Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 30, 2018 | |
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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 13,629,581 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash | $ 6,823,000 | $ 8,763,000 | [1] |
Investments | 289,000 | 343,000 | [1] |
Accounts receivable, net of allowance for doubtful accounts of $70,000 and $83,000 as of September 30, 2018 and December 31, 2017 | 5,763,000 | 4,597,000 | [1] |
Accounts receivable, related party | 495,000 | 361,000 | [1] |
Inventories | 9,352,000 | 10,249,000 | [1] |
Prepaid expenses | 3,499,000 | 2,665,000 | [1] |
Total current assets | 26,221,000 | 26,978,000 | [1] |
Property and equipment, net | 3,158,000 | 3,158,000 | [1] |
Goodwill | 55,000 | 55,000 | [1] |
Definite-lived intangible assets, net | 17,000 | 21,000 | [1] |
Deferred income tax assets | 19,000 | 19,000 | [1] |
Equity investment in unconsolidated affiliate | 4,286,000 | 3,893,000 | [1] |
Total assets | 33,756,000 | 34,124,000 | [1] |
Current liabilities: | |||
Accounts payable | 646,000 | 1,236,000 | [1] |
Accrued liabilities | 1,072,000 | 1,565,000 | [1] |
Total current liabilities | 1,718,000 | 2,801,000 | [1] |
Commitments | |||
Shareholders' equity: | |||
Common stock, $.01 par value: 50,000,000 shares authorized; 13,629,583 and 14,290,749 shares outstanding as of September 30, 2018 and December 31, 2017, respectively | 136,000 | 143,000 | [1] |
Additional paid-in capital | 3,130,000 | 5,415,000 | [1] |
Accumulated other comprehensive loss | (458,000) | [1] | |
Retained earnings | 28,772,000 | 26,223,000 | [1] |
Total shareholders' equity | 32,038,000 | 31,323,000 | [1] |
Total liabilities and shareholders' equity | $ 33,756,000 | $ 34,124,000 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2017 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 ($) | Sep. 30, 2018 | Dec. 31, 2017 | [1] |
Allowance for doubtful accounts | $ 70,000 | $ 83,000 | |
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) | 13,629,583 | 14,290,749 | |
[1] | The condensed consolidated balance sheet as of December 31, 2017 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 ($) | Jul. 01, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Net sales | $ 12,049,000 | $ 12,104,000 | $ 35,655,000 | $ 34,082,000 |
Cost of goods sold, excluding depreciation and amortization | 7,337,000 | 7,519,000 | 21,896,000 | 20,589,000 |
Gross profit | 4,712,000 | 4,585,000 | 13,759,000 | 13,493,000 |
Operating expenses: | ||||
Selling, general and administrative | 3,450,000 | 2,676,000 | 10,024,000 | 10,269,000 |
Depreciation and amortization | 147,000 | 140,000 | 430,000 | 426,000 |
Total operating expenses | 3,597,000 | 2,816,000 | 10,454,000 | 10,695,000 |
Income from operations | 1,115,000 | 1,769,000 | 3,305,000 | 2,798,000 |
Other income: | ||||
Equity in income of unconsolidated affiliate | 105,000 | 103,000 | 393,000 | 339,000 |
Gain on sale of property | 385,000 | 385,000 | ||
Realized gain on sales of marketable securities | 3,000 | 3,000 | ||
Unrealized gain (loss) on marketable securities | 22,000 | (43,000) | ||
Interest income, net | 1,000 | 1,000 | 2,000 | 3,000 |
Total other income | 491,000 | 129,000 | 355,000 | 727,000 |
Income before provision for income taxes | 1,606,000 | 1,898,000 | 3,660,000 | 3,525,000 |
Provision for income taxes | 503,000 | 359,000 | 653,000 | 1,068,000 |
Net income | $ 1,103,000 | $ 1,539,000 | $ 3,007,000 | $ 2,457,000 |
Basic earnings per common share (in dollars per share) | $ 0.07 | $ 0.11 | $ 0.21 | $ 0.16 |
Diluted earnings per common share (in dollars per share) | $ 0.07 | $ 0.11 | $ 0.21 | $ 0.16 |
Basic weighted average common shares outstanding (in shares) | 14,732,173 | 13,795,007 | 14,031,518 | 14,962,606 |
Diluted weighted average common shares outstanding (in shares) | 14,933,426 | 13,853,619 | 14,076,033 | 15,075,940 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 1,539,000 | $ 1,103,000 | $ 3,007,000 | $ 2,457,000 |
Other comprehensive income (loss): | ||||
Change in unrealized loss on marketable securities, net of tax | (208,000) | (243,000) | ||
Comprehensive income | $ 1,539,000 | $ 895,000 | $ 3,007,000 | $ 2,214,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - 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 | 14,290,749 | [1] | |||
Balance at Dec. 31, 2017 | $ 143,000 | $ 5,415,000 | $ (458,000) | $ 26,223,000 | $ 31,323,000 | [2] |
Common stock repurchased and retired (in shares) | (793,000) | |||||
Common stock repurchased and retired | $ (8,000) | (2,820,000) | (2,828,000) | |||
Stock-based compensation expense | 312,000 | $ 312,000 | ||||
Options exercised (in shares) | 131,834 | 131,834 | ||||
Options exercised | $ 1,000 | 223,000 | $ 224,000 | |||
Net income | 3,007,000 | $ 3,007,000 | ||||
Cumulative-effect adjustment of change in accounting for unrealized loss on marketable securities | 458,000 | (458,000) | ||||
Balance (in shares) at Sep. 30, 2018 | 13,629,583 | 13,629,583 | ||||
Balance at Sep. 30, 2018 | $ 136,000 | $ 3,130,000 | $ 28,772,000 | $ 32,038,000 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2017 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, 2017 has been prepared using information from the audited consolidated balance sheet as of that date. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash Flows From Operating Activities: | |||
Net income | $ 3,007,000 | $ 2,457,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 312,000 | 244,000 | |
Depreciation and amortization | 430,000 | 426,000 | |
Realized gain on sale of marketable securities | (3,000) | ||
Unrealized loss on marketable securities | 43,000 | ||
Equity in income of unconsolidated affiliate | (393,000) | (339,000) | |
Gain on sale of property | (385,000) | ||
Changes in assets and liabilities: | |||
Accounts receivable, net | (1,166,000) | (797,000) | |
Accounts receivable, related party | (134,000) | (276,000) | |
Inventories | 897,000 | 1,530,000 | |
Prepaid expenses | (834,000) | 254,000 | |
Accounts payable and accrued liabilities | (1,086,000) | (440,000) | |
Net cash provided by operating activities | 1,073,000 | 2,674,000 | |
Cash Flows From Investing Activities: | |||
Purchase of property and equipment | (424,000) | (923,000) | |
Proceeds from sales of marketable securities | 15,000 | ||
Proceeds from sale of property | 537,000 | ||
Net cash used in investing activities | (409,000) | (386,000) | |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of stock options | 224,000 | 125,000 | |
Repurchase of common stock | (2,828,000) | (2,901,000) | |
Net cash used in financing activities | (2,604,000) | (2,776,000) | |
Decrease in cash | (1,940,000) | (488,000) | |
Cash, beginning of the period | 8,763,000 | [1] | 9,456,000 |
Cash, end of the period | $ 6,823,000 | $ 8,836,000 | |
[1] | The condensed consolidated balance sheet as of December 31, 2017 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 1 - The Company
Note 1 - The Company | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. The Company Alpha Pro Tech, Ltd. (“Alpha Pro Tech” or the “Company”) is in the business of protecting people, products and environments. The Company accomplishes this by developing, manufacturing and marketing a line of building supply products for the new home and re-roofing markets; a line of disposable protective apparel for the cleanroom, industrial and pharmaceutical markets; and a line of infection control products for the medical and dental markets. The Building Supply segment consists of construction weatherization products, such as housewrap and synthetic roof underlayment, as well as other woven material. The Disposable Protective Apparel segment consists of a complete line of shoecovers, bouffant caps, coveralls, gowns, frocks and lab coats. The Infection Control segment consists of a line of face masks and eye shields. The Company’s products are sold under the "Alpha Pro Tech" brand name and under private label, and are predominantly sold in the United States of America (“US”). |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Revenue Recognition Policy | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Revenue Recognition P olicy The interim financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. These interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, omit certain information and note disclosures necessary to present the statements in accordance with US generally accepted accounting principles (“US GAAP”). The interim condensed consolidated financial statements should be read in conjunction with the Company’s current year SEC filings on Form 8 10 December 31, 2017, 10 “2017 10 March 12, 2018. nine September 30, 2018 10 not December 31, 2017 2017 10 not The Company adopted Accounting Standards Update 2014 09, Revenue from Contracts with Customers 606 January 1, 2018 not not not The Company has determined that control does not See Notes 10 11 |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [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 nine September 30, 2018 2017, 349,750 25,000 $312,000 $244,000 nine September 30, 2018 2017, 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 the award is based on the US Treasury yield curve in effect at the time of grant. The estimated volatility is based on historical volatility and management’s expectations of future volatility. The Company uses an estimated dividend payout of zero, as the Company has not not The following table summarizes stock option activity for the nine September 30, 2018: Weighted Average Exercise Price Options Per Option Options outstanding, December 31, 2017 884,998 $ 2.26 Granted to employees and non-employee directors 349,750 3.27 Exercised (131,834 ) 1.70 Canceled/expired/forfeited - 0.00 Options outstanding, September 30, 2018 1,102,914 2.65 Options exercisable, September 30, 2018 415,169 2.13 As of September 30, 2018, $793,000 1.30 |
Note 4 - Investments
Note 4 - Investments | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investments As of September 30, 2018 December 31, 2017, $289,000 $343,000, The following provides information regarding the Company’s marketable securities as of September 30, 2018 December 31, 2017: September 30, December 31, 2018 2017 Cost basis $ 535,000 $ 543,000 Gains previously recognized on warrants 380,000 380,000 Loss included in accumulated other comprehensive loss or reclassified to retained earnings on Jaunuary 1, 2018 (580,000 ) (580,000 ) Unrealized loss recognized in earnings since January 1, 2018 (43,000 ) - Other adjustments (3,000 ) - Fair value $ 289,000 $ 343,000 Certain marketable securities were sold during the nine September 30, 2018. No December 31, 2017. nine September 30, 2018 $3,000, $22,000 July 1, 2018 three September 30, 2018. $208,000 three September 30, 2017. $105,000 three September 30, 2017. $43,000 January 1, 2018 nine September 30, 2018. $243,000 nine September 30, 2017. $113,000 nine September 30, 2017. |
Note 5 - Recent Accounting Pron
Note 5 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 5. Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2014 09, Revenue from Contracts with Customers 606 2014 09” 2014 09, may 2014 09 first December 15, 2017, not 2014 09 first 2018. not In January 2016, 2016 01, Financial Instruments Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017. January 1, 2018, $458,000 January 1, 2018, In February 2016, 2016 02, Leases 842 December 15, 2018 not In March 2016, 2016 09, Compensation - Stock Compensation 718 Improvements to Employee Share-Based Payment Accounting December 15, 2016 March 31, 2017, one $866,000 no In June 2016, 2016 13 Financial Instruments - Credit Losses 326 Measurement of Credit Losses on Financial Instruments 2016 13 2016 13 December 15, 2019. January 1, 2020. not Management periodically reviews new accounting standards that are issued. Management has not |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories As of September 30, 2018 December 31, 2017, September 30, December 31, 2018 2017 Raw materials $ 4,493,000 $ 4,567,000 Work in process 792,000 1,058,000 Finished goods 4,067,000 4,624,000 $ 9,352,000 $ 10,249,000 |
Note 7 - Equity Investment in U
Note 7 - Equity Investment in Unconsolidated Affiliate | 9 Months Ended |
Sep. 30, 2018 | |
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, Consolidation 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 September 30, 2018 December 31, 2017. For the three September 30, 2018 2017, $4,535,000 $3,258,000 nine September 30, 2018 2017, $12,036,000 $11,097,000 For the three September 30, 2018 2017, $103,000 $105,000, nine September 30, 2018 2017, $393,000 $339,000, As of September 30, 2018, $4,286,000, $1,450,000 $3,855,000, $942,000 $77,000 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . Accrued Liabilities As of September 30, 2018 December 31, 2017, September 30, December 31, 2018 2017 Payroll expenses and tax payable $ 114,000 $ 232,000 Commission and bonuses payable and general accrued liabilities 958,000 1,333,000 $ 1,072,000 $ 1,565,000 |
Note 9 - Basic and Diluted Earn
Note 9 - Basic and Diluted Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
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 nine September 30, 2018 2017. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net income (numerator) $ 1,539,000 $ 1,103,000 $ 3,007,000 $ 2,457,000 Shares (denominator): Basic weighted average common shares outstanding 13,795,007 14,732,173 14,031,518 14,962,606 Add: dilutive effect of common stock options 58,612 201,253 44,515 113,334 Diluted weighted average common shares outstanding 13,853,619 14,933,426 14,076,033 15,075,940 Earnings per common share: Basic $ 0.11 $ 0.07 $ 0.21 $ 0.16 Diluted $ 0.11 $ 0.07 $ 0.21 $ 0.16 |
Note 10 - Activity of Business
Note 10 - Activity of Business Segments | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 . Activity of Business Segments The Company operates through three Building Supply Disposable Protective Apparel Infection Control Segment data excludes charges allocated to the principal executive office and other unallocated expenses and income tax. The Company evaluates the performance of its segments and allocates resources to them based primarily on net sales. The following table presents consolidated net sales for each segment for the three nine September 30, 2018 2017: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Building Supply $ 6,979,000 $ 7,076,000 $ 20,220,000 $ 19,298,000 Disposable Protective Apparel 3,922,000 3,845,000 11,542,000 10,914,000 Infection Control 1,203,000 1,128,000 3,893,000 3,870,000 Consolidated net sales $ 12,104,000 $ 12,049,000 $ 35,655,000 $ 34,082,000 The following table presents the reconciliation of consolidated segment income to consolidated net income for the three nine September 30, 2018 2017: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Building Supply $ 1,130,000 $ 1,339,000 $ 3,191,000 $ 3,471,000 Disposable Protective Apparel 809,000 764,000 1,990,000 1,977,000 Infection Control 385,000 396,000 1,512,000 1,405,000 Total segment income 2,324,000 2,499,000 6,693,000 6,853,000 Unallocated corporate overhead expenses 426,000 893,000 3,033,000 3,328,000 Provision for income taxes 359,000 503,000 653,000 1,068,000 Consolidated net income $ 1,539,000 $ 1,103,000 $ 3,007,000 $ 2,457,000 The following table presents the consolidated net property and equipment, goodwill and definite-lived intangible assets (“consolidated assets”) by segment as of September 30, 2018 December 31, 2017: September 30, December 31, 2018 2017 Building Supply $ 1,970,000 $ 2,098,000 Disposable Protective Apparel 305,000 336,000 Infection Control 11,000 13,000 Total segment assets 2,286,000 2,447,000 Unallocated corporate assets 944,000 787,000 Total consolidated assets $ 3,230,000 $ 3,234,000 |
Note 11 - Financial Information
Note 11 - Financial Information about Geographic Areas | 9 Months Ended |
Sep. 30, 2018 | |
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 nine September 30, 2018 2017. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net sales by geographic region United States $ 11,918,000 $ 11,739,000 $ 34,977,000 $ 33,469,000 International 186,000 310,000 678,000 613,000 Consolidated net sales $ 12,104,000 $ 12,049,000 $ 35,655,000 $ 34,082,000 Net sales by geographic region are based on the countries in which our customers are located. For the three nine September 30, 2018 2017, not The following table summarizes the locations of the Company’s long-lived assets by geographic region as of September 30, 2018 December 31, 2017. September 30, December 31, 2018 2017 Long-lived assets by geographic region United States $ 2,554,000 $ 2,593,000 International 604,000 565,000 Consolidated total long-lived assets $ 3,158,000 $ 3,158,000 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 2 . Related Party Transactions The Company previously used a law firm for certain legal matters whose majority member was a member of the Company’s Board of Directors until his resignation on March 31, 2017. nine September 30, 2018 2017, $0 $65,000, September 30, 2018 2017, $0 $0, |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 3 . Commitments and Contingencies Legal Proceedings: The Company is subject to various pending and threatened litigation actions in the ordinary course of business. Although it is not not |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 10 no |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Exercise Price Options Per Option Options outstanding, December 31, 2017 884,998 $ 2.26 Granted to employees and non-employee directors 349,750 3.27 Exercised (131,834 ) 1.70 Canceled/expired/forfeited - 0.00 Options outstanding, September 30, 2018 1,102,914 2.65 Options exercisable, September 30, 2018 415,169 2.13 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | September 30, December 31, 2018 2017 Cost basis $ 535,000 $ 543,000 Gains previously recognized on warrants 380,000 380,000 Loss included in accumulated other comprehensive loss or reclassified to retained earnings on Jaunuary 1, 2018 (580,000 ) (580,000 ) Unrealized loss recognized in earnings since January 1, 2018 (43,000 ) - Other adjustments (3,000 ) - Fair value $ 289,000 $ 343,000 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2018 2017 Raw materials $ 4,493,000 $ 4,567,000 Work in process 792,000 1,058,000 Finished goods 4,067,000 4,624,000 $ 9,352,000 $ 10,249,000 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2018 2017 Payroll expenses and tax payable $ 114,000 $ 232,000 Commission and bonuses payable and general accrued liabilities 958,000 1,333,000 $ 1,072,000 $ 1,565,000 |
Note 9 - Basic and Diluted Ea_2
Note 9 - Basic and Diluted Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net income (numerator) $ 1,539,000 $ 1,103,000 $ 3,007,000 $ 2,457,000 Shares (denominator): Basic weighted average common shares outstanding 13,795,007 14,732,173 14,031,518 14,962,606 Add: dilutive effect of common stock options 58,612 201,253 44,515 113,334 Diluted weighted average common shares outstanding 13,853,619 14,933,426 14,076,033 15,075,940 Earnings per common share: Basic $ 0.11 $ 0.07 $ 0.21 $ 0.16 Diluted $ 0.11 $ 0.07 $ 0.21 $ 0.16 |
Note 10 - Activity of Busines_2
Note 10 - Activity of Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Building Supply $ 6,979,000 $ 7,076,000 $ 20,220,000 $ 19,298,000 Disposable Protective Apparel 3,922,000 3,845,000 11,542,000 10,914,000 Infection Control 1,203,000 1,128,000 3,893,000 3,870,000 Consolidated net sales $ 12,104,000 $ 12,049,000 $ 35,655,000 $ 34,082,000 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Building Supply $ 1,130,000 $ 1,339,000 $ 3,191,000 $ 3,471,000 Disposable Protective Apparel 809,000 764,000 1,990,000 1,977,000 Infection Control 385,000 396,000 1,512,000 1,405,000 Total segment income 2,324,000 2,499,000 6,693,000 6,853,000 Unallocated corporate overhead expenses 426,000 893,000 3,033,000 3,328,000 Provision for income taxes 359,000 503,000 653,000 1,068,000 Consolidated net income $ 1,539,000 $ 1,103,000 $ 3,007,000 $ 2,457,000 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, 2018 2017 Building Supply $ 1,970,000 $ 2,098,000 Disposable Protective Apparel 305,000 336,000 Infection Control 11,000 13,000 Total segment assets 2,286,000 2,447,000 Unallocated corporate assets 944,000 787,000 Total consolidated assets $ 3,230,000 $ 3,234,000 |
Note 11 - Financial Informati_2
Note 11 - Financial Information about Geographic Areas (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net sales by geographic region United States $ 11,918,000 $ 11,739,000 $ 34,977,000 $ 33,469,000 International 186,000 310,000 678,000 613,000 Consolidated net sales $ 12,104,000 $ 12,049,000 $ 35,655,000 $ 34,082,000 September 30, December 31, 2018 2017 Long-lived assets by geographic region United States $ 2,554,000 $ 2,593,000 International 604,000 565,000 Consolidated total long-lived assets $ 3,158,000 $ 3,158,000 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) xbrli-pure in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 349,750 | 25,000 |
Allocated Share-based Compensation Expense, Total | $ 312,000 | $ 244,000 |
Payments of Dividends, Total | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 793,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Options outstanding (in shares) | 884,998 | |
Options outstanding (in dollars per share) | $ 2.26 | |
Granted to employees and non-employee directors (in shares) | 349,750 | 25,000 |
Granted to employees and non-employee directors (in dollars per share) | $ 3.27 | |
Exercised (in shares) | (131,834) | |
Exercised (in dollars per share) | $ 1.70 | |
Canceled/expired/forfeited (in shares) | ||
Canceled/expired/forfeited (in dollars per share) | $ 0 | |
Options outstanding (in shares) | 1,102,914 | |
Options outstanding (in dollars per share) | $ 2.65 | |
Options exercisable (in shares) | 415,169 | |
Options exercisable (in dollars per share) | $ 2.13 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Available-for-sale Securities, Current, Total | $ 289,000 | $ 289,000 | $ 343,000 | [1] | ||
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 0 | |||||
Debt Securities, Available-for-sale, Realized Gain | 3,000 | |||||
Debt Securities, Available-for-sale, Unrealized Gain | 22,000 | |||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | $ (208,000) | $ (243,000) | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ (105,000) | (113,000) | ||||
Available-for-sale Securities, Gross Unrealized Loss, Total | $ 43,000 | |||||
[1] | The condensed consolidated balance sheet as of December 31, 2017 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 4 - Investments - Availabl
Note 4 - Investments - Available-for-sale Marketable Securities (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Unrealized loss recognized in earnings since January 1, 2018 | $ (43,000) | |||
Available-for-sale Securities, Current, Total | 289,000 | $ 343,000 | [1] | |
Marketable Securities [Member] | ||||
Cost basis | 535,000 | 543,000 | ||
Gains previously recognized on warrants | 380,000 | 380,000 | ||
Loss included in accumulated other comprehensive loss or reclassified to retained earnings on Jaunuary 1, 2018 | (580,000) | (580,000) | ||
Unrealized loss recognized in earnings since January 1, 2018 | (43,000) | |||
Other adjustments | (3,000) | |||
Available-for-sale Securities, Current, Total | $ 289,000 | $ 343,000 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2017 has been prepared using information from the audited consolidated balance sheet as of that date. |
Note 5 - Recent Accounting Pr_2
Note 5 - Recent Accounting Pronouncements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Sep. 30, 2018 | |
AOCI Attributable to Parent [Member] | ||
Recognition and Measurement of Financial Instruments, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 458,000 | |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Recognition and Measurement of Financial Instruments, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 458,000 | |
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||
Current Period Reclassification Adjustment | $ (866,000) |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | |
Raw materials | $ 4,493,000 | $ 4,567,000 | |
Work in process | 792,000 | 1,058,000 | |
Finished goods | 4,067,000 | 4,624,000 | |
$ 9,352,000 | $ 10,249,000 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2017 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) | Jul. 01, 2017USD ($) | Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($)ft² | Dec. 31, 2005 |
Expense To Acquire Inventory | $ 4,535,000 | $ 3,258,000 | $ 12,036,000 | $ 11,097,000 | ||||
Income (Loss) from Equity Method Investments, Total | $ 105,000 | $ 103,000 | $ 105,000 | $ 393,000 | $ 339,000 | |||
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 | |||||||
Income (Loss) from Equity Method Investments, Total | $ 339,000 | $ 393,000 | ||||||
Equity Method Investments | 4,286,000 | 4,286,000 | $ 4,286,000 | |||||
Equity Method Investment, Aggregate Cost | 1,450,000 | 1,450,000 | 1,450,000 | |||||
Cumulative Equity In Income Of Unconsolidated Affiliate | $ 3,855,000 | $ 3,855,000 | 3,855,000 | |||||
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 ($) | Sep. 30, 2018 | Dec. 31, 2017 | |
Payroll expenses and tax payable | $ 114,000 | $ 232,000 | |
Commission and bonuses payable and general accrued liabilities | 958,000 | 1,333,000 | |
$ 1,072,000 | $ 1,565,000 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2017 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 ($) | Jul. 01, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Net income | $ 1,103,000 | $ 1,539,000 | $ 1,103,000 | $ 3,007,000 | $ 2,457,000 |
Shares (denominator): | |||||
Basic weighted average common shares outstanding (in shares) | 14,732,173 | 13,795,007 | 14,732,173 | 14,031,518 | 14,962,606 |
Add: dilutive effect of common stock options (in shares) | 58,612 | 201,253 | 44,515 | 113,334 | |
Diluted weighted average common shares outstanding (in shares) | 14,933,426 | 13,853,619 | 14,933,426 | 14,076,033 | 15,075,940 |
Earnings per common share: | |||||
Basic (in dollars per share) | $ 0.07 | $ 0.11 | $ 0.07 | $ 0.21 | $ 0.16 |
Diluted (in dollars per share) | $ 0.07 | $ 0.11 | $ 0.07 | $ 0.21 | $ 0.16 |
Note 10 - Activity of Busines_3
Note 10 - Activity of Business Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
Number of Operating Segments | 3 |
Note 10 - Activity of Busines_4
Note 10 - Activity of Business Segments - Consolidated Net Sales (Details) - USD ($) | Jul. 01, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Net sales | $ 12,049,000 | $ 12,104,000 | $ 12,049,000 | $ 35,655,000 | $ 34,082,000 |
Building Supply [Member] | Operating Segments [Member] | |||||
Net sales | 6,979,000 | 7,076,000 | 20,220,000 | 19,298,000 | |
Disposable Protective Apparel [Member] | Operating Segments [Member] | |||||
Net sales | 3,922,000 | 3,845,000 | 11,542,000 | 10,914,000 | |
Infection Control [Member] | Operating Segments [Member] | |||||
Net sales | $ 1,203,000 | $ 1,128,000 | $ 3,893,000 | $ 3,870,000 |
Note 10 - Activity of Busines_5
Note 10 - Activity of Business Segments - Reconciliation of Total Segment Income to Total Consolidated Net Income (Details) - USD ($) | Jul. 01, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Consolidated net income | $ 1,103,000 | $ 1,539,000 | $ 1,103,000 | $ 3,007,000 | $ 2,457,000 |
Provision for income taxes | $ 503,000 | 359,000 | 503,000 | 653,000 | 1,068,000 |
Operating Segments [Member] | |||||
Consolidated net income | 2,324,000 | 2,499,000 | 6,693,000 | 6,853,000 | |
Operating Segments [Member] | Building Supply [Member] | |||||
Consolidated net income | 1,130,000 | 1,339,000 | 3,191,000 | 3,471,000 | |
Operating Segments [Member] | Disposable Protective Apparel [Member] | |||||
Consolidated net income | 809,000 | 764,000 | 1,990,000 | 1,977,000 | |
Operating Segments [Member] | Infection Control [Member] | |||||
Consolidated net income | 385,000 | 396,000 | 1,512,000 | 1,405,000 | |
Corporate, Non-Segment [Member] | |||||
Consolidated net income | $ 426,000 | $ 893,000 | $ 3,033,000 | $ 3,328,000 |
Note 10 - Activity of Busines_6
Note 10 - Activity of Business Segments - Consolidated Net Property and Equipment, Goodwill and Intangible Assets (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Consolidated assets | $ 3,230,000 | $ 3,234,000 |
Operating Segments [Member] | ||
Consolidated assets | 2,286,000 | 2,447,000 |
Operating Segments [Member] | Building Supply [Member] | ||
Consolidated assets | 1,970,000 | 2,098,000 |
Operating Segments [Member] | Disposable Protective Apparel [Member] | ||
Consolidated assets | 305,000 | 336,000 |
Operating Segments [Member] | Infection Control [Member] | ||
Consolidated assets | 11,000 | 13,000 |
Corporate, Non-Segment [Member] | ||
Consolidated assets | $ 944,000 | $ 787,000 |
Note 11 - Financial Informati_3
Note 11 - Financial Information about Geographic Areas - Consolidated Net Sales and Long-lived Asset Information by Geographic Area (Details) - Reportable Geographical Components [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Net sales by geographic region | |||||
Consolidated sales | $ 12,104,000 | $ 12,049,000 | $ 35,655,000 | $ 34,082,000 | |
Long-lived assets by geographic region | |||||
Consolidated long-lived assets | 3,158,000 | 3,158,000 | $ 3,158,000 | ||
UNITED STATES | |||||
Net sales by geographic region | |||||
Consolidated sales | 11,918,000 | 11,739,000 | 34,977,000 | 33,469,000 | |
Long-lived assets by geographic region | |||||
Consolidated long-lived assets | 2,554,000 | 2,554,000 | 2,593,000 | ||
International Member | |||||
Net sales by geographic region | |||||
Consolidated sales | 186,000 | $ 310,000 | 678,000 | $ 613,000 | |
Long-lived assets by geographic region | |||||
Consolidated long-lived assets | $ 604,000 | $ 604,000 | $ 565,000 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - Director [Member] - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Legal Services, Related Party [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 65,000 |
Related Law Firm [Member] | ||
Due to Related Parties, Total | $ 0 | $ 0 |