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ACU:Y
Q1
2015
3315852
2286000
1797000
11644000
3367000
19477000
16722000
2077000
2476000
57511000
56919000
436000
421000
5126000
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10067000
10147000
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936000
972000
79308000
78800000
70526000
70917000
4363000
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3793000
7773000
5905000
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5564000
15363000
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39334000
11633000
11688000
79308000
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15629000
15945000
6931000
7160000
370000
314000
12283000
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8000000
4653424
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1362072
1362072
320000
256000
181000
65000
129000
126000
-2833000
651000
2849000
871000
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-140000
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574000
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28000
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535000
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<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at </b><br />
<b>December 31, 2014</b></font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated
Costs</b></font></p></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Payments</b></font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at </b><br />
<b>March 31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; text-align: center; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fremont, NC</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">260</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">258</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Bridgeport, CT</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">266</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">258</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
2000000
15000
16000
23000
17000
2000
2000
28000
46000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
5— Segment Information</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The Company
reports financial information based on the organizational structure used by management 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, management reviews the financial results of both on a consolidated basis, and 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 cutting devices,
measuring instruments and first aid products for school, office, home, hardware, sporting and industrial markets.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Domestic
sales orders are filled from the Company’s distribution center in North Carolina. 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">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 product to the customers’ common carriers at shipping points in Asia. Direct
import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately
10% of the Company’s total net sales for the three months ended March 31, 2015 and 2014, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The chief
operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment
amounts are presented after converting to U.S. dollars and consolidating eliminations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 9pt Times New Roman, Times, Serif">Financial
data by segment:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 9pt">(in thousands)</font></p>
<p style="font: 9pt Sans-Serif; margin: 0pt 0; color: Red"><font style="font-size: 9pt"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Three months ended <br />
March 31</td></tr>
<tr style="vertical-align: bottom">
<td>Sales to external customers:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; padding-left: 20pt">United States</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">20,134</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">16,103</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,244</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,511</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,538</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 20pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,837</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,152</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating income:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 20pt">United States</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">971</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">676</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(108</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 20pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">827</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">625</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-family: Arial, Helvetica, Sans-Serif"> </td><td style="font-family: Arial, Helvetica, Sans-Serif"> </td>
<td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Arial, Helvetica, Sans-Serif"> </td>
<td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">130</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">83</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Other expense, net</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Consolidated income before income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">621</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">523</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 9pt Sans-Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><i> </i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><i></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">March 31</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31</td></tr>
<tr style="vertical-align: bottom">
<td>Assets by segment</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; padding-left: 20pt">United States</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">70,917</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">70,526</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,090</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,363</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,793</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,419</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 20pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">79,308</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 9pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 9pt Times New Roman, Times, Serif">Financial
data by segment:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 9pt">(in thousands)</font></p>
<p style="font: 9pt Sans-Serif; margin: 0pt 0; color: Red"><font style="font-size: 9pt"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center">Three months ended <br />
March 31</td></tr>
<tr style="vertical-align: bottom">
<td>Sales to external customers:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; padding-left: 20pt">United States</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">20,134</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">16,103</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,244</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,511</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,538</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 20pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,837</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,152</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating income:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 20pt">United States</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">971</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">676</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(108</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 20pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">827</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">625</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-family: Arial, Helvetica, Sans-Serif"> </td><td style="font-family: Arial, Helvetica, Sans-Serif"> </td>
<td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Arial, Helvetica, Sans-Serif"> </td>
<td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">130</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">83</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Other expense, net</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Consolidated income before income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">621</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">523</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 9pt Sans-Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><i> </i></font></p>
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10-Q
2015-03-31
false
--12-31
No
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Smaller Reporting Company
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598000
4436000
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33925000
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<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
1 — Basis of Presentation</b></font></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif">In
the opinion of management, 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 of the disclosures normally
required by accounting principles generally accepted in the United States of America 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, 2014 for such disclosures.
The condensed consolidated balance sheet as of December 31, 2014 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 2014 Annual Report on Form 10-K.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has evaluated events and transactions subsequent to March 31, 2015 and through the date these condensed consolidated financial
statements were included in this Form 10-Q and filed with the SEC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
2 — Contingencies</b></font></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is involved from time to time in disputes and other litigation in the ordinary course of business and may encounter
other contingencies, which may include environmental and other matters.</font> There are no pending material legal
proceedings to which the registrant is a party, or, to the actual knowledge of the Company, contemplated by any governmental
authority.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">In
December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which
$2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000
sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and
was closed in 1996.</font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Under the
terms of the sale agreement, and as required by the Connecticut Transfer Act, the Company was required to remediate any environmental
contamination on the property. During 2008, the Company hired an independent environmental consulting firm to conduct environmental
studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan.
As a result of those studies and the estimates prepared by the independent environmental consulting firm, the Company recorded
an undiscounted liability of approximately $1.8 million related to the remediation of the property. This accrual included the
costs of required investigation, remedial activities, and post-remediation operating and maintenance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Remediation
work on the project began in the third quarter of 2009 and was completed during the third quarter of 2012. In addition to the
completed remediation work, the Company, with the assistance of its independent environmental consulting firm, was required to
monitor contaminant levels on the property to ensure they comply with applicable governmental standards. During the first quarter
of 2015, the Company received notice from the Connecticut Department of Energy & Environmental Protection that it had accepted
and approved the Company’s filing of its Form III Verification Report. As a result, the Company’s remediation obligations
have been satisfied.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">On
April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as
a manufacturing site for the Company’s scissors and rulers. Under the terms of the sale agreement, the Company is responsible
to remediate any environmental contamination on the property. The Company hired an independent environmental consulting firm to
conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop
a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm,
and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014,
related to the remediation of the property. The accrual includes the total estimated costs of remedial activities and post-remediation
operating and maintenance costs.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Remediation
work on the project began in the third quarter of 2014 and is expected to be completed in 2015. In addition to the remediation
work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant
levels on the property to ensure they comply with applicable North Carolina laws and regulations. The Company expects that the
monitoring period will last a period of five years after the completion of the remediation and be completed by the end of 2020.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
change in the accrual for environmental remediation for the three months ended March 31, 2015 follows (in thousands):</font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at </b><br />
<b>December 31, 2014</b></font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated
Costs</b></font></p></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Payments</b></font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at </b><br />
<b>March 31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; text-align: center; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Fremont, NC</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">260</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">258</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Bridgeport, CT</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">266</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">258</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
3 —</b> <b>Pension</b></font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Components
of net periodic benefit cost are as follows (in thousands):</font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 9pt"> </font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td colspan="7" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Three
Months Ended March 31,</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2015</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 9pt"> </font></td><td style="font-weight: bold"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 9pt">Components of net periodic benefit cost:</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left"><font style="font-size: 9pt">Interest cost</font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td>
<td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">15</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 4%"><font style="font-size: 9pt"> </font></td>
<td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">16</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 9pt">Service cost</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">6</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">10</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><font style="font-size: 9pt">Expected return on plan assets</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">(23</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">(17</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 9pt">Amortization of prior service costs</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">2</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">2</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Amortization of actuarial loss</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">28</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">35</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">28</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">46</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable
laws and regulations. In 2015, the Company is required to contribute approximately $200,000. As of March 31, 2015 the Company
had contributed approximately $30,000 to the plan.</font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
4 —Debt and Shareholders’ Equity</b></font></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">On April
25, 2013, the Company amended its revolving loan agreement with HSBC Bank N.A. dated April 5, 2012. The amendment increased the
borrowing limit to $40 million from $30 million. The interest rate remains the same at LIBOR plus 1.75%. All principal amounts
outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires;
interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments
to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the
agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes.
Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net
worth ratio, and a fixed charge coverage ratio. At March 31, 2015, the Company was in compliance with these covenants.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">As of March
31, 2015 and December 31, 2014, the Company had outstanding borrowings of $27,551,089 and $24,146,841, respectively, under the
Company’s revolving loan agreement with HSBC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">During
the three months ended March 31, 2015, the Company issued a total of 22,000 shares of common stock and received aggregate proceeds
of $321,000 upon exercise of employee stock options.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
6 – Stock Based Compensation</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">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. Share-based compensation expenses were $128,752 and $126,000 for the quarters
ended March 31, 2015 and 2014, respectively. During the three months ended March 31, 2015, the Company issued 15,000 options with
a weighted average fair value of $3.67 per share.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">As of March
31, 2015, there was a total of $993,246 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested
share –based payments granted to the Company’s employees. The remaining unamortized expense is expected to be recognized
over a weighted average period of approximately 3 years.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
7 – Fair Value Measurements</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The carrying
value of the Company’s bank debt approximates fair value. Fair value was determined using a discounted cash flow analysis.</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
6000
10000
2017-04-05
<p style="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><font style="font-size: 8pt">Under
the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net
worth ratio, and a fixed charge coverage ratio. At March 31, 2015, the Company was in compliance with these covenants.</font></p>
Interest rate of LIBOR plus 1.75%
ACME UNITED CORP
33671000
35924000
22837000
20134000
1244000
1459000
19152000
16103000
1511000
1538000
14402000
12275000
436000
368000
.13
.12
.12
.11
12555000
12374000
895000
895000
-1647000
-2200000
.09
0.08
266000
258000
258000
0
260000
6000
8000
2000
6000
129000
126000
15000
3.67
993000
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 9pt"> </font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td colspan="7" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Three
Months Ended March 31,</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2015</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 9pt"> </font></td><td style="font-weight: bold"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="font-weight: bold; text-align: center"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 9pt">Components of net periodic benefit cost:</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left"><font style="font-size: 9pt">Interest cost</font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td>
<td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">15</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 4%"><font style="font-size: 9pt"> </font></td>
<td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">16</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 9pt">Service cost</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">6</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">10</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><font style="font-size: 9pt">Expected return on plan assets</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">(23</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">(17</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 9pt">Amortization of prior service costs</font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">2</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">2</font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Amortization of actuarial loss</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">28</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">35</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">28</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">46</font></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">March 31</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31</td></tr>
<tr style="vertical-align: bottom">
<td>Assets by segment</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; padding-left: 20pt">United States</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">70,917</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">70,526</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,090</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,363</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,793</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,419</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 20pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">79,308</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font: 9pt Times New Roman, Times, Serif"><b> </b></font></p>
.10
.10
321000
200000
0.0175
0.0175
0
0
0
30000
22000
321000
P3Y
13800000
463000
110000
15071000
1019000
252000
1271000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
8 – Business Combination</b></font></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">On June
2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), a supplier of Smart Compliance®
first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased
inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million
using funds borrowed under its revolving credit facility with HSBC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">The
purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font: 9pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts
Receivable</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 4%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 21%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">2,544</font></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Inventory</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,704</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Equipment</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">463</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Prepaid expenses</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">110</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Customer Relationships</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">5,430</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Trade Name</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">3,410</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Covenant Not-to-Compete</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">70</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Goodwill</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,340</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total assets</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">15,071</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 70%"><font style="font: 9pt Times New Roman, Times, Serif">Liabilities</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right; width: 21%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Payable</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,019</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 11pt; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">Accrued Expense</font></td><td style="padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">252</font></td><td style="text-align: left; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total liabilities</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,271</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Assuming
First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the three months ended March 31, 2014
for the Company would have been approximately $23.0 million. Unaudited proforma combined net income for the three months ended
March 31, 2014 for the Company would have been approximately $ 400,000.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font: 9pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts
Receivable</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 4%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 21%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">2,544</font></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Inventory</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,704</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Equipment</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">463</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Prepaid expenses</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">110</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Customer Relationships</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">5,430</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Trade Name</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">3,410</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Covenant Not-to-Compete</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt">70</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Goodwill</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,340</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total assets</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">15,071</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 70%"><font style="font: 9pt Times New Roman, Times, Serif">Liabilities</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right; width: 21%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Payable</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,019</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 11pt; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">Accrued Expense</font></td><td style="padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">252</font></td><td style="text-align: left; padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total liabilities</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,271</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
1375000
1375000
1340000
5430000
3410000
70000
767000
305000
127000
98000
P5Y
23000000
400000
2544000
1704000
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">In
December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which
$2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000
sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and
was closed in 1996.</p>
2500000
850000
24147000
27551000
1800000
300000