Acme United Corporation Announces Stock Buyback.Business Editors FAIRFIELD, Conn.--(BUSINESS WIRE)--July 23, 2002 Acme United Corporation (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ACU ACU See: Asian currency units ) announced today that its Board of Directors approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program of 150,000 common shares. Walter C. Johnsen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Acme United has continued to execute its business plan. The company reported yesterday net income $227,000 for the second quarter of 2002. Before restructuring and tax benefits related to the consolidation of our European operations, net income was $497,000, a 7% increase over previous year levels. We believe our stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , and the repurchase represents an attractive use of cash for our shareholders." Mr. Johnsen continued, "In connection with today's announcement, the Board canceled the previous buyback plan of September 2001, under which approximately 98,000 shares were acquired." Acme United Corporation is one of the largest suppliers of cutting instruments, measuring devices, and safety and related products for consumers. There were 3,410,051 shares outstanding as of June 30, 2002. Forward-looking statements in this report, including without limitation, statements related to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory; and (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. |
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