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    Acme United Reports 29% Increase in Net Income for Second Quarter of 2024

    7/19/24 9:00:00 AM ET
    $ACU
    Industrial Machinery/Components
    Consumer Discretionary
    Get the next $ACU alert in real time by email

    SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE:ACU) today announced that net sales for the quarter ended June 30, 2024 were $55.4 million compared to $53.3 million in the second quarter of 2023, an increase of 4%. Excluding the impact of the Camillus and Cuda hunting and fishing product lines sold on November 1, 2023, net sales for the second quarter of 2024 increased 8% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 were $100.4 million, compared to $99.2 million in the same period in 2023, an increase of 1%. Excluding Camillus and Cuda, net sales for the six months increased 5% compared to the same period in 2023.

    Net income was $4.5 million, or $1.09 per diluted share, for the quarter ended June 30, 2024, compared to $3.4 million, or $0.96 per diluted share, for the same period in 2023, an increase of 29% in net income and 14% in diluted earnings per share. Net income for the six months ended June 30, 2024 was $6.1 million, or $1.47 per diluted share, compared to $4.4 million, or $1.25 per diluted share, for the same period in 2023, an increase of 37% in net income and 18% in diluted earnings per share.

    On May 23, 2024, the Company acquired the assets of Elite First Aid, Inc. ("Elite First Aid"), a leading supplier of tactical, trauma and emergency response products based in Wake Forest, North Carolina. Elite First Aid had revenues in 2023 of approximately $4.2 million.

    Chairman and CEO Walter C. Johnsen said, "Sales in the second quarter of 2024 were strong. We had significant market share gains and sales growth in first aid. Revenues of Westcott cutting tools increased due to gains in the craft market and growth in back-to-school sales. Our underlying growth was approximately 8% in the quarter after taking into account the revenues of the hunting and fishing lines which were sold last year to enhance our focus on Acme United's primary product lines."

    Mr. Johnsen continued, "We are excited about our acquisition of Elite First Aid, which has significantly strengthened our emergency response product line and expanded our customer base. We also intend to offer the Elite First Aid products to our existing customer base in the coming quarters. I am gratified that the expansion of our product line will enhance our ability to help save lives in trauma situations."

    For the three months ended June 30, 2024, net sales in the U.S. segment increased 5% compared to the same period in 2023. Excluding Camillus and Cuda, net sales for the second quarter of 2024 increased 10% compared to the second quarter of 2023 mainly due to market share gains across multiple product lines. For the six months ended June 30, 2024, net sales in the U.S. segment increased 2% compared to the same period in 2023. Excluding Camillus and Cuda, net sales for the six months increased 6% compared to the same period in 2023.

    European net sales for the three months ended June 30, 2024 increased 4% in U.S. dollars and 5% in local currency compared to the second quarter of 2023. Excluding Camillus and Cuda, net sales for the second quarter of 2024 increased 9% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 increased 5% in both U.S. dollars and local currency compared to the first half of 2023. Excluding Camillus and Cuda sales for the six months, net sales increased 8% compared to the same period in 2023. The sales increase for both periods was due to market share gains in the office channel.

    Net sales in Canada for the three months ended June 30, 2024 decreased 7% in both U.S. dollars and local currency compared to the same period in 2023. Excluding Camillus and Cuda, net sales for the second quarter of 2024 decreased 4% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 decreased 7% in both U.S. dollars and local currency compared to the first half of 2023. Excluding Camillus and Cuda, net sales for the six months decreased 2% compared to the same period in 2023. Sales of school and office products have been impacted by a soft economy.

    Gross margin was 40.8% in the three months ended June 30, 2024 versus 37.5% in the comparable period last year. Gross margin was 39.9% for the six month period ended June 30, 2024, compared to 36.6% for the same period in 2023. The increases in the three and the six-month periods ending June 30, 2024 were primarily due to productivity improvements in the Company's manufacturing and distribution facilities.

    The Company's bank debt less cash as of June 30, 2024 was $33.1 million compared to $47.5 million as of June 30, 2023. During the twelve-month period ended June 30, 2024, the Company paid approximately $6.1 million for the acquisition of the assets of Elite First Aid Inc., distributed $2.1 million in dividends on its common stock and generated approximately $8.5 million in free cash flow. Additionally, the Company realized net proceeds from the sale of the Camillus and Cuda product lines of approximately $13.0 million.

    Conference Call and Webcast Information

    Acme United will hold a conference call to discuss its quarterly results, which will be broadcast on Friday, July 19, 2024, at 12:00 p.m. ET. To listen or participate in a question and answer session, dial 877-407-0784. International callers may dial 201-689-8560. The confirmation code is 13747775. You may access the live webcast of the conference call through the Investor Relations section of the Company's website, www.acmeunited.com. A replay may be accessed under Investor Relations, Audio Archives.

    About Acme United

    ACME UNITED CORPORATION is a leading worldwide supplier of innovative safety solutions and cutting technology to the school, home, office, hardware, sporting goods and industrial markets. Its leading brands include First Aid Only®, First Aid Central®, PhysiciansCare®, Pac-Kit®, Spill Magic®, Westcott®, Clauss®, DMT®, Med-Nap and Elite First Aid. For more information, visit www.acmeunited.com.

    Forward Looking Statements

    The Company may from time to time make written or oral "forward-looking statements" including statements contained in this report and in other communications by the Company, which are made in good faith pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on our beliefs as well as assumptions made by and information currently available to us. When used in this document, words like "may," "might," "will," "except," "anticipate," "believe," "potential," and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from our current expectations.

    Forward-looking statements in this report, including without limitation, statements related to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may impact the Company's business, operations and financial results.

    These risks and uncertainties include, without limitation, the following: (i) changes in the Company's plans, strategies, objectives, expectations and intentions, which may be made at any time at the discretion of the Company; (ii) the impact of uncertainties in global economic conditions, including the impact on the Company's suppliers and customers; (iii) the continuing adverse impact of inflation, including product costs, and interest rates; (iv) potential adverse effects on the Company, its customers, and suppliers resulting from the conflicts in Ukraine and the Middle East; (v) additional disruptions in the Company's supply chains, whether caused by pandemics, natural disasters, including trucker shortages, port closures or otherwise; (vi) labor related costs the Company has and may continue to incur, including costs of acquiring and training new employees and rising wages and benefits; (vii) currency fluctuations including, for example, the fluctuation of the dollar against the euro; (viii) the Company's ability to effectively manage its inventory in a rapidly changing business environment; (ix) changes in client needs and consumer spending habits; (x) the impact of competition; (xi) the impact of technological changes including, specifically, the growth of online marketing and sales activity; (xii) the Company's ability to manage its growth effectively, including its ability to successfully integrate any business it might acquire; (xiii) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; and (xiv) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.

         
    CONTACT:Paul G. DriscollAcme United Corporation1 Waterview DriveShelton, CT 06484
      Phone: (203) 254-6060  



     
    ACME UNITED CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    SECOND QUARTER REPORT 2024
    (Unaudited)
         
      Three Months Ended Three Months Ended
    Amounts in 000's except per share data June 30, 2024 June 30, 2023
         
         
    Net sales $ 55,425  $ 55,336 
    Cost of goods sold  32,798   33,314 
    Gross profit  22,627   20,022 
    Selling, general, and administrative expenses  16,252   14,772 
    Operating income  6,375   5,250 
    Interest expense  578   860 
    Interest income  (39)  (28)
    Interest expense, net  539   832 
    Other income, net   (28)  (23)
    Total other income, net   (28)  (23)
    Income before income tax expense  5,864   4,441 
    Income tax expense   1,412   998 
    Net income $ 4,452  $ 3,443 
         
    Shares outstanding - Basic  3,679   3,555 
    Shares outstanding - Diluted  4,088   3,591 
         
    Earnings per share - Basic $ 1.21  $ 0.97 
    Earnings per share - Diluted  1.09   0.96 
         
         
         
    ACME UNITED CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    SECOND QUARTER REPORT 2024 (cont.)
    (Unaudited)
         
         
      Six Months EndedSix Months Ended
    Amounts in 000's except per share data June 30, 2024 June 30, 2023
         
    Net sales $ 100,382  $ 99,175 
    Cost of goods sold  60,358   62,872 
    Gross profit  40,024   36,303 
    Selling, general, and administrative expenses  31,090   28,865 
    Operating income  8,934   7,438 
    Interest expense  1,054   1,779 
    Interest income  (72)  (45)
    Interest expense, net  982   1,734 
    Other income, net   (72)  (46)
    Total other income, net   (72)  (46)
    Income before income tax expense  8,024   5,750 
    Income tax expense  1,935   1,318 
    Net income $ 6,089  $ 4,432 
         
    Shares outstanding - Basic  3,664   3,548 
    Shares outstanding - Diluted  4,143   3,548 
         
    Earnings per share - Basic $ 1.66  $ 1.25 
    Earnings per share - Diluted  1.47   1.25 
         
         
         
    ACME UNITED CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    SECOND QUARTER REPORT 2024
    (Unaudited)
         
    Amounts in 000's June 30, 2024 June 30, 2023
         
    Assets:    
    Current assets:    
    Cash and cash equivalents $ 3,791  $ 3,401 
    Accounts receivable, net  40,074   39,796 
    Inventories  56,621   55,944 
    Prepaid expenses and other current assets  5,662   4,330 
    Total current assets  106,148   103,471 
         
    Property, plant and equipment, net  30,570   27,263 
    Operating lease right of use asset  5,176   2,374 
    Intangible assets, less accumulated amortization  31,647   27,969 
    Other assets  -   750 
    Total assets $ 173,541  $ 161,827 
         
    Liabilities and stockholders' equity:    
    Current liabilities:    
    Accounts payable $ 10,319  $ 10,724 
    Operating lease liability - short term  1,589   1,122 
    Mortgage payable - short term  429   411 
    Other accrued liabilities  15,656   13,013 
    Total current liabilities  27,992   25,271 
    Long term debt  26,419   39,979 
    Mortgage payable - long term  10,073   10,485 
    Operating lease liability - long term  3,684   1,407 
    Other non-current liabilities  1,415   1,033 
    Total liabilities   69,583   78,175 
    Total stockholders' equity  103,958   83,652 
    Total liabilities and stockholders' equity $ 173,541  $ 161,827 
         


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