Lloyd Hoffman
President and
Chief Executive Officer
TO OUR
SHAREHOLDERS
Dear Shareholders,
I am pleased to present Alpha Pro Tech's Annual Report for the fiscal year ended December 31, 2024. This year has been characterized by resilience and improved operational efficiencies, as we continue our mission to deliver high-quality protective solutions and building supply products that safeguard lives, protect property, and drive sustainable growth.
Financial Performance
In 2024, Alpha Pro Tech achieved net sales of $57.8 million, a decrease of 5.5% compared to the previous year. Despite this modest decline, the Company achieved a 230 basis point gross profit margin percentage increase in 2024, which was a significant driver in matching 2023’s full year earnings per share of $0.35 per share on $3.4 million less revenue.
The Company ended 2024 with cash of $18.6 million compared to $20.4 million as of December 31, 2023. We spent approximately $4.5 million in our stock buyback program repurchasing 831,000 shares of common stock, or 7.7% of the total shares outstanding at year-end, and increased our inventory levels on hand by over $2.6 million.
2 ANNUAL REPORT 2024