On this page of StockholderLetter.com we present the latest annual shareholder letter from ALPHA PRO TECH LTD — ticker symbol APT. Reading current and past APT letters to shareholders can bring important insights into the investment thesis.

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0123 56231678913 2 81219 7 311 8 62 37 1 6 28 1 73 73 61 28 123 1 919 01 1 13 ! 6" 123 62 11 6232 13"#19 31"8"1 1 2 9 " 37$19 7 132 "7 28 1% "1 "1 2 &1 7 " 1 7 3 " "7 7 918"$13 6"'6() 28" 37 1 "$1 78 "7 2 9 "89" ' 8 379 62 2 1' 239 8"$1 37 1 37 13 2 9 93"$1 2" 2 81 '37& 6! 8 62 37 1 6 2 6"1$19 1 281 7 +,-!. "88"7 2 91 3121 7 ,!,/ 7 2319 7 61 31$"7 123! 01 " 1 6" 791 91 8" 1 61 07 2 2 6"1$19 2 2" 7" '37 37 23'" 13 1 2'1 " 3121 " &6" 6 &2 2 "' " 2 93"$13 " 2 6" ' 1 88 123 123 " ' 13 6231 7 + ! , 13 6231 7 + ! "88"7 81 31$1 1! 61 07 2 1 919 &" 6 26 7 + .!2 "88"7 7 2319 7 + ! "88"7 2 7 01 1 13 ! 31 1 2 374" 2 18 + !, "88"7 " 7 3 7 5 2 5 37'32 31 3 62" ' . 6231 7 7 7 7 5 73 -!-/ 7 61 7 28 6231 7 2 9" ' 2 123(1 9 2 9 " 31219 7 3 " $1 73 81$18 7 62 9 7$13 + !2 "88"7 !
5 1612 0 67 4 42 34 3 6642 4 512 4 74 58 1 12 64! 167 12 5 2 "#"$ 2 6 1! 167 12 5 2 %%#&$ 12 '('" 3 54 '('&# )4 1 4 4 35 24 12 12 8 4 27 12354 4 64 1 %" 5 %* 3 45 3 54 '('&8 4 42 4 5 5+ 2 3 1 42 5 64 4 8 13 4 2 4 12 6 4 '('" 1 4 1 12 4551 57 2 45 166 1 12 542 4212 546 12 1 1 5 3 45 2 51 12 24 , 124 # -4 4 43 5 12 4 1612 0 67 4 42 12 4 3 12 74 58 4 5.43 4 2 ,45 12 5 12 '('* 1 4 43 4 12354 48 4 458 454 3 2 12 4 ,4 2345 12 7 12 12 5 2 4 43 2 7 12 4245 6 3 6 43 1 4 42 # 0 64 1 ,64 5 43 1 4 546 12354 4 ,7 *#($ 12 '('" 4 1 4 45 64 12 4 5 / 5 458 51 42 ,7 5 45 12 4 5 12 2 5 2 4 5 6 5 4 54 12 6 3 2246 5 245 8 466 24 1 51, 12 544 42 1 54 12 6 2 2 12 6 3 2246 5 245 5 14 5 2 42 234 64 46 42 4 42 2 6 5 12342 1 4 # 02 1 128 4 1 24 24 544 42 1 5 6 5 4 12 452 12 6 3 2246 5 245 2 3 14 4 464 4 8 2 4 54 4554 6145 12 5 5# -4 ,4614 4 1 3 14 4 42 166 5 14 5 5 21 14 8 2 2 4 42 4 43 45 66 3 2 12 4 5 5 4 )1 ,64 5 43 1 4 1 546 4 42 12 '('*# 1 4 6 + '('* 2 ,472 8 5 5 4 7 54 12 364 52 3 2 12 4 122 48 12 4 12 45 12 6 4 346642348 2 4 2 5 5+4 54 3 # -4 54 4 31 4 , 4 5 21 14 4 2 2 ,4 6 4 5 )1543 5 2 4 42 154 16 5 343 4 8 0 4 42 7 44 4 5 1 4 5 54 645 5 7 5 3 2 12 4 5 2 5 # 0123454678 967 2 54 142 2 14 43 1 4 345
 • shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 APT Stockholder Letter
 • stockholder letter icon 4/29/2024 APT Stockholder Letter
 • stockholder letter icon More "Construction Materials & Machinery" Category Stockholder Letters
 • Benford's Law Stocks icon APT Benford's Law Stock Score = 85


APT Shareholder/Stockholder Letter Transcript:


012312456
3217896


+ ,-- '  .  / !0!  1  (  ) *!
2 3&  *     4'$*& !
5$'-$' )  6 7$'8  $ 


0123  56231678913
  2    81219   7   311     8 62   37   1 6       28   1 73    73   61    28   123  1 919
01 1  13          !   6"   123  62   11    6232  13"#19      31"8"1  1  2 9  "  37$19
7 132 "7 28  1% "1  "1   2  &1   7  "  1  7 3   " "7    7  918"$13  6"'6() 28"     37 1  "$1
78  "7   2 9    "89" '     8    379      62   2 1' 239  8"$1    37 1     37 13    2 9  93"$1
  2" 2 81  '37& 6!
          8 62   37   1 6  2 6"1$19   1   281  7   +,-!.   "88"7   2  91 3121  7   ,!,/
 7  2319   7   61   31$"7    123!  01 " 1   6"   791   91 8" 1   61  07  2    2 6"1$19  2
      2"   7"    '37    37     23'"    13 1  2'1  "  3121  "         &6" 6  &2  2
"' "  2    93"$13  "    2  6" '      1    88   123  123 " '   13  6231  7   + ! ,   13  6231  7 
+ !   "88"7   81   31$1  1!
 61  07  2    1 919        &" 6   26  7   + .!2   "88"7    7  2319   7  +  !   "88"7   2  7 
01 1  13          !  31   1    2  374" 2 18   + !,   "88"7   "   7 3   7 5      2 5   37'32
31  3 62" '  .        6231  7    7 7     7 5  73  -!-/  7    61   7 28   6231
7   2 9" '  2    123(1 9  2 9  "  31219  7 3  " $1  73   81$18  7   62 9      7$13
+ !2   "88"7 !

  5    1612   0   67   4  42     34   3  6642 4    512     4  74 58   1     12 64!   167      12      5     2
"#"$   2     6 1!   167      12      5     2  %%#&$  12  '('"  3    54      '('&#  )4  1 4    4    35     24  
12      12 8    4       27  12354  4     64   1    %"      5      %*  3    45   3    54      '('&8      4    42 
     4    5   5+   2   3   1  42       5    64    4  8   13       4   2 4   12  6  4  '('"  1      4    1 12   
     4551 57    2  45          166     1    12    542   4212   546  12  1     1     5  3    45    2   51 12   24
,  124  #  -4  4  43    5     12    4    1612   0   67   4  42   12    4  3  12   74 58        4   5.43 4   2  ,45   
    12      5    12  '('*  1   4  43 4      12354  48    4 458    454  3 2 12 4      ,4   2345  12 7  12      12 
   5     2     4  43 2  7  12   4245 6        3  6    43     1    4  42 #
0 64        1     ,64   5 43 1 4      546  12354  4   ,7  *#($  12  '('"   4  1 4     45    64   12    4    5  
/  5 458  51 42  ,7    5  45  12 4 5  12   2    5        2     4      5  6 5 4    54 12 6  3  2246    5 245 8    
466      24   1  51,  12    544 42     1    54 12 6   2   2  12 6  3  2246    5 245          5 14    5   2
42  234   64 46     42   4 42    2        6   5     12342 1 4 #  02    1 128  4   1 24      24     544 42   1  
 5  6 5 4    12 452  12 6  3  2246    5 245   2    3 14 4   464   4         8  2  4           54 4554       6145
  12    5  5#  -4  ,4614 4    1    3 14 4 42    166   5 14   5        5  21 14 8   2     2  4 42   4  43  
 45 66  3 2 12 4    5      5    4  )1     ,64   5 43 1 4  1   546   4  42   12  '('*#
1    4  6 +     '('*   2   ,472 8   5    5  4 7  54  12   364 52  3 2 12 4     122    48  12 4    12   45  12 6
4 346642348   2   4   2    5    5+4   54 3 #  -4   54  4 31 4    ,       4     5  21 14     4     2   2  ,4  6    
  4     5      )1543 5    2     4  42 154  16      5  343    4  8  0  4  42    7   44 4     5  1   4       5
   54  645    5  7 5  3 2 12 4        5    2    5   #
0123454678
967       2
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  14     43  1 4    345



shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
 

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