Alpha Pro Tech Ltd (APT), a leading provider of crit ical infection control solutions, has announced its financial results for the first half of 2023, showcasing a net income of $1.7 million.
The company's revenue for the first half of 2023 stood at $29.9 million, reflecting its commitment to delivering quality infection control products and services.
Alpha Pro Tech Ltd (APT), a recognized name in the field of infection control solutions, has released its unaudited financial statements for the first half of 2023. The company's strong performance is highlighted by a net income of $1.7 million and total revenue of $29.9 million during this period.
Financial Statements Highlights
Condensed Consolidated Balance Sheets (Unaudited)
As of June 30, 2023, Alpha Pro Tech's total assets amounted to $64.3 million. The company's current assets, which include cash, accounts receivable, and inventories, totaled $52.3 million. Property and equipment, net of depreciation and amortization, stood at $5.7 million, while goodwill and other assets contributed to the remaining balance.
Condensed Consolidated Statements of Income (Unaudited)
The company reported net sales of $16.1 million for the three months ended June 30, 2023. During the six months of the year, the net sales reached $29.9 million. After accounting for costs of goods sold and operating expenses, Alpha Pro Tech achieved an income from operations of $1.7 million for the second quarter and $3.2 million for the first half of 2023.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Net income for the three months ended June 30, 2023, was reported as $1.15 million, contributing to a comprehensive income of $1.17 million. For the six-month period, the net income totaled $1.70 million, resulting in a comprehensive income of $1.86 million.
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)
Alpha Pro Tech's common stock, additional paid-in capital, retained earnings, and other comprehensive income/loss are summarized in the shareholders' equity statement. Notable events during the six months include common stock repurchases and retirements, stock-based compensation expenses, and options exercised, all contributing to the changes in shareholders' equity.
Condensed Consolidated Statements of Cash Flows (Unaudited)
The company's cash flow statement for the first half of 2023 reflects net cash provided by operating activities amounting to $987,000. Investing activities led to a net cash use of $390,000, primarily from property and equipment purchases. Financing activities resulted in a net cash use of $1.54 million, including proceeds from stock option exercises and repurchases of common stock.
Alpha Pro Tech Ltd's financial performance in the first half of 2023 underscores its dedication to providing high-quality infection control solutions. The company's net income of $1.7 million and revenue of $29.9 million reflect a strong foundation for growth and innovation in the critical infection control industry.