Acme United Corporation News Release
The following excerpt is from the company's SEC filing
CONN. – February 26, 2014 – Acme United Corporation (NYSE MKT:ACU) today announced that net sales for the fourth quarter
ended December 31, 2013 were $21.4 million, compared to $19.5 million in the comparable period of 2012, an increase of 9%.
income was $524,000, or $.15 per diluted share, for the quarter ended December 31, 2013, compared to $431,000 or $.14 per diluted
share, for the comparable period of 2012, an increase of 22% in net income and 7% in diluted earnings per share.
sales for the year ended December 31, 2013 were $89.6 million, compared to $84.4 million in 2012, an increase of 6%.
income for the year ended December 31, 2013 was $4,003,000, or $1.22 per diluted share, compared to $3,549,000, or $1.13 per diluted
share for the comparable period of 2012, a 13% increase in net income and 8% increase in diluted earnings per share.
sales in the U.S. segment for the quarter and year ended December 31, 2013 increased 11% and 9%, respectively, compared to the
same periods in 2012. The increases for both periods were primarily due to higher sales of Camillus knives and back to school
products as well as increased distribution of first aid kits. Net sales in Canada for the three months ended December 31, 2013
decreased 7% in U.S dollars but remained constant in local currency compared to the same period in 2012. Net sales in Canada for
the year ended December 31, 2013 decreased 8% in both U.S. dollars and local currency compared to 2012. The sales decline in Canada
was primarily due to general softness in the office products industry. European net sales for the three months ended December
31, 2013 increased 8% in U.S. dollars (2% in local currency), compared to the same period last year. European net sales for the
year ended December 31, 2013 decreased 2% in U.S. dollars (5% in local currency), compared to last year. The decreased sales in
Europe were primarily due to the bankruptcy and liquidation of a large customer in Germany in the second quarter of 2012.
margins were 34.5% in the fourth quarter of 2013 versus 33.6% in the comparable period last year. Gross margins were 35.5% for
the year ended December 31, 2013 versus 35.3% for the comparable period in 2012.
profit was $763,000 for the quarter ended December 31, 2013 compared to $465,000 for the same period in 2012, a 64% increase.
Operating profit was $5,879,000 for the year ended December 31, 2013 compared to $5,361,000 last year, an increase of 10%.
C. Johnsen, Chairman and CEO said, “We performed well throughout the year, and I am pleased with the financial results.
We achieved record sales, strengthened our product offerings across all our brands, and acquired a superb facility in North Carolina
to consolidate many of our operations. Mr. Johnsen added that the company has continued to build its balance sheet, and is positioned
to finance continued growth.”
Company’s bank debt less cash and cash equivalents on December 31, 2013 was $11.3 million compared to $14.6 million on December
31, 2012. During the year ended
December 31, 2013, Acme purchased a new distribution facility in North Carolina for $2.8 million, added $.9 million in refurbishments
to the facility, and paid $.7 million in dividends on its common stock. On August 21, 2013 the Company received $1.7 million from
early repayment of a mortgage receivable. During the year the Company also generated $5.5 million in free cash flow while reducing
inventory by $2.1 million.
UNITED CORPORATION is a leading worldwide supplier of innovative cutting, measuring and safety products to the school, home,
office, hardware and industrial markets. Its leading brands include Westcott®, Clauss®,
Camillus®, PhysiciansCare ® and Pac Kit®.
Amounts in $000's except per share data
Amounts in $000's
except per share data
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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