0000950170-24-055586 | 10-Q | XBRL Viewer

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Accounts receivable, allowance	$ 678	$ 567
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	5,206,752	5,190,072
Common stock, shares outstanding	3,661,880	3,645,200
Treasury stock, shares	1,544,872	1,544,872

Fair Value Measurements	3 Months Ended
Mar. 31, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	7. Fair Value Measurements The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity. The Company’s contingent liability related to the acquisition of Safety Made is recorded at its fair value of $750,000 which is recorded in other current liabilities on the condensed consolidated balance sheet as of March 31, 2024.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity. The Company’s contingent liability related to the acquisition of Safety Made is recorded at its fair value of $750,000 which is recorded in other current liabilities on the condensed consolidated balance sheet as of March 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

12. Inventories

Inventories consisted of (in thousands):



	March 31,		December 31,
	2024		2023
Finished goods	$	40,851	$	39,316
Work in process		264		208
Materials and supplies		15,772		15,946
	$	56,887	$	55,470

Inventories are stated at the lower of cost or net realizable value, determined by the first-in, first-out method.

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of (in thousands):



	March 31,		December 31,
	2024		2023
Finished goods	$	40,851	$	39,316
Work in process		264		208
Materials and supplies		15,772		15,946
	$	56,887	$	55,470

Stock Based Compensation (Details Narrative) - USD ($)	3 Months Ended
Stock Based Compensation (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 449,000	$ 424,000
Unrecognized compensation cost	$ 3,102,278
Unrecognized compensation cost recognition period	3 years

Segment Information (Details Narrative)	3 Months Ended
Segment Information (Details Narrative)	Mar. 31, 2024	Mar. 31, 2023
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	8.00%	6.00%

Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 2,443	$ 4,796
Restricted Cash - current	750	750
Total cash, cash equivalents and restricted cash	$ 3,193	$ 5,546	$ 4,264	$ 7,600

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

11. Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of (in thousands):



	March 31,		December 31,
	2024		2023
Tradename	$	10,008	$	10,008
Customer list		18,823		18,823
Non-compete		1,248		1,248
Slice license agreement		380		380
Patents		2,272		2,272
Subtotal		32,731		32,731
Less: Accumulated amortization		14,335		13,730
Intangible assets	$	18,396	$	19,001
Goodwill	$	8,189	$	8,189
Total:	$	26,585	$	27,190

The useful lives of the identifiable intangible assets range from 5 years to 15 years.

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 44,956	$ 45,838
Cost of goods sold	27,560	29,557
Gross profit	17,396	16,281
Selling, general and administrative expenses	14,838	14,093
Operating income	2,558	2,188
Non-operating items:
Interest expense	476	919
Interest income	(33)	(17)
Interest expense, net	443	902
Other income, net	(44)	(23)
Income before income tax expense	2,159	1,309
Income tax expense	523	319
Net income	$ 1,636	$ 990
Basic earnings per share	$ 0.45	$ 0.28
Diluted earnings per share	$ 0.39	$ 0.28
Weighted average number of common shares outstanding-denominator used for basic per share computations	3,650,000	3,541,000
Weighted average number of dilutive stock options outstanding	563,000
Denominator used for diluted per share computations	4,213,000	3,541,000
Dividends declared per share	$ 0.15	$ 0.14

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Tradename	$ 10,008	$ 10,008
Customer list	18,823	18,823
Non-compete	1,248	1,248
Slice license agreement	380	380
Patents	2,272	2,272
Subtotal	32,731	32,731
Less: Accumulated amortization	14,335	13,730
Intangible assets	18,396	19,001
Goodwill	8,189	8,189
Total:	$ 26,585	$ 27,190

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

8. Leases

The Company has operating leases for office and warehouse space and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2029.

Certain of the Company’s lease arrangements contain renewal provisions, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease.

Operating lease cost was $0.3 million for the three months ended March 31, 2024, of which $0.1 million was included in cost of goods sold and $0.2 million was included in selling, general and administrative expenses.

Information related to leases (in thousands):


	Three Months Ended		Three Months Ended
Operating cash flow information:	March 31, 2024		March 31, 2023
Operating lease cost	$	341	$	334
Operating lease - cash flow	$	354	$	346


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	3,818	$	341


	March 31, 2024			March 31, 2023
Weighted-average remaining lease term	4.0 years			3.0 years
Weighted-average discount rate		7	%		5	%

Future minimum lease payments under non-cancelable leases as of March 31, 2024:


2024 (remaining)	$	1,400
2025		1,755
2026		1,068
2027		926
2028		960
Thereafter		357
Total future minimum lease payments	$	6,466
Less: imputed interest		(826	)
Present value of lease liabilities - current		1,577
Present value of lease liabilities - non-current	$	4,063

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases Details [Abstract]
Operating lease cost	$ 341	$ 334
Operating lease - cash flow	354	346
ROU assets obtained in exchange for lease liabilities	$ 3,818	$ 341
Weighted-average remaining lease term	4 years	3 years
Weighted-average discount rate	7.00%	5.00%

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 1,636,000	$ 990,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	860,000	720,000
Amortization of intangible assets	605,000	517,000
Non-cash lease adjustment	(12,000)	(12,000)
Stock compensation expense	449,000	424,000
Provision for bad debt	112,000	26,000
Amortization of deferred financing costs	9,000	9,000
Changes in operating assets and liabilities:
Accounts receivable	(6,774,000)	(666,000)
Inventories	(1,659,000)	4,987,000
Prepaid expenses and other assets	(590,000)	(1,405,000)
Accounts payable	(4,517,000)	73,000
Other accrued liabilities	(287,000)	2,013,000
Total adjustments	(11,804,000)	6,686,000
Net cash (used in) provided by operating activities	(10,168,000)	7,676,000
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,611,000)	(701,000)
Net cash used in investing activities	(1,611,000)	(701,000)
Cash flows from financing activities:
Net borrowings (repayments) of long-term debt	10,183,000	(9,787,000)
Tax withholding on net share settlement of stock options	(35,000)
Cash settlement of stock options	(296,000)
Repayments on mortgage	(104,000)	(101,000)
Proceeds from issuance of common stock	323,000	61,000
Distributions to shareholders	(561,000)	(497,000)
Net cash provided by (used in) financing activities	9,510,000	(10,324,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(84,000)	13,000
Net change in cash, cash equivalents and restricted cash	(2,353,000)	(3,336,000)
Cash, cash equivalents and restricted cash at beginning of period	5,546,000	7,600,000
Cash, cash equivalents and restricted cash at end of period	3,193,000	4,264,000
Supplemental cash flow information:
Cash paid for income taxes	9,000	122,000
Cash paid for interest	$ 385,000	$ 919,000

Debt and Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Long Term Debt And Stockholders Equity [Abstract]

Schedule of Long-Term Debt

As of March 31, 2024 and December 31, 2023, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s):


	March 31, 2024			December 31, 2023

Mortgage payable - HSBC Bank N.A.	$	10,719		$	10,823
Less debt issuance costs		(116	)		(120	)
		10,603			10,703
Less current maturities		424			419
Long-term mortgage payable less current maturities	$	10,179		$	10,284

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Debt and Shareholders' Equity (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Long Term Debt And Stockholders Equity [Line Items]
Outstanding borrowings under revolving loan agreement	$ 23,347,000		$ 13,165,000
Aggregate proceeds from exercise of employee stock options	$ 323,000
Issuance of common stock (shares)	14,438
Deferred financing cost	$ 53,000		$ 60,000
Cash settlement of stock options	$ 296,000
Common Stock
Long Term Debt And Stockholders Equity [Line Items]
Issuance of common stock (shares)	14,438	5,000
Stock issued during period shares new issues related to net share settlement	2,242
Revolving Credit Facility
Long Term Debt And Stockholders Equity [Line Items]
Credit facility interest rate	Secured Overnight Financing Rate (“SOFR”) plus a margin of +1.75%
Facility fee per annum	0.125%
Revolving Credit Facility \| Maximum
Long Term Debt And Stockholders Equity [Line Items]
Credit facility borrowing capacity	$ 65,000,000
First Aid Only Distribution Center
Long Term Debt And Stockholders Equity [Line Items]
Covenant terms and compliance	Under the revolving loan agreement, the Company is required to maintain a specific ratio of funded debt to EBITDA, a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year
Fixed interest rate	3.80%

Divestiture

3 Months Ended

Mar. 31, 2024

Divestiture [Abstract]

Divestiture

13. Divestiture

On November 1, 2023, the Company sold the assets of its Camillus Cutlery and Cuda business lines (the “Business”) to GSM Holdings, Inc., a Delaware corporation (“GSM Holdings”), pursuant to an Asset Purchase Agreement entered into on the same date.

The purchase price for the Business was $19,773,000. At closing, GSM Holdings paid $18,273,000 to the Company; the balance of the purchase price, $1,500,000, is subject to a 12-month holdback as a non-exclusive source of recovery primarily to satisfy indemnification claims under the Asset Purchase Agreement.

The Asset Purchase Agreement contains customary representations, warranties and covenants by the Company and GSM Holdings, including confidentiality, non-solicitation obligations and indemnification obligations. Under the terms of a related License Agreement dated November 1, 2023, the Company has provided a royalty-free, perpetual, non-exclusive license to certain patents held by the Company that are used in the Business.

Commitment and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

2. Commitments and Contingencies

There are no pending material legal proceedings to which the Company is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority.

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Other Accrued Liabilities

9. Other Accrued Liabilities

Other current and non-current accrued liabilities consisted of (in thousands):


	March 31,		December 31,
	2024		2023
Customer rebates	$	6,120	$	5,721
Contingent liability - Safety Made		750		750
Accrued compensation		2,050		2,585
Dividend payable		547		547
Income tax payable		748		363
Other		1,731		2,442
Total:	$	11,946	$	12,408

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Information Tables [Abstract]

Financial Data By Segment Table

The following table sets forth certain financial data by segment for the three months ended March 31, 2024 and 2023:

Financial data by segment:

(in thousands)


	Three Months Ended March 31,
Sales to external customers:	2024			2023
United States	$	37,991		$	38,853
Canada		3,039			3,257
Europe		3,926			3,728
Consolidated	$	44,956		$	45,838

Operating income:
United States	$	2,339		$	1,781
Canada		39			217
Europe		180			190
Consolidated	$	2,558		$	2,188

Interest expense, net		443			902
Other income, net		(44	)		(23	)
Consolidated income before income taxes	$	2,159		$	1,309

Assets by segment:

(in thousands)


	March 31,		December 31,
	2024		2023
United States	$	139,228	$	131,382
Canada		11,094		8,557
Europe		9,059		9,302
Consolidated	$	159,381	$	149,241

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Information [Abstract]

Segment Information

5. Segment Information

The Company reports financial information based on the organizational structure used by the Company’s chief operating decision maker for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision maker reviews the financial results of both, on a consolidated basis, and as such, the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of first aid and medical products, cutting and sharpening devices and measuring instruments for school, office, home, hardware, sporting and industrial use.

Domestic sales orders are filled primarily from the Company’s distribution centers in North Carolina, Washington, Massachusetts, Tennessee, Florida, New Hampshire and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots.

Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering products to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 8% of the Company’s total net sales for the three months ended March 31, 2024 compared to 6% for the same period in 2023.

The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results.

The following table sets forth certain financial data by segment for the three months ended March 31, 2024 and 2023:

Financial data by segment:

(in thousands)


	Three Months Ended March 31,
Sales to external customers:	2024			2023
United States	$	37,991		$	38,853
Canada		3,039			3,257
Europe		3,926			3,728
Consolidated	$	44,956		$	45,838

Operating income:
United States	$	2,339		$	1,781
Canada		39			217
Europe		180			190
Consolidated	$	2,558		$	2,188

Interest expense, net		443			902
Other income, net		(44	)		(23	)
Consolidated income before income taxes	$	2,159		$	1,309

Assets by segment:

(in thousands)


	March 31,		December 31,
	2024		2023
United States	$	139,228	$	131,382
Canada		11,094		8,557
Europe		9,059		9,302
Consolidated	$	159,381	$	149,241

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Divestiture (Details Narrative) - Asset Purchase Agreement - GSM Holdings	Nov. 01, 2023 USD ($)
Divestiture [LineItems]
Asset acquisition agreement date	Nov. 01, 2023
Purchase price of the business	$ 19,773,000
Amount recieved from sale of asset	18,273,000
Remaining purchase price under asset acquisition	$ 1,500,000

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future Minimum Lease Payments:
2024 (remaining)	$ 1,400
2025	1,755
2026	1,068
2027	926
2028	960
Thereafter	357
Total future minimum lease payments	6,466
Less: imputed interest	(826)
Present value of lease liabilities - current	1,577	$ 1,099
Present value of lease liabilities - non-current	$ 4,063	$ 1,026

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 44,956	$ 45,838
Cutting and Sharpening
Net sales	17,898	18,849
First Aid and Medical
Net sales	27,058	26,989
United States
Net sales	37,991	38,853
United States \| Cutting and Sharpening
Net sales	13,382	14,083
United States \| First Aid and Medical
Net sales	24,609	24,770
Canada
Net sales	3,039	3,257
Canada \| Cutting and Sharpening
Net sales	848	1,405
Canada \| First Aid and Medical
Net sales	2,191	1,852
Europe
Net sales	3,926	3,728
Europe \| Cutting and Sharpening
Net sales	3,668	3,361
Europe \| First Aid and Medical
Net sales	$ 258	$ 367

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases Tables [Abstract]

Information Related to Leases

Information related to leases (in thousands):


	Three Months Ended		Three Months Ended
Operating cash flow information:	March 31, 2024		March 31, 2023
Operating lease cost	$	341	$	334
Operating lease - cash flow	$	354	$	346


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	3,818	$	341


	March 31, 2024			March 31, 2023
Weighted-average remaining lease term	4.0 years			3.0 years
Weighted-average discount rate		7	%		5	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancelable leases as of March 31, 2024:


2024 (remaining)	$	1,400
2025		1,755
2026		1,068
2027		926
2028		960
Thereafter		357
Total future minimum lease payments	$	6,466
Less: imputed interest		(826	)
Present value of lease liabilities - current		1,577
Present value of lease liabilities - non-current	$	4,063

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following table represents external net sales disaggregated by product category, by segment (amounts in thousands):

For the three months ended March 31, 2024


	United States		Canada		Europe		Total
First Aid and Medical	$	24,609	$	2,191	$	258	$	27,058
Cutting and Sharpening		13,382		848		3,668		17,898

Total Net Sales	$	37,991	$	3,039	$	3,926	$	44,956

For the three months ended March 31, 2023


	United States		Canada		Europe		Total
First Aid and Medical	$	24,770	$	1,852	$	367	$	26,989
Cutting and Sharpening		14,083		1,405		3,361		18,849

Total Net Sales	$	38,853	$	3,257	$	3,728	$	45,838

Stock Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

6. Stock Based Compensation

The Company recognizes share-based compensation based on the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period, which is generally the vesting period of the equity instrument. Share-based compensation expense was approximately $449,000 for the three months ended March 31, 2024 compared to approximately $424,000 for the three months ended March 31, 2023.

As of March 31, 2024, there was a total of $3,102,278 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share-based payments granted to the Company’s employees. As of that date, the remaining unamortized expense was expected to be recognized over a weighted average period of approximately three years.

Intangible Assets and Goodwill (Details Narrative)	Mar. 31, 2024
Minimum
Finite Lived Intangible Assets [Line Items]
Identifiable intangible assets, useful lives	5 years
Maximum
Finite Lived Intangible Assets [Line Items]
Identifiable intangible assets, useful lives	15 years

Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Sales to external customers	$ 44,956	$ 45,838
Operating income	2,558	2,188
Interest expense, net	443	902
Other income, net	(44)	(23)
Consolidated income before income taxes	2,159	1,309
Assets	159,381		$ 149,241
United States Segment
Sales to external customers	37,991	38,853
Operating income	2,339	1,781
Assets	139,228		131,382
Canada Segment
Sales to external customers	3,039	3,257
Operating income	39	217
Assets	11,094		8,557
Europe Segment
Sales to external customers	3,926	3,728
Operating income	180	$ 190
Assets	$ 9,059		$ 9,302

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the “Company”). These adjustments are of a normal, recurring nature. However, the financial statements do not include all the disclosures normally required by accounting principles generally accepted in the United States or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for such disclosures. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K.

The Company has evaluated events and transactions subsequent to March 31, 2024 and through the date these condensed consolidated financial statements were issued.

Recently Issued Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the disclosure of additional segment information. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; this ASU allows for early adoption. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024. The guidance is to be applied on a prospective basis with the option to apply the standard retrospectively; this ASU allows for early adoption. The Company is currently evaluating the impact of adopting ASU 2023-09.

Debt and Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Debt [Abstract]

Debt and Shareholders' Equity

4. Debt and Shareholders’ Equity

Long-term debt consists of (i) borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A.(“HSBC”) and (ii) amounts outstanding under the fixed rate mortgage on the Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA. The revolving loan agreement provides for borrowings of up to $65 million at an interest rate of Secured Overnight Financing Rate (“SOFR”) plus a margin of +1.75%; interest is payable monthly. The credit facility has an expiration date of May 31, 2026. The Company must pay a facility fee, payable quarterly, in an amount equal to one eighth of one percent (.125%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for growth, acquisitions, dividends, share repurchases, and other operating activities. Under the revolving loan agreement, the Company is required to maintain a specific ratio of funded debt to EBITDA, a fixed charge coverage ratio and must have annual net income greater than $0, measured as of the end of each fiscal year. As of March 31, 2024, the Company was in compliance with the covenants under the revolving loan agreement as then in effect.

As of March 31, 2024 and December 31, 2023, the Company had outstanding borrowings of $23,347,000 and $13,165,000, excluding deferred financing costs of $53,000 and $60,000, respectively, under the Company’s revolving loan agreement with HSBC.

The Company’s manufacturing and distribution facilities in Rocky Mount, NC and Vancouver, WA were financed by a fixed rate mortgage with HSBC at a fixed interest rate of 3.8%. The Company entered into the agreement on December 1, 2021. Commencing on January 1, 2022, payments of principal and interest are due monthly, with all amounts outstanding due on maturity on December 1, 2031. As of March 31, 2024 and December 31, 2023, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s):


	March 31, 2024			December 31, 2023

Mortgage payable - HSBC Bank N.A.	$	10,719		$	10,823
Less debt issuance costs		(116	)		(120	)
		10,603			10,703
Less current maturities		424			419
Long-term mortgage payable less current maturities	$	10,179		$	10,284

During the three months ended March 31, 2024, the Company issued a total of 14,438 shares of common stock and received aggregate proceeds of $323,000 upon exercise of employee stock options. Also, during the three months ended March 31, 2024, the Company issued 2,242 shares of common stock to optionees who had elected a net share settlement of certain of their respective options. During the three months ended March 31, 2024, the Company paid approximately $296,000 to optionees who had elected a net cash settlement of certain of their respective options.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at Dec. 31, 2022	$ 79,030	$ 12,699	$ (15,996)	$ 13,448	$ (2,088)	$ 70,967
Beginning Balance, shares at Dec. 31, 2022		3,538,179
Net income	990					990
Other comprehensive income (loss)	109				109
Stock compensation expense	424			424
Distributions to shareholders	(497)					(497)
Issuance of common stock	61	$ 12		49
Issuance of common stock (shares)		5,000
Net share settlement of stock options	(1)	$ 6		(7)
Net share settlement of stock options, (shares)		2,546
Ending Balance at Mar. 31, 2023	80,116	$ 12,717	(15,996)	13,914	(1,979)	71,460
Ending Balance, shares at Mar. 31, 2023		3,545,725
Beginning Balance at Dec. 31, 2023	$ 97,898	$ 12,966	(15,996)	15,918	(1,706)	86,716
Beginning Balance, shares at Dec. 31, 2023	3,645,200	3,645,200
Net income	$ 1,636					1,636
Other comprehensive income (loss)	(322)				(322)
Stock compensation expense	449			449
Distributions to shareholders	(561)					(561)
Issuance of common stock	$ 323	$ 36		287
Issuance of common stock (shares)	14,438	14,438
Cash settlement of stock options	$ (296)			(296)
Net share settlement of stock options	(35)	$ 6		(41)
Net share settlement of stock options, (shares)		2,242
Ending Balance at Mar. 31, 2024	$ 99,092	$ 13,008	$ (15,996)	$ 16,317	$ (2,028)	$ 87,791
Ending Balance, shares at Mar. 31, 2024	3,661,880	3,661,880

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash

(in thousands):


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	2,443	$	4,796
Restricted Cash - current		750		750
Total cash, cash equivalents and restricted cash	$	3,193	$	5,546

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of (in thousands):



	March 31,		December 31,
	2024		2023
Tradename	$	10,008	$	10,008
Customer list		18,823		18,823
Non-compete		1,248		1,248
Slice license agreement		380		380
Patents		2,272		2,272
Subtotal		32,731		32,731
Less: Accumulated amortization		14,335		13,730
Intangible assets	$	18,396	$	19,001
Goodwill	$	8,189	$	8,189
Total:	$	26,585	$	27,190

Leases (Details Narrative) $ in Millions	3 Months Ended
Leases (Details Narrative) $ in Millions	Mar. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.3
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	0.1
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.2

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Customer rebates	$ 6,120	$ 5,721
Contingent liability - Safety Made	750	750
Accrued compensation	2,050	2,585
Dividend payable	547	547
Income tax payable	748	363
Other	1,731	2,442
Total other accrued liabilities	$ 11,946	$ 12,408

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 1,636	$ 990
Other comprehensive (loss) income:
Foreign currency translation adjustment	(322)	109
Comprehensive income	$ 1,314	$ 1,099

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt and Shareholders' Equity - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less debt issuance costs	$ (53,000)	$ (60,000)
Long-term mortgage payable less current maturities	23,294,000	13,105,000
Mortgage Payable - HSBC Bank N.A.
Debt Instrument [Line Items]
Mortgage payable - HSBC Bank N.A.	10,719,000	10,823,000
Less debt issuance costs	(116,000)	(120,000)
Long-term mortgage payable	10,603,000	10,703,000
Less current maturities	424,000	419,000
Long-term mortgage payable less current maturities	$ 10,179,000	$ 10,284,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1F
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1F
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

10. Cash, Cash Equivalents and Restricted Cash

(in thousands):


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	2,443	$	4,796
Restricted Cash - current		750		750
Total cash, cash equivalents and restricted cash	$	3,193	$	5,546

Restricted cash, which is reported within current assets in the condensed consolidated balance sheets consists of the contingent payment held in escrow related to the acquisition of Safety Made.

Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 40,851	$ 39,316
Work in process	264	208
Materials and supplies	15,772	15,946
Inventories	$ 56,887	$ 55,470

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Nature of Goods and Services

The Company recognizes revenue from the sales of a broad line of products that are grouped into two main categories: (a) first aid and medical; and (b) cutting and sharpening. The first aid and medical category includes first aid kits and refills, over-the-counter medications and a variety of medical products. The cutting and sharpening category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. Revenue recognition is evaluated through the following five steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.

When Performance Obligations Are Satisfied

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenue is generated by the sale of the Company’s products to its customers. Sales contracts (purchase orders) generally have a single performance obligation that is satisfied at a point in time, upon shipment or delivery, depending on the terms of the underlying contract. Revenue is measured based on the consideration specified in the contract. The amount of consideration we receive and revenue we recognize is impacted by incentives ("customer rebates"), including sales rebates, which are generally tied to sales volume levels, in-store promotional allowances, shared media and customer catalog allowances and other cooperative advertising arrangements; freight allowance programs offered to our customers; and allowance for returns and discounts. We generally recognize customer rebate costs as a deduction to gross sales at the time that the associated revenue is recognized.

Significant Payment Terms

Payment terms for each customer are dependent on the agreed upon contractual repayment terms. Payment terms typically are between 30 and 90 days and vary depending on the size of the customer and its risk profile to the Company. Some customers receive discounts for early payment.

Product Returns

The Company accepts product returns in the normal course of business. The Company estimates reserves for returns and the related refunds to customers based on historical experience. Reserves for returned merchandise are included as a component of “Accounts receivable” in the condensed consolidated balance sheets.

Practical Expedient Usage and Accounting Policy Elections

For the Company’s contracts that have an original duration of one year or less, the Company uses the practical expedient in ASC 606-10-32-18 applicable to such contracts and does not consider the time value of money in relation to significant financing components. The effect of applying this practical expedient election did not have an impact on the Company’s condensed consolidated financial statements.

Per ASC 606-10-25-18B, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity instead of a performance obligation. Furthermore, shipping and handling activities performed before transfer of control of the product also do not constitute a separate and distinct performance obligation. The effect of applying this practical expedient election did not have an impact on the Company’s condensed consolidated financial statements.

The Company has elected to exclude from the transaction price those amounts which relate to sales and other taxes that are assessed by governmental authorities and that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer.

Applying the practical expedient in ASC 340-40-25-4, Other Assets and Deferred Costs, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred. These costs are included in “Selling, general and administrative expenses.”

Disaggregation of Revenues

The following table represents external net sales disaggregated by product category, by segment (amounts in thousands):

For the three months ended March 31, 2024


	United States		Canada		Europe		Total
First Aid and Medical	$	24,609	$	2,191	$	258	$	27,058
Cutting and Sharpening		13,382		848		3,668		17,898

Total Net Sales	$	37,991	$	3,039	$	3,926	$	44,956

For the three months ended March 31, 2023


	United States		Canada		Europe		Total
First Aid and Medical	$	24,770	$	1,852	$	367	$	26,989
Cutting and Sharpening		14,083		1,405		3,361		18,849

Total Net Sales	$	38,853	$	3,257	$	3,728	$	45,838

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Other current and non-current accrued liabilities consisted of (in thousands):


	March 31,		December 31,
	2024		2023
Customer rebates	$	6,120	$	5,721
Contingent liability - Safety Made		750		750
Accrued compensation		2,050		2,585
Dividend payable		547		547
Income tax payable		748		363
Other		1,731		2,442
Total:	$	11,946	$	12,408

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		3,661,880
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Trading Symbol	ACU
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity File Number	01-07698
Entity Tax Identification Number	06-0236700
Entity Address, Address Line One	1 Waterview Drive
Entity Address, City or Town	Shelton
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06484
City Area Code	203
Local Phone Number	254-6060
Entity Interactive Data Current	Yes
Title of 12(b) Security	$2.50 par value Common Stock
Security Exchange Name	NYSEAMER
Entity Incorporation, State or Country Code	CT
Document Quarterly Report	true
Document Transition Report	false

Fair Value Measurements (Details Narrative)	Mar. 31, 2024 USD ($)
Other Current Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Business acquisition, contingent liability	$ 750,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,443	$ 4,796
Accounts receivable, less allowance of $678 in 2024 and $567 in 2023	32,966	26,234
Inventories	56,887	55,470
Prepaid expenses and other current assets	5,357	4,773
Restricted cash	750	750
Total current assets	98,403	92,023
Property, plant and equipment:
Land	2,387	2,387
Buildings	17,677	17,502
Machinery and equipment	35,846	34,705
Total property, plant and equipment	55,910	54,594
Less: accumulated depreciation	27,047	26,568
Net property, plant and equipment	28,863	28,026
Operating lease right-of-use asset, net	5,530	2,002
Goodwill	8,189	8,189
Intangible assets, less accumulated amortization	18,396	19,001
Total assets	159,381	149,241
Current liabilities:
Accounts payable	7,907	12,102
Operating lease liability - current portion	1,577	1,099
Current portion of mortgage payable	424	419
Other current liabilities	11,930	12,393
Total current liabilities	21,838	26,013
Long-term debt	23,294	13,105
Mortgage payable, net of current portion	10,179	10,284
Operating lease liability - non-current portion	4,063	1,026
Deferred income taxes	899	899
Other non-current liabilities	16	16
Total liabilities	60,289	51,343
Commitments and contingencies (see note 2)
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; 5,206,752 shares issued and 3,661,880 shares outstanding in 2024 and 5,190,072 shares issued and 3,645,200 shares outstanding in 2023	13,008	12,966
Additional paid-in capital	16,317	15,918
Retained earnings	87,791	86,716
Treasury stock, at cost - 1,544,872 shares in 2024 and 2023	(15,996)	(15,996)
Accumulated other comprehensive loss:
Translation adjustment	(2,028)	(1,706)
Total stockholders’ equity	99,092	97,898
Total liabilities and stockholders’ equity	$ 159,381	$ 149,241