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ACME UNITED REPORTS SECOND QUARTER RESULTS

 FAIRFIELD, Conn., July 28 /PRNewswire/ -- Acme United Corporation (AMEX: ACU) reported today net income of $159,610, or 5 cents per share, for the second quarter of 1993. This compares to net income of $311,965, or 9 cents per share, for the second quarter of 1992.
 Net sales for the second quarter of 1993 were $13,862,235, compared to net sales of $14,333,821 for the second period of 1992.
 For the first half of 1993, net income was $26,022, or 1 cent per share. This compares to net income of $203,852, or 6 cents per share for the first half of 1992.
 Net sales were $26,266,272 for the first half of 1993, compared to net sales of $26,400,196 for the first half of 1992.
 Henry C. Wheeler, chairman and chief executive officer, said that, "Our U.S. medical products business continued to do well in the second quarter, even though several exciting new products are still undergoing evaluation in many hospitals and experiencing some delays from the uncertainty surrounding the Clinton healthcare plan.
 "Our U.S. consumer products business achieved increased sales, but suffered a loss due to highly competitive pricing in the office products and school markets. In addition, our ruler business was hit hard not only by the sharp increase in lumber prices but also by a poorer level of lumber quality that resulted in a higher scrap rate.
 "Our European subsidiaries reported a sales decline compared to the first half of 1992 and were close to being profitable for the first half. We expect increased business in the second half, and our goal is to at least break even in 1993, compared to a 17 cents per share loss in 1992. We anticipate a meaningful profit in 1994.
 "Our U.S. operating expenses are expected to be reduced later this year as a result of the closing of our Bridgeport foundry and the substitution of imported castings at a substantially reduced cost; as well as the shift now being made of our cold-forged-scissor manufacturing from Connecticut, one of the higher-cost manufacturing states, to be combined with our medical manufacturing operations in North Carolina. The cost of this move was charged off in 1992."
 Acme United is a leading producer of metal disposable surgical instruments, sterile procedure trays, germicidal products and wound-care packs for hospitals and the after-care market as well as the largest producer of household shears, scissors and related products in the United States and Europe.
 There are 3,337,620 common shares outstanding.
 ACME UNITED CORPORATION
 Consolidated Statement of Income
 Second Quarter Report 1993
 13 Weeks Ended 6/30/93 6/27/92
 Sales - net $13,862,235 $14,333,821
 Net income before taxes 238,989 461,559
 Net income after taxes 159,610 311,965
 Earnings per share $.05 $.09
 Dividends per share $.00 $.05
 26 Weeks Ended 6/30/93 6/27/92
 Sales - net $26,266,272 $26,400,196
 Net income before taxes 34,913 377,909
 Net income after taxes 26,022 203,852
 Earnings per share $.01 $.06
 Dividends per share $.05 $.10
 Total stockholders' equity 18,745,724 20,821,772
 Weighted average number of
 common shares outstanding 3,337,620 3,312,618
 All 1993 figures are subject to year-end audit.
 -0- 7/28/93
 /CONTACT: Stephen T. Bajda, senior vice president-finance of Acme United Corporation, 203-332-7330/
 (ACU)


CO: Acme United Corporation ST: Connecticut IN: SU: ERN

PS -- NY007 -- 6578 07/28/93 08:07 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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