Acme United Corporation Reports 19% Sales Increase and 50% Increase in Earnings Per Share for the Fourth Quarter
FAIRFIELD, Conn.--(BUSINESS WIRE)--Mar. 1, 2012--
Net income was
Net income for the year ended
Net sales for the quarter ended
Gross margins were 36% in the fourth quarter of 2011 versus 38% in the comparable period last year. Gross margins were 36% for the year ended
Operating profit was
The effective tax rate for the year ended
The Company’s bank debt less cash and cash equivalents on
Forward-looking statements in this report, including without limitation, statements related to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the following: (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the impact of current uncertainties in global economic conditions and the ongoing financial crisis affecting the domestic and foreign banking system and financial markets, including the impact on the Company’s suppliers and customers (iii) currency fluctuations (iv) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth, (v) the Company’s ability to successfully integrate acquired business; and (vi) other risks and uncertainties indicated from time to time in the Company’s filings with the
ACME UNITED CORPORATION | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
YEAR END REPORT 2011 | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | Quarter Ended | |||||||||
Amounts in $000's except per share data | December 31, 2011 | December 31, 2010 | ||||||||
Net sales | $ | 15,836 | $ | 13,360 | ||||||
Cost of goods sold | 10,143 | 8,316 | ||||||||
Gross profit | 5,693 | 5,044 | ||||||||
Selling, general, and administrative expenses | 5,171 | 4,968 | ||||||||
Income from operations | 522 | 76 | ||||||||
Interest expense | (100) | (84) | ||||||||
Interest income | 37 | 48 | ||||||||
Net interest expense | (63) | (36) | ||||||||
Other (expense) income, net | (6) | 108 | ||||||||
Total other (expense) income, net | (69) | 72 | ||||||||
Pre-tax income | 453 | 148 | ||||||||
Income tax expense (benefit) | 187 | (33) | ||||||||
Net income | $ | 266 | $ | 181 | ||||||
Shares outstanding - Basic | 3,125 | 3,065 | ||||||||
Shares outstanding - Diluted | 3,125 | 3,121 | ||||||||
Earnings per share basic | $ | 0.09 | $ | 0.06 | ||||||
Earnings per share diluted | 0.09 | 0.06 | ||||||||
ACME UNITED CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||
YEAR END REPORT 2011 (cont.) | ||||||
(Unaudited) | ||||||
Year Ended | Year Ended | |||||
Amounts in $000's except per share data | December 31, 2011 | December 31, 2010 | ||||
Net sales | $ | 73,302 | $ | 63,149 | ||
Cost of goods sold | 46,977 | 39,784 | ||||
Gross profit | 26,325 | 23,365 | ||||
Selling, general, and administrative expenses | 22,040 | 20,385 | ||||
Income from operations | 4,285 | 2,980 | ||||
Interest expense | (404) | (301) | ||||
Interest income | 150 | 160 | ||||
Net interest expense | (254) | (142) | ||||
Other (expense) income, net | (4) | 72 | ||||
Total other (expense), net | (259) | (69) | ||||
Pre-tax income | 4,026 | 2,911 | ||||
Income tax expense | 1,215 | 338 | ||||
Net income | $ | 2,811 | $ | 2,573 | ||
Shares outstanding - Basic | 3,100 | 3,129 | ||||
Shares outstanding - Diluted | 3,100 | 3,194 | ||||
Earnings per share basic | $ | 0.91 | $ | 0.82 | ||
Earnings per share diluted | 0.91 | 0.81 | ||||
ACME UNITED CORPORATION | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
YEAR END REPORT 2011 | ||||||
(Unaudited) | ||||||
Amounts in $000's | December 31, 2011 | December 31, 2010 | ||||
Assets: |
||||||
Current assets: | ||||||
Cash | $ | 7,853 | $ | 6,601 | ||
Accounts receivable, net | 12,904 | 12,331 | ||||
Inventories | 24,495 | 22,293 | ||||
Prepaid and other current assets | 1,270 | 1,402 | ||||
Total current assets | 46,522 | 42,627 | ||||
Property and equipment, net | 2,506 | 2,216 | ||||
Long term receivable | 1,766 | 1,839 | ||||
Other assets | 4,428 | 2,899 | ||||
Total assets | $ | 55,222 | $ | 49,581 | ||
Liabilities and stockholders' equity: |
||||||
Current liabilities | ||||||
Accounts payable | $ | 4,935 | $ | 5,679 | ||
Other current liabilities | 3,769 | 3,539 | ||||
Total current liabilities | 8,705 | 9,218 | ||||
Non-current liabilities | ||||||
Long term debt | 17,568 | 13,522 | ||||
Other non current liabilities | 1,174 | 1,489 | ||||
Total liabilities | 27,447 | 24,229 | ||||
Total stockholders' equity | 27,775 | 25,352 | ||||
Total liabilities and stockholders' equity | $ | 55,222 | $ | 49,581 | ||
Source:
Acme United Corporation
Paul G. Driscoll, 203-254-6060
FAX: 203-254-6521