Acme United Corporation (NYSE American: ACU) today announced that
net sales for the quarter ended March 31, 2022 were $43.3 million
compared to $43.5 million in the first quarter of 2021.
Net income was $830,000 or $0.22 per diluted
share for the quarter ended March 31, 2021, compared to $2,046,000,
or $0.52 per diluted share, for the comparable period last year, a
decrease of 59% in net income and 58% in diluted earnings per
share.
Chairman and CEO Walter C. Johnsen said,
“Despite strong orders, revenues in the first quarter were reduced
due primarily to supply chain disruptions. Direct import sales in
which certain large, mass market customers take delivery from ports
in China were affected by factory shutdowns and major port closures
in China, as COVID-19 spread rapidly after the end of Chinese New
Year in late February. We were also negatively impacted by long
lead times and congestion in East Coast ports of the U.S that
resulted in late receipt of some goods. The combined impact of
these supply chain disruptions amounted to approximately $4.0
million of orders that could not ship. Our gross margins were
impacted by increased product costs, high ocean freight rates and
demurrage fees at the ports.”
Mr. Johnsen continued, “We expect to ship many
of the delayed orders in the second quarter, and our new incoming
order rate is strong for both first aid and medical products and
for school and office products. Container prices seem to have
stabilized, and some of the ports in China as well as our factories
there are staffed and operating again. Supply chain operations in
the U.S. and Europe have also somewhat improved. While the overall
operating environment remains challenging, we continue to target
revenues in excess of $200 million in 2022.”
For the first quarter of 2022, net sales in the
U.S. segment decreased 1% compared to the same period in 2021 due
to COVID-19 related supply chain disruptions.
European net sales for the first quarter of 2022
decreased 4% in U.S. dollars but increased 3% in local currency
compared to the first quarter of 2021.
Net sales in Canada for the first quarter of
2022 increased 8% in both U.S. dollars and local currency compared
to the same period in 2021, mainly due to higher sales of First Aid
Central products, principally in the e-commerce channel.
Gross margin was 34.5% in the first quarter of
2022 versus 35.8% in the comparable period last year. The decline
in the quarter was primarily due to cost inflation pressures as
well as higher transportation and labor costs. Price increases
partially offset the cost increases.
The Company’s bank debt less cash on March 31,
2022 was $46.2 million compared to $43.4 million on March 31, 2021.
During the twelve-month period ended March 31, 2022, 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. We increased inventory during the
twelve-month period by approximately $11 million to anticipate our
continued growth and to be positioned to offset the impact of
potential supply chain interruptions related to COVID-19. The
increase also reflects higher product costs.
Conference Call and Webcast
InformationAcme United will hold a conference call to
discuss its quarterly results, which will be broadcast on Friday,
April 22, 2022, at 12:00 p.m. EDT. To listen or participate in a
question and answer session, dial 888-394-8218. International
callers may dial 646-828-9193. The confirmation code is
6391122. 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 has
and may continue to incur, including costs of acquiring and
training new employees and rising wages and benefits; (v) the
continuing adverse impact of cost inflation; (vi) the Company’s
ability to effectively manage its inventory in a rapidly changing
business environment, including the additional inventory the
Company acquired 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) currency
fluctuations; (xii) 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 (xiii) 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 |
FIRST QUARTER REPORT 2022 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Quarter Ended |
Amounts in 000's except per share data |
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
43,333 |
|
|
$ |
43,525 |
|
Cost of goods sold |
|
|
28,365 |
|
|
|
27,938 |
|
Gross profit |
|
|
14,968 |
|
|
|
15,587 |
|
Selling, general and administrative expenses |
|
|
13,597 |
|
|
|
12,619 |
|
Operating income |
|
|
1,371 |
|
|
|
2,968 |
|
Interest expense |
|
|
309 |
|
|
|
226 |
|
Interest income |
|
|
(4 |
) |
|
|
(5 |
) |
Net interest expense |
|
|
305 |
|
|
|
221 |
|
Other expense, net |
|
|
(2 |
) |
|
|
77 |
|
Income before income tax expense |
|
|
1,068 |
|
|
|
2,670 |
|
Income tax expense |
|
|
238 |
|
|
|
624 |
|
Net income |
|
$ |
830 |
|
|
$ |
2,046 |
|
|
|
|
|
|
|
|
Shares outstanding - basic |
|
|
3,521 |
|
|
|
3,347 |
|
Shares outstanding - diluted |
|
|
3,848 |
|
|
|
3,911 |
|
|
|
|
|
|
|
|
Earnings per share - basic |
|
$ |
0.24 |
|
|
$ |
0.61 |
|
Earnings per share - diluted |
|
|
0.22 |
|
|
|
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACME UNITED CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
FIRST QUARTER REPORT 2022 |
(Unaudited) |
|
|
|
|
|
|
|
Amounts in $000's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
|
March 31, 2021 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,307 |
|
|
$ |
3,857 |
|
Accounts receivable, net |
|
|
34,605 |
|
|
|
31,592 |
|
Inventories |
|
|
60,716 |
|
|
|
49,389 |
|
Prepaid expenses and other current assets |
|
|
3,810 |
|
|
|
2,477 |
|
Total current assets |
|
|
104,438 |
|
|
|
87,315 |
|
|
|
|
|
|
|
|
Plant, property and equipment, net |
|
|
23,887 |
|
|
|
21,138 |
|
Operating lease right of use asset |
|
|
3,064 |
|
|
|
3,700 |
|
Intangible assets, less accumulated
amortization |
|
|
16,888 |
|
|
|
18,361 |
|
Goodwill |
|
|
4,800 |
|
|
|
4,800 |
|
Total assets |
|
$ |
153,077 |
|
|
$ |
135,314 |
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
8,323 |
|
|
$ |
8,151 |
|
Operating lease liability - short term |
|
|
1,009 |
|
|
|
932 |
|
Mortgage payable - short term |
|
|
389 |
|
|
|
267 |
|
Other current liabilities |
|
|
11,554 |
|
|
|
11,323 |
|
Total current liabilities |
|
|
21,275 |
|
|
|
20,673 |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
40,151 |
|
|
|
40,626 |
|
Long term debt - PPP loan |
|
|
- |
|
|
|
3,508 |
|
Mortgage payable - long term |
|
|
10,989 |
|
|
|
2,844 |
|
Operating lease liability - long term |
|
|
2,289 |
|
|
|
2,926 |
|
Other non-current liabilities |
|
|
600 |
|
|
|
110 |
|
Total liabilities |
|
|
75,304 |
|
|
|
70,687 |
|
Total stockholders' equity |
|
|
77,773 |
|
|
|
64,627 |
|
Total liabilities and stockholders' equity |
|
$ |
153,077 |
|
|
$ |
135,314 |
|
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