot
Note 10 - Reconciliation of Total Segment Income to Total Consolidated Net Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Segments [Member] | Building Supply [Member] | ||
Consolidated net income | $ 1,012,000 | $ 653,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Consolidated net income | 335,000 | 331,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Consolidated net income | 455,000 | 387,000 |
Operating Segments [Member] | ||
Consolidated net income | 1,802,000 | 1,371,000 |
Corporate, Non-Segment [Member] | ||
Consolidated net income | 1,069,000 | 1,195,000 |
Consolidated net income | 507,000 | 148,000 |
Provision for income taxes | $ 226,000 | $ 28,000 |
Note 10 - Consolidated Net Prop
Note 10 - Consolidated Net Property and Equipment, Goodwill and Intangible Assets (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Operating Segments [Member] | Building Supply [Member] | ||
Consolidated assets | $ 2,333,000 | $ 2,410,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Consolidated assets | 379,000 | 394,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Consolidated assets | 159,000 | 166,000 |
Operating Segments [Member] | ||
Consolidated assets | 2,871,000 | 2,970,000 |
Corporate, Non-Segment [Member] | ||
Consolidated assets | 42,000 | 43,000 |
Consolidated assets | $ 2,913,000 | $ 3,013,000 |