0000950170-24-124031 | 10-Q | XBRL Viewer

Stock Based Compensation	9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	6. Stock Based Compensation The Company recognizes share-based compensation at 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 $944,000 and $1,826,000 for the three and nine months ended September 30, 2024, respectively, compared to approximately $674,000 and $1,487,000 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, there was a total of $2,585,404 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.

Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

6. Stock Based Compensation

The Company recognizes share-based compensation at 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 $944,000 and $1,826,000 for the three and nine months ended September 30, 2024, respectively, compared to approximately $674,000 and $1,487,000 for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, there was a total of $2,585,404 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.

Debt and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Long Term Debt And Stockholders Equity [Abstract]

Schedule of Long-Term Debt

As of September 30, 2024 and December 31, 2023, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s):


	September 30, 2024			December 31, 2023

Mortgage payable - HSBC Bank N.A.	$	10,511		$	10,823
Less debt issuance costs		(108	)		(120	)
		10,403			10,703
Less current maturities		433			419
Long-term mortgage payable less current maturities	$	9,970		$	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.

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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 (Loss)	6,586					6,586
Other comprehensive income (loss)	(82)				(82)
Stock compensation expense	1,487			1,487
Distributions to shareholders	(1,498)					(1,498)
Issuance of common stock	526	$ 89		437
Issuance of common stock (shares)		35,577
Net share settlement of stock options	(143)	$ 28		(171)
Net share settlement of stock options, (shares)		11,314
Ending Balance at Sep. 30, 2023	85,906	$ 12,816	(15,996)	15,201	(2,170)	76,055
Ending Balance, shares at Sep. 30, 2023		3,585,070
Beginning Balance at Jun. 30, 2023	83,651	$ 12,773	(15,996)	14,333	(1,865)	74,406
Beginning Balance, shares at Jun. 30, 2023		3,568,006
Net Income (Loss)	2,152					2,152
Other comprehensive income (loss)	(305)				(305)
Stock compensation expense	674			674
Distributions to shareholders	(503)					(503)
Issuance of common stock	237	$ 37		200
Issuance of common stock (shares)		14,875
Net share settlement of stock options		$ 6		(6)
Net share settlement of stock options, (shares)		2,189
Ending Balance at Sep. 30, 2023	85,906	$ 12,816	(15,996)	15,201	(2,170)	76,055
Ending Balance, shares at Sep. 30, 2023		3,585,070
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 (Loss)	$ 8,315					8,315
Other comprehensive income (loss)	(24)				(24)
Stock compensation expense	1,826			1,826
Distributions to shareholders	(1,678)					(1,678)
Issuance of common stock	$ 1,383	$ 154		1,229
Issuance of common stock (shares)	61,729	61,729
Cash settlement of stock options	$ (379)			(379)
Net share settlement of stock options	(1,024)	$ 87		(1,111)
Net share settlement of stock options, (shares)		34,524
Ending Balance at Sep. 30, 2024	$ 106,317	$ 13,207	(15,996)	17,483	(1,730)	93,353
Ending Balance, shares at Sep. 30, 2024	3,741,453	3,741,453
Beginning Balance at Jun. 30, 2024	$ 103,957	$ 13,091	(15,996)	17,306	(2,133)	91,689
Beginning Balance, shares at Jun. 30, 2024		3,694,966
Net Income (Loss)	2,226					2,226
Other comprehensive income (loss)	403				403
Stock compensation expense	944			944
Distributions to shareholders	(562)					(562)
Issuance of common stock	$ 411	$ 42		369
Issuance of common stock (shares)	16,921	16,921
Cash settlement of stock options	$ (83)			(83)
Net share settlement of stock options	(979)	$ 74		(1,053)
Net share settlement of stock options, (shares)		29,566
Ending Balance at Sep. 30, 2024	$ 106,317	$ 13,207	$ (15,996)	$ 17,483	$ (1,730)	$ 93,353
Ending Balance, shares at Sep. 30, 2024	3,741,453	3,741,453

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

12. Inventories

Inventories consisted of (in thousands):



	September 30,		December 31,
	2024		2023
Finished goods	$	41,662	$	39,316
Work in process		264		208
Materials and supplies		14,064		15,946
	$	55,990	$	55,470

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

Debt and Stockholders' Equity - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less debt issuance costs	$ (41,000)	$ (60,000)
Long-term mortgage payable less current maturities	22,018,000	13,105,000
Mortgage Payable - HSBC Bank N.A.
Debt Instrument [Line Items]
Mortgage payable - HSBC Bank N.A.	10,511,000	10,823,000
Less debt issuance costs	(108,000)	(120,000)
Long-term mortgage payable	10,403,000	10,703,000
Less current maturities	433,000	419,000
Long-term mortgage payable less current maturities	$ 9,970,000	$ 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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+ Details

- Definition

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

+ References + Details

Other Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Other Accrued Liabilities

9. Other Accrued Liabilities

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


	September 30,		December 31,
	2024		2023
Customer rebates	$	7,072	$	5,721
Contingent liability - Safety Made		—		750
Contingent liability - Elite		500		—
Accrued compensation		3,076		2,585
Dividend payable		561		547
Income tax payable		527		363
Other		2,185		2,442
Total:	$	13,921	$	12,408

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future Minimum Lease Payments:
2024 (remaining)	$ 485
2025	1,757
2026	1,070
2027	928
2028	962
Thereafter	357
Total future minimum lease payments	5,559
Less: imputed interest	(652)
Present value of lease liabilities - current	1,550	$ 1,099
Present value of lease liabilities - non-current	$ 3,357	$ 1,026

Segment Information

9 Months Ended

Sep. 30, 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 5% and 7% of the Company’s total net sales for the three and nine months ended September 30, 2024 compared to approximately 7% for the same periods 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 and nine months ended September 30, 2024 and 2023:

Financial data by segment:

(in thousands)


	Three Months Ended September 30,					Nine Months Ended September 30,
Sales to external customers:	2024			2023		2024			2023
United States	$	41,131		$	43,688	$	126,579		$	127,743
Canada		3,287			3,305		10,384			10,938
Europe		3,748			3,391		11,584			10,878
Consolidated	$	48,166		$	50,384	$	148,547		$	149,559

Operating income:
United States	$	2,809		$	3,420	$	10,681		$	9,451
Canada		59			34		803			995
Europe		58			203		375			650
Consolidated	$	2,926		$	3,657	$	11,859		$	11,096

Interest expense, net		535			784		1,517			2,517
Other (income) expense, net		(17	)		55		(90	)		9
Consolidated income before income taxes	$	2,408		$	2,818	$	10,432		$	8,570

Assets by segment:

(in thousands)


	September 30,		December 31,
	2024		2023
United States	$	144,634	$	131,382
Canada		11,201		8,557
Europe		9,638		9,302
Consolidated	$	165,473	$	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

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of (in thousands):



	September 30,		December 31,
	2024		2023
Finished goods	$	41,662	$	39,316
Work in process		264		208
Materials and supplies		14,064		15,946
	$	55,990	$	55,470

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

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


	September 30,		December 31,
	2024		2023
Customer rebates	$	7,072	$	5,721
Contingent liability - Safety Made		—		750
Contingent liability - Elite		500		—
Accrued compensation		3,076		2,585
Dividend payable		561		547
Income tax payable		527		363
Other		2,185		2,442
Total:	$	13,921	$	12,408

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cash, Cash Equivalents and Restricted Cash (Additional Information) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash and Cash Equivalents [Line Items]
Payments upon satisfaction of certain financial targets associated with safety made acquisition	$ 750,000	$ 750,000

Segment Information (Details Narrative)	3 Months Ended		9 Months Ended
Segment Information (Details Narrative)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	5.00%	7.00%	7.00%	7.00%

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Accrued Liabilities [Line Items]
Customer rebates	$ 7,072	$ 5,721
Accrued compensation	3,076	2,585
Dividend payable	561	547
Income tax payable	527	363
Other	2,185	2,442
Total:	13,921	12,408
Safety Made
Other Accrued Liabilities [Line Items]
Contingent liability		$ 750
Elite First Aid, Inc
Other Accrued Liabilities [Line Items]
Contingent liability	$ 500

Cash, Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash

(in thousands):


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	5,702	$	4,796
Restricted cash - current		-		750
Total cash, cash equivalents and restricted cash	$	5,702	$	5,546

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 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 September 30, 2024


	United States		Canada		Europe		Total
First Aid and Medical	$	27,857	$	2,321	$	380	$	30,557
Cutting and Sharpening		13,274		966		3,368		17,609
Total Net Sales	$	41,131	$	3,287	$	3,748	$	48,166

For the three months ended September 30, 2023


	United States		Canada		Europe		Total
First Aid and Medical	$	27,854	$	1,851	$	364	$	30,069
Cutting and Sharpening		15,834		1,454		3,027		20,315
Total Net Sales	$	43,688	$	3,305	$	3,391	$	50,384

For the nine months ended September 30, 2024


	United States		Canada		Europe		Total
First Aid and Medical	$	83,845	$	6,791	$	867	$	91,503
Cutting and Sharpening		42,734		3,593		10,717		57,044
Total Net Sales	$	126,579	$	10,384	$	11,584	$	148,547

For the nine months ended September 30, 2023


	United States		Canada		Europe		Total
First Aid and Medical	$	81,293	$	6,097	$	1,007	$	88,397
Cutting and Sharpening		46,450		4,841		9,871		61,162
Total Net Sales	$	127,743	$	10,938	$	10,878	$	149,559

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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

Business Combination (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Schedule of Purchase Price Allocation to Assets Acquired

The purchase price was allocated to assets acquired as follows (in thousands):


Assets:
Accounts receivable	$	113
Inventory		1,127
Prepaid Expense		212
Intangible assets		5,689
Total assets	$	7,141

Business Combination (Details Narrative) - USD ($)	May 23, 2024	Sep. 30, 2024
Other Long Term Liabilities
Business Acquisition [Line Items]
Remaining purchase price under the agreement		$ 500,000
Elite First Aid, Inc
Business Acquisition [Line Items]
Purchase price	$ 7,141,000
Business combination contingent consideration liability holdback as a non- exclusive source of recovery primarily to satisfy indemnification claims	$ 500,000
Asset acquisition agreement date	May 23, 2024
Amount paid to acquire business	$ 6,141,000
Business acquisitions pro forma revenue	0
Business acquisitions pro forma net income (loss)	0
Remaining purchase price under the agreement	1,000,000
Elite First Aid, Inc \| Other Long Term Liabilities
Business Acquisition [Line Items]
Remaining purchase price under the agreement	500,000
Elite First Aid, Inc \| Other Current Liabilities
Business Acquisition [Line Items]
Remaining purchase price under the agreement	500,000
Elite First Aid, Inc \| Revenue Milestone
Business Acquisition [Line Items]
Remaining purchase price under the agreement	$ 500,000

Business Combination

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Business Combination

13. Business Combination

On May 23, 2024, the Company acquired certain assets of Elite First Aid, Inc ("Elite First Aid"). Based in Wake Forest, NC, Elite First Aid is a leading supplier of tactical, trauma and emergency medical products.

The purchase price was allocated to assets acquired as follows (in thousands):


Assets:
Accounts receivable	$	113
Inventory		1,127
Prepaid Expense		212
Intangible assets		5,689
Total assets	$	7,141

The acquisition was accounted for as a business combination, pursuant to ASC 805 – Business Combinations. All assets acquired in the acquisition are included in the Company’s United States operating segment. Management’s assessment of the valuation of intangible assets is preliminary and finalization of the Company’s purchase price accounting assessment may result in changes to the valuation of the identified intangible assets.

The purchase price for the assets was $7,141,000. At closing, the Company paid $6,141,000 to Elite First Aid; the balance of the purchase price, $1,000,000, is subject to holdbacks as follows: (a) $500,000, the payment of which is contingent upon certain revenue milestones during any consecutive 12-month period from May 31, 2024 to December 31, 2025; and (b) $500,000, which is subject to a 13-month holdback as a non-exclusive source of recovery primarily to satisfy indemnification claims under the Asset Purchase Agreement. The $500,000 contingent payment is reported in other long term liabilities and the $500,000 holdback is reported in other current liabilities on the condensed consolidated balance sheet.

The Company has not disclosed separately the amount of revenue and earnings from the sales of Elite First Aid products since the acquisition on May 23, 2024 as these amounts were not material to the Company’s consolidated financial statements.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Accounts receivable, allowance	$ 492	$ 567
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	5,286,325	5,190,072
Common stock, shares outstanding	3,741,453	3,645,200
Treasury stock, shares	1,544,872	1,544,872

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 48,166	$ 50,384	$ 148,547	$ 149,559
Cost of goods sold	29,602	30,881	89,960	93,752
Gross profit	18,564	19,503	58,587	55,807
Selling, general and administrative expenses	15,638	15,846	46,728	44,711
Operating income	2,926	3,657	11,859	11,096
Non-operating items:
Interest expense	568	816	1,622	2,595
Interest income	(33)	(32)	(105)	(78)
Interest expense, net	535	784	1,517	2,517
Other (income) expense, net	(17)	55	(90)	9
Income before income tax expense	2,408	2,818	10,432	8,570
Income tax expense	182	666	2,117	1,984
Net income	$ 2,226	$ 2,152	$ 8,315	$ 6,586
Basic earnings per share	$ 0.6	$ 0.6	$ 2.26	$ 1.85
Diluted earnings per share	$ 0.54	$ 0.58	$ 2.03	$ 1.83
Weighted average number of common shares outstanding-denominator used for basic per share computations	3,726,000	3,578,000	3,686,000	3,558,000
Weighted average number of dilutive stock options outstanding	378,000	143,000	401,000	38,000
Denominator used for diluted per share computations	4,104,000	3,721,000	4,087,000	3,596,000
Dividends declared per share	$ 0.15	$ 0.14	$ 0.45	$ 0.42

Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 41,662	$ 39,316
Work in process	264	208
Materials and supplies	14,064	15,946
Inventories	$ 55,990	$ 55,470

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales	$ 48,166	$ 50,384	$ 148,547	$ 149,559
First Aid and Medical
Net sales	30,557	30,069	91,503	88,397
Cutting and Sharpening
Net sales	17,609	20,315	57,044	61,162
United States
Net sales	41,131	43,688	126,579	127,743
United States \| First Aid and Medical
Net sales	27,857	27,854	83,845	81,293
United States \| Cutting and Sharpening
Net sales	13,274	15,834	42,734	46,450
Canada
Net sales	3,287	3,305	10,384	10,938
Canada \| First Aid and Medical
Net sales	2,321	1,851	6,791	6,097
Canada \| Cutting and Sharpening
Net sales	966	1,454	3,593	4,841
Europe
Net sales	3,748	3,391	11,584	10,878
Europe \| First Aid and Medical
Net sales	380	364	867	1,007
Europe \| Cutting and Sharpening
Net sales	$ 3,368	$ 3,027	$ 10,717	$ 9,871

Stock Based Compensation (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Stock Based Compensation (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 944,000	$ 674,000	$ 1,826,000	$ 1,487,000
Unrecognized compensation cost	$ 2,585,404		$ 2,585,404
Unrecognized compensation cost recognition period			3 years

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-Q
Document Period End Date	Sep. 30, 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		3,741,453
Document Fiscal Period Focus	Q3
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

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 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):



	September 30,			December 31,
	2024			2023
Tradename	$	10,008		$	10,008
Customer list		18,823			18,823
Non-compete		1,248			1,248
Patents		2,272			2,272
Elite First Aid Inc.		5,689	1		-
Subtotal		38,040			32,351
Less: Accumulated amortization		15,230			13,350
Intangible assets	$	22,810		$	19,001
Goodwill	$	8,189		$	8,189
Total:	$	30,999		$	27,190

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

1 - This amount is subject to change once the business valuation becomes final.

Fair Value Measurements

9 Months Ended

Sep. 30, 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 Elite First Aid is recorded at its fair value of $500,000 which is recorded in other non-current liabilities on the condensed consolidated balance sheet as of September 30, 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.

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+ Details

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

For the three months ended September 30, 2024


	United States		Canada		Europe		Total
First Aid and Medical	$	27,857	$	2,321	$	380	$	30,557
Cutting and Sharpening		13,274		966		3,368		17,609
Total Net Sales	$	41,131	$	3,287	$	3,748	$	48,166

For the three months ended September 30, 2023


	United States		Canada		Europe		Total
First Aid and Medical	$	27,854	$	1,851	$	364	$	30,069
Cutting and Sharpening		15,834		1,454		3,027		20,315
Total Net Sales	$	43,688	$	3,305	$	3,391	$	50,384

For the nine months ended September 30, 2024


	United States		Canada		Europe		Total
First Aid and Medical	$	83,845	$	6,791	$	867	$	91,503
Cutting and Sharpening		42,734		3,593		10,717		57,044
Total Net Sales	$	126,579	$	10,384	$	11,584	$	148,547

For the nine months ended September 30, 2023


	United States		Canada		Europe		Total
First Aid and Medical	$	81,293	$	6,097	$	1,007	$	88,397
Cutting and Sharpening		46,450		4,841		9,871		61,162
Total Net Sales	$	127,743	$	10,938	$	10,878	$	149,559

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 8,315,000	$ 6,586,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,589,000	2,191,000
Amortization of intangible assets	1,880,000	1,541,000
Non-cash lease adjustment	(22,000)	(15,000)
Stock compensation expense	1,826,000	1,487,000
Provision for credit losses	367,000	76,000
Amortization of deferred financing costs	30,000	29,000
Changes in operating assets and liabilities:
Accounts receivable	(5,269,000)	(1,572,000)
Inventories	582,000	8,707,000
Prepaid expenses and other assets	(750,000)	(221,000)
Accounts payable	(5,091,000)	(935,000)
Other accrued liabilities	1,147,000	3,788,000
Total adjustments	(2,711,000)	15,076,000
Net cash provided by operating activities	5,604,000	21,662,000
Cash flows from investing activities:
Purchase of property, plant and equipment	(5,452,000)	(3,477,000)
Acquisition of Elite First Aid	(6,141,000)
Contingent payment related to the acquisition of Safety Made	(750,000)	(750,000)
Purchase of intangible assets		(296,000)
Net cash used in investing activities	(12,343,000)	(4,523,000)
Cash flows from financing activities:
Net borrowings (repayments) of long-term debt	8,894,000	(17,000,000)
Tax withholding on net share settlement of stock options	(1,024,000)	(143,000)
Cash settlement of stock options	(379,000)
Repayments on mortgage	(312,000)	(301,000)
Proceeds from issuance of common stock	1,383,000	526,000
Distributions to shareholders	(1,659,000)	(1,491,000)
Net cash provided by (used in) financing activities	6,903,000	(18,408,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8,000)	(15,000)
Net change in cash, cash equivalents and restricted cash	156,000	(1,283,000)
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	5,702,000	6,317,000
Supplemental cash flow information:
Cash paid for income taxes	1,922,000	776,000
Cash paid for interest	1,443,000	2,592,000
Non-cash financing activity
Net share settlement of stock options	$ 87,000	$ 28,000

Business Combination - Schedule of Purchase Price Allocation to Assets Acquired (Details) - Elite First Aid, Inc $ in Thousands	May 23, 2024 USD ($)
Assets:
Accounts receivable	$ 113
Inventory	1,127
Prepaid Expense	212
Intangible assets	5,689
Total assets	$ 7,141

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

$ 10,008

18,823

1,248

2,272

^[1]

5,689

Subtotal

38,040

32,351

Less: Accumulated amortization

15,230

13,350

Intangible assets

22,810

19,001

Goodwill

8,189

Total:

$ 30,999

$ 27,190

[1]	1 - This amount is subject to change once the business valuation becomes final.

Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Sales to external customers	$ 48,166	$ 50,384	$ 148,547	$ 149,559
Operating income	2,926	3,657	11,859	11,096
Interest expense, net	535	784	1,517	2,517
Other (income) expense, net	(17)	55	(90)	9
Consolidated income before income taxes	2,408	2,818	10,432	8,570
Assets	165,473		165,473		$ 149,241
United States Segment
Sales to external customers	41,131	43,688	126,579	127,743
Operating income	2,809	3,420	10,681	9,451
Assets	144,634		144,634		131,382
Canada Segment
Sales to external customers	3,287	3,305	10,384	10,938
Operating income	59	34	803	995
Assets	11,201		11,201		8,557
Europe Segment
Sales to external customers	3,748	3,391	11,584	10,878
Operating income	58	$ 203	375	$ 650
Assets	$ 9,638		$ 9,638		$ 9,302

- Definition

Amount of asset recognized for present right to economic benefit.

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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).

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+ Details

Debt and Stockholders' Equity (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Long Term Debt And Stockholders Equity [Line Items]
Outstanding borrowings under revolving loan agreement	$ 22,059,000		$ 22,059,000		$ 13,165,000
Deferred financing cost	41,000		41,000		$ 60,000
Aggregate proceeds from exercise of employee stock options	$ 411,000		$ 1,383,000
Issuance of common stock (shares)	16,921		61,729
Common Stock
Long Term Debt And Stockholders Equity [Line Items]
Issuance of common stock (shares)	16,921	14,875	61,729	35,577
Stock issued during period shares new issues related to net share settlement	29,566		34,524
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		$ 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%		3.80%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,702	$ 4,796
Accounts receivable, less allowance of $492 in 2024 and $567 in 2023	31,349	26,234
Inventories	55,990	55,470
Prepaid expenses and other current assets	5,733	4,773
Restricted cash		750
Total current assets	98,774	92,023
Property, plant and equipment:
Land	2,699	2,387
Buildings	18,586	17,502
Machinery and equipment	37,773	34,705
Total property, plant and equipment	59,058	54,594
Less: accumulated depreciation	28,166	26,568
Net property, plant and equipment	30,892	28,026
Operating lease right-of-use asset, net	4,808	2,002
Goodwill	8,189	8,189
Intangible assets, less accumulated amortization	22,810	19,001
Total assets	165,473	149,241
Current liabilities:
Accounts payable	7,008	12,102
Operating lease liability - current portion	1,550	1,099
Current portion of mortgage payable	433	419
Other current liabilities	13,403	12,393
Total current liabilities	22,394	26,013
Long-term debt	22,018	13,105
Mortgage payable, net of current portion	9,970	10,284
Operating lease liability - non-current portion	3,357	1,026
Deferred income taxes	899	899
Other non-current liabilities	518	16
Total liabilities	59,156	51,343
Commitments and contingencies (see note 2)
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; 5,286,325 shares issued and 3,741,453 shares outstanding in 2024 and 5,190,072 shares issued and 3,645,200 shares outstanding in 2023	13,207	12,966
Additional paid-in capital	17,483	15,918
Retained earnings	93,353	86,716
Treasury stock, at cost - 1,544,872 shares in 2024 and 2023	(15,996)	(15,996)
Accumulated other comprehensive loss:
Translation adjustment	(1,730)	(1,706)
Total stockholders’ equity	106,317	97,898
Total liabilities and stockholders’ equity	$ 165,473	$ 149,241

Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 5,702	$ 4,796
Restricted cash - current		750
Total cash, cash equivalents and restricted cash	$ 5,702	$ 5,546	$ 6,317	$ 7,600

Fair Value Measurements (Details Narrative)	Sep. 30, 2024 USD ($)
Other Non-Current Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Business acquisition, contingent liability	$ 500,000

Intangible Assets and Goodwill (Details Narrative)	Sep. 30, 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

- 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.

+ References + Details

Debt and Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Debt [Abstract]

Debt and Stockholders' Equity

4. Debt and Stockholders’ 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 September 30, 2024, the Company was in compliance with the covenants under the revolving loan agreement as then in effect.

As of September 30, 2024 and December 31, 2023, the Company had outstanding borrowings of $22,059,000 and $13,165,000, excluding deferred financing costs of $41,000 and $60,000 respectively, under the Company’s revolving loan agreement with HSBC. The outstanding borrowings as of September 30, 2024 include amounts used to fund the acquisition of Elite First Aid, Inc. on May 23, 2024 (Note 13).

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 September 30, 2024 and December 31, 2023, long-term debt related to the mortgage consisted of the following (amounts in ‘000’s):


	September 30, 2024			December 31, 2023

Mortgage payable - HSBC Bank N.A.	$	10,511		$	10,823
Less debt issuance costs		(108	)		(120	)
		10,403			10,703
Less current maturities		433			419
Long-term mortgage payable less current maturities	$	9,970		$	10,284

During the three and nine months ended September 30, 2024, the Company issued a total of 16,921 and 61,729 shares of common stock, respectively, and received aggregate proceeds of $411,000 and $1,383,000, respectively, upon exercise of employee stock options. Also, during the three and nine months ended September 30, 2024, the Company issued 29,566 and 34,524 shares of common stock, respectively, to optionees who had elected a net share 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases Tables [Abstract]

Information Related to Leases

Information related to leases (in thousands):


	Three Months Ended		Three Months Ended
Operating cash flow information:	September 30, 2024		September 30, 2023
Operating lease cost	$	454	$	343
Operating lease - cash flow	$	451	$	369

Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	-	$	240

	Nine Months Ended		Nine Months Ended
Operating cash flow information:	September 30, 2024		September 30, 2023
Operating lease cost	$	1,182	$	1,020
Operating lease - cash flow	$	1,228	$	1,062


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	3,818	$	581


	September 30, 2024			September 30, 2023
Weighted-average remaining lease term	4.0 years			2.0 years
Weighted-average discount rate		7	%		5	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancelable leases as of September 30, 2024:


2024 (remaining)	$	485
2025		1,757
2026		1,070
2027		928
2028		962
Thereafter		357
Total future minimum lease payments	$	5,559
Less: imputed interest		(652	)
Present value of lease liabilities - current		1,550
Present value of lease liabilities - non-current	$	3,357

Leases (Details Narrative) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Leases (Details Narrative) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2024
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.5	$ 1.2
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	0.1	0.4
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.4	$ 0.8

Leases - Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases Details [Abstract]
Operating lease cost	$ 454	$ 343	$ 1,182	$ 1,020
Operating lease - cash flow	$ 451	369	1,228	1,062
ROU assets obtained in exchange for lease liabilities		$ 240	$ 3,818	$ 581
Weighted-average remaining lease term	4 years	2 years	4 years	2 years
Weighted-average discount rate	7.00%	5.00%	7.00%	5.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,226	$ 2,152	$ 8,315	$ 6,586

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Information Tables [Abstract]

Financial Data By Segment Table

The following table sets forth certain financial data by segment for the three and nine months ended September 30, 2024 and 2023:

Financial data by segment:

(in thousands)


	Three Months Ended September 30,					Nine Months Ended September 30,
Sales to external customers:	2024			2023		2024			2023
United States	$	41,131		$	43,688	$	126,579		$	127,743
Canada		3,287			3,305		10,384			10,938
Europe		3,748			3,391		11,584			10,878
Consolidated	$	48,166		$	50,384	$	148,547		$	149,559

Operating income:
United States	$	2,809		$	3,420	$	10,681		$	9,451
Canada		59			34		803			995
Europe		58			203		375			650
Consolidated	$	2,926		$	3,657	$	11,859		$	11,096

Interest expense, net		535			784		1,517			2,517
Other (income) expense, net		(17	)		55		(90	)		9
Consolidated income before income taxes	$	2,408		$	2,818	$	10,432		$	8,570

Assets by segment:

(in thousands)


	September 30,		December 31,
	2024		2023
United States	$	144,634	$	131,382
Canada		11,201		8,557
Europe		9,638		9,302
Consolidated	$	165,473	$	149,241

Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

10. Cash, Cash Equivalents and Restricted Cash

(in thousands):


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	5,702	$	4,796
Restricted cash - current		-		750
Total cash, cash equivalents and restricted cash	$	5,702	$	5,546

During the nine months ended September 30, 2024, the Company paid the final $750,000 due upon the satisfaction of certain financial targets associated with the Safety Made acquisition.

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

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



	September 30,			December 31,
	2024			2023
Tradename	$	10,008		$	10,008
Customer list		18,823			18,823
Non-compete		1,248			1,248
Patents		2,272			2,272
Elite First Aid Inc.		5,689	1		-
Subtotal		38,040			32,351
Less: Accumulated amortization		15,230			13,350
Intangible assets	$	22,810		$	19,001
Goodwill	$	8,189		$	8,189
Total:	$	30,999		$	27,190

1 - This amount is subject to change once the business valuation becomes final.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 2,226	$ 2,152	$ 8,315	$ 6,586
Other comprehensive income (loss) :
Foreign currency translation adjustment	403	(305)	(24)	(82)
Comprehensive income	$ 2,629	$ 1,847	$ 8,291	$ 6,504

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Basis of Presentation

9 Months Ended

Sep. 30, 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 September 30, 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.

Leases

9 Months Ended

Sep. 30, 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 $0.5 million for the three months ended September 30, 2024, of which $0.1 million was included in cost of goods sold and $0.4 million was included in selling, general and administrative expenses. Operating lease cost was $1.2 million for the nine months ended September 30, 2024, of which $0.4 million was included in cost of goods sold and $0.8 million was included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Information related to leases (in thousands):


	Three Months Ended		Three Months Ended
Operating cash flow information:	September 30, 2024		September 30, 2023
Operating lease cost	$	454	$	343
Operating lease - cash flow	$	451	$	369

Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	-	$	240

	Nine Months Ended		Nine Months Ended
Operating cash flow information:	September 30, 2024		September 30, 2023
Operating lease cost	$	1,182	$	1,020
Operating lease - cash flow	$	1,228	$	1,062


Non-cash activity:
ROU assets obtained in exchange for lease liabilities	$	3,818	$	581


	September 30, 2024			September 30, 2023
Weighted-average remaining lease term	4.0 years			2.0 years
Weighted-average discount rate		7	%		5	%

Future minimum lease payments under non-cancelable leases as of September 30, 2024:


2024 (remaining)	$	485
2025		1,757
2026		1,070
2027		928
2028		962
Thereafter		357
Total future minimum lease payments	$	5,559
Less: imputed interest		(652	)
Present value of lease liabilities - current		1,550
Present value of lease liabilities - non-current	$	3,357

Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

2. Commitment 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.