Acme United Corporation Reports 21% Sales Increase and Improved Earnings.Business Editors FAIRFIELD Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. , Conn.--(BUSINESS WIRE)--Oct. 22, 2003 Acme (company, jargon) ACME - /ak'mee/ 1. A Company that Makes Everything. The canonical imaginary business. Possibly also derived from the word "acme" meaning "highest point". 2. A program for MS-DOS. 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 ) today announced net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $9.5 million for the quarter ending September September: see month. 30, 2003 compared to $7.9 million for the same quarter in 2002, an increase of 21% (17% at constant currency). Net sales for the nine months ending September 30, 2003 were $26.9 million compared to $24.0 million for the same period in 2002, an increase of 12% (8% at constant currency). Year to date net sales in the U.S. increased 13% due to the launch of new products, market share gains and new customers. Year to date international sales increased by 8%, primarily due to currency gains. Net income for the quarter ending September 30, 2003 was $302,000 or $.08 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to $270,000 or $.08 per diluted share for the comparable period last year. Net income for the nine months ending September 30, 2003 was $995,000, or $.28 per share compared to $619,000, or $.17 per share in the comparable period last year. Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno 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, "We have made significant progress this year. Sales have increased due to new products and market share gains. Our prior investments in new product development are paying off. The back to school season was strong with the acceptance of titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. scissors scissors Cutting instrument or tool consisting of a pair of opposed metal blades that meet and cut when the handles at their ends are brought together. Modern scissors are of two types: the more usual pivoted blades have a rivet or screw connection between the cutting ends and "Critters", our new line of children scissors. We expect the positive response to our new products to continue." Gross margins were 33.2% in the third quarter of 2003 versus 33.9% in the comparable period last year. The gross margin for the quarter was reduced by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $200,000 due to costs associated with the closure of manufacturing in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). . Gross margins for the quarter without this effect would have been 35.3%. Gross margins for the first nine months of 2003 were 37.1% compared to 33.2% in 2002. The improvement is primarily due to new products and productivity gains. Income before income taxes was $565,000 in the third quarter of 2003 compared with a loss of $104,000 in the third quarter of 2002, an increase of $669,000. Pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. for the first nine months was $1.9 million in 2003 compared to $333,000 in 2002. Income tax expense for the third quarter of 2003 was $263,000 versus a tax benefit of $374,000 in the third quarter of 2002. In 2002 the Company recognized a significant one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. income tax benefit associated with liquidating its UK business. The Company's debt less cash on September 30, 2003 was $5.6 million compared to $6.1 million on September 30, 2002. During the first nine months of 2003, the Company repurchased 118,200 shares at a cost of $470,000. ACME UNITED CORPORATION is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. supplier of cutting devices, measuring instruments, and safety products for school, home, and office use. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.
ACME UNITED CORPORATION
CONSOLIDATED STATEMENT OF INCOME
THIRD QUARTER REPORT 2003
Quarter Ended Quarter Ended
September 30, September 30,
2003 2002
Amounts in $000's except per share data (Unaudited) (Unaudited)
--------------------------------------- -------------- --------------
Net Sales $ 9,538 $ 7,867
Gross Profit 3,171 2,663
Selling, General, and Administrative
Expenses 2,648 2,688
Other (Income) Expense (43) 79
Pre-Tax Income (loss) 565 (104)
Income Tax Expense (Benefit) 263 (374)
Net Income 302 270
Earnings Per Share Basic 0.09 0.08
Earnings Per Share Diluted 0.08 0.08
Nine Months Nine Months
Ended Ended
September 30, September 30,
2003 2002
Amounts in $000's except per share data (Unaudited) (Unaudited)
--------------------------------------- -------------- --------------
Net Sales $ 26,869 $ 24,020
Gross Profit 9,973 7,971
Selling, General, and Administrative
Expenses 7,854 7,372
Other (Income) Expense 245 266
Pre-Tax Income 1,874 333
Income Tax Expense (Benefit) 879 (286)
Net Income 995 619
Earnings Per Share Basic 0.30 0.18
Earnings Per Share Diluted 0.28 0.17
ACME UNITED CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
THIRD QUARTER REPORT 2003
(Unaudited)
Amounts in $000's
-----------------
September 30, September 30,
Assets 2003 2002
------ -------------- --------------
Current Assets:
Cash $ 825 $ 594
Accounts Receivable, Net 9,600 7,927
Inventories 8,214 6,592
Prepaid and Other current Assets 491 988
-------------- --------------
Total Current Assets 19,130 16,101
Property and Equipment, Net 2,222 2,440
Other Assets 447 1,384
-------------- --------------
Total Assets $ 21,799 $ 19,925
============== ==============
Liabilities and Stockholders' Equity
Current Liabilities
Notes Payable $ 3 $ 448
Accounts Payable 2,395 1,457
Other Current Liabilities 2,506 1,945
Current Portion of Long Term Debt 4,316 2,578
-------------- --------------
Total Current Liabilities 9,220 6,428
Long-Term debt 2,062 3,635
Other Non Current Liabilities 953 499
-------------- --------------
12,235 10,562
Total Stockholders' Equity 9,564 9,363
-------------- --------------
Total Liabilities and Stockholders'
Equity $ 21,799 $ 19,925
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