-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NXEyde77FHf+9YLnQvvdqMkr+9MbH8zwFwsoxOqefuv37Da0G6yl9QNBANvjq4m2 m16yGyl3IdWmbUOnE5heFQ== 0001026608-03-000099.txt : 20031021 0001026608-03-000099.hdr.sgml : 20031021 20031021172212 ACCESSION NUMBER: 0001026608-03-000099 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031021 ITEM INFORMATION: FILED AS OF DATE: 20031021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACME UNITED CORP CENTRAL INDEX KEY: 0000002098 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 060236700 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07698 FILM NUMBER: 03950359 BUSINESS ADDRESS: STREET 1: 1931 BLACK ROCK TURNPIKE CITY: FAIRFIELD STATE: CT ZIP: 06432 BUSINESS PHONE: 2033327330 FORMER COMPANY: FORMER CONFORMED NAME: ACME SHEAR CO DATE OF NAME CHANGE: 19710713 8-K 1 acme_8k102103.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 8-K ------------------------------------ PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (date of earliest event reported) October 21, 2003 Commission file number Q4823 ACME UNITED CORPORATION (Exact name of registrant as specified in its charter) ------------------ CONNECTICUT 06-0236700 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1931 BLACK ROCK TURNPIKE, Fairfield, Connecticut 06825 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (203) 332-7330 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes | X | No | | Registrant had 3,265,551 shares outstanding as of October 21, 2003 of its $2.50 par value Common Stock. (1) ACME UNITED CORPORATION Page ---- Item 12. Results of Operations and Financial Condition...... 3 Signatures.................................................. 7 (2) ACME UNITED CORPORATION NEWS RELEASE - -------------------------------------------------------------------------------- CONTACT: Paul G. Driscoll Acme United Corporation 1931 Black Rock Turnpike Fairfield, CT 06825 Phone: 332-7330 FAX: (203) 576-1547 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE October 22, 2003 ACME UNITED CORPORATION REPORTS 21% SALES INCREASE AND IMPROVED EARNINGS FAIRFIELD, CONN. - October 22, 2003 - Acme United Corporation (ASE:ACU) today announced net sales of $9.5 million for the quarter ending September 30, 2003 compared to $7.9 million for the same quarter in 2002, an increase of 21% (17% at constant currency). Net sales for the nine months ending September 30, 2003 were $26.9 million compared to $24.0 million for the same period in 2002, an increase of 12% (8% at constant currency). Year to date net sales in the U.S. increased 13% due to the launch of new products, market share gains and new customers. Year to date international sales increased by 8%, primarily due to currency gains. Net income for the quarter ending September 30, 2003 was $302,000 or $.08 per diluted share compared to $270,000 or $.08 per diluted share for the comparable period last year. Net income for the nine months ending September 30, 2003 was $995,000, or $.28 per share compared to $619,000 or $.17 per share in the comparable period last year. Walter C. Johnsen, President and CEO, said, "We have made significant progress this year. Sales have increased due to new products and market share gains. Our prior investments in new product development are paying off. The back to school season was strong with the acceptance of titanium scissors and "Critters", our new line of children scissors. We expect the positive response to our new products to continue." Gross margins were 33.2% in the third quarter of 2003 versus 33.9% in the comparable period last year. The gross margin for the quarter was reduced by approximately $200,000 due to costs associated with the closure of manufacturing in Germany. Gross margins for the quarter without this effect would have been 35.3%. Gross margins for the first nine months of 2003 were 37.1% compared to 33.2% in 2002. The improvement is primarily due to new products and productivity gains. (3) Income before income taxes was $565,000 in the third quarter of 2003 compared with a loss of $104,000 in the third quarter of 2002, an increase of $669,000. Pretax income for the first nine months was $1.9 million in 2003 compared to $333,000 in 2002. Income tax expense for the third quarter of 2003 was $263,000 versus a tax benefit of $374,000 in the third quarter of 2002. In 2002 the Company recognized a significant one-time income tax benefit associated with liquidating its UK business. The Company's debt less cash on September 30, 2003 was $5.6 million compared to $6.1 million on September 30, 2002. During the first nine months of 2003, the Company repurchased 118,200 shares at a cost of $470,000. ACME UNITED CORPORATION is a specialized supplier of cutting devices, measuring instruments, and safety products for school, home, and office use. 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 including without limitation the following: (i) the Company's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth, and (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. # # # (4) ACME UNITED CORPORATION CONSOLIDATED STATEMENT OF INCOME THIRD QUARTER REPORT 2003
Quarter Ended Quarter Ended September 30, 2003 September 30, 2002 Amounts in $000's except per share data (Unaudited) (Unaudited) - ------------------------------------------------------------------------------------------------ Net Sales $ 9,538 $ 7,867 Gross Profit 3,171 2,663 Selling, General, and Administrative Expenses 2,648 2,688 Other (Income) Expense (43) 79 Pre-Tax Income (loss) 565 (104) Income Tax Expense (Benefit) 263 (374) Net Income 302 270 Earnings Per Share Basic 0.09 0.08 Earnings Per Share Diluted 0.08 0.08
Nine Months Ended Nine Months Ended September 30, 2003 September 30, 2002 Amounts in $000's except per share data (Unaudited) (Unaudited) - ------------------------------------------------------------------------------------------------- Net Sales $ 26,869 $ 24,020 Gross Profit 9,973 7,971 Selling, General, and Administrative Expenses 7,854 7,372 Other (Income) Expense 245 266 Pre-Tax Income 1,874 333 Income Tax Expense (Benefit) 879 (286) Net Income 995 619 Earnings Per Share Basic 0.30 0.18 Earnings Per Share Diluted 0.28 0.17
(5) ACME UNITED CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET THIRD QUARTER REPORT 2003 (Unaudited)
Amounts in $000's - ----------------- Assets September 30, 2003 September 30, 2002 - ------ ------------------ ------------------ Current Assets: Cash $ 825 $ 594 Accounts Receivable, Net 9,600 7,927 Inventories 8,214 6,592 Prepaid and Other current Assets 491 988 -------- -------- Total Current Assets 19,130 16,101 Property and Equipment, Net 2,222 2,440 Other Assets 447 1,384 -------- -------- Total Assets $ 21,799 $ 19,925 ======== ======== Liabilities and Stockholders' Equity Current Liabilities Notes Payable $ 3 $ 448 Accounts Payable 2,395 1,457 Other Current Liabilities 2,506 1,945 Current Portion of Long Term Debt 4,316 2,578 -------- -------- Total Current Liabilities 9,220 6,428 Long-Term debt 2,062 3,635 Other Non Current Liabilities 953 499 -------- -------- 12,235 10,562 Total Stockholders' Equity 9,564 9,363 -------- -------- Total Liabilities and Stockholders' Equity $ 21,799 $ 19,925 ======== ========
(6) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ACME UNITED CORPORATION By /s/ WALTER C. JOHNSEN ------------------------------ Walter C. Johnsen President and Chief Executive Officer Dated: October 21, 2003 By /s/ PAUL G. DRISCOLL ------------------------------ Paul G. Driscoll Vice President and Chief Financial Officer Dated: October 21, 2003 (7) -----END PRIVACY-ENHANCED MESSAGE-----