0001026608-15-000078.txt : 20151112 0001026608-15-000078.hdr.sgml : 20151112 20151112162211 ACCESSION NUMBER: 0001026608-15-000078 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07698 FILM NUMBER: 151225110 BUSINESS ADDRESS: STREET 1: 55 WALLS DRIVE CITY: FAIRFIELD STATE: CT ZIP: 06824 BUSINESS PHONE: 203-254-6060 MAIL ADDRESS: STREET 1: 55 WALLS DRIVE CITY: FAIRFIELD STATE: CT ZIP: 06824 FORMER COMPANY: FORMER CONFORMED NAME: ACME SHEAR CO DATE OF NAME CHANGE: 19710713 10-Q 1 acu_10q93015.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

 

FORM 10-Q

___________________________________

 

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2015

 

OR

 

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

__________________

 

Commission file number 001-07698

 

ACME UNITED CORPORATION

(Exact name of registrant as specified in its charter)

__________________

 

CONNECTICUT 06-0236700
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

55 WALLS DRIVE, Fairfield, Connecticut

 

06824

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (203) 254-6060

 

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  [_]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  [X]     No  [_]

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one).

 

Large accelerated filer [_]     Accelerated filer [_]     Non-accelerated filer [_]     Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  [_]     No  [X]

 

As of November 3, 2015 the registrant had outstanding 3,370,591 shares of its $2.50 par value Common Stock.

 

 1 
 

 

ACME UNITED CORPORATION

    Page
   
Part I — FINANCIAL INFORMATION  
Item 1. Financial Statements (Unaudited)  
 

Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014

3
  Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014 5
  Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2015 and 2014 6
  Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 7
  Notes to Condensed Consolidated Financial Statements 8
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
Item 3.  Quantitative and Qualitative Disclosures About Market Risk 16
Item 4.  Controls and Procedures 16
     
Part II — OTHER INFORMATION  
Item 1.    Legal Proceedings 17
Item 1A.  Risk Factors 17
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds 17
Item 3.    Defaults Upon Senior Securities 17
Item 4.    Mine Safety Disclosures 17
Item 5.    Other Information 17
Item 6.   Exhibits 18
Signatures 19

 

 2 
 

Part I - FINANCIAL INFORMATION

 

Item 1. Financial Statements  (Unaudited)

 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands, except share amounts)

 

   September 30,  December 31,
   2015  2014
   (unaudited)  (Note 1)
           
ASSETS          
Current assets:          
  Cash and cash equivalents  $4,621   $2,286 
  Accounts receivable, less allowance   23,587    19,477 
  Inventories:          
     Finished goods   29,418    28,713 
     Work in process   535    522 
     Raw materials and supplies   4,545    4,436 
    34,498    33,671 
  Prepaid expenses and other current assets   2,171    2,077 
          Total current assets   64,877    57,511 
Property, plant and equipment:          
  Land   420    436 
  Buildings   5,129    5,126 
  Machinery and equipment   11,226    10,067 
    16,775    15,629 
  Less accumulated depreciation   9,432    8,698 
    7,343    6,931 
Goodwill   1,375    1,375 
Intangible assets, less amortization   12,023    12,555 
Other assets   967    936 
            Total assets  $86,585   $79,308 

 

See notes to condensed consolidated financial statements.

 

 3 
 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(all amounts in thousands, except share amounts)

 

   September 30,  December 31,
   2015  2014
   (unaudited)  (Note 1)
LIABILITIES          
Current liabilities:          
  Accounts payable  $7,206   $7,773 
  Other accrued liabilities   6,759    7,590 
      Total current liabilities   13,965    15,363 
  Long-term debt   28,551    24,147 
  Other   362    370 
       Total liabilities   42,878    39,880 
           
STOCKHOLDERS' EQUITY          
  Common stock, par value $2.50:          
    authorized 8,000,000 shares;          
    issued - 4,740,618 shares in 2015          
and 4,653,424 shares in 2014,          
    including treasury stock   11,851    11,633 
  Additional paid-in capital   9,304    7,941 
  Retained earnings   37,236    33,784 
  Treasury stock, at cost - 1,371,754 shares in 2015          
       and 1,362,072 shares in 2014   (12,445)   (12,283)
  Accumulated other comprehensive income:          
  Minimum pension liability   (895)   (895)
  Translation adjustment   (1,343)   (752)
    (2,238)   (1,647)
      Total stockholders’ equity   43,707    39,428 
        Total liabilities and stockholders’ equity  $86,585   $79,308 

 

See notes to condensed consolidated financial statements.

 

 4 
 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(all amounts in thousands, except per share amounts)

                

   Three Months Ended  Nine Months Ended
   September 30,  September 30,
   2015  2014  2015  2014
Net sales  $29,903   $30,008   $86,694   $82,555 
Cost of goods sold   19,578    19,393    55,398    53,346 
                     
Gross profit   10,325    10,615    31,296    29,209 
                     
Selling, general and administrative expenses   8,334    8,685    24,603    22,920 
Operating income   1,991    1,930    6,693    6,289 
                     
Non-operating items:                    
  Interest:                    
    Interest expense   150    157    424    355 
    Interest income   (1)   (4)   (4)   (12)
  Interest expense, net   149    153    420    343 
  Other expense , net   92    67    149    78 
Total other expense   241    220    568    421 
Income before income taxes   1,750    1,710    6,124    5,868 
Income tax expense   542    521    1,771    1,769 
Net income  $1,208   $1,189   $4,353   $4,099 
                     
Basic earnings per share  $0.36   $0.37   $1.31   $1.27 
                     
Diluted earnings per share  $0.33   $0.34   $1.18   $1.18 
                     
Weighted average number of common shares outstanding-                    
  denominator used for basic per share computations   3,354    3,250    3,328    3,224 
Weighted average number of dilutive stock options                    
  outstanding   345    296    370    261 
Denominator used for diluted per share computations   3,699    3,546    3,698    3,485 
                     
Dividends declared per share  $0.09   $0.09   $0.27   $0.25 

 

See notes to condensed consolidated financial statements.                                

 

 5 
 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(all amounts in thousands)

 

   Three Months Ended  Nine Months Ended
   September 30,  September 30,
   2015  2014  2015  2014
             
Net income  $1,208   $1,189   $4,353   $4,099 
Other comprehensive loss -                    
  Foreign currency translation   (129)   (447)   (591)   (485)
Comprehensive income  $1,079   $742   $3,762   $3,614 

 

See notes to condensed consolidated financial statements.                                

 

 6 
 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(all amounts in thousands)

 

   Nine Months Ended
   September 30,
   2015  2014
Operating Activities:          
  Net income  $4,353   $4,099 
  Adjustments to reconcile net income          
      to net cash (used) provided  by operating activities:          
        Depreciation   970    902 
        Amortization   584    345 
        Stock compensation expense   442    451 
        Gain on disposal/sale of assets   —      (200)
        Changes in operating assets and liabilities:          
          Accounts receivable   (4,205)   (6,079)
          Inventories   (1,392)   (1,895)
          Prepaid expenses and other current assets   (226)   (168)
          Accounts payable   (372)   863 
          Other accrued liabilities   (844)   3,018 
          Total adjustments   (5,042)   (2,763)
        Net cash (used) provided by operating activities   (689)   1,336 
           
Investing Activities:          
  Purchase of property, plant, and equipment   (1,352)   (1,419)
  Purchase of patents and trademarks   (52)   (119)
  Acquisition of certain assets of First Aid Only, Inc.   —      (13,806)
  Proceeds from the sales of property, plant, and equipment   5    773 
        Net cash used by investing activities   (1,399)   (14,571)
           
Financing Activities:          
  Borrowing of long-term debt, net of repayments   4,404    7,433 
  Proceeds from issuance of common stock   1,139    890 
  Distributions to stockholders   (895)   (768)
  Purchase of common stock   (162)   —   
        Net cash provided by financing activities   4,486    7,555 
           
Effect of exchange rate changes on cash   (63)   (150)
Net change in cash and cash equivalents   2,335    (5,830)
           
Cash and cash equivalents at beginning of period   2,286    11,644 
           
Cash and cash equivalents at end of period  $4,621   $5,814 

 

See notes to condensed consolidated financial statements.      

 

 7 
 

Notes to CONDENSED CONSOLIDATED Financial Statements

(UNAUDITED)

 

Note 1 — Basis of Presentation

 

In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the “Company”). These adjustments are of a normal, recurring nature. However, the financial statements do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 for such disclosures. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto, included in the Company’s 2014 Annual Report on Form 10-K.

 

The Company has evaluated events and transactions subsequent to September 30, 2015 and through the date these condensed consolidated financial statements were included in this Form 10-Q and filed with the SEC.

 

As part of the process of preparing our financial statements on a quarterly basis, the Company estimates its income tax expense. This process involves the estimation of the Company’s current tax exposure based on expected annual results of operations.

 

Note 2 — Contingencies

 

The Company is involved from time to time in disputes and other litigation in the ordinary course of business and may encounter other contingencies, which may include environmental and other matters. There are no pending material legal proceedings to which the registrant is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority.

 

In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and was closed in 1996.

 

Under the terms of the sale agreement, and as required by the Connecticut Transfer Act, the Company was required to remediate any environmental contamination on the property. During 2008, the Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, the Company recorded an undiscounted liability of approximately $1.8 million related to the remediation of the property. This accrual included the costs of required investigation, remedial activities, and post-remediation operating and maintenance.

 

Remediation work on the project began in the third quarter of 2009 and was completed during the third quarter of 2012. In addition to the completed remediation work, the Company, with the assistance of its independent environmental consulting firm, was required to monitor contaminant levels on the property to ensure they comply with applicable governmental standards. During the first quarter of 2015, the Company received notice from the Connecticut Department of Energy & Environmental Protection that it had accepted and approved the Company’s filing of its Form III Verification Report. As a result, the Company’s remediation obligations have been satisfied.

 

 8 
 

On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Company’s scissors and rulers. Under the terms of the sale agreement, the Company is responsible to remediate any environmental contamination on the property. The Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014, related to the remediation of the property. The accrual included the total of then estimated costs of remedial activities and post-remediation monitoring costs.

 

Remediation work on the project began in the third quarter of 2014 and is expected to be completed in 2015. In addition to the remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with applicable North Carolina laws and regulations. The Company expects that the monitoring period will last a period of five years after the completion of the remediation and be completed by the end of 2020.

 

The change in the accrual for environmental remediation, included in other accruaed liabilities and other liabilities on the condensed consolidated balance sheets for the nine months ended September 30, 2015 follows (amounts in thousands):

 

   Balance at
December 31, 2014		   Payments  Balance at
September 30, 2015
Fremont, NC  $260    $(180)  $80 
Bridgeport, CT   6     (6)   —   
Total  $266    $(186)  $80 

  

Note 3 — Pension

 

Components of net periodic benefit cost are as follows (in thousands):

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2015  2014  2015  2014
             
Components of net periodic benefit cost:                    
Interest cost  $15   $18   $44   $53 
Service cost   6    6    19    19 
Expected return on plan assets   (24)   (23)   (70)   (70)
Amortization of prior service costs   2    2    7    7 
Amortization of actuarial loss   36    29    92    87 
   $35   $32   $92   $96 

 

The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. As of September 30, 2015 the Company had contributed approximately $30,000 to the plan.

 

Note 4 —Debt and Shareholders’ Equity

 

On April 25, 2013, the Company amended its revolving loan agreement with HSBC Bank N.A. dated April 5, 2012. The amendment increased the borrowing limit to $40 million from $30 million. The interest rate remained the same at LIBOR plus 1.75%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires; interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At September 30, 2015, the Company was in compliance with these covenants.

 

 9 
 

As of September 30, 2015 and December 31, 2014, the Company had outstanding borrowings of approximately $28,551,000 and $24,147,000, respectively, under the Company’s revolving loan agreement with HSBC.

 

During the three months ended September 30, 2015, the Company issued a total of 39,599 shares of common stock and received aggregate proceeds of $463,029 upon exercise of employee stock options.

 

During the nine months ended September 30, 2015, the Company issued a total of 87,194 shares of common stock and received aggregate proceeds of $1,137,863 upon the exercise of employee stock options.

 

During the three and nine months ended September 30, 2015, the Company repurchased 9,682 shares of its Common Stock at an average price of $16.69. As of September 30, 2015, there were 133,463 shares that may be purchased under the repurchase program announced in 2010. The Company’s purchases in September were effected pursuant to a Rule 10b5-1 plan.

 

Note 5— Segment Information

 

The Company reports financial information based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, management reviews the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware and industrial use.

 

Domestic sales orders are filled from the Company’s distribution center in North Carolina. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots.

 

Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 15% and 18% of the Company’s total net sales for the three and nine months ended September 30, 2015 compared to 11% and 16% for the comparable periods in 2014.

 

The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations.

 

 10 
 

Financial data by segment:

(in thousands)

   Three months ended
September 30,		  Nine months ended
September 30,
Sales to external customers:  2015  2014  2015  2014
United States  $26,160   $25,833   $75,943   $69,946 
Canada   1,669    2,190    5,726    7,372 
Europe   2,074    1,985    5,025    5,237 
Consolidated  $29,903   $30,008   $86,694   $82,555 
                     
Operating income (loss):                    
United States  $1,849   $1,819   $6,405   $5,752 
Canada   30    94    202    652 
Europe   112    17    86    (115)
Consolidated  $1,991   $1,930   $6,693   $6,289 
                     
Interest expense, net   149    153    420    343 
Other expense (income), net   92    67    148    78 
Consolidated income before income taxes  $1,750   $1,710   $6,125   $5,868 

 

Assets by segment:      
( in thousands )      
   September 30,  December 31,
   2015  2014
United States  $78,458   $70,526 
Canada   4,102    4,363 
Europe   4,025    4,419 
Consolidated  $86,585   $79,308 

 

Note 6 – Stock Based Compensation

 

The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period. Share-based compensation expenses were $138,710 and $151,193 for the quarters ended September 30, 2015 and 2014, respectively. Share-based compensation expenses were $442,225 and $451,193 for the nine months ended September 30, 2015 and 2014, respectively. During the three months ended September 30, 2015, the Company issued 10,000 options with a weighted average fair value of $3.24 per share. During the nine months ended September 30, 2015 the Company issued 47,000 options with a weighted average fair value of $3.44.

 

As of September 30, 2015, there was a total of $804,378 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share –based payments granted to the Company’s employees. The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 3 years.

 

Note 7 – Fair Value Measurements

 

Due to its nature and associated interest rate, the carrying value of the Company’s bank debt approximates fair value. Fair value was determined using a discounted cash flow analysis.

 

 11 
 

Note 8 – Business Combination

 

On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC.

 

The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):

 

Assets:     
Accounts Receivable  $2,544 
Inventory   1,704 
Equipment   463 
Prepaid expenses   110 
Customer Relationships   5,430 
Trade Name   3,410 
Covenant Not-to-Compete   70 
Goodwill   1,340 
Total assets  $15,071 

 

Liabilities     
Accounts Payable  $1,019 
Accrued Expense   252 
Total liabilities  $1,271 

 

Assuming First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the nine months ended September 30, 2014 for the Company would have been approximately $89.6 million. Unaudited proforma combined net income for nine months ended September 30, 2014 for the Company would have been approximately $4.3 million.

 

 12 
 

 MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Forward-Looking Information

 

This report contains “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). These forward-looking statements may concern the Company’s plans, goals, intentions, expectations, estimates, results of operations or financial condition, as well as future trends and events, or state other information relating to the Company, based on current beliefs of management as well as assumptions made by, and information currently available to, the Company. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “scheduled,” “should,” or other similar words, phrases or expressions. These forward-looking statements are based upon a number of assumptions, which management believes to be reasonable, concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those discussed in this report.

 

The following factors, in addition to others not listed, could cause the Company’s actual results to differ materially from those expressed in any forward looking statements made by the Company: economic and political conditions in which the Company, its suppliers or its customers operate , changes in client needs and consumer spending habits, the impact of competition and technological change on the Company, the impact of any loss of a major customer, whether through consolidation or otherwise, the Company’s ability to manage its growth effectively, including its ability to successfully integrate any business or assets which it might acquire, and currency fluctuations. For a more detailed discussion of these and other factors affecting us, see the Risk Factors described in Item 1A included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. All forward-looking statements in this report are based upon information available to the Company on the date of this report and are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

 

Critical Accounting Policies

 

There have been no material changes to the Company’s critical accounting policies and estimates from the information provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

 

Results of Operations

 

On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Company’s scissors and rulers. In connection with the sale and as part of the terms of the sale agreement, the Company is responsible to remediate any environmental contamination on the property. As a result, the Company recorded a $300,000 liability for environmental remediation in the second quarter of 2014. For more information related to the sale of the Fremont, NC facility and the required remediation, see Note 2 – Contingencies in the Notes to Condensed Consolidated Financial Statements.

 

On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), located in Vancouver, WA, a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC. Additional information concerning the acquisition of First Aid Only assets is set forth in Note 2 – Contingencies, in the Notes to Condensed Consolidated Financial Statements.

 

 13 
 

Traditionally, the Company’s sales are stronger in the second and third quarters, and weaker in the first and fourth quarters of the fiscal year, due to the seasonal nature of the back-to-school market.

 

Net sales

 

Consolidated net sales for the three months ended September 30, 2015 were $29,903,000 compared with $30,008,000 in the same period in 2014, approximately even with the same period last year and up 3% in constant currency. Consolidated net sales for the nine months ended September 30, 2015 were $86,694,000, compared with $82,555,000 for the same period in 2014, a 5% increase or 8% in constant currency. Net sales for the three and nine months ended September 30, 2015 in the U.S. segment increased 1% and 9%, respectively, compared with the same periods in 2014. Sales in the U.S. for the three month period increased primarily due to higher sales of Westcott school and office products, particularly the iPoint pencil sharpener. Sales of first aid products were also higher in the period compared to the same period last year. The increase in sales in the U.S. for the nine months ended September 30, 2015 was primarily due to increased sales of first aid products.

 

Net sales in Canada for the three months ended September 30, 2015 decreased 24% in U.S. dollars (9% in local currency). Net sales in Canada for the nine months ended September 30, 2015 decreased 22% in U.S. dollars (11% in local currency) compared with the same period in 2014. The decreases in sales in Canada for the three and nine months ended September 30, 2015 were primarily due to a large retail chain exiting the Canadian market and weak economic conditions.

 

European net sales for the three months ended September 30, 2015 increased 5% in U.S. dollars (24% in local currency) compared with the same period in 2014. European net sales for the nine months ended September 30, 2015 decreased 4% in U.S. dollars but increased 13% in local currency. The increase in net sales for the three and nine months is primarily related to a special promotion to a large mass market customer in the third quarter.

 

Gross profit

 

Gross profit for the three months ended September 30, 2015 was $10,325,000 (34.5% of net sales) compared to $10,615,000 (35.4% of net sales) for the same period in 2014. The decline in gross profit in the third quarter is primarily related to approximately $150,000 of one-time moving and severance costs as the Company began the process of consolidating its first aid operations into the Vancouver, Washington facility. Gross profit for the nine months ended September 30, 2015 was $31,296,000 (36.1% of net sales) compared to $29,209,000 (35.4% of net sales) in the same period in 2014. The increase in gross profit for the nine months ended September 30, 2015 was primarily due to a more favorable product mix.

 

Selling, general and administrative expenses

 

Selling, general and administrative ("SG&A") expenses for the three months ended September 30, 2015 were $8,334,000 (27.9% of net sales) compared with $8,685,000 (28.9% of net sales) for the same period of 2014, a decrease of $351,000. SG&A expenses for the nine months ended September 30, 2015 were $24,603,000 (28.4% of net sales) compared with $22,920,000 (27.8% of net sales) in the comparable period of 2014, an increase of $1,683,000. The increase in SG&A expenses for the nine months ended September 30, 2015, compared to the same period in 2014, was primarily the result of incremental expenses from the addition of First Aid Only, increases in shipping expense and sales commissions which resulted from higher sales.

 

Operating income

 

Operating income for the three months ended September 30, 2015 was $1,991,000 compared with $1,930,000 in the same period of 2014. Operating income for the nine months ended September 30, 2015 was $6,693,000 compared to $6,289,000 in the same period of 2014. Operating income in the U.S. segment increased by $61,000 and $404,000 for the three and nine months ended September 30, 2015, respectively, compared to the same periods in 2014. The increases in operating income were principally due to higher sales. Also, the lower SG&A expenses for the three months ended September 30, 2015 had a favorable impact on the operating income.

 

 14 
 

Operating income in the Canadian segment declined by $64,000 for the three months ended September 30, 2015 compared to the same period in 2014. Operating income in the Canadian segment declined by $450,000 for the nine months ended September 30, 2015 compared to the same period in 2014. The decrease in operating income in Canada for the three and nine months was principally due to the lower sales, as described above.

 

For the three months ended September 30, 2015, the operating income in the European segment increased by approximately $95,000 compared to the comparable period in 2014. For the nine months ended September 30, 2015, the European segment had operating income of approximately $86,000 compared to an operating loss of $115,000 in the comparable period of 2014. The increases in operating income for the three and nine month periods were primarily due to higher sales as noted above.

 

Interest expense, net

 

Interest expense, net for the three months ended September 30, 2015 was $149,000, compared with $153,000 for the same period of 2014, a $4,000 decline. Interest expense, net for the nine months ended September 30, 2015, was $420,000 compared to $343,000 for the same period in 2014, an increase of $77,000. The increase in interest expense resulted from higher average borrowings under the Company’s bank revolving credit facility for the nine months ended September 30, 2015. The higher borrowings are primarily the result of the acquisition of assets of First Aid Only.

 

Other expense

 

Net other expense was $92,000 in the three months ended September 30, 2015 compared to other expense of $67,000 in the same period of 2014. Net other expense was $149,000 in the first nine months of 2015 compared to $78,000 in the same period of 2014. The increase in other expense for the three and nine months ended September 30, 2014 was primarily due to losses from foreign currency transactions.

 

Income taxes

 

The Company’s effective tax rates for both the three and nine month periods ended September 30, 2015 were 31% and 29%, respectively compared to 30% in the same periods of 2014. The decrease in the effective tax rate for the nine months ended September 30, 2015 was due to the Company generating a higher proportion of earnings in jurisdictions with lower tax rates.

 

Financial Condition

 

Liquidity and Capital Resources

 

During the first nine months of 2015, working capital increased approximately $8,756,000 compared to December 31, 2014. Inventory increased by approximately $826,000 at September 30, 2015 compared to December 31, 2014. Inventory turnover, calculated using a twelve month average inventory balance, was 2.0 for the period ended September 30, 2015, compared to 2.2 for the twelve months ended December 31, 2014. Receivables increased by approximately $4.1 million at September 30, 2015 compared to December 31, 2014. The increase in accounts receivables occurred primarily due to the higher sales in the third quarter of 2015 compared to the fourth quarter of 2014. The average number of days sales outstanding in accounts receivable was 64 days at September 30, 2015 compared to 63 days at December 31, 2014.

 

The Company's working capital, current ratio and long-term debt to equity ratio follow:

 

   September 30, 2015  December 31, 2014
          
Working capital  $50,913   $42,148 
Current ratio   4.65    3.74 
Long term debt to equity ratio   65.3%   61.2%

   

 

 15 
 

During the first nine months of 2015, total debt outstanding under the Company’s revolving credit facility increased by approximately $4.4 million, compared to total debt thereunder at December 31, 2014. As of September 30, 2015, $28,550,507 was outstanding and $11,449,493 was available for borrowing under the Company’s credit facility. The increase in the debt outstanding was primarily related to the increase in accounts receivable and inventory . Increases in accounts receivable, inventory and debt outstanding under the Company’s revolving credit facility are typical at this point in the year due to the seasonal nature of the business.

 

On April 25, 2013, the Company amended its loan agreement with HSBC Bank, N.A. dated April 5, 2012. The amendment increased the borrowing limit to $40 million from $30 million. The interest rate remained the same at LIBOR plus 1.75%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires; interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At September 30, 2015 the Company was in compliance with the covenants then in effect under the amended agreement with HSBC.

 

As discussed in Note 2 to the Condensed Consolidated Financial Statements set forth in Item 1 above, at September 30, 2015, the Company had a total of approximately $80,000 remaining in its accrual for environmental remediation and monitoring, related to property it owned in Fremont, NC.

 

The Company believes that cash expected to be generated from operating activities, together with funds available under its revolving credit facility are expected, under current conditions, to be sufficient to finance the Company’s planned operations over the next twelve months.

 

  

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures

 

(a)Evaluation of Internal Controls and Procedures

 

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.

 

(b)Changes in Internal Control over Financial Reporting

 

During the quarter ended September 30, 2015, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 16 
 

PART II. OTHER INFORMATION

 

Item 1 — Legal Proceedings

 

There are no pending material legal proceedings to which the registrant is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority.

 

Item 1A – Risk Factors

 

See Risk Factors set forth in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

 

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds

 

 

Issuer purchases of equity securities         
Period  Total Number of Shares Purchased  Average Price Paid per Share  Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs  Maximum Number of Shares that may yet be Purchased Under the Programs
             
July 1 - 31   —     $—      —      143,145 
                     
August 1 - 31   —      —      —      143,145 
                     
September 1 - 30   9,682   $16.69    9,682    133,463 
                     
Total   9,682   $16.69    9,682    133,463 

 

 

Item 3. —Defaults Upon Senior Securities

 

None.

 

Item 4 — Mine Safety Disclosures

 

Not Applicable

 

Item 5 — Other Information

 

None.

 

 17 
 

 

Item 6 — Exhibits

 

Documents filed as part of this report.

 

Exhibit 31.1 Certification of Walter C. Johnsen pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

Exhibit 31.2 Certification of Paul G. Driscoll pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

Exhibit 32.1 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Exhibit 32.2 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 18 
 

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
Chairman of the Board and
Chief Executive Officer

  
     
Dated: November 12, 2015  

 

 

   
 By /s/ Paul G. Driscoll  
  Paul G. Driscoll
Vice President and
Chief Financial Officer		  
     
Dated: November 12, 2015  

 

 

19

 

 EX-31.1 2 acu_10q93015ex311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, WALTER C. JOHNSEN, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Acme United Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 By /s/ Walter C. Johnsen  
 

Walter C. Johnsen
Chairman of the Board and

Chief Executive Officer

Dated: November 12, 2015

 

 

 EX-31.2 3 acu_10q93015ex312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, PAUL G. DRISCOLL, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Acme United Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 By /s/ Paul G. Driscoll  
 

Paul G. Driscoll
Vice President and

Chief Financial Officer

Dated: November 12, 2015

 
 EX-32.1 4 acu_10q93015ex321.htm EXHIBIT 32.1

Exhibit 32.1

 

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

The undersigned officer of Acme United Corporation (the “Company”) hereby certifies to my knowledge that the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2015 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed to be a part of the Report or “filed” for any purpose whatsoever.

 

 

 By /s/ Walter C. Johnsen  
 

Walter C. Johnsen
Chairman of the Board and

Chief Executive Officer

 

Dated: November 12, 2015

 

 

 

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Acme United Corporation and will be retained by Acme United Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-32.2 5 acu_10q93015ex322.htm EXHIBIT 32.2

Exhibit 32.2

 

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

The undersigned officer of Acme United Corporation (the “Company”) hereby certifies to my knowledge that the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2015 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed to be a part of the Report or “filed” for any purpose whatsoever.

 

 

 

 By /s/ Paul G. Driscoll  
 

Paul G. Driscoll

Vice President and

Chief Financial Officer

 

 

Dated: November 12, 2015

 

 

  

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Acme United Corporation and will be retained by Acme United Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

 

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Intangible assets, specifically customer relationships, acquired in business combination. Intangible assets, specifically trade name, acquired in business combination. Entire disclosure for debt and shareholders equity. Percentage of direct import sales to total net sales. Estimated monitoring period after remediation is completed in years. Schedule of assets by segment. Inventory, Net Assets, Current Property, Plant and Equipment, Gross Property, Plant and Equipment, Net Liabilities, Current Liabilities Treasury Stock, Value Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Investment Income, Interest Interest Income (Expense), Net Other Nonoperating Income (Expense) Nonoperating Income (Expense) Weighted Average Number of Shares Outstanding, Diluted Comprehensive Income (Loss), Net of Tax, Attributable to Parent Gain (Loss) on Disposition of Assets Increase (Decrease) in Receivables Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Other Accrued Liabilities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Intangible Assets Payments to Acquire Businesses and Interest in Affiliates Net Cash Provided by (Used in) Investing Activities Payments of Dividends Payments for Repurchase of Equity Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Commitments and Contingencies Disclosure [Text Block] Segment Reporting Disclosure [Text Block] Fair Value Disclosures [Text Block] Accrual for Environmental Loss Contingencies Accrual for Environmental Loss Contingencies, Payments Defined Benefit Plan, Expected Return on Plan Assets Defined Benefit Plan, Amortization of Gains (Losses) Defined Benefit Plan, Net Periodic Benefit Cost Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities EX-101.PRE 11 acu-20150930_pre.xml XBRL PRESENTATION FILE EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`,V.;$>CT2N4H`$``%43```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V874_",!2&_PK9K6&E5?$CP(UXJR3Z!^IVQAK:M6G+@']O.]#H,@TH M2\[-/GA/S_MNIWLNF+SN#+C!5LG*39/2>W-/B,M*4-REVD`5E$);Q7VXM4MB M>+;B2R!L-!J33%<>*C_TL4ZCK4 M12$RR'6V5F%)ZH,U7`0]&2RX]4]/XJ26\A?O`WS[?XVOA;TER/. 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Segment Information (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Segment Information Details Narrative        
Direct import sales to total net sales ratio 15.00% 11.00% 18.00% 16.00%
XML 15 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
Pension
 9 Months Ended
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Pension

Note 3 — Pension

 

Components of net periodic benefit cost are as follows (in thousands):

 

   Three Months Ended September 30,  Nine Months Ended September 30,
   2015  2014  2015  2014
             
Components of net periodic benefit cost:                    
Interest cost  $15   $18   $44   $53 
Service cost   6    6    19    19 
Expected return on plan assets   (24)   (23)   (70)   (70)
Amortization of prior service costs   2    2    7    7 
Amortization of actuarial loss   36    29    92    87 
   $35   $32   $92   $96 

 

The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. As of September 30, 2015 the Company had contributed approximately $30,000 to the plan.

 
XML 16 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
Business Combination Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Jun. 02, 2014
Assets:      
Goodwill $ 1,375 $ 1,375  
First Aid Only, Inc.      
Assets:      
Accounts Receivable     $ 2,544
Inventory     1,704
Equipment     463
Prepaid expenses     110
Customer Relationships     5,430
Trade Name     3,410
Covenant Not-to-Compete     70
Goodwill     1,340
Total assets     15,071
Liabilities:      
Accounts Payable     1,019
Accrued Expense     252
Total liabilities     $ 1,271
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Contingencies
 9 Months Ended
Sep. 30, 2015
Contingencies  
Contingencies

Note 2 — Contingencies

 

The Company is involved from time to time in disputes and other litigation in the ordinary course of business and may encounter other contingencies, which may include environmental and other matters. There are no pending material legal proceedings to which the registrant is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority.

 

In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and was closed in 1996.

 

Under the terms of the sale agreement, and as required by the Connecticut Transfer Act, the Company was required to remediate any environmental contamination on the property. During 2008, the Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, the Company recorded an undiscounted liability of approximately $1.8 million related to the remediation of the property. This accrual included the costs of required investigation, remedial activities, and post-remediation operating and maintenance.

 

Remediation work on the project began in the third quarter of 2009 and was completed during the third quarter of 2012. In addition to the completed remediation work, the Company, with the assistance of its independent environmental consulting firm, was required to monitor contaminant levels on the property to ensure they comply with applicable governmental standards. During the first quarter of 2015, the Company received notice from the Connecticut Department of Energy & Environmental Protection that it had accepted and approved the Company’s filing of its Form III Verification Report. As a result, the Company’s remediation obligations have been satisfied.

 

On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Company’s scissors and rulers. Under the terms of the sale agreement, the Company is responsible to remediate any environmental contamination on the property. The Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014, related to the remediation of the property. The accrual included the total of then estimated costs of remedial activities and post-remediation monitoring costs.

 

Remediation work on the project began in the third quarter of 2014 and is expected to be completed in 2015. In addition to the remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with applicable North Carolina laws and regulations. The Company expects that the monitoring period will last a period of five years after the completion of the remediation and be completed by the end of 2020.

 

The change in the accrual for environmental remediation, included in other accruaed liabilities and other liabilities on the condensed consolidated balance sheets for the nine months ended September 30, 2015 follows (amounts in thousands):

 

   Balance at
December 31, 2014		   Payments  Balance at
September 30, 2015
Fremont, NC  $260    $(180)  $80 
Bridgeport, CT   6     (6)   —   
Total  $266    $(186)  $80 

  
XML 19 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 4,621 $ 2,286
Accounts receivable, less allowance 23,587 19,477
Inventories:    
Finished goods 29,418 28,713
Work in process 535 522
Raw materials and supplies 4,545 4,436
Total inventory 34,498 33,671
Prepaid expenses and other current assets 2,171 2,077
Total current assets 64,877 57,511
Property, plant and equipment:    
Land 420 436
Buildings 5,129 5,126
Machinery and equipment 11,226 10,067
Total property, plant and equipment 16,775 15,629
Less accumulated depreciation 9,432 8,698
Net property, plant and equipment 7,343 6,931
Goodwill 1,375 1,375
Intangible assets, less amortization 12,023 12,555
Other assets 967 936
Total assets 86,585 79,308
Current liabilities:    
Accounts payable 7,206 7,773
Other accrued liabilities 6,759 7,590
Total current liabilities 13,965 15,363
Long-term debt 28,551 24,147
Other 362 370
Total liabilities 42,878 39,880
STOCKHOLDERS' EQUITY    
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,740,618 shares in 2015 and 4,653,424 shares in 2014, including treasury stock 11,851 11,633
Additional paid-in capital 9,304 7,941
Retained earnings 37,236 33,784
Treasury stock, at cost - 1,371,754 shares in 2015 and 1,362,072 shares in 2014 (12,445) (12,283)
Accumulated other comprehensive income:    
Minimum pension liability (895) (895)
Translation adjustment (1,343) (752)
Total accumulated other comprehensive income (2,238) (1,647)
Total stockholders' equity 43,707 39,428
Total liabilities and stockholders' equity $ 86,585 $ 79,308
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities:    
Net income $ 4,353 $ 4,099
Adjustments to reconcile net income to net cash (used) provided by operating activities:    
Depreciation 970 902
Amortization 584 345
Stock compensation expense 442 451
Gain on disposal/sale of assets   (200)
Changes in operating assets and liabilities:    
Accounts receivable (4,205) (6,079)
Inventories (1,392) (1,895)
Prepaid expenses and other current assets (226) (168)
Accounts payable (372) 863
Other accrued liabilities (844) 3,018
Total adjustments (5,042) (2,763)
Net cash (used) provided by operating activities (689) 1,336
Investing Activities:    
Purchase of property, plant, and equipment (1,352) (1,419)
Purchase of patents and trademarks (52) (119)
Acquisition of certain assets of First Aid Only, Inc.   (13,806)
Proceeds from the sales of property, plant and equipment 5 773
Net cash used by investing activities (1,399) (14,571)
Financing Activities:    
Borrowing of long-term debt, net of repayments 4,404 7,433
Proceeds from issuance of common stock 1,139 890
Distributions to stockholders (895) (768)
Purchase of common stock (162)  
Net cash provided by financing activities 4,486 7,555
Effect of exchange rate changes on cash (63) (150)
Net change in cash and cash equivalents 2,335 (5,830)
Cash and cash equivalents at beginning of period 2,286 11,644
Cash and cash equivalents at end of period $ 4,621 $ 5,814
XML 21 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
Pension - Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Components of net periodic benefit cost:        
Interest cost $ 15 $ 18 $ 44 $ 53
Service cost 6 6 19 19
Expected return on plan assets (24) (23) (70) (70)
Amortization of prior service costs 2 2 7 7
Amortization of actuarial loss 36 29 92 87
Net periodic benefit cost $ 35 $ 32 $ 92 $ 96
XML 22 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
Segment Information - Financial Data by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Sales to external customers $ 29,903 $ 30,008 $ 86,694 $ 82,555  
Operating income (loss) 1,991 1,930 6,693 6,289  
Interest expense, net 149 153 420 343  
Other expense (income), net 92 67 149 78  
Consolidated income before income taxes 1,750 1,710 6,124 5,868  
Assets 86,585   86,585   $ 79,308
United States          
Sales to external customers 26,160 25,833 75,943 69,946  
Operating income (loss) 1,849 1,819 6,405 5,752  
Assets 78,458   78,458   70,526
Canada          
Sales to external customers 1,669 2,190 5,726 7,372  
Operating income (loss) 30 94 202 652  
Assets 4,102   4,102   4,363
Europe          
Sales to external customers 2,074 1,985 5,025 5,237  
Operating income (loss) 112 $ 17 86 $ (115)  
Assets $ 4,025   $ 4,025   $ 4,419
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Basis of Presentation
 9 Months Ended
Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1 — Basis of Presentation

 

In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the “Company”). These adjustments are of a normal, recurring nature. However, the financial statements do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 for such disclosures. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto, included in the Company’s 2014 Annual Report on Form 10-K.

 

The Company has evaluated events and transactions subsequent to September 30, 2015 and through the date these condensed consolidated financial statements were included in this Form 10-Q and filed with the SEC.

 

As part of the process of preparing our financial statements on a quarterly basis, the Company estimates its income tax expense. This process involves the estimation of the Company’s current tax exposure based on expected annual results of operations.

 
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2015
Dec. 31, 2014
STOCKHOLDERS' EQUITY    
Common stock, par value $ 2.50 $ 2.50
Common stock, shares authorized 8,000,000 8,000,000
Common stock, shares issued 4,740,618 4,653,424
Treasury stock, shares 1,371,754 1,362,072
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2015
Segment Information Tables  
Financial Data By Segment Table

Financial data by segment:

(in thousands)

   Three months ended
September 30,		  Nine months ended
September 30,
Sales to external customers:  2015  2014  2015  2014
United States  $26,160   $25,833   $75,943   $69,946 
Canada   1,669    2,190    5,726    7,372 
Europe   2,074    1,985    5,025    5,237 
Consolidated  $29,903   $30,008   $86,694   $82,555 
                     
Operating income (loss):                    
United States  $1,849   $1,819   $6,405   $5,752 
Canada   30    94    202    652 
Europe   112    17    86    (115)
Consolidated  $1,991   $1,930   $6,693   $6,289 
                     
Interest expense, net   149    153    420    343 
Other expense (income), net   92    67    148    78 
Consolidated income before income taxes  $1,750   $1,710   $6,125   $5,868 

 
Assets By Segment

Assets by segment:      
( in thousands )      
   September 30,  December 31,
   2015  2014
United States  $78,458   $70,526 
Canada   4,102    4,363 
Europe   4,025    4,419 
Consolidated  $86,585   $79,308 

 
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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2015
Nov. 03, 2015
Document And Entity Information    
Entity Registrant Name ACME UNITED CORP  
Entity Central Index Key 0000002098  
Document Type 10-Q  
Document Period End Date Sep. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   3,370,591
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2015  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Business Combination (Tables)
 9 Months Ended
Sep. 30, 2015
Business Combination Tables  
Purchase Price Allocation

Assets:     
Accounts Receivable  $2,544 
Inventory   1,704 
Equipment   463 
Prepaid expenses   110 
Customer Relationships   5,430 
Trade Name   3,410 
Covenant Not-to-Compete   70 
Goodwill   1,340 
Total assets  $15,071 

 

Liabilities     
Accounts Payable  $1,019 
Accrued Expense   252 
Total liabilities  $1,271 

 
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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Condensed Consolidated Statements Of Operations        
Net sales $ 29,903 $ 30,008 $ 86,694 $ 82,555
Cost of goods sold 19,578 19,393 55,398 53,346
Gross profit 10,325 10,615 31,296 29,209
Selling, general and administrative expenses 8,334 8,685 24,603 22,920
Operating income 1,991 1,930 6,693 6,289
Interest:        
Interest expense 150 157 424 355
Interest income (1) (4) (4) (12)
Interest expense, net 149 153 420 343
Other expense, net 92 67 149 78
Total other expense 241 220 568 421
Income before income taxes 1,750 1,710 6,124 5,868
Income tax expense 542 521 1,771 1,769
Net income $ 1,208 $ 1,189 $ 4,353 $ 4,099
Basic earnings per share $ .36 $ .37 $ 1.31 $ 1.27
Diluted earnings per share $ .33 $ .34 $ 1.18 $ 1.18
Weighted average number of common shares outstanding - denominator used for basic per share computations 3,354,000 3,250,000 3,328,000 3,224,000
Weighted average number of dilutive stock options outstanding 345,000 296,000 370,000 261,000
Denominator used for diluted per share computations 3,699,000 3,546,000 3,698,000 3,485,000
Dividends declared per share $ .09 $ .09 $ .27 $ .25
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Stock Based Compensation
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation

Note 6 – Stock Based Compensation

 

The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period. Share-based compensation expenses were $138,710 and $151,193 for the quarters ended September 30, 2015 and 2014, respectively. Share-based compensation expenses were $442,225 and $451,193 for the nine months ended September 30, 2015 and 2014, respectively. During the three months ended September 30, 2015, the Company issued 10,000 options with a weighted average fair value of $3.24 per share. During the nine months ended September 30, 2015 the Company issued 47,000 options with a weighted average fair value of $3.44.

 

As of September 30, 2015, there was a total of $804,378 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share –based payments granted to the Company’s employees. The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 3 years.

 
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Segment Information
 9 Months Ended
Sep. 30, 2015
Segment Information  
Segment Information

Note 5— Segment Information

 

The Company reports financial information based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, management reviews the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware and industrial use.

 

Domestic sales orders are filled from the Company’s distribution center in North Carolina. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots.

 

Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 15% and 18% of the Company’s total net sales for the three and nine months ended September 30, 2015 compared to 11% and 16% for the comparable periods in 2014.

 

The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations.

 

Financial data by segment:

(in thousands)

   Three months ended
September 30,		  Nine months ended
September 30,
Sales to external customers:  2015  2014  2015  2014
United States  $26,160   $25,833   $75,943   $69,946 
Canada   1,669    2,190    5,726    7,372 
Europe   2,074    1,985    5,025    5,237 
Consolidated  $29,903   $30,008   $86,694   $82,555 
                     
Operating income (loss):                    
United States  $1,849   $1,819   $6,405   $5,752 
Canada   30    94    202    652 
Europe   112    17    86    (115)
Consolidated  $1,991   $1,930   $6,693   $6,289 
                     
Interest expense, net   149    153    420    343 
Other expense (income), net   92    67    148    78 
Consolidated income before income taxes  $1,750   $1,710   $6,125   $5,868 

 

Assets by segment:      
( in thousands )      
   September 30,  December 31,
   2015  2014
United States  $78,458   $70,526 
Canada   4,102    4,363 
Europe   4,025    4,419 
Consolidated  $86,585   $79,308 

 
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Debt and Shareholders' Equity (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2013
Apr. 30, 2012
Sep. 30, 2015
Sep. 30, 2015
Dec. 31, 2014
Apr. 25, 2013
Apr. 05, 2012
Debt And Shareholders Equity Details Narrative              
Outstanding borrowings under revolving loan agreement     $ 28,551 $ 28,551 $ 24,147    
Credit facility borrowing capacity           $ 40,000 $ 30,000
Interest rate of LIBOR plus percentage 1.75% 1.75%          
Credit facility interest rate Interest rate of LIBOR plus 1.75%            
Credit facility expiration date Apr. 05, 2017            
Covenant terms and compliance      

Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At September 30, 2015, the Company was in compliance with these covenants.

      
Common stock issued upon exercise of employee stock options (in shares)     39,599 87,194      
Cash received upon exercise of employee stock options     $ 463 $ 1,138      
Shares repurchased during period     9,682 9,682      
Average repurchase price     $ 16.69 $ 16.69      
Shares that may be purchased under repurchase program     133,463 133,463      
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Contingencies (Details Narrative) - USD ($)
$ in Thousands
 1 Months Ended
Apr. 07, 2014
Dec. 31, 2008
Bridgeport, CT    
Description of property sale  

In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and was closed in 1996.
Proceeds from sale of assets   $ 2,500
Mortgage receivable from sale of asset   2,000
Undiscounted environmental remediation liability   $ 1,800
Fremont, NC    
Proceeds from sale of assets $ 850  
Undiscounted environmental remediation liability $ 300  
Minimum environmental remediation monitoring period (in years) 5 years  
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Contingencies (Tables)
 9 Months Ended
Sep. 30, 2015
Contingencies Tables  
Accrual for Environmental Remediation Table

   Balance at
December 31, 2014		   Payments  Balance at
September 30, 2015
Fremont, NC  $260    $(180)  $80 
Bridgeport, CT   6     (6)   —   
Total  $266    $(186)  $80 

  
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Fair Value Measurements
 9 Months Ended
Sep. 30, 2015
Fair Value Measurements  
Fair Value Measurements

Note 7 – Fair Value Measurements

 

Due to its nature and associated interest rate, the carrying value of the Company’s bank debt approximates fair value. Fair value was determined using a discounted cash flow analysis.

 
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Business Combination
 9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Business Combination

Note 8 – Business Combination

 

On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC.

 

The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):

 

Assets:     
Accounts Receivable  $2,544 
Inventory   1,704 
Equipment   463 
Prepaid expenses   110 
Customer Relationships   5,430 
Trade Name   3,410 
Covenant Not-to-Compete   70 
Goodwill   1,340 
Total assets  $15,071 

 

Liabilities     
Accounts Payable  $1,019 
Accrued Expense   252 
Total liabilities  $1,271 

 

Assuming First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the nine months ended September 30, 2014 for the Company would have been approximately $89.6 million. Unaudited proforma combined net income for nine months ended September 30, 2014 for the Company would have been approximately $4.3 million.

 
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Pension (Tables)
 9 Months Ended
Sep. 30, 2015
Pension Tables  
Components of Net Benefit Cost

   Three Months Ended September 30,  Nine Months Ended September 30,
   2015  2014  2015  2014
             
Components of net periodic benefit cost:                    
Interest cost  $15   $18   $44   $53 
Service cost   6    6    19    19 
Expected return on plan assets   (24)   (23)   (70)   (70)
Amortization of prior service costs   2    2    7    7 
Amortization of actuarial loss   36    29    92    87 
   $35   $32   $92   $96 

 
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Pension (Details Narrative)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
USD ($)
Compensation and Retirement Disclosure [Abstract]  
Plan contributions during period $ 30
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Stock Based Compensation (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Stock Based Compensation Details Narrative        
Share-based compensation expense $ 139 $ 151 $ 442 $ 451
Stock options granted during period (in shares) 10,000   47,000  
Weighted average fair value of stock options granted during period $ 3.24   $ 3.44  
Unrecognized compensation cost $ 804   $ 804  
Unrecognized compensation cost recognition period     3 years  
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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Condensed Consolidated Statements Of Comprehensive Income Loss        
Net income $ 1,208 $ 1,189 $ 4,353 $ 4,099
Other comprehensive loss -        
Foreign currency translation (129) (447) (591) (485)
Comprehensive income $ 1,079 $ 742 $ 3,762 $ 3,614
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Debt and Shareholders' Equity
 9 Months Ended
Sep. 30, 2015
Debt And Shareholders Equity  
Debt and Stockholders Equity

Note 4 —Debt and Shareholders’ Equity

 

On April 25, 2013, the Company amended its revolving loan agreement with HSBC Bank N.A. dated April 5, 2012. The amendment increased the borrowing limit to $40 million from $30 million. The interest rate remained the same at LIBOR plus 1.75%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires; interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At September 30, 2015, the Company was in compliance with these covenants.

 

As of September 30, 2015 and December 31, 2014, the Company had outstanding borrowings of approximately $28,551,000 and $24,147,000, respectively, under the Company’s revolving loan agreement with HSBC.

 

During the three months ended September 30, 2015, the Company issued a total of 39,599 shares of common stock and received aggregate proceeds of $463,029 upon exercise of employee stock options.

 

During the nine months ended September 30, 2015, the Company issued a total of 87,194 shares of common stock and received aggregate proceeds of $1,137,863 upon the exercise of employee stock options.

 

During the three and nine months ended September 30, 2015, the Company repurchased 9,682 shares of its Common Stock at an average price of $16.69. As of September 30, 2015, there were 133,463 shares that may be purchased under the repurchase program announced in 2010. The Company’s purchases in September were effected pursuant to a Rule 10b5-1 plan.

 
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Business Combination (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 02, 2014
Sep. 30, 2014
Unaudited proforma net sales during period   $ 89,600
Unaudited proforma net income during period   $ 4,300
First Aid Only, Inc.    
Purchase price $ 13,800  
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Contingencies - Accrual for Environmental Remediation (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
USD ($)
Environmental remediation accrual at December 31, 2014 $ 266
Payments (186)
Environmental remediation accrual at September 30, 2015 80
Bridgeport, CT  
Environmental remediation accrual at December 31, 2014 6
Payments (6)
Environmental remediation accrual at September 30, 2015 0
Fremont, NC  
Environmental remediation accrual at December 31, 2014 260
Payments (180)
Environmental remediation accrual at September 30, 2015 $ 80