Acme United Corporation Reports 17% Increase in Net Income for the Third Quarter
Net income was
Net sales for the nine months ended
Net income for the nine months ended
Net sales for the quarter ended
Gross margins were 36% in the third quarter of 2012 versus 35% in the
comparable period last year. Gross margins were 36% for the nine months
ended
Operating profit was
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 systems 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 | |||||||||||
| THIRD QUARTER REPORT 2012 | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | Three Months Ended | ||||||||||
| Amounts in $000's except per share data | September 30, 2012 | September 30, 2011 | |||||||||
| Net sales | $ | 20,363 | $ | 19,036 | |||||||
| Cost of goods sold | 12,937 | 12,396 | |||||||||
| Gross profit | 7,426 | 6,640 | |||||||||
| Selling, general, and administrative expenses | 6,067 | 5,520 | |||||||||
| Income from operations | 1,359 | 1,120 | |||||||||
| Interest expense | 147 | 112 | |||||||||
| Interest income | (64 | ) | (42 | ) | |||||||
| Net interest expense | 83 | 70 | |||||||||
| Other expense | 7 | 20 | |||||||||
| Total other expense |
90 |
90 | |||||||||
| Pre-tax income | 1,269 | 1,030 | |||||||||
| Income tax expense | 471 | 348 | |||||||||
| Net income | $ | 798 | $ | 682 | |||||||
| Shares outstanding - Basic | 3,103 | 3,102 | |||||||||
| Shares outstanding - Diluted | 3,133 | 3,120 | |||||||||
| Earnings per share basic | $ | 0.26 | $ | 0.22 | |||||||
| Earnings per share diluted | 0.26 | 0.22 | |||||||||
| ACME UNITED CORPORATION | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
| THIRD QUARTER REPORT 2012 (cont.) | |||||||||||
| (Unaudited) | |||||||||||
| Nine Months Ended | Nine Months Ended | ||||||||||
| Amounts in $000's except per share data | September 30, 2012 | September 30, 2011 | |||||||||
| Net sales | $ | 64,835 | $ | 57,466 | |||||||
| Cost of goods sold | 41,644 | 36,835 | |||||||||
| Gross profit | 23,191 | 20,631 | |||||||||
| Selling, general, and administrative expenses | 18,296 | 16,868 | |||||||||
| Income from operations | 4,895 | 3,763 | |||||||||
| Interest expense | 340 | 323 | |||||||||
| Interest income | (140 | ) | (132 | ) | |||||||
| Net interest expense | 200 | 191 | |||||||||
| Other expense (income) | 93 | (2 | ) | ||||||||
| Total other expense | 293 | 189 | |||||||||
| Pre-tax income | 4,602 | 3,574 | |||||||||
| Income tax expense | 1,484 | 1,029 | |||||||||
| Net income | $ | 3,118 | $ | 2,545 | |||||||
| Shares outstanding - Basic | 3,114 | 3,090 | |||||||||
| Shares outstanding - Diluted | 3,132 | 3,105 | |||||||||
| Earnings per share basic | $ | 1.00 | $ | 0.82 | |||||||
| Earnings per share diluted | 1.00 | 0.82 | |||||||||
| ACME UNITED CORPORATION | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| THIRD QUARTER REPORT 2012 | ||||||||||
| (Unaudited) | ||||||||||
| Amounts in $000's | September 30, 2012 | September 30, 2011 | ||||||||
|
Assets: |
||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 10,105 | $ | 6,270 | ||||||
| Accounts receivable, net | 16,058 | 16,661 | ||||||||
| Inventories | 29,992 | 22,804 | ||||||||
| Prepaid and other current assets | 1,911 | 1,075 | ||||||||
| Total current assets | 58,066 | 46,810 | ||||||||
| Property and equipment, net | 2,388 | 2,381 | ||||||||
| Long term receivable | 1,718 | 1,794 | ||||||||
| Intangible assets, net | 4,275 | 3,326 | ||||||||
| Other assets | 1,213 | 1,033 | ||||||||
| Total assets | $ | 67,660 | $ | 55,344 | ||||||
|
Liabilities and stockholders' equity: |
||||||||||
| Current liabilities | ||||||||||
| Accounts payable | $ | 6,513 | $ | 4,435 | ||||||
| Other current liabilities | 5,295 | 3,869 | ||||||||
| Total current liabilities | 11,808 | 8,304 | ||||||||
| Bank debt | 24,321 | 18,106 | ||||||||
| Other non current liabilities | 1,153 | 1,373 | ||||||||
| 37,282 | 27,783 | |||||||||
| Total stockholders' equity | 30,378 | 27,561 | ||||||||
| Total liabilities and stockholders' equity | $ | 67,660 | $ | 55,344 | ||||||
Source:
Acme United Corporation
Paul G. Driscoll, 203-254-6060
FAX:
203-254-6521