Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 02, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
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) | 14,290,747 | ||
Entity Public Float | $ 40,942,692 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 8,763,000 | $ 9,456,000 |
Investment | 343,000 | 607,000 |
Accounts receivable, net of allowance for doubtful accounts of $83,000 and $66,000 as of December 31, 2017 and 2016, respectively | 4,597,000 | 4,648,000 |
Accounts receivable, related party | 361,000 | 174,000 |
Inventories | 10,249,000 | 10,994,000 |
Prepaid expenses | 2,665,000 | 3,346,000 |
Deferred income tax assets | 438,000 | |
Total current assets | 26,978,000 | 29,663,000 |
Property and equipment, net | 3,158,000 | 2,646,000 |
Goodwill | 55,000 | 55,000 |
Definite-lived intangible assets, net | 21,000 | 34,000 |
Deferred income tax assets | 19,000 | |
Equity investments in unconsolidated affiliate | 3,893,000 | 3,538,000 |
Total assets | 34,124,000 | 35,936,000 |
Current liabilities: | ||
Accounts payable | 1,236,000 | 1,005,000 |
Accrued liabilities | 1,565,000 | 1,460,000 |
Total current liabilities | 2,801,000 | 2,465,000 |
Deferred income tax liabilities | 807,000 | |
Total liabilities | 2,801,000 | 3,272,000 |
Commitments | ||
Shareholders' equity: | ||
Common stock, $.01 par value: 50,000,000 shares authorized; 14,290,749 and 15,411,556 shares outstanding as of December 31, 2017 and 2016, respectively | 143,000 | 154,000 |
Additional paid-in capital | 5,415,000 | 9,990,000 |
Accumulated other comprehensive loss | (458,000) | (204,000) |
Retained earnings | 26,223,000 | 22,724,000 |
Total shareholders' equity | 31,323,000 | 32,664,000 |
Total liabilities and shareholders' equity | $ 34,124,000 | $ 35,936,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 83,000 | $ 66,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares outstanding (in shares) | 14,290,749 | 15,411,556 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 44,025,000 | $ 46,176,000 |
Cost of goods sold, excluding depreciation and amortization | 26,573,000 | 29,192,000 |
Gross profit | 17,452,000 | 16,984,000 |
Operating expenses: | ||
Selling, general and administrative | 13,955,000 | 12,768,000 |
Depreciation and amortization | 571,000 | 544,000 |
Total operating expenses | 14,526,000 | 13,312,000 |
Income from operations | 2,926,000 | 3,672,000 |
Other income: | ||
Equity in income of unconsolidated affiliate | 355,000 | 498,000 |
Gain on sale of property | 385,000 | |
Interest income, net | 4,000 | 5,000 |
Total other income | 744,000 | 503,000 |
Income before provision for income taxes | 3,670,000 | 4,175,000 |
Provision for income taxes | 1,037,000 | 1,007,000 |
Net income | $ 2,633,000 | $ 3,168,000 |
Basic earnings per common share (in dollars per share) | $ 0.18 | $ 0.19 |
Diluted earnings per common share (in dollars per share) | $ 0.18 | $ 0.19 |
Basic weighted average common shares outstanding (in shares) | 14,825,600 | 16,835,129 |
Diluted weighted average common shares outstanding (in shares) | 14,993,009 | 16,835,129 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 2,633,000 | $ 3,168,000 |
Other comprehensive loss: | ||
Change in unrealized loss on marketable securities, net of tax | (254,000) | (56,000) |
Comprehensive income | $ 2,379,000 | $ 3,112,000 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 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 | ||||
Balance at Dec. 31, 2015 | $ 178,000 | $ 16,526,000 | $ (148,000) | $ 19,556,000 | $ 36,112,000 |
Options exercised (in shares) | 15,000 | 15,000 | |||
Options exercised | 17,000 | $ 17,000 | |||
Common stock repurchased and retired (in shares) | (2,453,900) | (2,453,900) | |||
Common stock repurchased and retired | $ (24,000) | (6,749,000) | $ (6,773,000) | ||
Excess tax benefit from stock options exercised | 6,000 | 6,000 | |||
Share-based compensation expense | 190,000 | 190,000 | |||
Net income | 3,168,000 | 3,168,000 | |||
Other comprehensive loss | (56,000) | $ (56,000) | |||
Balance (in shares) at Dec. 31, 2016 | 15,411,556 | 15,411,556 | |||
Balance at Dec. 31, 2016 | $ 154,000 | 9,990,000 | (204,000) | 22,724,000 | $ 32,664,000 |
Options exercised (in shares) | 111,669 | 111,669 | |||
Options exercised | $ 1,000 | 209,000 | $ 210,000 | ||
Common stock repurchased and retired (in shares) | (1,232,476) | (1,232,476) | |||
Common stock repurchased and retired | $ (12,000) | (4,214,000) | $ (4,226,000) | ||
Share-based compensation expense | 296,000 | 296,000 | |||
Net income | 2,633,000 | 2,633,000 | |||
Other comprehensive loss | (254,000) | $ (254,000) | |||
Balance (in shares) at Dec. 31, 2017 | 14,290,749 | 14,290,749 | |||
Balance at Dec. 31, 2017 | $ 143,000 | 5,415,000 | $ (458,000) | 26,223,000 | $ 31,323,000 |
Cumulative-effect adjustment of change in accounting for stock-based compensation | $ (866,000) | $ 866,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | ||
Net income | $ 2,633,000 | $ 3,168,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation | 296,000 | 190,000 |
Depreciation and amortization | 571,000 | 544,000 |
Equity in income of unconsolidated affiliate | (355,000) | (498,000) |
Gain on sale of property | (385,000) | |
Deferred income taxes | (378,000) | 21,000 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 51,000 | (1,886,000) |
Accounts receivable, related party | (187,000) | (166,000) |
Inventories | 745,000 | 5,404,000 |
Prepaid expenses | 681,000 | (254,000) |
Accounts payable and accrued liabilities | 336,000 | 310,000 |
Net cash provided by operating activities | 4,008,000 | 6,833,000 |
Cash Flows From Investing Activities: | ||
Purchase of property and equipment | (1,222,000) | (267,000) |
Proceeds from sale of property | 537,000 | |
Purchase of investments | (41,000) | |
Net cash used in investing activities | (685,000) | (308,000) |
Cash Flows From Financing Activities: | ||
Proceeds from exercise of stock options | 210,000 | 17,000 |
Repurchase of common stock | (4,226,000) | (6,773,000) |
Excess tax benefit from stock options exercised | 6,000 | |
Net cash used in financing activities | (4,016,000) | (6,750,000) |
Decrease in cash | (693,000) | (225,000) |
Cash, beginning of the year | 9,456,000 | 9,681,000 |
Cash, end of the year | 8,763,000 | 9,456,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $ 1,078,000 | $ 303,000 |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Dec. 31, 2017 | |
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, the industrial markets and the 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 (“U.S.”). |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of C onsolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. Events that occurred after December 31, 20 17 Use of Estimates The preparation of financial st atements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. Periods P resented All amounts have been rounded to the nearest thousand with the exception of the share data. The Company qualified as a smaller reporting company at the measurement date for determining such qualification during 2017. two two Investments The Company periodically invests a portion of its cash in excess of short-term operating needs in marketable debt and equity securities. These investments are classified as available-for-sale in accordance with U.S. GAAP. The Company does not one The Company ha d an investment in non-trading warrants to purchase common stock in a publicly traded entity. These warrants were derivatives that were carried at fair value in the accompanying balance sheets. Gains or losses from changes in the fair value of the warrants are recognized in the accompanying statements of income in the period in which they occurred. Accounts Receivable Accounts receivable are recorded at the invoice amount and do not The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable; however, changes in circumstances relating to accounts receivable may Inventories Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost or net realizable value. Allowances are recorded for slow-moving, obsolete or unusable inventories. The Company assesses inventories for estimated obsolescence or unmarketable products and writes down the difference between the cost of the inventories and the estimated net realizable values based upon assumptions about future sales and supplies on-hand. Property and E quipment Property and equipment are stated at cost less accumulated depreciation and amortization. Costs to develop internal use software are capitalized once the preliminary planning for the software project is complete. Property and equipment are depreciated or amortized using the straight-line method over the shorter of the respective useful lives of the assets or the related lease terms as follows: Buildings (in years) 25 Machinery and equipment (in years) 5 - 15 Office furniture and equipment (in years) 2 - 7 Leasehold improvements (in years) 4 - 5 Software (in years) 5 Expenditures for renewals and betterments are capitalized, whereas costs of maintenance and repairs are charged to operations in the period incurred. Goodwill and Intangible A ssets The Company accounts for goodwill and definite-lived intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other not 6 5 17 Fair Value of Financial Instruments The estimated fair values of financial instruments are determined based on relevant market information and cannot be determined with precision. The Company’s financial instruments consist primarily of cash and marketable securities. The Company ’s marketable securities are classified as available-for-sale and are carried at fair market value based on quoted market prices. Impairment of L ong- L ived A ssets The Company reviews long-lived assets for impairment whenever events or changes in its business circumstances indicate that the carrying amounts of the assets may not not not December 31, 2017 2016. Revenue R ecognition Sales were recognized when the following criteria were met: ( 1 2 3 4 Shipping costs paid by the customers are included in revenue. Sales are reduced for any anticipated sales returns, rebates and allowances based on historical data. Shipping and Handling Costs The costs of shipping product s to distributors are recorded in cost of goods sold. Stock - Based Compensation The Company maintains a stock option plan under which the Company may . The Company accounts for share-based awards in accordance with ASC 718, Stock Compensation 718 For the years ended December 31, 20 17 2016, 85,000 855,000 $296,000 $190,000 December 31, 2017 2016, Income Taxes The Company accounts for income taxes using the asset and liability method. A valuation allowance is recorded to reduce the carrying amounts of deferred income tax assets unless it is more likely than not not not Alpha Pro Tech, Ltd. and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Tax Cuts and Jobs Act (the Tax Act) was enacted in December 2017. one 35% 21%, January 1, 2018. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% 21% December 31, 2017 (see also Note 11 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 potential common shares, and “diluted” EPS, which includes all potential common shares which are dilutive for the years ended December 31, 2017 2016. Years Ended December 31, 2017 2016 Net income (numerator) $ 2,633,000 $ 3,168,000 Shares (denominator): Basic weighted average common shares outstanding 14,825,600 16,835,129 Add: Dilutive effect of common stock options 167,409 - Diluted weighted average common shares outstanding 14,993,009 16,835,129 Earnings per common share: Basic $ 0.18 $ 0.19 Diluted $ 0.18 $ 0.19 Translation of F oreign C urrencies Transactions in foreign currencies are translated into U .S. dollars at the exchange rate prevailing at the transaction date. Monetary assets and liabilities in foreign currencies at each period end are translated at the exchange rate in effect at that date. Transaction gains or losses on foreign currencies are reflected in selling, general and administrative expenses and were not December 31, 2017 2016. The Company does not not not Research and Development Costs Research and development costs are expensed as incurred and are included in selling, general and administrative expenses. Such costs were not December 31, 20 17 2016. Advertising Costs The Company expenses advertising costs as incurred. These costs are included in selling, general and administrative expenses and were $46,000 $39,000 December 31, 2017 2016, Loss Contingencies The outcomes of legal proceedings and claims brought against the Company are subject to uncertainty. An estimated loss from a loss contingency such as a legal proceeding or claim is accrued if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. In determining whether a loss should be accrued , we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Fair V alue Measurements ASC 820, Fair Value Measurements and Disclosures three This hierarchy requires the Company to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. The fair value s of the Company’s financial assets as of December 31, 2017 2016 • Level 1—Quoted • Level 2—Quoted not • Level 3—Valuations one Fair Value Measurements as of December 31, Total Level 1 Level 2 Level 3 Assets: Marketable securities 2017 $ 343,000 $ 343,000 $ - $ - Marketable securities 2016 607,000 607,000 - - The fair value s for the marketable securities, classified as Level 1, New Accounting Standards Accounting Standards Update (“ASU”) 2014 09, 606 2014 09” 2014 09, may 2014 09 first December 15, 2017, not 2014 09 first 2018. ’s financial position and results of operations. In July 2015, 2015 11, 330 Simplifying the Measurement of Inventory 2015 11” first first December 15, 2016, first 2017. In November 2015, 2015 17, 740 December 15, 2016 first 2017. not In January 2016, 2016 01, 825 10 The guidance also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity and recognize the changes in fair value within net income. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. January 1, 2018, $458,000, In February 2016, 2016 02, 842 December 15, 2018 not ’s financial position or results of operations. In March 2016, 2016 09, 718 December 15, 2016 March 31, 2017, one $866,000 no In June 2016, 2016 13, – Credit Losses Topic 326, December 15, 2019, not Management periodically reviews new accounting standards that are issued. Management has not at this time. |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investments As of December 31, 201 7 2016, $343,000 $607,000, The following provides information regarding the Company ’s marketable securities as of December 31, 2017 2016: December 31, 2017 2016 Cost basis $ 543,000 $ 543,000 Gain previously recognized on warrants 380,000 380,000 Loss included in accumulated other comprehensive loss (580,000 ) (316,000 ) Fair value $ 343,000 $ 607,000 No December 31, 2017. $254,000 $56,000 December 31, 2017 2016, $10,000 $34,000, 2017 2016, |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 . Inventories Inventories consist ed of the following: December 31, 2017 2016 Raw materials $ 4,567,000 $ 4,313,000 Work in process 1,058,000 2,535,000 Finished goods 4,624,000 4,146,000 $ 10,249,000 $ 10,994,000 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 . Property and Equipment Property and equipment consist ed of the following: December 31, 2017 2016 Buildings $ 493,000 $ 355,000 Machinery and equipment 11,036,000 10,661,000 Office furniture and equipment 1,151,000 1,092,000 Leasehold improvements 507,000 506,000 Software 177,000 - 13,364,000 12,614,000 Less accumulated depreciation and amortization (10,206,000 ) (9,968,000 ) $ 3,158,000 $ 2,646,000 Depreciation and amortization expense for property and equipment was $558,000 $527,000 December 31, 2017 2016, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6 . Goodwill and Intangible Assets M anagement evaluates goodwill for impairment on an annual basis ( fourth no Definite-lived i ntangible assets, consisting of patents and trademarks, are amortized over their useful lives. Intangible assets consisted of the following: December 31, 2017 December 31, 2016 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents and Trademarks 4.0 $ 474,000 $ (453,000 ) $ 21,000 4.0 $ 474,000 $ (440,000 ) $ 34,000 Amortization expense for intangible assets was $13,000 $17,000 December 31, 2017 2016, Estimated future amortization expense related to definite-lived intangible assets is as follows: Years ending December 31, 2018 $ 5,000 2019 3,000 2020 3,000 2021 2,000 2022 2,000 Thereafter 6,000 $ 21,000 |
Note 7 - Equity Investment in U
Note 7 - Equity Investment in Unconsolidated Affiliate | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7 . Equity Investment s in Unconsolidated Affiliate In 2005, , 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% 58.34% 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. The joint venture also 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 four three one 1 113,000 2 73,000 3 16,000 4 93,000 no In accordance with ASC 810, Consolidation not 810 not not The Company records its investment in Harmony as “equity investments in unconsolidated affiliate” in the accompanying balance sheets. The Company records its equity interest in Harmony’s results of operations as “equity in income of unconsolidated affiliate” in the accompanying statements of income. The Company reviews annually its investment in Harmony for impairment. Management has determined that no December 31, 2017 2016. For the year s ended December 31, 2017 2016, $14,618,000 $12,761,000 December 31, 2017 2016, $355,000 $498,000, As of December 31, 201 7, $3,893,000, $1,450,000 $3,462,000, $942,000 $77,000 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2017 2016 Payroll expenses and tax payable $ 232,000 $ 556,000 Commission and bonuses payable and general accrued liabilities 1,333,000 904,000 $ 1,565,000 $ 1,460,000 |
Note 9 - Notes Payable
Note 9 - Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes Payable The Company maintains a credit facility with Wells Fargo Bank that expires in May 2018. $3,500,000 0.5% 4.50% 3.75% December 31, 2017 2016, 0.5% As of December 31, 20 17, no no |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 10 . Shareholders’ Equity Repurchase Program During the year ended December 31, 201 7, 1,232,476 $4,226,000. December 31, 2016, 2,453,900 $6,773,000. December 31, 2017, $2,279,000 Option A ctivity The 2004 Stock Option Plan (the “2004 2004 2004 T he 2004 5,000,000 Under the 2004 , approximately 4,290,000 December 31, 2017. 2004 three 2005, no fifth The following table summarizes option activity for the years ended December 31, 2017 2016: Weighted Average Exercise Price Shares Per Option Options outstanding, December 31, 2015 225,000 1.52 Granted to non-employee directors 45,000 3.45 Granted to employees 810,000 2.12 Exercised (15,000 ) 1.15 Canceled/expired/forfeited - - Options outstanding, December 31, 2016 1,065,000 2.06 Granted to non-employee directors 85,000 3.83 Exercised (111,669 ) 1.88 Canceled/expired/forfeited (153,333 ) 1.58 Options outstanding, December 31, 2017 884,998 2.26 Options exercisable, December 31, 2017 333,334 1.98 Stock options to purchase 884,998 1,065,000 December 31, 2017 2016, 130,000 December 31, 2017. The fair value s of the share-based compensation awards granted were estimated using the Black-Scholes option-pricing model with the following assumptions and weighted average fair values: Stock Options For the Years Ended December 31, 2017 2016 Exercise price $ 3.83 $ 2.19 Risk-free interest rate 2.13 % 1.13 % Expected volatility 58.38 % 59.16 % Expected life in years 4.25 4.25 Dividend rate - - Black-Scholes fair value $ 1.81 $ 1.03 The Company used the Black-Scholes option-pricing model to value the options. The Company uses historical data to estimate the expected term of the options. The risk-free interest rate for periods consistent with the expected term of the award is based on the U.S. Treasury rates in effect at the time of grant. The expected volatility is based on historical volatility. The Company uses an estimated dividend payout ratio of zero, as the Company has not not The following table summarizes information about stock options as of December 31, 2017: Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (in years) Aggregate Intrinsic Value Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (in years) Aggregate Intrinsic Value $1.51 - $3.90 884,998 $ 2.26 3.91 $ 1,541,000 333,334 $ 1.98 3.19 $ 673,000 The intrinsic value is the amount by which the market value of the underlying common stock exceeds the exercise price of the respective stock option s. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2017 2016 $177,000 $29,000, As of December 31, 20 17, $528,000 1.54 111,669 December 31, 2017 $210,000 . |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Taxes The provision (benefit) for income taxes consisted of the following : For the Years Ended December 31, 2017 2016 Current $ 1,415,000 $ 986,000 Deferred (378,000 ) 21,000 $ 1,037,000 $ 1,007,000 Deferred income tax assets (liabilities) consisted of the following: December 31, 2017 2016 Current deferred income taxes: Foreign tax credits $ - $ 3,000 Temporary differences: Inventory reserve - 101,000 Accrued expenses and inventory - 334,000 Current deferred income tax assets, net $ - $ 438,000 Non-current deferred income taxes: Temporary differences: Property and equipment $ (379,000 ) $ (683,000 ) Intangible assets (4,000 ) (4,000 ) Marketable securities 122,000 112,000 Inventory reserve 60,000 - Accrued expenses and inventory 355,000 - Basis diffence in investments (80,000 ) (129,000 ) Foreign exchange (8,000 ) (12,000 ) Other (26,000 ) (20,000 ) State income taxes (21,000 ) (71,000 ) Non-current deferred income tax assets (liabilities) 19,000 (807,000 ) Net deferred income tax assets (liabilities) $ 19,000 $ (369,000 ) The provision for income taxes differs from the amount that would be obtained by applying the U .S. statutory rate to income before income taxes as a result of the following: For the Years Ended December 31, 2017 2016 Income taxes based on U.S. statutory rate of 34% $ 1,247,000 $ 1,419,000 Non-deductible meals and entertainment 6,000 5,000 Deemed foreign repatriation 468,000 - Domestic manufacturer's deduction (97,000 ) (71,000 ) Foreign taxes (500,000 ) (169,000 ) State taxes 82,000 66,000 Effect of Federal tax rate reduction from 35% to 21% (53,000 ) - Other (116,000 ) (243,000 ) $ 1,037,000 $ 1,007,000 In 2012, ed the Company’s effective tax rate. The Company recorded an uncertain tax position liability of approximately $342,000 December 31, 2012. 2013 $194,000 not fourth 2016, 2013, $194,000 Unrecognized tax benefits during the years ended December 31, 2017 2016 For the Years Ended December 31, 2017 2016 Balance as of January 1 $ - $ 194,000 Gross increase from tax positions taken during the year - - Gross increase from tax positions taken during prior periods - - Reductions to unrecognized tax benefits - (194,000 ) Balance as of December 31 $ - $ - |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Operating Lease Commitments: January 1, 2024. The following summarizes future minimum lease payments required under non-cancelable operating lease agreements: Future Minimum Years Ending December 31, Lease Payments 2018 $ 958,000 2019 615,000 2020 485,000 2021 456,000 2022 450,000 Thereafter 450,000 $ 3,414,000 Total rent expense under operating leases for the years ended December 31, 20 17 2016 $1,047,000 $1,031,000, Legal Proceedings : The Company is presently involved in protracted litigation against a competitor in an action styled Alpha Pro Tech, Inc. v. VWR International, LLC, pending in the U.S. District Court for the Eastern District of Pennsylvania, CV 12 1615, In August 2017, $2 November 2017, February 2018. March 2018. The Company is subject to various pending and threatened litigation actions in the ordinary course of business. Although it is not not |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 13. Employee Benefit Plans The Company has a 401 U.S. employees may 12% 0.5% 1% 1% 2% 12% five $36,000 $39,000 December 31, 2017 2016, The Company does not . Pursuant to his employment agreement with the Company, Lloyd Hoffman, our President and Chief Executive Officer, is contractually entitled to receive from the Company at the conclusion of each fiscal year a cash bonus in an amount equal to 5% $1,000,000. December 2017, 5% 2017, 2017. $118,000 December 31, 2017, $232,000 2016. |
Note 14 - Activity of Business
Note 14 - Activity of Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Activity of Business Segments The Company operates through three Building Supply: consisting of a line of construction supply weatherization products. The construction supply weatherization products consist of housewrap and synthetic roof underlayment, as well as other woven material. A portion of the Company’s equity in income of unconsolidated affiliate (Harmony) is included in the total segment income for the Building Supply segment. Disposable Protective Apparel: consisting of a complete line of disposable protective clothing, such as shoecovers (including the Aqua Trak® and spunbond shoecovers), bouffant caps, coveralls, frocks, lab coats, gowns and hoods for the pharmaceutical, cleanroom, industrial and medical markets. A portion of the Company’s equity in income of unconsolidated affiliate (Harmony) is included in the total segment income for the Disposable Protective Apparel segment. Infection Control: consisting of a line of face masks and eye shields. The accounting policies of the segments are the same as those described previously under Summary of Significant Accounting Policies (see Note 2 The following table presents net sales for each segment: Years Ended December 31, 2017 2016 Building Supply $ 24,641,000 $ 27,343,000 Disposable Protective Apparel 14,250,000 14,219,000 Infection Control 5,134,000 4,614,000 Consolidated net sales $ 44,025,000 $ 46,176,000 The following table presents the reconciliation of total segment income to total consolidated net income: Years Ended December 31, 2017 2016 Building Supply $ 4,143,000 $ 5,345,000 Disposable Protective Apparel 2,516,000 1,671,000 Infection Control 1,844,000 1,581,000 Total segment income 8,503,000 8,597,000 Unallocated corporate overhead expenses 4,833,000 4,422,000 Provision for income taxes 1,037,000 1,007,000 Consolidated net income $ 2,633,000 $ 3,168,000 The following table presents net sales and long-lived asset information by geographic area: Years Ended December 31, 2017 2016 Net sales by geographic region United States $ 43,169,000 $ 45,068,000 International 856,000 1,108,000 Consolidated net sales $ 44,025,000 $ 46,176,000 As of December 31, 2017 2016 Long-lived assets by geographic region United States $ 2,593,000 $ 2,338,000 International 565,000 308,000 Consolidated total long-lived assets $ 3,158,000 $ 2,646,000 Net sales by geographic region are based on the countries in which the customers are located. For the years ended December 31, 2017 2016, not . The following table presents the consolidated net property, equipment, goodwill and intangible assets by segment : As of December 31, 2017 2016 Disposable Protective Apparel $ 336,000 $ 346,000 Building Supply 2,098,000 2,208,000 Infection Control 13,000 140,000 Total segment assets 2,447,000 2,694,000 Unallocated corporate assets 787,000 41,000 Total consolidated assets $ 3,234,000 $ 2,735,000 |
Note 15 - Concentration of Risk
Note 15 - Concentration of Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 1 5 . Concentration of Risk The Company maintains its cash in various bank accounts, the balances of which at times may not not The Company ’s investments in marketable securities are in one 2017 2016 Management believes that adequate provision has been made for risk of loss on all credit transactions. The Company buys a significant amount of its disposable protective apparel products from a limited number of subcontractors located in Asia and, to a much lesser extent, a subcontractor in Mexico. Management believes that other suppliers could provide similar products at comparable terms. A change in suppliers, however, could cause a delay in shipment and a possible loss of sales, which would affect operating results adversely. The Building Supply segment buys semi-finished housewrap and synthetic roof underlayment from its joint venture, Harmony, located in India. Although there are a limited number of manufacturers of the particular product, management believes that other suppliers could provide similar products at comparable terms. A change in suppliers, however, could cause a delay in shipment and a possible loss of sales, which would affect operating results adversely. The Company provides products to customers located primarily in the United States. Customers accounting for 10% December 31, 2017 2016, 10% December 31, 2017 2016, Accounts receivable: 2017 2016 Customer A * 11% Customer B 26% 15% Customer C * 21% Net Sales: Customer B 19% 17% Customer C 10% 11% * Customer’s balance was below the 10% December 31, 2017. |
Note 16 - Employment Agreements
Note 16 - Employment Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Employment Agreements [Text Block] | 1 6 . Employment Agreements The Company has entered into employment agreements with its current President and Chief Executive Officer and its former President and Chairman, which have terms of approximately five four During the fourth 2017, $619,000, December 31, 2017 2016 $619,000 $0, |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. Related Party Transactions The Company has historically used a law firm for various legal matters whose majority member was a member of the Company ’s Board of Directors. Effective March 31, 2017, December 31, 2017 2016, $0 $188,000, December 31, 2017 2016 $65,000 $33,000, December 31, 2017 2016, $0 $163,000, |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 8 . Subsequent Events The Company has reviewed and evaluated whether any additional material subsequent events have occurred from December 31, 201 7 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of C onsolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. Events that occurred after December 31, 20 17 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial st atements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. |
Basis of Accounting, Policy [Policy Text Block] | Periods P resented All amounts have been rounded to the nearest thousand with the exception of the share data. The Company qualified as a smaller reporting company at the measurement date for determining such qualification during 2017. two two |
Marketable Securities, Policy [Policy Text Block] | Investments The Company periodically invests a portion of its cash in excess of short-term operating needs in marketable debt and equity securities. These investments are classified as available-for-sale in accordance with U.S. GAAP. The Company does not one The Company ha d an investment in non-trading warrants to purchase common stock in a publicly traded entity. These warrants were derivatives that were carried at fair value in the accompanying balance sheets. Gains or losses from changes in the fair value of the warrants are recognized in the accompanying statements of income in the period in which they occurred. |
Receivables, Policy [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoice amount and do not The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable; however, changes in circumstances relating to accounts receivable may |
Inventory, Policy [Policy Text Block] | Inventories Inventories include freight-in, materials, labor and overhead costs and are stated at the lower of cost or net realizable value. Allowances are recorded for slow-moving, obsolete or unusable inventories. The Company assesses inventories for estimated obsolescence or unmarketable products and writes down the difference between the cost of the inventories and the estimated net realizable values based upon assumptions about future sales and supplies on-hand. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and E quipment Property and equipment are stated at cost less accumulated depreciation and amortization. Costs to develop internal use software are capitalized once the preliminary planning for the software project is complete. Property and equipment are depreciated or amortized using the straight-line method over the shorter of the respective useful lives of the assets or the related lease terms as follows: Buildings (in years) 25 Machinery and equipment (in years) 5 - 15 Office furniture and equipment (in years) 2 - 7 Leasehold improvements (in years) 4 - 5 Software (in years) 5 Expenditures for renewals and betterments are capitalized, whereas costs of maintenance and repairs are charged to operations in the period incurred. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible A ssets The Company accounts for goodwill and definite-lived intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other not 6 5 17 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The estimated fair values of financial instruments are determined based on relevant market information and cannot be determined with precision. The Company’s financial instruments consist primarily of cash and marketable securities. The Company ’s marketable securities are classified as available-for-sale and are carried at fair market value based on quoted market prices. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of L ong- L ived A ssets The Company reviews long-lived assets for impairment whenever events or changes in its business circumstances indicate that the carrying amounts of the assets may not not not December 31, 2017 2016. |
Revenue Recognition, Policy [Policy Text Block] | Revenue R ecognition Sales were recognized when the following criteria were met: ( 1 2 3 4 Shipping costs paid by the customers are included in revenue. Sales are reduced for any anticipated sales returns, rebates and allowances based on historical data. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs The costs of shipping product s to distributors are recorded in cost of goods sold. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock - Based Compensation The Company maintains a stock option plan under which the Company may . The Company accounts for share-based awards in accordance with ASC 718, Stock Compensation 718 For the years ended December 31, 20 17 2016, 85,000 855,000 $296,000 $190,000 December 31, 2017 2016, |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. A valuation allowance is recorded to reduce the carrying amounts of deferred income tax assets unless it is more likely than not not not Alpha Pro Tech, Ltd. and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Tax Cuts and Jobs Act (the Tax Act) was enacted in December 2017. one 35% 21%, January 1, 2018. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% 21% December 31, 2017 (see also Note 11 |
Earnings Per Share, Policy [Policy Text Block] | 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 potential common shares, and “diluted” EPS, which includes all potential common shares which are dilutive for the years ended December 31, 2017 2016. Years Ended December 31, 2017 2016 Net income (numerator) $ 2,633,000 $ 3,168,000 Shares (denominator): Basic weighted average common shares outstanding 14,825,600 16,835,129 Add: Dilutive effect of common stock options 167,409 - Diluted weighted average common shares outstanding 14,993,009 16,835,129 Earnings per common share: Basic $ 0.18 $ 0.19 Diluted $ 0.18 $ 0.19 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of F oreign C urrencies Transactions in foreign currencies are translated into U .S. dollars at the exchange rate prevailing at the transaction date. Monetary assets and liabilities in foreign currencies at each period end are translated at the exchange rate in effect at that date. Transaction gains or losses on foreign currencies are reflected in selling, general and administrative expenses and were not December 31, 2017 2016. The Company does not not not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred and are included in selling, general and administrative expenses. Such costs were not December 31, 20 17 2016. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs The Company expenses advertising costs as incurred. These costs are included in selling, general and administrative expenses and were $46,000 $39,000 December 31, 2017 2016, |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies The outcomes of legal proceedings and claims brought against the Company are subject to uncertainty. An estimated loss from a loss contingency such as a legal proceeding or claim is accrued if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. In determining whether a loss should be accrued , we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. |
Fair Value Measurement, Policy [Policy Text Block] | Fair V alue Measurements ASC 820, Fair Value Measurements and Disclosures three This hierarchy requires the Company to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. The fair value s of the Company’s financial assets as of December 31, 2017 2016 • Level 1—Quoted • Level 2—Quoted not • Level 3—Valuations one Fair Value Measurements as of December 31, Total Level 1 Level 2 Level 3 Assets: Marketable securities 2017 $ 343,000 $ 343,000 $ - $ - Marketable securities 2016 607,000 607,000 - - The fair value s for the marketable securities, classified as Level 1, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Accounting Standards Update (“ASU”) 2014 09, 606 2014 09” 2014 09, may 2014 09 first December 15, 2017, not 2014 09 first 2018. ’s financial position and results of operations. In July 2015, 2015 11, 330 Simplifying the Measurement of Inventory 2015 11” first first December 15, 2016, first 2017. In November 2015, 2015 17, 740 December 15, 2016 first 2017. not In January 2016, 2016 01, 825 10 The guidance also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity and recognize the changes in fair value within net income. The guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017. January 1, 2018, $458,000, In February 2016, 2016 02, 842 December 15, 2018 not ’s financial position or results of operations. In March 2016, 2016 09, 718 December 15, 2016 March 31, 2017, one $866,000 no In June 2016, 2016 13, – Credit Losses Topic 326, December 15, 2019, not Management periodically reviews new accounting standards that are issued. Management has not at this time. |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant, and Equipment, Useful Lives [Table Text Block] | Buildings (in years) 25 Machinery and equipment (in years) 5 - 15 Office furniture and equipment (in years) 2 - 7 Leasehold improvements (in years) 4 - 5 Software (in years) 5 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2017 2016 Net income (numerator) $ 2,633,000 $ 3,168,000 Shares (denominator): Basic weighted average common shares outstanding 14,825,600 16,835,129 Add: Dilutive effect of common stock options 167,409 - Diluted weighted average common shares outstanding 14,993,009 16,835,129 Earnings per common share: Basic $ 0.18 $ 0.19 Diluted $ 0.18 $ 0.19 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of December 31, Total Level 1 Level 2 Level 3 Assets: Marketable securities 2017 $ 343,000 $ 343,000 $ - $ - Marketable securities 2016 607,000 607,000 - - |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2017 2016 Cost basis $ 543,000 $ 543,000 Gain previously recognized on warrants 380,000 380,000 Loss included in accumulated other comprehensive loss (580,000 ) (316,000 ) Fair value $ 343,000 $ 607,000 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2017 2016 Raw materials $ 4,567,000 $ 4,313,000 Work in process 1,058,000 2,535,000 Finished goods 4,624,000 4,146,000 $ 10,249,000 $ 10,994,000 |
Note 5 - Property and Equipme30
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2017 2016 Buildings $ 493,000 $ 355,000 Machinery and equipment 11,036,000 10,661,000 Office furniture and equipment 1,151,000 1,092,000 Leasehold improvements 507,000 506,000 Software 177,000 - 13,364,000 12,614,000 Less accumulated depreciation and amortization (10,206,000 ) (9,968,000 ) $ 3,158,000 $ 2,646,000 |
Note 6 - Goodwill and Intangi31
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2017 December 31, 2016 Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents and Trademarks 4.0 $ 474,000 $ (453,000 ) $ 21,000 4.0 $ 474,000 $ (440,000 ) $ 34,000 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, 2018 $ 5,000 2019 3,000 2020 3,000 2021 2,000 2022 2,000 Thereafter 6,000 $ 21,000 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2017 2016 Payroll expenses and tax payable $ 232,000 $ 556,000 Commission and bonuses payable and general accrued liabilities 1,333,000 904,000 $ 1,565,000 $ 1,460,000 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
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 non-employee directors 45,000 3.45 Granted to employees 810,000 2.12 Exercised (15,000 ) 1.15 Canceled/expired/forfeited - - Options outstanding, December 31, 2016 1,065,000 2.06 Granted to non-employee directors 85,000 3.83 Exercised (111,669 ) 1.88 Canceled/expired/forfeited (153,333 ) 1.58 Options outstanding, December 31, 2017 884,998 2.26 Options exercisable, December 31, 2017 333,334 1.98 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Options For the Years Ended December 31, 2017 2016 Exercise price $ 3.83 $ 2.19 Risk-free interest rate 2.13 % 1.13 % Expected volatility 58.38 % 59.16 % Expected life in years 4.25 4.25 Dividend rate - - Black-Scholes fair value $ 1.81 $ 1.03 |
Share-based Compensation, Activity [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (in years) Aggregate Intrinsic Value Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (in years) Aggregate Intrinsic Value $1.51 - $3.90 884,998 $ 2.26 3.91 $ 1,541,000 333,334 $ 1.98 3.19 $ 673,000 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 2017 2016 Current $ 1,415,000 $ 986,000 Deferred (378,000 ) 21,000 $ 1,037,000 $ 1,007,000 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 Current deferred income taxes: Foreign tax credits $ - $ 3,000 Temporary differences: Inventory reserve - 101,000 Accrued expenses and inventory - 334,000 Current deferred income tax assets, net $ - $ 438,000 Non-current deferred income taxes: Temporary differences: Property and equipment $ (379,000 ) $ (683,000 ) Intangible assets (4,000 ) (4,000 ) Marketable securities 122,000 112,000 Inventory reserve 60,000 - Accrued expenses and inventory 355,000 - Basis diffence in investments (80,000 ) (129,000 ) Foreign exchange (8,000 ) (12,000 ) Other (26,000 ) (20,000 ) State income taxes (21,000 ) (71,000 ) Non-current deferred income tax assets (liabilities) 19,000 (807,000 ) Net deferred income tax assets (liabilities) $ 19,000 $ (369,000 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2017 2016 Income taxes based on U.S. statutory rate of 34% $ 1,247,000 $ 1,419,000 Non-deductible meals and entertainment 6,000 5,000 Deemed foreign repatriation 468,000 - Domestic manufacturer's deduction (97,000 ) (71,000 ) Foreign taxes (500,000 ) (169,000 ) State taxes 82,000 66,000 Effect of Federal tax rate reduction from 35% to 21% (53,000 ) - Other (116,000 ) (243,000 ) $ 1,037,000 $ 1,007,000 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Years Ended December 31, 2017 2016 Balance as of January 1 $ - $ 194,000 Gross increase from tax positions taken during the year - - Gross increase from tax positions taken during prior periods - - Reductions to unrecognized tax benefits - (194,000 ) Balance as of December 31 $ - $ - |
Note 12 - Commitments and Con35
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future Minimum Years Ending December 31, Lease Payments 2018 $ 958,000 2019 615,000 2020 485,000 2021 456,000 2022 450,000 Thereafter 450,000 $ 3,414,000 |
Note 14 - Activity of Busines36
Note 14 - Activity of Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2017 2016 Building Supply $ 24,641,000 $ 27,343,000 Disposable Protective Apparel 14,250,000 14,219,000 Infection Control 5,134,000 4,614,000 Consolidated net sales $ 44,025,000 $ 46,176,000 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Years Ended December 31, 2017 2016 Building Supply $ 4,143,000 $ 5,345,000 Disposable Protective Apparel 2,516,000 1,671,000 Infection Control 1,844,000 1,581,000 Total segment income 8,503,000 8,597,000 Unallocated corporate overhead expenses 4,833,000 4,422,000 Provision for income taxes 1,037,000 1,007,000 Consolidated net income $ 2,633,000 $ 3,168,000 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended December 31, 2017 2016 Net sales by geographic region United States $ 43,169,000 $ 45,068,000 International 856,000 1,108,000 Consolidated net sales $ 44,025,000 $ 46,176,000 As of December 31, 2017 2016 Long-lived assets by geographic region United States $ 2,593,000 $ 2,338,000 International 565,000 308,000 Consolidated total long-lived assets $ 3,158,000 $ 2,646,000 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of December 31, 2017 2016 Disposable Protective Apparel $ 336,000 $ 346,000 Building Supply 2,098,000 2,208,000 Infection Control 13,000 140,000 Total segment assets 2,447,000 2,694,000 Unallocated corporate assets 787,000 41,000 Total consolidated assets $ 3,234,000 $ 2,735,000 |
Note 15 - Concentration of Ri37
Note 15 - Concentration of Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Accounts receivable: 2017 2016 Customer A * 11% Customer B 26% 15% Customer C * 21% Net Sales: Customer B 19% 17% Customer C 10% 11% |
Note 2 - Summary of Significa38
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Asset Impairment Charges | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 85,000 | 855,000 | ||
Allocated Share-based Compensation Expense | $ 296,000 | $ 190,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | ||
Research and Development Expense | $ 0 | $ 0 | ||
Advertising Expense | 46,000 | $ 39,000 | ||
Additional Paid-in Capital [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (866,000) | |||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 458,000 | |||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 866,000 | |||
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (866,000) | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 17 years |
Note 2 - Summary of Significa39
Note 2 - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building [Member] | |
Property and equipment (Year) | 25 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment (Year) | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment (Year) | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment (Year) | 2 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property and equipment (Year) | 4 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property and equipment (Year) | 5 years |
Software Development [Member] | |
Property and equipment (Year) | 5 years |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Net Income and Number of Shares Used in Computations of Basic and Diluted EPS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 2,633,000 | $ 3,168,000 |
Shares (denominator): | ||
Basic weighted average common shares outstanding (in shares) | 14,825,600 | 16,835,129 |
Add: Dilutive effect of common stock options (in shares) | 167,409 | |
Diluted weighted average common shares outstanding (in shares) | 14,993,009 | 16,835,129 |
Earnings per common share: | ||
Basic earnings per common share (in dollars per share) | $ 0.18 | $ 0.19 |
Diluted earnings per common share (in dollars per share) | $ 0.18 | $ 0.19 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Fair Value of Financial Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Investment | $ 343,000 | $ 607,000 |
Marketable Securities [Member] | ||
Assets: | ||
Investment | 343,000 | 607,000 |
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment | 343,000 | 607,000 |
Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment | ||
Marketable Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investment |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities, Current | $ 343,000 | $ 607,000 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (254,000) | (56,000) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ (10,000) | $ (34,000) |
Note 3 - Investments - Availabl
Note 3 - Investments - Available-for-sale Marketable Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Gain previously recognized on warrants | $ 380,000 | $ 380,000 |
Loss included in accumulated other comprehensive loss | (580,000) | (316,000) |
Available-for-sale Securities, Current | 343,000 | 607,000 |
Marketable Securities [Member] | ||
Cost basis | 543,000 | 543,000 |
Available-for-sale Securities, Current | $ 343,000 | $ 607,000 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 4,567,000 | $ 4,313,000 |
Work in process | 1,058,000 | 2,535,000 |
Finished goods | 4,624,000 | 4,146,000 |
$ 10,249,000 | $ 10,994,000 |
Note 5 - Property and Equipme45
Note 5 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 558,000 | $ 527,000 |
Note 5 - Property and Equipme46
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Buildings | $ 493,000 | $ 355,000 |
Machinery and equipment | 11,036,000 | 10,661,000 |
Office furniture and equipment | 1,151,000 | 1,092,000 |
Leasehold improvements | 507,000 | 506,000 |
Software | 177,000 | |
13,364,000 | 12,614,000 | |
Less accumulated depreciation and amortization | (10,206,000) | (9,968,000) |
$ 3,158,000 | $ 2,646,000 |
Note 6 - Goodwill and Intangi47
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 13,000 | $ 17,000 |
Note 6 - Goodwill and Intangi48
Note 6 - Goodwill and Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net Carrying Amount | $ 21,000 | $ 34,000 |
Patents and Trademarks [Member] | ||
Weighted Average Amortization Period (Year) | 4 years | 4 years |
Gross Carrying Amount | $ 474,000 | $ 474,000 |
Accumulated Amortization | (453,000) | (440,000) |
Net Carrying Amount | $ 21,000 | $ 34,000 |
Note 6 - Goodwill and Intangi49
Note 6 - Goodwill and Intangible Assets - Estimated Future Amortization Expense Related to Definite-lived Intangible Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 5,000 | |
2,019 | 3,000 | |
2,020 | 3,000 | |
2,021 | 2,000 | |
2,022 | 2,000 | |
Thereafter | 6,000 | |
$ 21,000 | $ 34,000 |
Note 7 - Equity Investment in50
Note 7 - Equity Investment in Unconsolidated Affiliate (Details Textual) | 12 Months Ended | 144 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)ft² | Dec. 31, 2005 | |
Expense To Acquire Inventory | $ 14,618,000 | $ 12,761,000 | ||
Income (Loss) from Equity Method Investments | $ 355,000 | 498,000 | ||
INDIA | Harmony [Member] | ||||
Number of Stores | 4 | 4 | ||
Number Of Stores Owned | 3 | 3 | ||
Number Of Stores Rented | 1 | 1 | ||
INDIA | Harmony [Member] | Manufacturing Building Products [Member] | ||||
Area of Real Estate Property | ft² | 113,000 | 113,000 | ||
INDIA | Harmony [Member] | Manufacturing Coated Material and Sewing Proprietary Disposable Protective Apparel [Member] | ||||
Area of Real Estate Property | ft² | 73,000 | 73,000 | ||
INDIA | Harmony [Member] | Sewing Proprietary Disposable Protective Apparel [Member] | ||||
Area of Real Estate Property | ft² | 16,000 | 16,000 | ||
INDIA | Harmony [Member] | Manufacturing Of Building Products [Member] | ||||
Area of Real Estate Property | ft² | 93,000 | 93,000 | ||
Harmony [Member] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | ||
Equity Method Investments | 3,893,000 | $ 3,893,000 | ||
Equity Method Investment, Aggregate Cost | 1,450,000 | 1,450,000 | ||
Cumulative Equity In Income Of Unconsolidated Affiliate | $ 3,462,000 | 3,462,000 | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 942,000 | |||
Proceeds from Equity Method Investment, Distribution | $ 77,000 | |||
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% |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Payroll expenses and tax payable | $ 232,000 | $ 556,000 |
Commission and bonuses payable and general accrued liabilities | 1,333,000 | 904,000 |
$ 1,565,000 | $ 1,460,000 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,500,000 | |
Prime Rate | 4.50% | 3.75% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |
Long-term Line of Credit | $ 0 | |
Other Long-term Debt | $ 0 | |
Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 10 - Shareholders' Equit53
Note 10 - Shareholders' Equity (Details Textual) - USD ($) xbrli-pure in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Repurchased and Retired During Period, Shares | 1,232,476 | 2,453,900 | |
Payments for Repurchase of Common Stock | $ 4,226,000 | $ 6,773,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,279,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 85,000 | 855,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 884,998 | 1,065,000 | 225,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 177,000 | $ 29,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 528,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 197 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 111,669 | 15,000 | |
Proceeds from Stock Options Exercised | $ 210,000 | $ 17,000 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 130,000 | ||
The2004 Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,290,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
Note 10 - Shareholders' Equit54
Note 10 - Shareholders' Equity - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Options outstanding (in shares) | 1,065,000 | 225,000 |
Options outstanding (in dollars per share) | $ 2.06 | $ 1.52 |
Granted (in shares) | 85,000 | 855,000 |
Exercised (in shares) | (111,669) | (15,000) |
Exercised (in dollars per share) | $ 1.88 | $ 1.15 |
Canceled/expired/forfeited (in shares) | (153,333) | |
Canceled/expired/forfeited (in dollars per share) | $ 1.58 | |
Options outstanding (in shares) | 884,998 | 1,065,000 |
Options outstanding (in dollars per share) | $ 2.26 | $ 2.06 |
Options exercisable (in shares) | 333,334 | |
Options exercisable (in dollars per share) | $ 1.98 | |
Non-Employee Directors [Member] | ||
Granted (in shares) | 85,000 | 45,000 |
Granted (in dollars per share) | $ 3.83 | $ 3.45 |
Employees [Member] | ||
Granted (in shares) | 810,000 | |
Granted (in dollars per share) | $ 2.12 |
Note 10 - Shareholders' Equit55
Note 10 - Shareholders' Equity - Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Exercise price (in dollars per share) | $ 3.83 | $ 2.19 |
Risk-free interest rate | 2.13% | 1.13% |
Expected volatility | 58.38% | 59.16% |
Expected life in years (Year) | 4 years 91 days | 4 years 91 days |
Dividend rate | 0.00% | |
Black-Scholes fair value (in dollars per share) | $ 1.81 | $ 1.03 |
Note 10 - Shareholders' Equit56
Note 10 - Shareholders' Equity - Information About Stock Options (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Range of exercise prices, lower limit (in dollars per share) | $ 1.51 |
Range of exercise prices, upper limit (in dollars per share) | $ 3.90 |
Options outstanding options (in shares) | shares | 884,998 |
Options outstanding weighted average exercise price (in dollars per share) | $ 2.26 |
Options outstanding weighted average remaining contract life (Year) | 3 years 332 days |
Options outstanding aggregate intrinsic value | $ | $ 1,541,000 |
Options exercisable options (in shares) | shares | 333,334 |
Options exercisable weighted average exercise price (in dollars per share) | $ 1.98 |
Options exercisable weighted average remaining contract life (Year) | 3 years 69 days |
Options exercisable aggregate intrinsic value | $ | $ 673,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | Sep. 30, 2016 | Dec. 31, 2013 | Dec. 31, 2012 |
Liability for Uncertainty in Income Taxes, Current | $ 194,000 | $ 194,000 | $ 342,000 |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current | $ 1,415,000 | $ 986,000 |
Deferred income taxes | (378,000) | 21,000 |
$ 1,037,000 | $ 1,007,000 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Foreign tax credits | $ 3,000 | |
Temporary differences: | ||
Inventory reserve | 101,000 | |
Accrued expenses and inventory | 334,000 | |
Current deferred income tax assets, net | 438,000 | |
Non-current deferred income taxes: | ||
Property and equipment | (379,000) | (683,000) |
Intangible assets | (4,000) | (4,000) |
Marketable securities | 122,000 | 112,000 |
Inventory reserve | 60,000 | |
Accrued expenses and inventory | 355,000 | |
Basis diffence in investments | (80,000) | (129,000) |
Foreign exchange | (8,000) | (12,000) |
Other | (26,000) | (20,000) |
State income taxes | (21,000) | (71,000) |
Non-current deferred income tax assets (liabilities) | 19,000 | |
Non-current deferred income tax assets (liabilities) | (807,000) | |
Net deferred income tax assets (liabilities) | $ 19,000 | |
Net deferred income tax assets (liabilities) | $ (369,000) |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income taxes based on U.S. statutory rate of 34% | $ 1,247,000 | $ 1,419,000 |
Non-deductible meals and entertainment | 6,000 | 5,000 |
Deemed foreign repatriation | 468,000 | |
Domestic manufacturer's deduction | (97,000) | (71,000) |
Foreign taxes | (500,000) | (169,000) |
State taxes | 82,000 | 66,000 |
Effect of Federal tax rate reduction from 35% to 21% | (53,000) | |
Other | (116,000) | (243,000) |
$ 1,037,000 | $ 1,007,000 |
Note 11 - Income Taxes - Inco61
Note 11 - Income Taxes - Income Tax Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory rate | 34.00% | 34.00% |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance as of January 1 | $ 194,000 | |
Gross increase from tax positions taken during the year | ||
Gross increase from tax positions taken during prior periods | ||
Reductions to unrecognized tax benefits | (194,000) | |
Balance as of December 31 |
Note 12 - Commitments and Con63
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 1,047,000 | $ 1,031,000 | |
Pending Litigation [Member] | Alpha Pro Tech, Inc. v. VWR International, LLC [Member] | |||
Loss Contingency, Damages Sought, Value | $ 2,000,000 |
Note 12 - Commitments and Con64
Note 12 - Commitments and Contingencies - Future Minimum Lease Payments Required Under Non-cancelable Operating Lease (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 958,000 |
2,019 | 615,000 |
2,020 | 485,000 |
2,021 | 456,000 |
2,022 | 450,000 |
Thereafter | 450,000 |
$ 3,414,000 |
Note 13 - Employee Benefit Pl65
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 12.00% | |
Defined Contribution Plan Employers Matching Contribution Vesting Period | 5 years | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 36,000 | $ 39,000 |
Accrued Bonuses, Current | 1,333,000 | 904,000 |
President [Member] | ||
Bonus, Maximum Threshold | $ 1,000,000 | |
Bonus Percentage | 5.00% | |
Accrued Bonuses, Current | $ 118,000 | $ 232,000 |
For Employees Contributing 1 Percent of Gross Earnings [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 0.50% | |
For Employees Contributing 2 to12 Percent of Gross Earnings [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% |
Note 14 - Activity of Busines66
Note 14 - Activity of Business Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Number of Operating Segments | 3 |
Note 14 - Activity of Busines67
Note 14 - Activity of Business Segments - Consolidated Net Sales (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 44,025,000 | $ 46,176,000 |
Building Supply [Member] | Operating Segments [Member] | ||
Net sales | 24,641,000 | 27,343,000 |
Disposable Protective Apparel [Member] | Operating Segments [Member] | ||
Net sales | 14,250,000 | 14,219,000 |
Infection Control [Member] | Operating Segments [Member] | ||
Net sales | $ 5,134,000 | $ 4,614,000 |
Note 14 - Activity of Busines68
Note 14 - Activity of Business Segments - Reconciliation of Total Segment Income to Total Consolidated Net Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated net income | $ 2,633,000 | $ 3,168,000 |
Provision for income taxes | 1,037,000 | 1,007,000 |
Operating Segments [Member] | ||
Consolidated net income | 8,503,000 | 8,597,000 |
Operating Segments [Member] | Building Supply [Member] | ||
Consolidated net income | 4,143,000 | 5,345,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Consolidated net income | 2,516,000 | 1,671,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Consolidated net income | 1,844,000 | 1,581,000 |
Corporate, Non-Segment [Member] | ||
Consolidated net income | $ 4,833,000 | $ 4,422,000 |
Note 14 - Activity of Busines69
Note 14 - Activity of Business Segments - Consolidated Net Sales and Long-lived Asset Information by Geographic Area (Details) - Reportable Geographical Components [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales by geographic region | ||
Consolidated sales | $ 44,025,000 | $ 46,176,000 |
Long-lived assets by geographic region | ||
Consolidated long-lived assets | 3,158,000 | 2,646,000 |
UNITED STATES | ||
Net sales by geographic region | ||
Consolidated sales | 43,169,000 | 45,068,000 |
Long-lived assets by geographic region | ||
Consolidated long-lived assets | 2,593,000 | 2,338,000 |
International Member | ||
Net sales by geographic region | ||
Consolidated sales | 856,000 | 1,108,000 |
Long-lived assets by geographic region | ||
Consolidated long-lived assets | $ 565,000 | $ 308,000 |
Note 14 - Activity of Busines70
Note 14 - Activity of Business Segments - Consolidated Net Property and Equipment, Goodwill and Intangible Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated assets | $ 3,234,000 | $ 2,735,000 |
Operating Segments [Member] | ||
Consolidated assets | 2,447,000 | 2,694,000 |
Corporate, Non-Segment [Member] | ||
Consolidated assets | 787,000 | 41,000 |
Disposable Protective Apparel [Member] | Operating Segments [Member] | ||
Consolidated assets | 336,000 | 346,000 |
Building Supply [Member] | Operating Segments [Member] | ||
Consolidated assets | 2,098,000 | 2,208,000 |
Infection Control [Member] | Operating Segments [Member] | ||
Consolidated assets | $ 13,000 | $ 140,000 |
Note 15 - Concentration of Ri71
Note 15 - Concentration of Risk (Details Textual) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Sales Revenue, Goods, Net [Member] | ||
Concentration Risk Threshold Percentage | 10.00% | |
Sales Revenue, Net [Member] | ||
Concentration Risk Threshold Percentage | 10.00% | |
Accounts Receivable [Member] | ||
Concentration Risk Threshold Percentage | 10.00% | 10.00% |
Note 15 - Concentration of Ri72
Note 15 - Concentration of Risk - Customer Concentration (Details) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Accounts Receivable [Member] | Customer A [Member] | |||
Customer | [1] | 11.00% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Customer | 26.00% | 15.00% | |
Accounts Receivable [Member] | Customer C [Member] | |||
Customer | [1] | 21.00% | |
Sales Revenue, Net [Member] | Customer B [Member] | |||
Customer | 19.00% | 17.00% | |
Sales Revenue, Net [Member] | Customer C [Member] | |||
Customer | 10.00% | 11.00% | |
[1] | Customer's balance was below the 10% threshold for receivables as of December 31, 2017. |
Note 16 - Employment Agreemen73
Note 16 - Employment Agreements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Officer [Member] | ||
Employment Agreement Term | 5 years | |
Former CEO [Member] | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 619,000 | |
Deferred Compensation Arrangement With Individual Recorded Liability Current | $ 619,000 | $ 0 |
Note 17 - Related Party Trans74
Note 17 - Related Party Transactions (Details Textual) - Director [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Legal Services, Related Party [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 188,000 |
Payments for Legal Services [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 65,000 | 33,000 |
Related Law Firm [Member] | ||
Due to Related Parties | $ 0 | $ 163,000 |