Acme United Corporation (NYSE American: ACU) today announced that
net sales for the quarter ended December 31, 2021 were $45.8
million compared to $40.9 million in the fourth quarter of 2020, an
increase of 12%. Net sales for the year ended December 31, 2021
were $182.1 million, compared to $164.0 million in the year ended
December 31, 2020, an increase of 11%.
Net income was $2,338,000 or $0.60 per diluted
share for the quarter ended December 31, 2021 compared to
$2,043,000, or $0.54 per diluted share, for the comparable period
last year, an increase of 14% in net income and 11% in diluted
earnings per share. Excluding the impact of the PPP loan
forgiveness, net income for the year ended December 31, 2021 was
$10,148,000, or $2.57 per diluted share, compared to $8,099,000, or
$2.31 per diluted share, in last year’s same period, increases of
25% and 11%, respectively. Net income for the year ended December
31, 2021, including the PPP loan forgiveness, was $13.7 million, or
$3.45 per diluted share, increases of 69% and 49%,
respectively.
Chairman and CEO Walter C. Johnsen said, “Acme
United performed at record levels during 2021. We delivered our
12th consecutive year of sales growth and generated the highest
profits in the Company’s history. Our team effectively managed
significant cost increases, labor shortages, and supply chain
delays. In 2021 we completed installation of a new
warehouse management system in our largest distribution center and
we expect the system to increase our operating efficiencies in
2022. We also integrated the Med-Nap and First Aid Central
acquisitions.”
Mr. Johnsen added, “With on our operational
improvements, our expanded first aid and medical product lines, and
market share gains, we believe Acme United is positioned for
another outstanding year in 2022.”
For the fourth quarter of 2021, net sales in the
U.S. segment increased 11% compared to the same period in 2020. For
the year ended December 31, 2021, net sales in the U.S. segment
increased 9% compared to the same period in 2020. The growth for
both periods was primarily attributable to strong sales of first
aid and medical products, and Westcott craft
products.
European net sales for the fourth quarter of
2021 increased 11% in U.S. dollars and 15% in local currency
compared to the fourth quarter of 2020. Net sales for the year
ended December 31, 2021 increased 19% in U.S. dollars and 15% in
local currency compared to the year ended December 31, 2020. The
growth for both periods was mainly due to sales growth in the
ecommerce channel across all product lines and market share gains
in Westcott school and office products.
Net sales in Canada for the fourth quarter of
2021 increased 22% in U.S. dollars and 17% in local currency
compared to the same period in 2020. Net sales for the year ended
December 31, 2021 increased 31% in U.S. dollars and 22% in local
currency compared to the year ended December 31, 2020. The growth
for both periods was primarily due to higher sales of first aid
products.
Gross margin was 35.1% in the fourth quarter of
2021 versus 36.8% in the comparable period last year.
The decline in the quarter was primarily due to cost inflation
pressures and higher transportation costs. Price increases
partially offset the cost increases. Gross margin was 35.6% in the
year ended December 31, 2021, compared to 36.3% for the same period
of 2020.
The Company’s bank debt less cash on December
31, 2021 was $39.7 million compared to $41.3 million on December
31, 2020. During the twelve-month period ended December 31, 2021,
the Company distributed $1.8 million in dividends on its common
stock, repurchased $1.5 million of common stock, and received
forgiveness of its PPP loan of $3.5 million.
Conference Call and Webcast
InformationAcme United will hold a conference call to
discuss its quarterly results, which will be broadcast on Tuesday,
March 1, 2022, at 12:00 p.m. Eastern Time. To listen or participate
in a question and answer session, dial 888-394-8218. International
callers may dial 646-828-8193. The confirmation code is
8000932. 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 UnitedACME 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®,
Camillus®, Cuda®, DMT®, and Med-Nap. For more information, visit
www.acmeunited.com.
Forward Looking StatementsThe 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, including those risks and uncertainties
resulting from the global COVID-19 pandemic, future waves of
COVID-19, including through the Delta and Omicron variants and any
new variant strains of the underlying virus; any future pandemics;
the continuing effectiveness, global availability, and public
acceptance of existing vaccines; the effectiveness, availability,
and public acceptance of vaccines against variant strains of
potential new viruses; and the heightened impact the pandemic has
on many of the risks described herein, including, without
limitation, risks relating to disruptions in our supply chain, and
labor shortages, any of which could materially adversely impact the
Company’s ability to manufacture, source or distribute its
products, both domestically and internationally.
These risks and uncertainties further 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, whether caused by
COVID-19 or otherwise, including the impact on the Company’s
suppliers and customers; (iii) additional disruptions in the
Company’s supply chains, whether caused by COVID-19 or otherwise;
(iv) labor shortages and related costs the Company may incur,
including costs of acquiring and training new employees; (v) the
impact of rising inflation rates; (vi) the Company’s ability to
effectively manage its inventory in a rapidly changing business
environment, including the additional inventory it acquired in 2020
and 2021 in anticipation of supply chain disruptions and
uncertainties; (vii) changes in client needs and consumer spending
habits; (viii) the impact of competition; (ix) the impact of
technological changes including, specifically, the growth of online
marketing and sales activity; (x) the Company’s ability to manage
its growth effectively, including its ability to successfully
integrate any business it might acquire; (xi) rising wages and
benefits; ( (xii) currency fluctuations; (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.
Driscoll Acme United
Corporation 1
Waterview Drive
Shelton, CT
06484Phone: (203) 254-6060
ACME UNITED
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
YEAR END
REPORT 2021 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
Amounts in 000's except per share data |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
$ |
45,793 |
|
|
$ |
40,871 |
|
|
Cost of goods sold |
|
|
|
29,737 |
|
|
|
25,824 |
|
|
Gross profit |
|
|
|
|
16,056 |
|
|
|
15,047 |
|
|
Selling, general, and administrative expenses |
|
12,999 |
|
|
|
12,151 |
|
|
Operating income |
|
|
|
3,057 |
|
|
|
2,896 |
|
|
Interest expense |
|
|
|
|
|
(240 |
) |
|
|
(203 |
) |
|
Interest income |
|
|
|
3 |
|
|
|
8 |
|
|
Interest expense,
net |
|
|
|
(237 |
) |
|
|
(195 |
) |
|
Other income (expense) , net |
|
|
18 |
|
|
|
(667 |
) |
|
Total other income (expense) , net |
|
|
18 |
|
|
|
(667 |
) |
|
Income before income tax expense |
|
|
2,838 |
|
|
|
2,034 |
|
|
Income tax expense (benefit) |
|
|
500 |
|
|
|
(9 |
) |
|
Net income |
|
|
|
$ |
2,338 |
|
|
$ |
2,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding - Basic |
|
|
3,550 |
|
|
|
3,340 |
|
|
Shares outstanding - Diluted |
|
|
3,915 |
|
|
|
3,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic |
|
$ |
0.66 |
|
|
$ |
0.61 |
|
|
Earnings per share - Diluted |
|
|
0.60 |
|
|
|
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACME UNITED
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
YEAR END
REPORT 2021 (cont.) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
Year
Ended |
|
Amounts in 000's except per share data |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
$ |
182,088 |
|
|
$ |
164,003 |
|
|
Cost of goods sold |
|
|
|
117,287 |
|
|
|
104,408 |
|
|
Gross profit |
|
|
|
|
64,801 |
|
|
|
59,595 |
|
|
Selling, general, and administrative expenses |
|
52,030 |
|
|
|
48,182 |
|
|
Operating income |
|
|
|
12,771 |
|
|
|
11,413 |
|
|
Interest expense |
|
|
|
|
|
(922 |
) |
|
|
(944 |
) |
|
Interest income |
|
|
|
14 |
|
|
|
25 |
|
|
Interest expense,
net |
|
|
|
(908 |
) |
|
|
(919 |
) |
|
PPP loan forgiveness |
|
|
|
3,508 |
|
|
|
- |
|
|
Other expense, net |
|
|
|
(196 |
) |
|
|
(667 |
) |
|
Total other income (expense), net |
|
|
3,312 |
|
|
|
(667 |
) |
|
Income before income tax expense |
|
|
15,175 |
|
|
|
9,827 |
|
|
Income tax expense |
|
|
|
1,519 |
|
|
|
1,728 |
|
|
Net income |
|
|
|
$ |
13,656 |
|
|
$ |
8,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding - Basic |
|
|
3,471 |
|
|
|
3,343 |
|
|
Shares outstanding -
Diluted |
|
|
3,955 |
|
|
|
3,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic |
|
$ |
3.93 |
|
|
$ |
2.42 |
|
|
Earnings per share - Diluted |
|
|
3.45 |
|
|
|
2.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to reported net income (GAAP) |
|
|
|
|
|
|
Net income as reported
(GAAP) |
|
|
13,656 |
|
|
|
8,099 |
|
|
PPP loan forgiveness |
|
|
|
(3,508 |
) |
|
|
- |
|
|
Net income as adjusted |
|
|
10,148 |
|
|
|
8,099 |
|
|
Earnings per share before PPP loan
forgiveness - Basic |
|
|
|
$ |
2.92 |
|
|
$ |
2.42 |
|
|
Earnings per share before PPP loan
forgiveness - Diluted |
2.57 |
|
|
|
2.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ACME UNITED
CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
YEAR END
REPORT 2021 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Amounts in 000's |
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,843 |
|
|
$ |
4,167 |
|
Accounts receivable, net |
|
|
34,221 |
|
|
|
27,173 |
|
Inventories |
|
|
|
53,552 |
|
|
|
50,704 |
|
Prepaid expenses and other current
assets |
|
2,635 |
|
|
|
1,642 |
|
Total current assets |
|
|
|
95,251 |
|
|
|
83,686 |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
24,027 |
|
|
|
20,239 |
|
Operating lease right of use
asset |
|
|
3,130 |
|
|
|
2,422 |
|
Intangible assets, less accumulated
amortization |
|
17,231 |
|
|
|
18,720 |
|
Goodwill |
|
|
|
|
4,800 |
|
|
|
4,800 |
|
Total assets |
|
|
|
$ |
144,439 |
|
|
$ |
129,867 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity: |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
$ |
8,977 |
|
|
$ |
7,601 |
|
Operating lease liability - short
term |
|
|
1,000 |
|
|
|
873 |
|
Mortgage payable - short term |
|
|
389 |
|
|
|
267 |
|
Other accrued liabilities |
|
|
9,880 |
|
|
|
11,460 |
|
Total current liabilities |
|
|
|
20,246 |
|
|
|
20,201 |
|
Long term debt |
|
|
|
33,037 |
|
|
|
38,767 |
|
Note payable - PPP loan |
|
|
- |
|
|
|
3,508 |
|
Mortgage payable, net of current
portionMortgage payable - long term |
|
|
11,081 |
|
|
|
2,911 |
|
Operating lease liability - long
term |
|
|
2,364 |
|
|
|
1,654 |
|
Other non-current liabilities |
|
|
629 |
|
|
|
110 |
|
Total liabilities |
|
|
|
67,357 |
|
|
|
67,151 |
|
Total stockholders' equity |
|
|
77,082 |
|
|
|
62,716 |
|
Total liabilities and stockholders' equity |
|
$ |
144,439 |
|
|
$ |
129,867 |
|
|
|
|
|
|
|
|
|
|
|
Acme United (AMEX:ACU)
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