Acme United Reports 15% Sales Increase and 30% Increase in Net Income for the Fourth Quarter of 2001; Net Income Increased 21% for the Year 2001.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)--Feb. 28, 2002 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 net income for the year 2001 of $1.3 million, compared to $1.1 million in 2000, a 21% increase. Acme's earnings 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 in 2001 were $.36 versus $.30 in 2000, an increase of 20 percent. 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 in 2001 were $36.2 million and $34.4 million in 2000, an increase of 5%. The gross margin increased from 35% in 2000 to 38% in 2001. For the fourth quarter of 2001, net income was $180,000, or $ 0.06 per diluted share compared to $138,000, or $ .04 per diluted share in 2000. Earnings per share increased 50 percent versus the fourth quarter in 2000. Net sales for the fourth quarter of 2001 were $8.6 million compared to $7.4 million in the same quarter of 2000, a 15% increase. The gross margin for the fourth quarter of 2001 was a record 40% compared to 38% in the same quarter of 2000. 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, "2001 was a year of accomplishment at Acme United. We successfully introduced a new line 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 , which hold the sharpness of their blades much longer than conventional products. We extended the Tagit! family of personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. scissors and rulers, commercialized the EasyOpen scissors which has a carton opener in one handle, and successfully broadened the first aid and safety product lines. "During the fourth quarter, sales of first aid kits, latex latex, emulsion of a polymer (e.g., rubber) in water (see colloid). Natural latexes are produced by a number of plants, are usually white in color, and often contain, in addition to rubber, various gums, oils, and waxes. gloves, and dust masks were greater than expected. We have seen a leveling of demand for these products, but at higher levels than earlier in the year. Acme continues to gain market share in the safety category. Our international businesses, particularly in the UK, were softer than the previous year. We have strengthened the sales efforts in the UK, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , and Germany, and are committed to building our revenues in these locations in 2002." "I am particularly pleased that our financial strength continued to improve during 2001. We generated over $2.0 million of cash from operations, reduced total debt from $7.5 million to $5.7 million, and repurchased 98,254 shares of common stock. We look forward to continuing to build Acme in 2002." 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. 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 could be affected by the Company's ability to manage its growth and assets; 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
FOURTH QUARTER REPORT 2001
(Unaudited)
Amounts in thousands, Year Ended Year Ended
except per share data December 31, 2001 December 31, 2000
Net Sales $36,164 $34,413
Pretax Income 1,712 1,096
Net Income 1,280 1,061
Net Income Per Share (Basic) .37 .30
Net Income per share (Diluted) .36 .30
Quarter Ended Quarter Ended
December 31, 2001 December 31, 2001
Net Sales $8,558 $7,411
Pretax Income 575 138
Net Income 180 138
Net Income Per Share (Basic) .07 .04
Net Income Per Share (Diluted) .06 .04
ACME UNITED CORPORATION
Condensed Consolidated
Balance Sheet
(Unaudited)
February 26, 2002
(amounts in thousands) 2001 2000
ASSETS
Current Assets:
Cash and cash equivalents $171 $22
Accounts receivable, less allowance 6,439 5,973
Inventories 8,803 10,022
Deferred income taxes 241 -
Prepaid expenses and other current
assets 807 433
--------------------------------
Total current assets 16,461 16,450
Net plant, property and equipment 2,259 3,121
Other assets 1,453 1,547
--------------------------------
Total Assets $20,173 $21,118
LIABILITIES
Current Liabilities:
Notes payable $464 504
Accounts payable 2,038 2,260
Other accrued liabilities 2,821 3,139
Current portion of long-term debt 2,377 2,085
-------------------------------
Total current liabilities 7,700 7,988
Deferred income taxes 521 -
Long-term debt, less current portion 2,875 4,925
Other 405 313
--------------------------------
Total Liabilities $11,501 $13,226
Total Stockholder's Equity 8,672 7,892
Total Liabilities and Stockholders'
Equity $20,173 $21,118
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