APT — what changed in the latest 10-Q
A section-by-section comparison of APT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +64 | −32 | ~8 | 31 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 3 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +4 | −1 | ~1 | 1 |
| Other information | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
On February 20, 2026, the U.S. Supreme Court ruled in Learning Resources, Inc. v. Trump that the President lacked authority under the International Emergency Economic Powers Act ("IEEPA") to impose certain tariffs. During the three months ended June 30, 2026, the Company recognized a recovery of app…
Subsequent to June 30, 2026, the Company received approximately $3.2 million in refunds from the CBP related to previously paid IEEPA tariffs. This is in addition to the approximately $300,000 in refunds received (and recorded) during the second quarter of 2026. Although approximately $3.2 million o…
Management reviews and analyzes several key performance measures which are non-GAAP financial measures when shown excluding the impact of the IEEPA tariff refund, including gross profit; selling, general and administrative expense; income from operations; income before provision for taxes; provision…
The non-GAAP financial measures should be considered along with the most directly comparable U.S. GAAP financial measures. Definitions of these non-GAAP financial measures, a discussion of why we believe they are useful to management and investors as well as certain of their limitations, and reconci…
The housing market continued to show weakness in the second quarter of 2026, as single-family housing starts declined by 4.2% compared to the corresponding period in 2025. This decline in the second quarter of 2026 represents an improvement from the decline of 6.5% in the first quarter of 2026. Sing…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
On February 20, 2026, the U.S. Supreme Court ruled in Learning Resources, Inc. v. Trump that the President lacks authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs. The Company paid tariffs in 2025 under IEEPA and has filed for refunds of these tariffs, but the…
Challenges in the housing market continued during the first quarter of 2026, as single-family housing starts declined compared to the corresponding period in 2025. According to the U.S. Census Bureau, single-family housing starts decreased by 5.5% for the quarter. Housing starts for January and Febr…
In the first quarter of 2026, our housewrap sales increased by 13.1%, significantly outperforming the broader market and reflecting market share gains. Management expects continued growth in the housewrap category over the coming year, particularly if broader economic and housing market uncertainty …
Sales of other woven material sales increased by $215,000, or 32.0%, for the three months ended March 31, 2026 compared to the same period of 2025, primarily due to increased sales to our largest customer for this product line. The Company continues to pursue new opportunities for other woven materi…
Single-family housing starts in the U.S. have remained constrained by affordability pressures, macroeconomic uncertainty, and more recently by geopolitical volatility. Elevated mortgage rates and persistently high home prices relative to income have reduced affordability and softened demand, while t…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-07
Tariff policies, ongoing trade disputes, and related litigation, including related to tariff refunds, could increase our costs, disrupt our global supply chain, and adversely affect our business, financial condition, results of operations, and cash flows
During the three months ended June 30, 2026, the Company recognized a refund of certain tariffs previously paid under the IEEPA, including applicable statutory interest, that were received from U.S. Customs and Border Protection during June 2026. However, the underlying litigation challenging the IE…
The Company received an additional $3.2 million in refunds in July 2026 which were not recognized in the condensed consolidated financial statements as of June 30, 2026 due to the uncertainty described above. There can be no assurance regarding the ultimate recognition of those refunds.
Because of these dynamics, we cannot predict the impact of future changes to U.S. or foreign trade policies, tariffs, or other trade regulations, or the outcome of ongoing litigation relating to such measures. Any such developments could have a material adverse effect on our business, financial cond…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Tariff policies and potential countermeasures could increase our costs and disrupt our global supply chain, which could negatively impact the results of our operations.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice