Alpha Pro Tech reports Q4 EPS 5c vs. 5c last year

Reports Q4 revenue $12.2M vs. $13.2M last year. Lloyd Hoffman, CEO commented, "Although sales of disposable protective garments decreased for the full year for 2022 compared to 2021, it was as a result of record sales in the first half of 2021, driven by continued strong shipments in response to COVID-19. Sales of disposable protective garments in 2022 were negatively affected due to excess inventories in the first half of 2022 with our main distributor and end-customer base as a result of the pandemic. Sales of disposable protective garments in the second half of 2022 increased by approximately 27% as compared to the same period of 2021 and increased by 32% comparing the fourth quarter of 2022 to the same period of 2021. In addition, sales in 2022 were up approximately 14% as compared to pre-pandemic levels. Going forward in 2023, we are seeing reversing and positive trends with the aforementioned challenges. In the first quarter of 2023, our sales and marketing team is presenting at many national trade conferences and distributor meetings for the first time in three years. Moreover, feedback from some early first quarter 2023 national meetings is that our mutual end-customers are also relaxing their protocols and allowing for face-to-face meetings, product demonstrations and product evaluations. We are starting to see more consistent ordering patterns from our distributor customers, which is an indication of more balanced inventories in the marketplace. To that end, our expectations for disposable protective garments in 2023 is cautiously optimistic."