Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | ALPHA PRO TECH LTD | |
Entity Central Index Key | 0000884269 | |
Trading Symbol | apt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 13,118,849 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash | $ 5,502,000 | $ 7,007,000 | [1] |
Investments | 735,000 | 258,000 | [1] |
Accounts receivable, net of allowance for doubtful accounts of $58,000 and $64,000 as of June 30, 2019 and December 31, 2018 | 5,185,000 | 4,935,000 | [1] |
Accounts receivable, related party | 837,000 | 383,000 | [1] |
Inventories | 10,869,000 | 9,878,000 | [1] |
Right-of-use assets | 675,000 | [1] | |
Prepaid expenses | 3,410,000 | 3,999,000 | [1] |
Total current assets | 27,213,000 | 26,460,000 | [1] |
Property and equipment, net | 3,232,000 | 3,244,000 | [1] |
Goodwill | 55,000 | 55,000 | [1] |
Definite-lived intangible assets, net | 14,000 | 16,000 | [1] |
Right-of-use assets, net of current portion | 2,414,000 | [1] | |
Equity investment in unconsolidated affiliate | 4,841,000 | 4,480,000 | [1] |
Total assets | 37,769,000 | 34,255,000 | [1] |
Current liabilities: | |||
Accounts payable | 696,000 | 578,000 | [1] |
Accrued liabilities | 699,000 | 1,342,000 | [1] |
Lease liabilities | 666,000 | [1] | |
Total current liabilities | 2,061,000 | 1,920,000 | [1] |
Lease liabilities, net of current portion | 2,462,000 | [1] | |
Deferred income tax liabilities, net | 141,000 | 141,000 | [1] |
Total liabilities | 4,664,000 | 2,061,000 | [1] |
Commitments | |||
Shareholders' equity: | |||
Common stock, $.01 par value: 50,000,000 shares authorized; 13,109,018 and 13,502,684 shares outstanding as of June 30, 2019 and December 31, 2018, respectively | 131,000 | 135,000 | [1] |
Additional paid-in capital | 1,356,000 | 2,669,000 | [1] |
Retained earnings | 31,618,000 | 29,390,000 | [1] |
Total shareholders' equity | 33,105,000 | 32,194,000 | [1] |
Total liabilities and shareholders' equity | $ 37,769,000 | $ 34,255,000 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | [1] |
Accounts Receivable, allowance | $ 58,000 | $ 64,000 | |
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) | 13,109,018 | 13,502,684 | |
[1] | The condensed consolidated balance sheet as of December 31, 2018 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 11,415,000 | $ 12,109,000 | $ 23,718,000 | $ 23,551,000 |
Cost of goods sold, excluding depreciation and amortization | 7,309,000 | 7,390,000 | 14,809,000 | 14,377,000 |
Gross profit | 4,106,000 | 4,719,000 | 8,909,000 | 9,174,000 |
Operating expenses: | ||||
Selling, general and administrative | 3,262,000 | 3,468,000 | 6,937,000 | 7,349,000 |
Depreciation and amortization | 140,000 | 144,000 | 267,000 | 290,000 |
Total operating expenses | 3,402,000 | 3,612,000 | 7,204,000 | 7,639,000 |
Income from operations | 704,000 | 1,107,000 | 1,705,000 | 1,535,000 |
Other income: | ||||
Equity in income of unconsolidated affiliate | 84,000 | 151,000 | 361,000 | 290,000 |
Gain (loss) on marketable securities | 439,000 | (97,000) | 609,000 | (65,000) |
Interest income, net | 21,000 | 1,000 | 34,000 | 1,000 |
Total other income | 544,000 | 55,000 | 1,004,000 | 226,000 |
Income before provision for income taxes | 1,248,000 | 1,162,000 | 2,709,000 | 1,761,000 |
Provision for income taxes | 238,000 | 203,000 | 481,000 | 294,000 |
Net income | $ 1,010,000 | $ 959,000 | $ 2,228,000 | $ 1,467,000 |
Basic earnings per common share (in dollars per share) | $ 0.08 | $ 0.07 | $ 0.17 | $ 0.10 |
Diluted earnings per common share (in dollars per share) | $ 0.08 | $ 0.07 | $ 0.17 | $ 0.10 |
Basic weighted average common shares outstanding (in shares) | 13,184,321 | 14,086,277 | 13,287,583 | 14,151,734 |
Diluted weighted average common shares outstanding (in shares) | 13,208,138 | 14,127,934 | 13,346,146 | 14,219,063 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2017 | 14,290,749 | |||||
Balance at Dec. 31, 2017 | $ 143,000 | $ 5,415,000 | $ (458,000) | $ 26,223,000 | $ 31,323,000 | |
Common stock repurchased and retired (in shares) | (453,000) | |||||
Common stock repurchased and retired | $ (5,000) | (1,612,000) | (1,617,000) | |||
Stock-based compensation expense | 196,000 | 196,000 | ||||
Options exercised (in shares) | 71,667 | |||||
Options exercised | $ 1,000 | 119,000 | 120,000 | |||
Net income | 1,467,000 | 1,467,000 | ||||
Balance (in shares) at Jun. 30, 2018 | 13,909,416 | |||||
Balance at Jun. 30, 2018 | $ 139,000 | 4,118,000 | 27,232,000 | 31,489,000 | ||
Cumulative-effect adjustment of change in accounting for unrealized loss on marketable securities | $ 458,000 | (458,000) | ||||
Balance (in shares) at Dec. 31, 2018 | 13,502,684 | 13,502,684 | [1] | |||
Balance at Dec. 31, 2018 | $ 135,000 | 2,669,000 | 29,390,000 | $ 32,194,000 | [2] | |
Common stock repurchased and retired (in shares) | (427,000) | |||||
Common stock repurchased and retired | $ (4,000) | (1,632,000) | (1,636,000) | |||
Stock-based compensation expense | 260,000 | $ 260,000 | ||||
Options exercised (in shares) | 33,334 | 33,334 | ||||
Options exercised | 59,000 | $ 59,000 | ||||
Net income | 2,228,000 | $ 2,228,000 | ||||
Balance (in shares) at Jun. 30, 2019 | 13,109,018 | 13,109,018 | ||||
Balance at Jun. 30, 2019 | $ 131,000 | $ 1,356,000 | $ 31,618,000 | $ 33,105,000 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. | |||||
[2] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Cash Flows From Operating Activities: | |||
Net income | $ 2,228,000 | $ 1,467,000 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Stock-based compensation | 260,000 | 196,000 | |
Depreciation and amortization | 267,000 | 290,000 | |
Gain (loss) on marketable securities | (609,000) | 65,000 | |
Equity in income of unconsolidated affiliate | (361,000) | (290,000) | |
Operating lease expense, net of accretion | 366,000 | ||
Changes in assets and liabilities: | |||
Accounts receivable, net | (250,000) | (241,000) | |
Accounts receivable, related party | (454,000) | (280,000) | |
Inventories | (991,000) | 558,000 | |
Prepaid expenses | 589,000 | (1,023,000) | |
Accounts payable and accrued liabilities | (525,000) | (610,000) | |
Lease liabilities | (327,000) | ||
Net cash provided by operating activities | 193,000 | 132,000 | |
Cash Flows From Investing Activities: | |||
Purchase of property and equipment | (254,000) | (240,000) | |
Proceeds from sales of marketable securities | 133,000 | ||
Net cash used in investing activities | (121,000) | (240,000) | |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of stock options | 59,000 | 120,000 | |
Repurchase of common stock | (1,636,000) | (1,617,000) | |
Net cash used in financing activities | (1,577,000) | (1,497,000) | |
Decrease in cash | (1,505,000) | (1,605,000) | |
Cash, beginning of the period | 7,007,000 | [1] | 8,763,000 |
Cash, end of the period | $ 5,502,000 | $ 7,158,000 | |
[1] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. |
Summplemental Disclosure of Non
Summplemental Disclosure of Non-cash Financing Activities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental disclosure of non-cash financing activities: Upon adoption of ASC 842, January 1, 2019 $3,455,000 |
Note 1 - The Company
Note 1 - The Company | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. The Company Alpha Pro Tech, Ltd. (“Alpha Pro Tech,” the “Company,” “we”, “us” or “our”) 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 and a line of disposable protective apparel for the cleanroom, industrial, pharmaceutical, 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 disposable protective clothing (shoecovers, bouffant caps, coveralls, gowns, frocks and lab coats), face masks and face shields. Previously, face masks and face shields were included in a separate business segment called Infection Control. All of our disposable protective apparel products, including face masks and face shields, are sold through similar distribution channels, are single-use and disposable, have the purpose of protecting people, products and environments, and have to be produced in Food and Drug Administration (“FDA”) approved facilities, regardless of the market served. Based on these similarities, the Infection Control segment was combined with the Disposable Protective Apparel segment during the first 2019. The Company’s products are sold under the "Alpha Pro Tech" brand name as well as under private label, and are predominantly sold in the United States of America (“US”). |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Revenue Recognition Policy | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Revenue Recognition P olicy The interim financial information included in this report 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 reflected herein. 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 that would be 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, as well as the Company’s consolidated financial statements for the year ended December 31, 2018, 10 December 31, 2018 ( “2018 10 March 6, 2019. three six June 30, 2019 10 not December 31, 2018 2018 10 not As of January 1, 2018, 606, Revenue from Contracts with Customers 2017 no 606, not 606, no 10 11 |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. S tock - Based Compensation The Company maintains a stock option plan under which the Company may The Company records compensation expense for the fair value of stock-based awards determined as of the grant date, including employee stock options, over the determined requisite service period, which is generally ratably over the vesting term. For the six June 30, 2019 2018, 310,000 289,750 $260,000 $196,000 six June 30, 2019 2018, The Company uses the Black-Scholes option-pricing model to value the options. The Company uses historical data to estimate the expected life of the options. The risk-free interest rate for periods within the contractual life of an 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 not The following table summarizes stock option activity for the six June 30, 2019: Weighted Average Exercise Price Options Per Option Options outstanding, December 31, 2018 1,022,913 $ 2.69 Granted to employees and non-employee directors 310,000 3.62 Exercised (33,334 ) 1.80 Canceled/expired/forfeited - 0.00 Options outstanding, June 30, 2019 1,299,579 2.93 Options exercisable, June 30, 2019 664,746 2.39 As of June 30, 2019, $723,000 2.25 |
Note 4 - Investments
Note 4 - Investments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investments As of June 30, 2019 December 31, 2018, $735,000 $258,000, three June 30, 2019, none three June 30, 2018. three June 30, 2019 $439,000, three June 30, 2018 $97,000. three June 30, 2019 $387,000 $52,000. six June 30, 2019 none six June 30, 2018. six June 30, 2019 $609,000 six June 30, 2018 $65,000. six June 30, 2019 $554,000 $55,000. |
Note 5 - Recent Accounting Pron
Note 5 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 5. Recent Accounting Pronouncements In February 2016, 2016 02, December 15, 2018, August 2018, 2018 11, 842, not 842, January 1, 2019 2018 11. one $3,455,000 not not not not not 13. In June 2016, 2016 13 326 2016 13 2016 13 December 15, 2019. January 1, 2020. not In June 2018, 2018 07, 718 2018 07 December 15, 2018 no 606. first 2019. not Management periodically reviews new accounting standards that are issued. Management has not |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories As of June 30, 2019 December 31, 2018, June 30, December 31, 2019 2018 Raw materials $ 4,754,000 $ 4,732,000 Work in process 1,818,000 825,000 Finished goods 4,297,000 4,321,000 $ 10,869,000 $ 9,878,000 |
Note 7 - Equity Investment in U
Note 7 - Equity Investment in Unconsolidated Affiliate | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7 . Equity I nvestment in Unconsolidated Affiliate In 2005, 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. 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 four three one 1 113,000 2 73,000 3 16,000 4 93,000 no In accordance with Accounting Standards Codification (“ASC”) 810, not 810 not not 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 June 30, 2019 December 31, 2018. For the three June 30, 2019 2018, $5,176,000 $3,526,000 six June 30, 2019 2018, $10,451,000 $7,500,000 For the three June 30, 2019 2018, $84,000 $151,000, six June 30, 2019 2018, $361,000 $290,000, As of June 30, 2019, $4,841,000, $1,450,000 $4,410,000, $942,000 $77,000 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accrued Liabilities As of June 30, 2019 December 31, 2018, June 30, December 31, 2019 2018 Payroll expenses and taxes payable $ 247,000 $ 269,000 Commissions and bonuses payable and general accrued liabilities 452,000 1,073,000 $ 699,000 $ 1,342,000 |
Note 9 - Basic and Diluted Earn
Note 9 - Basic and Diluted Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
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 six June 30, 2019 2018: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2018 2018 Net income (numerator) $ 1,010,000 $ 959,000 $ 2,228,000 $ 1,467,000 Shares (denominator): Basic weighted average common shares outstanding 13,184,321 14,086,277 13,287,583 14,151,734 Add: dilutive effect of common stock options 23,817 41,657 58,563 67,329 Diluted weighted average common shares outstanding 13,208,138 14,127,934 13,346,146 14,219,063 Earnings per common share: Basic $ 0.08 $ 0.07 $ 0.17 $ 0.10 Diluted $ 0.08 $ 0.07 $ 0.17 $ 0.10 |
Note 10 - Activity of Business
Note 10 - Activity of Business Segments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 . Activity of Business Segments The Company operates through two ( 1 Building Supply ( 2 Disposable Protective Apparel Previously, face masks and face shields were included in a separate business segment called Infection Control. All of our disposable protective apparel, including face masks and face shields, are sold through similar distribution channels, are single-use and disposable, have the purpose of protecting people, products and environments, and have to be produced in FDA approved facilities, regardless of the market served. Based on these similarities, we determined that it would be best to consolidate the Infection Control segment into the Disposable Protective Apparel segment beginning with the first 2019. Segment data excludes charges allocated to the principal executive office and other unallocated corporate overhead expenses and income tax. The Company evaluates the performance of its segments and allocates resources to them based primarily on net sales. The following table presents consolidated net sales for each segment for the three six June 30, 2019 2018: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Building Supply $ 6,710,000 $ 6,572,000 $ 13,208,000 $ 13,241,000 Disposable Protective Apparel 4,705,000 5,537,000 10,510,000 10,310,000 Consolidated net sales $ 11,415,000 $ 12,109,000 $ 23,718,000 $ 23,551,000 The following table presents the reconciliation of consolidated segment income to consolidated net income for the three six June 30, 2019 2018: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Building Supply $ 900,000 $ 1,067,000 $ 1,809,000 $ 2,061,000 Disposable Protective Apparel 878,000 1,284,000 2,301,000 2,308,000 Total segment income 1,778,000 2,351,000 4,110,000 4,369,000 Unallocated corporate overhead expenses 530,000 1,189,000 1,401,000 2,608,000 Provision for income taxes 238,000 203,000 481,000 294,000 Consolidated net income $ 1,010,000 $ 959,000 $ 2,228,000 $ 1,467,000 The following table presents the consolidated net property and equipment, goodwill and definite-lived intangible assets (“consolidated assets”) by segment as of June 30, 2019 December 31, 2018: June 30, December 31, 2019 2018 Building Supply $ 1,867,000 $ 1,908,000 Disposable Protective Apparel 387,000 400,000 Total segment assets 2,254,000 2,308,000 Unallocated corporate assets 1,047,000 1,007,000 Total consolidated assets $ 3,301,000 $ 3,315,000 |
Note 11 - Financial Information
Note 11 - Financial Information about Geographic Areas | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Financial Information about Geographic Areas [Text Block] | 11. Financial Information about Geographic Areas The following table summarizes the Company’s net sales by geographic region for the three six June 30, 2019 2018: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales by geographic region United States $ 11,158,000 $ 11,861,000 $ 23,197,000 $ 23,059,000 International 257,000 248,000 521,000 492,000 Consolidated net sales $ 11,415,000 $ 12,109,000 $ 23,718,000 $ 23,551,000 Net sales by geographic region are based on the countries in which our customers are located. For the three six June 30, 2019 2018, not The following table summarizes the locations of the Company’s long-lived assets by geographic region as of June 30, 2019 December 31, 2018: June 30, December 31, 2019 2018 Long-lived assets by geographic region United States $ 2,474,000 $ 2,528,000 International 758,000 716,000 Consolidated total long-lived assets $ 3,232,000 $ 3,244,000 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 2 . Related Party Transactions As of June 30, 2019, no 7. |
Note 13 - Leases
Note 13 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 1 3 . Leases The Company had operating leases for the Company’s corporate office and manufacturing facilities, which expire at various dates through 2024. June 30, 2019 As of June 30, 2019, $3,089,000 $3,128,000. June 30, 2019, not $201,000 $402,000 three six June 30, 2019, The aggregate future minimum lease payments and reconciliation to lease liabilities as of June 30, 2019 June 30, 2019 Remaining six months of 2019 $ 360,000 2020 797,000 2021 776,000 2022 670,000 2023 676,000 Thereafter 135,000 Total future minimum lease payments 3,414,000 Less imputed interest (286,000 ) Total Lease liabilities $ 3,128,000 As of June 30, 2019, 4.76 six June 30, 2019, 4.32%. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 4 . Subsequent Events The Company has reviewed and evaluated whether subsequent events have occurred from the condensed consolidated balance sheet date of June 30, 2019 10 no |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Exercise Price Options Per Option Options outstanding, December 31, 2018 1,022,913 $ 2.69 Granted to employees and non-employee directors 310,000 3.62 Exercised (33,334 ) 1.80 Canceled/expired/forfeited - 0.00 Options outstanding, June 30, 2019 1,299,579 2.93 Options exercisable, June 30, 2019 664,746 2.39 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2019 2018 Raw materials $ 4,754,000 $ 4,732,000 Work in process 1,818,000 825,000 Finished goods 4,297,000 4,321,000 $ 10,869,000 $ 9,878,000 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2019 2018 Payroll expenses and taxes payable $ 247,000 $ 269,000 Commissions and bonuses payable and general accrued liabilities 452,000 1,073,000 $ 699,000 $ 1,342,000 |
Note 9 - Basic and Diluted Ea_2
Note 9 - Basic and Diluted Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2018 2018 Net income (numerator) $ 1,010,000 $ 959,000 $ 2,228,000 $ 1,467,000 Shares (denominator): Basic weighted average common shares outstanding 13,184,321 14,086,277 13,287,583 14,151,734 Add: dilutive effect of common stock options 23,817 41,657 58,563 67,329 Diluted weighted average common shares outstanding 13,208,138 14,127,934 13,346,146 14,219,063 Earnings per common share: Basic $ 0.08 $ 0.07 $ 0.17 $ 0.10 Diluted $ 0.08 $ 0.07 $ 0.17 $ 0.10 |
Note 10 - Activity of Busines_2
Note 10 - Activity of Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Building Supply $ 6,710,000 $ 6,572,000 $ 13,208,000 $ 13,241,000 Disposable Protective Apparel 4,705,000 5,537,000 10,510,000 10,310,000 Consolidated net sales $ 11,415,000 $ 12,109,000 $ 23,718,000 $ 23,551,000 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Building Supply $ 900,000 $ 1,067,000 $ 1,809,000 $ 2,061,000 Disposable Protective Apparel 878,000 1,284,000 2,301,000 2,308,000 Total segment income 1,778,000 2,351,000 4,110,000 4,369,000 Unallocated corporate overhead expenses 530,000 1,189,000 1,401,000 2,608,000 Provision for income taxes 238,000 203,000 481,000 294,000 Consolidated net income $ 1,010,000 $ 959,000 $ 2,228,000 $ 1,467,000 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2019 2018 Building Supply $ 1,867,000 $ 1,908,000 Disposable Protective Apparel 387,000 400,000 Total segment assets 2,254,000 2,308,000 Unallocated corporate assets 1,047,000 1,007,000 Total consolidated assets $ 3,301,000 $ 3,315,000 |
Note 11 - Financial Informati_2
Note 11 - Financial Information about Geographic Areas (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales by geographic region United States $ 11,158,000 $ 11,861,000 $ 23,197,000 $ 23,059,000 International 257,000 248,000 521,000 492,000 Consolidated net sales $ 11,415,000 $ 12,109,000 $ 23,718,000 $ 23,551,000 June 30, December 31, 2019 2018 Long-lived assets by geographic region United States $ 2,474,000 $ 2,528,000 International 758,000 716,000 Consolidated total long-lived assets $ 3,232,000 $ 3,244,000 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | June 30, 2019 Remaining six months of 2019 $ 360,000 2020 797,000 2021 776,000 2022 670,000 2023 676,000 Thereafter 135,000 Total future minimum lease payments 3,414,000 Less imputed interest (286,000 ) Total Lease liabilities $ 3,128,000 |
Summplemental Disclosure of N_2
Summplemental Disclosure of Non-cash Financing Activities (Details Textual) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 3,089,000 | |
Operating Lease, Liability, Total | $ 3,128,000 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | $ 3,455,000 | |
Operating Lease, Liability, Total | $ 3,455,000 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) xbrli-pure in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 310,000 | 289,750 |
Share-based Payment Arrangement, Expense | $ 260,000 | $ 196,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 723,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 91 days |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Options outstanding (in shares) | 1,022,913 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.69 | |
Granted to employees and non-employee directors (in shares) | 310,000 | 289,750 |
Granted to employees and non-employee directors, weighted average exercise price (in dollars per share) | $ 3.62 | |
Exercised (in shares) | (33,334) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.80 | |
Canceled/expired/forfeited (in shares) | ||
Canceled/expired/forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Options outstanding (in shares) | 1,299,579 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.93 | |
Options exercisable (in shares) | 664,746 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 2.39 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Equity Securities, FV-NI | $ 735,000 | $ 735,000 | $ 258,000 | ||
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 0 | $ 0 | |||
Equity Securities, FV-NI, Gain (Loss), Total | 439,000 | $ (97,000) | 609,000 | $ (65,000) | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | 387,000 | 554,000 | |||
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 52,000 | $ 55,000 |
Note 5 - Recent Accounting Pr_2
Note 5 - Recent Accounting Pronouncements (Details Textual) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [1] |
Assets, Total | $ 37,769,000 | $ 34,255,000 | ||
Liabilities, Total | $ 4,664,000 | $ 2,061,000 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Assets, Total | $ 3,455,000 | |||
Liabilities, Total | $ 3,455,000 | |||
[1] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Raw materials | $ 4,754,000 | $ 4,732,000 | |
Work in process | 1,818,000 | 825,000 | |
Finished goods | 4,297,000 | 4,321,000 | |
$ 10,869,000 | $ 9,878,000 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 7 - Equity Investment in_2
Note 7 - Equity Investment in Unconsolidated Affiliate (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 162 Months Ended | |||
Jun. 30, 2019USD ($)ft² | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)ft² | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($)ft² | Dec. 31, 2005 | |
Expense To Acquire Inventory | $ 5,176,000 | $ 3,526,000 | $ 10,451,000 | $ 7,500,000 | |||
Income (Loss) from Equity Method Investments, Total | $ 84,000 | $ 151,000 | $ 361,000 | $ 290,000 | |||
INDIA | Harmony [Member] | |||||||
Number of Stores | 4 | 4 | 4 | ||||
Number Of Stores Owned | 3 | 3 | 3 | ||||
Number Of Stores Rented | 1 | 1 | 1 | ||||
INDIA | Harmony [Member] | Manufacturing Building Products [Member] | |||||||
Area of Real Estate Property | ft² | 113,000 | 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 | 73,000 | ||||
INDIA | Harmony [Member] | Sewing Proprietary Disposable Protective Apparel [Member] | |||||||
Area of Real Estate Property | ft² | 16,000 | 16,000 | 16,000 | ||||
INDIA | Harmony [Member] | Manufacturing Of Building Products [Member] | |||||||
Area of Real Estate Property | ft² | 93,000 | 93,000 | 93,000 | ||||
Harmony [Member] | |||||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | |||||
Equity Method Investments | $ 4,841,000 | 4,841,000 | $ 4,841,000 | ||||
Equity Method Investment, Aggregate Cost | 1,450,000 | 1,450,000 | 1,450,000 | ||||
Cumulative Equity In Income Of Unconsolidated Affiliate | $ 4,410,000 | $ 4,410,000 | 4,410,000 | ||||
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 ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Payroll expenses and taxes payable | $ 247,000 | $ 269,000 | |
Commissions and bonuses payable and general accrued liabilities | 452,000 | 1,073,000 | |
$ 699,000 | $ 1,342,000 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2018 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 9 - Basic and Diluted Ea_3
Note 9 - Basic and Diluted Earnings Per Common Share - Reconciliation of Net Income and Number of Shares Used in Computations of Basic and Diluted EPS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 1,010,000 | $ 959,000 | $ 2,228,000 | $ 1,467,000 |
Shares (denominator): | ||||
Basic weighted average common shares outstanding (in shares) | 13,184,321 | 14,086,277 | 13,287,583 | 14,151,734 |
Add: dilutive effect of common stock options (in shares) | 23,817 | 41,657 | 58,563 | 67,329 |
Diluted weighted average common shares outstanding (in shares) | 13,208,138 | 14,127,934 | 13,346,146 | 14,219,063 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.08 | $ 0.07 | $ 0.17 | $ 0.10 |
Diluted (in dollars per share) | $ 0.08 | $ 0.07 | $ 0.17 | $ 0.10 |
Note 10 - Activity of Busines_3
Note 10 - Activity of Business Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Number of Operating Segments | 2 |
Note 10 - Activity of Busines_4
Note 10 - Activity of Business Segments - Consolidated Net Sales (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 11,415,000 | $ 12,109,000 | $ 23,718,000 | $ 23,551,000 |
Building Supply [Member] | Operating Segments [Member] | ||||
Net sales | 6,710,000 | 6,572,000 | 13,208,000 | 13,241,000 |
Disposable Protective Apparel [Member] | Operating Segments [Member] | ||||
Net sales | $ 4,705,000 | $ 5,537,000 | $ 10,510,000 | $ 10,310,000 |
Note 10 - Activity of Busines_5
Note 10 - Activity of Business Segments - Reconciliation of Total Segment Income to Total Consolidated Net Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated net income | $ 1,010,000 | $ 959,000 | $ 2,228,000 | $ 1,467,000 |
Provision for income taxes | 238,000 | 203,000 | 481,000 | 294,000 |
Operating Segments [Member] | ||||
Consolidated net income | 1,778,000 | 2,351,000 | 4,110,000 | 4,369,000 |
Operating Segments [Member] | Building Supply [Member] | ||||
Consolidated net income | 900,000 | 1,067,000 | 1,809,000 | 2,061,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||||
Consolidated net income | 878,000 | 1,284,000 | 2,301,000 | 2,308,000 |
Corporate, Non-Segment [Member] | ||||
Consolidated net income | $ 530,000 | $ 1,189,000 | $ 1,401,000 | $ 2,608,000 |
Note 10 - Activity of Busines_6
Note 10 - Activity of Business Segments - Consolidated Net Property and Equipment, Goodwill and Intangible Assets (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Consolidated assets | $ 3,301,000 | $ 3,315,000 |
Operating Segments [Member] | ||
Consolidated assets | 2,254,000 | 2,308,000 |
Operating Segments [Member] | Building Supply [Member] | ||
Consolidated assets | 1,867,000 | 1,908,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Consolidated assets | 387,000 | 400,000 |
Corporate, Non-Segment [Member] | ||
Consolidated assets | $ 1,047,000 | $ 1,007,000 |
Note 11 - Financial Informati_3
Note 11 - Financial Information about Geographic Areas - Consolidated Net Sales and Long-lived Asset Information by Geographic Area (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Net sales by geographic region | |||||
Consolidated sales | $ 11,415,000 | $ 12,109,000 | $ 23,718,000 | $ 23,551,000 | |
Long-lived assets by geographic region | |||||
Consolidated long-lived assets | 3,232,000 | 3,232,000 | $ 3,244,000 | ||
Reportable Geographical Components [Member] | |||||
Net sales by geographic region | |||||
Consolidated sales | 11,415,000 | ||||
UNITED STATES | |||||
Long-lived assets by geographic region | |||||
Consolidated long-lived assets | 2,474,000 | 2,474,000 | 2,528,000 | ||
UNITED STATES | Reportable Geographical Components [Member] | |||||
Net sales by geographic region | |||||
Consolidated sales | 11,158,000 | 11,861,000 | 23,197,000 | 23,059,000 | |
International Member | |||||
Long-lived assets by geographic region | |||||
Consolidated long-lived assets | 758,000 | 758,000 | $ 716,000 | ||
International Member | Reportable Geographical Components [Member] | |||||
Net sales by geographic region | |||||
Consolidated sales | $ 257,000 | $ 248,000 | $ 521,000 | $ 492,000 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Related Party Transaction, Amounts of Transaction | $ 0 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating Lease, Right-of-Use Asset | $ 3,089,000 | $ 3,089,000 |
Operating Lease, Liability, Total | 3,128,000 | 3,128,000 |
Finance Lease, Liability, Total | 0 | 0 |
Operating Lease, Expense | $ 201,000 | $ 402,000 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 277 days | 4 years 277 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.32% | 4.32% |
Note 13 - Leases - Future Minim
Note 13 - Leases - Future Minimum Lease Payment (Details) | Jun. 30, 2019USD ($) |
Remaining six months of 2019 | $ 360,000 |
2020 | 797,000 |
2021 | 776,000 |
2022 | 670,000 |
2023 | 676,000 |
Thereafter | 135,000 |
Total future minimum lease payments | 3,414,000 |
Less imputed interest | (286,000) |
Total Lease liabilities | $ 3,128,000 |