-----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, FWwH6tymV95Leo0wa8jWYhDSSrYTjYFLyvZD+7HnJO8cH8X5PE9mYQEp17aTAT3O YliAGI7QHoxY4TIdZfq/7Q== 0001026608-07-000061.txt : 20070420 0001026608-07-000061.hdr.sgml : 20070420 20070420102305 ACCESSION NUMBER: 0001026608-07-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070420 DATE AS OF CHANGE: 20070420 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: 07777571 BUSINESS ADDRESS: STREET 1: 60 ROUND HILL ROAD CITY: FAIRFIELD STATE: CT ZIP: 06824 BUSINESS PHONE: 203-254-6060 MAIL ADDRESS: STREET 1: 60 ROUND HILL ROAD CITY: FAIRFIELD STATE: CT ZIP: 06824 FORMER COMPANY: FORMER CONFORMED NAME: ACME SHEAR CO DATE OF NAME CHANGE: 19710713 8-K 1 acme_8k042007.txt 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 20, 2007 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.) 60 Round Hill Road, Fairfield, Connecticut 06824 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (203) 254-6060 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 20, 2007, Acme United Corporation (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2007. 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 20, 2007. 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 20, 2007 By /s/ PAUL G. DRISCOLL ------------------------------ Paul G. Driscoll Vice President and Chief Financial Officer Dated: April 20, 2007 EXHIBIT INDEX Exhibit Number Description -------------- ----------- 99.1 Press release dated April 20, 2007. EX-99 2 acme_8k042007ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 ACME UNITED CORPORATION NEWS RELEASE - -------------------------------------------------------------------------------- CONTACT: Paul G. Driscoll Acme United Corporation 60 Round Hill Road Fairfield, CT 06824 Phone: (203) 254-6060 FAX: (203) 254-6521 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE April 20, 2007 ------------------------------------ ACME UNITED CORPORATION REPORTS FIRST QUARTER RESULTS FAIRFIELD, CONN. - April 20, 2007 - Acme United Corporation (AMEX:ACU) today announced that net sales for the quarter ended March 31, 2007 were $12.2 million, compared to $12.3 million in the comparable period of 2006. Net income was $650,000 or $.17 per diluted share for the first quarter ended March 31, 2007 compared to $759,000 or $.20 per diluted share for the comparable period last year, a decrease of 15%. Net sales for the first quarter in the U.S. segment decreased 4% compared to the same period in 2006. Sales in the first quarter of 2006 included over $1 million of initial new product shipments to three major retail chains. Since the products are now regular items for these retailers, the first quarter of 2007's sales represented only restocking shipments. During the first quarter of 2007, sales in Europe and Canada increased by 11% in constant currency, as compared to the comparable period in 2006. Gross margins were 44% in the first quarter of 2007 versus 45% in the first quarter of 2006. The margin in 2007 declined due to a higher proportion of European sales at lower margins compared to margins in the U.S. segment. Walter C. Johnsen, President and CEO said, "While revenues in the first quarter were approximately even with the same period last year, we look forward to stronger sales in the coming quarters. Our award winning iPoint pencil sharpeners will be shipped to many of our major customers for back to school sales. We expect to begin new scissor and paper trimmer business in the second and third quarters and start a rollout of new sewing items in the fourth quarter. We believe these growth initiatives will provide the foundation for a strong year in 2007 and forward momentum in 2008." (1) The Company's bank debt less cash on March 31, 2007 was $7.1 million compared to $6.8 million on March 31, 2006. The increase in bank debt was primarily due to the purchase of additional inventory amounting to $1.8 million, a $1.1 million payment for the demolition of a former manufacturing site and repurchase of Acme stock of $0.4 million offset by earnings. On March 28, 2007 the Company announced a 4 cents per share quarterly dividend on its outstanding common stock for shareholders of record on April 6, 2007, and is payable on April 27, 2007. This represents an increase of 33 percent or 1 cent per share over each of the previous seven quarterly dividends. ACME UNITED CORPORATION is a leading worldwide supplier of innovative cutting, measuring and safety products to the school, home, office and industrial markets. Forward-looking statements in this earnings release, included without limitation, statements related to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources. 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 2007
Quarter Ended Quarter Ended March 31, 2007 March 31, 2006 Amounts in $000's except per share data (Unaudited) (Unaudited) - ---------------------------------------------------------------------------------------------- Net sales $ 12,241 $ 12,257 Gross profit 5,334 5,552 Selling, general, and administrative expenses 4,158 4,259 Interest expense 154 125 Other (income) expense (27) (76) Pre-Tax income 1,049 1,244 Income tax expense 399 485 Net income 650 759 Shares outstanding - Basic 3,525 3,484 Shares outstanding - Diluted 3,729 3,735 Earnings per share - basic 0.18 0.22 Earnings per share - diluted 0.17 0.20
(3) ACME UNITED CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET FIRST QUARTER REPORT 2007 (Unaudited)
Amounts in $000's - ----------------- March 31, 2007 March 31, 2006 -------------------------------------------- Assets - ------ Current assets: Cash $ 3,386 $ 990 Accounts receivable, net 9,656 9,567 Inventories 16,223 14,374 Prepaid and other current assets 1,755 1,307 -------------------------------------------- Total current assets 31,020 26,238 Property and equipment, net 2,437 2,632 Other assets 983 1,572 -------------------------------------------- Total assets $ 34,440 $ 30,442 ============================================ Liabilities and stockholders' equity - ------------------------------------ Current liabilities Accounts payable $ 2,589 $ 2,582 Other current liabilities 2,164 4,277 -------------------------------------------- Total current liabilities 4,753 6,859 Long-term debt 10,463 7,795 Other non-current liabilities 663 1,037 -------------------------------------------- Total liabilities 15,879 15,691 Total stockholders' equity 18,561 14,751 -------------------------------------------- Total liabilities and stockholders' equity $ 34,440 $ 30,442 ============================================
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