* 10.5% increase in sales for Disposable protection, especially as it is coming as a result of a new distribution strategy. Hope to see that keep up in future quarters.
* 22.5% increase in Housewrap sales.
* Share buybacks continued at an avg. price of ~1.58.
* 38.8% gross margin vs. 35.6% in Q1 2012.
* TECHNOply sales are growing.
* 23.3% decrease in synthetic roof sales. Millar chalked this up to weather. I hope he's right, as that implies there should be pent up demand, but that's the one shocking thing to me in this quarterly report.
* Neglible actual earnings ($15k, or 0.00 EPS).
* 5.2% decrease in Infection control segment (which equates to all of $30k). Would really like them to show stronger business under regular conditions here rather than see the stock spike everytime there's news of a possible pandemic and sell off when it doesn't happen.
I have no comments on the disposables, except to say that I will continue to sell a portion into bird flu rallies and buy back those shares within a week or two at lower prices. I've done that three or four times already, which has significantly decreased my costs basis.
I dont doubt there claim that the weather hampered sales in the March quarter. We should see a singnicant increase in the seasonally strong June and September quarters.
GM's were better, they just need to tighten SG&A. I believe they said their was about $200,0000 in one timers in SG&A this past quarter, but even accounting for that, its too high.
Hopefuly there building product sales will ramp in upcoming quarters as housing in general is in an uptrend. And the bottom line increases nicely. Given APT's already strong book value, the share price has lots of room to go much higher.
Does it not worry you that the company has an operating loss for the current quarter and the PY comparable quarter? I don't have faith in management anymore. They got lucky on the equity method investment they made years ago, and if it was not for that, they would be losing money virtually every quarter. They should not have an equity method investment driving the value of the entity. They need to make APT profitable and the equity method investment just add to the value. What has APT management done for us and the stock price?