-----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, MUnHfU2DNMHclysr41ELMeI1+KhlWMySaXwQ2xQ2l7V22+aH0LriOYq1k3vJyh2G KV9p2qvXQfEVHTI+m8aNYg== 0001026608-05-000031.txt : 20050421 0001026608-05-000031.hdr.sgml : 20050421 20050421172145 ACCESSION NUMBER: 0001026608-05-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 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: 05765475 BUSINESS ADDRESS: STREET 1: 1931 BLACK ROCK TURNPIKE CITY: FAIRFIELD STATE: CT ZIP: 06825 BUSINESS PHONE: 2033327330 FORMER COMPANY: FORMER CONFORMED NAME: ACME SHEAR CO DATE OF NAME CHANGE: 19710713 8-K 1 acme_8k42105.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (date of earliest event reported): April 21, 2005 ACME UNITED CORPORATION (Exact name of registrant as specified in its charter) ------------------ Connecticut 001-07698 06-0236700 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) file number) 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 21, 2005, Acme United Corporation (the "Company") issued a press release announcing its financial results for the three-month period ended March 31, 2005. A copy of the press release is attached as Exhibit 99.1 to this current report. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit Number Description -------------- ----------- 99.1 Press release dated April 21, 2005. 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 hereunto duly authorized. ACME UNITED CORPORATION By /s/ WALTER C. JOHNSEN ------------------------------ Walter C. Johnsen President and Chief Executive Officer Dated: April 21, 2005 By /s/ PAUL G. DRISCOLL ------------------------------ Paul G. Driscoll Vice President and Chief Financial Officer Dated: April 21, 2005 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press release dated April 21, 2005. ACME UNITED CORPORATION NEWS RELEASE - -------------------------------------------------------------------------------- CONTACT: Paul G. Driscoll Acme United Corporation 1931 Black Rock Turnpike Fairfield, CT 06825 Phone: (203) 332-7330 FAX: (203) 576-1547 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE April 21, 2005 ACME UNITED CORPORATION REPORTS 24% SALES GROWTH AND 55% EARNINGS INCREASE FAIRFIELD, CONN. - April 21, 2005 - Acme United Corporation (AMEX:ACU) today announced net income of $650,000 or $.17 per diluted share for the first quarter ended March 31, 2005 compared to $392,000 or $.11 per diluted share for the comparable period last year. Net sales for the quarter ended March 31, 2005 were $10.6 million compared to $8.6 million in 2004, an increase of 24% (21% at constant currency). Net sales in the U.S. increased 25% due to the launch of new products, market share gains and the Clauss business acquired on June 1, 2004. International sales increased by 16%, and 10% in local currency. Gross margins were 45.9% in 2005 versus 43.4% in 2004. The improvement is primarily due to new products and product rationalization efforts in Europe. Walter C. Johnsen, President and CEO said, "I am pleased with our performance this quarter. Our new products have been well received, and business continues to be strong." The Company's debt less cash on March 31, 2005 was $1.0 million compared to $3.6 million on March 31, 2004. During the first quarter of 2005, the Company repurchased 60,000 shares at a cost of $954,000. At the end of the first quarter 2005, this left approximately 8,000 shares remaining from the program announced in July of 2003. On March 30, 2005, the Board of Directors approved a new stock repurchase program of 150,000 common shares. The Company also paid dividends of 2 cents per share in the first quarter of 2005 amounting to $74,000. (1) ACME UNITED CORPORATION is a specialized supplier of cutting devices, measuring instruments, and safety products for school, home, office and industrial 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. # # # (2) ACME UNITED CORPORATION CONSOLIDATED STATEMENT OF INCOME FIRST QUARTER REPORT 2005
Quarter Ended Quarter Ended March 31, 2005 March 31, 2004 Amounts in $000's except per share data (Unaudited) (Unaudited) - -------------------------------------------------------------------------------------------------------- Net Sales $ 10,583 $ 8,567 Gross Profit 4,861 3,719 Selling, General, and Administrative Expenses 3,719 2,969 Other (Income) Expense 62 40 Pre-Tax Income (loss) 1,080 710 Income Tax Expense 430 318 Net Income 650 392 Earnings Per Share Basic 0.19 0.12 Earnings Per Share Diluted 0.17 0.11
(3) ACME UNITED CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET FIRST QUARTER REPORT 2005 (Unaudited)
Amounts in $000's March 31, 2005 March 31, 2004 ---------------------------------------------- Assets - ------ Current Assets: Cash $ 1,006 $ 709 Accounts Receivable, Net 8,013 6,687 Inventories 9,207 8,336 Prepaid and Other current Assets 843 873 ---------------------------------------------- Total Current Assets 19,069 16,605 Property and Equipment, Net 2,068 2,361 Other Assets 769 456 ---------------------------------------------- Total Assets $ 21,906 $ 19,422 ============================================== Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 2,150 $ 1,721 Other Current Liabilities 2,995 1,870 Current Portion of Long Term Debt 1,991 1,745 ---------------------------------------------- Total Current Liabilities 7,136 5,336 Long-Term debt 58 2,542 Other Non Current Liabilities 550 759 ---------------------------------------------- 7,744 8,637 Total Stockholders' Equity 14,162 10,785 ---------------------------------------------- Total Liabilities and Stockholders' Equity $ 21,906 $ 19,422 ==============================================
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