UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
report (date of earliest event reported): April 16, 2010
ACME
UNITED CORPORATION
(Exact
name of registrant as specified in its charter)
__________________
|
Connecticut
|
001-07698
|
06-0236700
|
|
(State
or other jurisdiction of incorporation or organization)
|
(Commission
file number)
|
(I.R.S.
Employer
Identification
No.)
|
|
60
Round Hill Road, Fairfield, Connecticut
|
06824
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number, including area code: (203) 254-6060
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM
2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April
16, 2010, Acme United Corporation (the “Company”) issued a press release
announcing its financial results for the quarter ended March 31,
2010. A copy of the press release is attached as Exhibit 99.1 to this
current report.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
| Exhibit Number | Description |
|
99.1
|
Press
release dated April 16, 2010.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ACME
UNITED CORPORATION
| By | /s/ Walter C. Johnsen | |
|
Walter
C. Johnsen
Chairman
and
Chief
Executive Officer
|
Dated: April
16, 2010
| By | /s/ Paul G. Driscoll | |
|
Paul
G. Driscoll
Vice
President and
Chief
Financial Officer
|
Dated:
April 16, 2010
2
EXHIBIT
INDEX
Exhibit
99.1
ACME
UNITED
CORPORATION NEWS
RELEASE
| CONTACT: | Paul G. Driscoll | Acme United Corporation | 60 Round Hill Road | Fairfield, CT 06824 |
| Phone: (203) 254-6060 | FAX: (203) 254-6521 |
FOR IMMEDIATE RELEASE April 16,
2010
ACME
UNITED CORPORATION REPORTS FIRST QUARTER SALES INCREASE OF 16%, SOLID EARNINGS
GROWTH
FAIRFIELD,
CONN. – April 16, 2010 – Acme United Corporation (NYSE AMEX:ACU) today announced
that net sales for the quarter ended March 31, 2010 were $13.1 million, compared
to $11.3 million in the first quarter of 2009, an increase of 16% (13% in local
currency).
Net income was $214,000 or $.07 per
diluted share for the quarter ended March 31, 2010 compared to $42,000 or $.01
per diluted share for the comparable period last year.
Net sales
for the first quarter of 2010 in the U.S. segment increased 13% compared to the
same period in 2009. The growth was mainly due to increased sales of new
products, including iPoint pencil sharpeners, proprietary non-stick scissors,
and Speed Pak utility knives. The Company added a number of new customers
including major hardware and industrial accounts.
Net sales
in Canada in the first quarter of 2010 increased 22% in U.S. dollars and 2% in
local currency. European sales in the first quarter of 2010 increased 26% in
U.S. dollars and 20% in local currency compared to the first quarter in 2009.
Sales in Europe increased due to growth in the mass and office
markets.
Gross
margins were 39% in the first quarter of 2010 compared to 38% in the first
quarter of 2009.
Walter C.
Johnsen, President and CEO said, “All business segments had growth during the
quarter, and contributed to our performance. We are particularly
pleased with the sales of our new products, and the prospects for growth from
our large customer base and new customers.”
The
Company’s bank debt less cash on March 31, 2010 was $3.4 million compared to
$8.6 million on March 31, 2009. During the 12 month period ended
March 31, 2010, Acme purchased 175,509 shares of its common stock for treasury
for a total of approximately $1.5 million and paid $650,000 in dividends on its
common stock, which were offset by cash flow from operations of $7.4 million. As
of March 31, 2010, there were 148,826 shares that may be purchased under the
Company’s stock repurchase program.
ACME UNITED CORPORATION is a
leading worldwide supplier of innovative cutting, measuring and safety products
to the school, home, office, hardware and industrial markets.
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) the
Company’s plans and results of operations will be affected by the Company’s
ability to manage its growth, and (iv) other risks and uncertainties indicated
from time to time in the Company’s filings with the Securities and Exchange
Commission.
.
# # #
2
|
ACME
UNITED CORPORATION
|
||||||||
|
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||
|
FIRST
QUARTER REPORT 2010
|
||||||||
| (unaudited) | ||||||||
|
Quarter
Ended
|
Quarter
Ended
|
|||||||
|
Amounts
in 000's except per share data
|
March
31, 2010
|
March
31, 2009
|
||||||
|
Net
sales
|
$ | 13,121 | $ | 11,297 | ||||
|
Cost
of goods sold
|
8,008 | 7,000 | ||||||
|
Gross
profit
|
5,113 | 4,299 | ||||||
|
Selling,
general, and administrative expenses
|
4,812 | 4,216 | ||||||
|
Income
from operations
|
301 | 82 | ||||||
|
Interest
expense, net
|
20 | 7 | ||||||
|
Other
expense, net
|
14 | 12 | ||||||
|
Pre-tax
income
|
267 | 63 | ||||||
|
Income
tax expense
|
53 | 21 | ||||||
|
Net
income
|
214 | 42 | ||||||
|
Shares
outstanding - Basic
|
3,170 | 3,343 | ||||||
|
Shares
outstanding - Diluted
|
3,274 | 3,402 | ||||||
|
Earnings
per share - basic
|
0.07 | 0.01 | ||||||
|
Earnings
per share - diluted
|
0.07 | 0.01 | ||||||
3
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ACME
UNITED CORPORATION
|
||||||||
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
FIRST
QUARTER REPORT 2010
|
||||||||
|
(Unaudited)
|
||||||||
|
Amounts in
$000's
|
||||||||
|
March
31, 2010
|
March
31, 2009
|
|||||||
|
Assets
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
|
$ | 5,468 | $ | 3,283 | ||||
|
Accounts
receivable, net
|
10,230 | 9,625 | ||||||
|
Inventories
|
18,497 | 21,734 | ||||||
|
Prepaid
and other current assets
|
1,229 | 1,245 | ||||||
|
Total
current assets
|
35,424 | 35,888 | ||||||
|
Property
and equipment, net
|
2,050 | 2,339 | ||||||
|
Long
term receivable
|
1,879 | 1,933 | ||||||
|
Other
assets
|
2,556 | 2,512 | ||||||
|
Total
assets
|
$ | 41,909 | $ | 42,672 | ||||
|
Liabilities and stockholders'
equity
|
||||||||
|
Current
liabilities
|
||||||||
|
Accounts
payable
|
$ | 4,030 | $ | 2,824 | ||||
|
Other
current liabilities
|
2,557 | 3,767 | ||||||
|
Total
current liabilities
|
6,587 | 6,591 | ||||||
|
Long-term
debt
|
8,908 | 11,880 | ||||||
|
Other
non-current liabilities
|
1,815 | 1,944 | ||||||
|
Total
liabilities
|
17,310 | 20,415 | ||||||
|
Total
stockholders' equity
|
24,599 | 22,257 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 41,909 | $ | 42,672 | ||||
4