Frank Voisin is a value investor and independent analyst whose site, Frankly Speaking, contains Frank’s investment theses as well as educational material to help investors avoid value traps. Subscribe to Frank’s feed here.
Last week I discussed Lakeland Industries, Inc (NASDAQ:LAKE) here, a company that manufacturers and markets disposable safety garments and accessories. I have also come across Alpha Pro Tech, Ltd (AMEX:APT) which operates in the same space and is also a microcap (Market Cap around $40m). I was initially attracted to the company by its lack of debt, low P/E (7.3x ex-cash), share repurchase program and low price in relation to NCAV. It wasn’t until I found this note in its recent 10-Q that I gave up investigating further: