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Q3
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3289455
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1494000
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56986000
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<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%">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at<br />
December 31, 2013</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated
Costs</b></font></td><td><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Payments</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at <br />
September 30, 2014</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">300</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(35</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">265</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Bridgeport,
CT</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(22</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">300</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">282</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; 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>
850000
2000000
<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 consists 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>
1800000
300000
53000
5000
48000
18000
70000
-2000
53000
23000
7000
3000
8000
2000
96000
52000
139000
32000
22912000
30344000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 5— Segment Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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 safety products for school, office, home, hardware
and industrial use.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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 the shipping points in Asia. Direct import sales are made in larger quantities
than domestic sales, typically full containers. Direct import sales represented approximately 11% and 16% of the Company’s
total net sales for the three and nine months ended September 30, 2014 compared to 15% and 22% for the comparable periods in 2013.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Financial data by segment:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">(in thousands)</font></p>
<p style="font: 9pt Sans-Serif; margin: 0; color: Red"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended<br />
September
30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended<br />
September
30,</td></tr>
<tr style="vertical-align: bottom">
<td colspan="1">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">2014</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">2013</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><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left; padding-left: 10pt">United States</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,833</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,273</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">69,946</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">55,992</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,782</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,372</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,549</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: 10pt">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">1,985</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">2,080</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">5,237</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">5,657</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: 10pt">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">30,008</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,555</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,198</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating income (loss):</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 10pt">United States</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,819</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,183</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,752</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,454</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">130</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">652</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">592</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 10pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">96</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(115</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">69</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 10pt">Consolidated</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,930</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,409</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,289</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">5,115</td><td style="padding-bottom: 1pt; 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><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; padding-left: 10pt">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">153</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">242</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: 10pt">Other expense (income), 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">67</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">(13</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">78</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">15</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: 10pt">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">1,710</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,323</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,868</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>Assets by segment:</td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td>( in thousands )</td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; padding-left: 11pt">United States</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">74,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">57,068</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 11pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,090</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,329</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 11pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,595</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,682</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 11pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,943</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">68,079</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Financial data by segment:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">(in thousands)</font></p>
<p style="font: 9pt Sans-Serif; margin: 0; color: Red"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended<br />
September
30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended<br />
September
30,</td></tr>
<tr style="vertical-align: bottom">
<td colspan="1">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">2014</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">2013</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><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left; padding-left: 10pt">United States</td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,833</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,273</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">69,946</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">55,992</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,190</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,782</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,372</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,549</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: 10pt">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">1,985</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">2,080</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">5,237</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">5,657</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: 10pt">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">30,008</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,555</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,198</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating income (loss):</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 10pt">United States</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,819</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,183</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,752</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,454</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">130</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">652</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">592</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 10pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">96</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(115</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">69</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 10pt">Consolidated</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,930</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,409</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,289</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">5,115</td><td style="padding-bottom: 1pt; 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><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; padding-left: 10pt">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">153</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">99</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">242</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: 10pt">Other expense (income), 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">67</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">(13</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">78</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">15</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: 10pt">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">1,710</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,323</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,868</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">4,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"> </p>
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--12-31
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Smaller Reporting Company
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<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left">Note 1 —
Basis of Presentation</p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in">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, 2013 for such disclosures. The condensed
consolidated balance sheet as of December 31, 2013 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 the Management’s Discussion and Analysis
of Financial Condition and Results of Operations and the financial statements and notes thereto, included in the Company’s
2013 Annual Report on Form 10-K.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in">The Company has evaluated
events and transactions subsequent to September 30, 2014 and through the date these condensed consolidated financial statements
were included in this Form 10-Q and filed with the SEC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"> </p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Note 2 — Contingencies</p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Company presently has no matters other than the environmental remediation accrual described below.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">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
consists 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>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under the terms of the sale agreement, and as required by the Connecticut
Transfer Act, the Company is 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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, must continue to monitor contaminant levels on the property to ensure they comply
with applicable governmental standards. At September 30, 2014, the Company had approximately $17,000 remaining in its accrual related
to the environmental remediation, all of which was classified as a current liability at that date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">On April 7, 2014, the Company sold its Fremont,
NC distribution facility for $850,000 in cash. 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Remediation work on the project began in the third
quarter of 2014 and is expected to be completed in the first half of 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 set governmental standards. The Company expects that the monitoring period will last a period of five years
after the completion of the remediationand be complete by the end of 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The change in the accrual for environmental
remediation for the nine months ended September 30, 2014 follows (in thousands):</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%">
<tr style="vertical-align: bottom">
<td> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at<br />
December 31, 2013</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated
Costs</b></font></td><td><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Payments</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
at <br />
September 30, 2014</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 20%; font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">300</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(35</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">265</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(22</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">300</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">282</font></td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; 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: 0; text-align: justify"><b>Note 3 —</b> <b>Pension</b></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Components of net periodic benefit cost
are as follows (in thousands):</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </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><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</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><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Components of net periodic benefit cost:</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><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="width: 44%; text-align: left">Interest cost</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">18</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">53</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">48</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Service cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected return on plan assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(70</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of prior service costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8</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">Amortization of actuarial loss</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">29</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">29</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">87</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">106</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"> </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">32</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">96</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">139</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 2014,
the Company is required to contribute approximately $200,000. As of September 30, 2014 the Company contributed approximately $160,000
to the plan.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Note 4 —Debt and Shareholders’ Equity<br /></p>
<p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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. Funds borrowed under the agreement
may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. 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. 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 September
30, 2014, the Company was in compliance with these covenants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of September 30, 2014 and December 31, 2013, the Company had
outstanding borrowings of $30,344,310 and $22,911,829, respectively, under the Company’s revolving loan agreement with HSBC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">During the three months ended September 30, 2014,
the Company issued a total of 61,325 shares of common stock and received aggregate proceeds of $716,965 upon exercise of employee
stock options.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">During the nine months ended September 30, 2014,
the Company issued a total of 74,075 shares of common stock and received aggregate proceeds of $890,375 upon the exercise of employee
stock options.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"><b>Note 6 – Stock Based Compensation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">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 $151,193 and $115,543 for the quarters ended September 30, 2014 and 2013, respectively. Share-based
compensation expenses were $451,193 and $387,953 for the nine months ended September 30, 2014 and 2013, respectively. During the
three months ended September 30, 2014, the Company issued 138,000 options with a weighted average fair value of $3.23 per share.
During the nine months ended September 30, 2014 the Company issued 214,500 options with a weighted average fair value of $3.27.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of September 30, 2014, there was a total of $1,159,176 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7 – Fair Value Measurements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The carrying value of the Company’s bank debt approximates
fair value. Fair value was determined using a discounted cash flow analysis.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font-size: 10pt"> </font></p>
17000
19000
13000
30000
6000
2017-04-05
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 September 30, 2014, the Company was in compliance with
these covenants.
Interest rate of LIBOR plus 1.75%
ACME UNITED CORP
28219000
31461000
82555000
55992000
6549000
5657000
69946000
7372000
5237000
22135000
18273000
1782000
2080000
68198000
30008000
25833000
2190000
1985000
4400000
6200000
53346000
14195000
43749000
19393000
4099000
959000
3479000
1189000
1.27
.30
1.10
.37
1.18
.29
1.07
.34
4072000
12761000
791000
791000
-685000
-1170000
.25
.08
.23
.09
39000
282000
17000
265000
39000
0
57000
22000
35000
451000
116000
388000
151000
214500
138000
3.27
3.23
1159000
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </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><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</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><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Components of net periodic benefit cost:</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><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="width: 44%; text-align: left">Interest cost</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">18</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">53</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">48</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Service cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected return on plan assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(23</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(70</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(53</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of prior service costs</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8</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">Amortization of actuarial loss</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">29</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">29</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">87</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">106</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"> </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">32</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">96</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">139</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td>Assets by segment:</td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td>( in thousands )</td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td>
<td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left; padding-left: 11pt">United States</td><td style="width: 2%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">74,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td>
<td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">57,068</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 11pt">Canada</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,090</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,329</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 11pt">Europe</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,595</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,682</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 11pt">Consolidated</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,943</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">68,079</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 10pt; text-indent: -10pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"><b> </b></p>
.16
.15
.22
.11
890000
508000
200000
0.0175
0.0175
200000
200000
13806000
773000
1727000
300000
0
300000
160000
74075
61325
890000
717000
P3Y
89600000
81200000
27200000
13800000
2544000
600000
1200000
4300000
4100000
1300000
463000
110000
15071000
1019000
252000
1271000
140000
135000
2500000
850000
75000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 8 – Business Combination</b></p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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. The Company recorded approximately $1.7 million for inventory, $2.5 million for accounts receivables and $0.6
million for equipment and other assets, as well as approximately $10.3 million for intangible assets which consist of trade names,
customer relationships, covenant not-to-compete and goodwill. In addition, the Company assumed approximately $1.3 million in accounts
payables and accrued expenses. During the three and nine months ended September 30, 2014, the Company incurred approximately $20,000
and $100,000, respectively, of integration and transaction costs associated with the acquisition.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">The purchase price was allocated to assets acquired
and liabilities assumed as follows (in thousands):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font: 9pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts
Receivable</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 4%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</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">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">15,071</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 70%"><font style="font: 9pt Times New Roman, Times, Serif">Liabilities</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right; width: 21%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Payable</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</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"></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: 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Net sales for the three and nine months ended
September 30, 2014 attributable to First Aid Only were approximately $4.4 million and $6.2 million, respectively. Net income for
the three and nine months ended September 30, 2014 attributable to First Aid Only was not material to the Company’s financial
statements for the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Assuming First Aid Only was acquired on January
1, 2014, unaudited proforma combined net sales for the nine months ended September 30, 2014 for the Company would have been approximately
$89.6 million. Unaudited proforma combined net income for the nine months ended September 30, 2014 for the Company would have been
approximately $4.3 million.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Assuming First Aid Only was acquired on January
1, 2013, unaudited proforma combined net sales for the three and nine months ended September 30, 2013, for the Company would have
been approximately $27.2 million and $81.2 million, respectively. Unaudited proforma combined net income for the three and nine
months ended September 30, 2013 for the Company would have been approximately $1.3 million and $4.1 million, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 9 – Sale of Property</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">On April 7, 2014, the Company sold its Fremont,
NC plant for $850,000. 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 costs of remedial activities and post-remediation operating and maintenance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Remediation work on the project began in the third
quarter of 2014 and is expected to be completed in the first half of 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 set governmental standards. The Company expects that the monitoring period will last a period of five years
and be complete by the end of 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">The
gain on the sale is calculated as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">(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>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 69%; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Sales Price</font></td><td style="width: 2%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%"> </td>
<td style="width: 12%"> </td>
<td style="width: 2%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">850</font></td><td style="width: 1%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-style: italic; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><i>Less:</i></font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Transaction costs</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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">75</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Land</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </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">140</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment
(gross book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif">1,715</font></p></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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment
- accum. Depreciation</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">1,580</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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment
(net book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </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">135</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Environmental
Remediation Liability</font></td><td style="padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">300</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><b>Gain
on Sale</b></font></td><td style="font-weight: bold"><font style="font: 9pt Times New Roman, Times, Serif"><b> </b></font></td>
<td> </td>
<td> </td>
<td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"><b>$</b></font></td><td style="font-weight: bold; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"><b>200</b></font></td><td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font: 9pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 70%; text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts
Receivable</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 4%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</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">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">15,071</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 70%"><font style="font: 9pt Times New Roman, Times, Serif">Liabilities</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 4%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right; width: 21%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Payable</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</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">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,271</font></td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
P5Y
1704000
1715000
1580000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">The
gain on the sale is calculated as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">(in
thousands)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 69%; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Sales Price</font></td><td style="width: 2%"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%"> </td>
<td style="width: 12%"> </td>
<td style="width: 2%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">850</font></td><td style="width: 1%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-style: italic; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><i>Less:</i></font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Transaction costs</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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">75</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Land</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </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">140</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment
(gross book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif">1,715</font></p></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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment
- accum. Depreciation</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">1,580</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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment
(net book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 9pt Times New Roman, Times, Serif"> </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">135</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Environmental
Remediation Liability</font></td><td style="padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">300</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 9pt Times New Roman, Times, Serif"> </font></td>
<td> </td>
<td> </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"><font style="font: 9pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><b>Gain
on Sale</b></font></td><td style="font-weight: bold"><font style="font: 9pt Times New Roman, Times, Serif"><b> </b></font></td>
<td> </td>
<td> </td>
<td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"><b>$</b></font></td><td style="font-weight: bold; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"><b>200</b></font></td><td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"> </font></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>
1340000
1340000
20000
100000
5430000
3410000
70000
10300000