Third Quarter 2021 Results by APT
APT reported third-quarter 2021 results on 4th November 2021. According to the report, the net income for the three months ending September 30, 2021, was $766,000. From $15.1 million in the third quarter of 2020 to $4.9 million in the third quarter of 2021, gross profit dropped by $10.2 million. Moreover, the gross profit margin was 34.1 percent, compared to 50.4 percent for the same period last year.
The Company presently has no debt and believes that its cash balance will be sufficient to meet forecasted working capital needs. Last but not the least, the Company has committed to investing roughly $4.0 million in capital projects to improve manufacturing capacity.
In the third quarter, APT continues to see mask and shield sales normalize to pre-pandemic levels, as expected by management. When compared to the third quarter of 2021, the third quarter of 2020 had the highest level of pandemic-related mask and shield sales, resulting in a larger sales reduction.
Because inventory levels in the supply chain were greater than historical levels as a result of record sales in the first and second quarters of 2021. The company stated this assumption in the second-quarter results report, and they think that once their channel partners’ inventory levels return to normal, this will normalize.
Second Quarter 2021 Financial results – Was it strong enough?
APT released second-quarter 2021 financial results on 4th August 2021. According to the report, the net sales were $17.8 million, 30.2 percent less than the second quarter of 2020. Moreover, sales in the Disposable Protective Apparel sector fell 55.6 percent to $8.0 million in the same period of 2020.
Furthermore, sales in the Building Supply category climbed by $2.3 million to $9.8 million for the three months ended June 30, 2020. Not only this, but the second quarter of 2021 brought in $1.7 million in net income, compared to $6.2 million. Lastly, the company had $15.5 million in cash and $50.1 million in working capital, with no debt.