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Alpha Pro Tech


matjone
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Has anyone looked into this?  Positive earnings every year last 10 years, averaged about 16% ROE last 10 yrs, no debt, and insiders own about 12% according to morningstar.  Market cap is about 33M and net current assets are about 29M.  TTM PE is only 7, but they had a temporary earnings spike due to sales of masks during the swine flu scare so  income might be headed down.

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From the page 10 of the last 10-Q

 

The Chief Executive Officer and President are each entitled to a bonus equal to 5% of the pre-tax profits of the Company, excluding bonus expense.  The Chief Executive Officer and President have voluntarily decided to forgo their bonuses for 2010.  Therefore, no executive bonuses were accrued for the three months ended September 30, 2010.  Also, the $186,000 that was accrued for the six months ended June 30, 2010 has been reversed resulting in $0 in accrued executive bonuses for the nine months ended September 30, 2010.

 

Not sure what to think about this arrangement.

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I looked at this a few weeks ago when it came up on a search.  The margin of safety is not high enough as the company reverts, from a one-time sales boost due to the flu scare, back to its core operating capability.  The compensation to key executives is also an issue.  Pass.

 

-O

Has anyone looked into this?  Positive earnings every year last 10 years, averaged about 16% ROE last 10 yrs, no debt, and insiders own about 12% according to morningstar.  Market cap is about 33M and net current assets are about 29M.  TTM PE is only 7, but they had a temporary earnings spike due to sales of masks during the swine flu scare so  income might be headed down.

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