Acme United Corporation Reports First Quarter
Sales Increase of 16%, Solid Earnings Growth
April 16, 2010 09:03 AM Eastern Daylight Time
FAIRFIELD, Conn.--(EON: Enhanced Online News)--Acme United Corporation (NYSE AMEX:ACU) today
announced that net sales for the quarter ended March 31, 2010 were $13.1 million, compared to $11.3 million in the
first quarter of 2009, an increase of 16% (13% in local currency).
Net income was $214,000 or $.07 per diluted share for the quarter ended March 31, 2010 compared to $42,000
or $.01 per diluted share for the comparable period last year.
Net sales for the first quarter of 2010 in the U.S. segment increased 13% compared to the same period in 2009.
The growth was mainly due to increased sales of new products, including iPoint pencil sharpeners, proprietary non-
stick scissors, and Speed Pak utility knives. The Company added a number of new customers including major
hardware and industrial accounts.
Net sales in Canada in the first quarter of 2010 increased 22% in U.S. dollars and 2% in local currency. European
sales in the first quarter of 2010 increased 26% in U.S. dollars and 20% in local currency compared to the first
quarter in 2009. Sales in Europe increased due to growth in the mass and office markets.
Gross margins were 39% in the first quarter of 2010 compared to 38% in the first quarter of 2009.
Walter C. Johnsen, President and CEO, said, “All business segments had growth during the quarter, and contributed
to our performance. We are particularly pleased with the sales of our new products, and the prospects for growth
from our large customer base and new customers.”
The Company’s bank debt less cash on March 31, 2010 was $3.4 million compared to $8.6 million on March 31,
2009. During the 12-month period ended March 31, 2010, Acme purchased 175,509 shares of its common stock
for treasury for a total of approximately $1.5 million and paid $650,000 in dividends on its common stock, which
were offset by cash flow from operations of $7.4