Acme United First Quarter Net Income Increases 11%.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)--April 19, 2001 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 ) reported today net income of $230,000, or 7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (basic) and 6 cents per share (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. ), for the first quarter of 2001. This is an increase of 11% versus net income of $207,000, or 6 cents per share (basic and diluted), for the first quarter of 2000. 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 were $7,950,000 for the first quarter of 2001 compared with net sales of $8,041,000 for the same quarter of 2000, a 1% decrease. Excluding the negative impact of foreign currency fluctuations, sales would have increased 1% for the quarter. 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 Chief Executive Officer said, "I am pleased with the positive results for the first quarter of 2001. This marks the eighth consecutive quarter of earnings growth over the prior year. Our gross margin continued to improve during the quarter rising to 36% from 35% in the corresponding quarter of 2000. The main reasons for the increase in margin were new products and greater productivity. "New products accounted for 7% of revenues during the quarter. Demand for the expanded family of Tagit! name identified 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 , rulers, and office accessories continues to grow. We are getting strong sales of new safety products. Acme will introduce a number of patented items in the coming months." Mr. Johnsen continued, "We expect the second quarter to have revenue and earnings growth. In this quarter, Acme will roll out new everyday products to the superstores This is a list of superstores by country. Multi-national
Acme United is one of the largest suppliers of cutting instruments, measuring devices This is an incomplete list of measuring devices. word Measures accelerometer acceleration actinometer heating power of sunlight alcoholometer alcoholic strength of liquids altimeter altitude ammeter electric current, amperage , and safety and related products for consumers. There were 3,508,305 common shares outstanding as of March 31, 2001. 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 inventory; and (iii) other risks and uncertainties indicated from to time to time in the Company's filings with the Securities and Exchange Commission.
ACME UNITED CORPORATION
CONSOLIDATED STATEMENT OF INCOME
FIRST QUARTER REPORT 2001
(unaudited)
Quarter Ended Quarter Ended
Amounts in thousands, March 31, 2001 March 31, 2000
except per share data (Unaudited) (Unaudited)
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Net Sales $7,950 $8,041
Net Income 230 207
Net Income Per Share - Basic .07 .06
Net Income Per Share - Diluted .06 .06
ACME UNITED CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands) March 31, 2001 March 31, 2000
Assets
Current Assets:
Cash and Cash Equivalents $ 49 $ 0
Accounts Receivable, net 6,923 7,020
Inventories 9,143 8,841
Prepaid and Other Current Assets 1,128 795
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Total Current Assets 17,243 16,656
Property and Equipment, net 2,970 3,777
Other Assets 1,550 1,178
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Total Assets $ 21,763 $ 21,611
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Liabilities and Stockholders' Equity
Current Liabilities:
Notes Payable $ 692 $ 734
Accounts Payable 2,243 2,664
Other Current Liabilities 3,050 3,193
Current Portion of Long Term Debt 2,705 2,512
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Total Current Liabilities 8,690 9,103
Long-term Debt 4,830 5,178
Other 217 192
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Total Liabilities 13,737 14,473
Total Stockholders' Equity 8,026 7,138
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Total Liabilities and
Stockholders' Equity $ 21,763 $ 21,611
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