Acme United Reports Best Yearly Profit Since 1991.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)--March 2, 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 income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the year 2000 of $1.1 million, or $.30 per share, compared to a loss of $(156,000) or $(.05) per share in 1999. Earnings per share from continuing operations for 2000 were the highest since 1991. Net income was $1.1 million in 2000 compared to $2.2 million in 1999. Net income in 1999 included a gain on the sale of the medical division and income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $2.3 million. 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 2000 were $34.4 million versus $35.9 million in 1999, a decline of 4 percent. For the fourth quarter of 2000, net income was $138,000, or $.04 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 $125,000, or $.04 per diluted share in 1999. Net income increased 10% as compared with the comparable quarter a year ago. Net sales for the fourth quarter of 2000 were $7.4 million compared to $8.0 million in the same quarter of 1999. 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, "2000 was a year of great accomplishment at Acme United. Although sales were lower than 1999, net income for 2000 was $1.1 million, compared to a loss of $156,000 in 1999. The sales decline was the result of a combination of events. A major customer was lost early in the year which was only partially offset by a number of new customers gained. Also, foreign currency hurt sales and profitability in operations outside the U.S. At the same time gross margin improved from 28% in 1999 to 36% in 2000 primarily due to improved purchasing practices and operational efficiencies. Several new products were introduced during the year. Our Tagit! line of products were successfully launched in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). by our partner Esselte Esselte is privately held company headquartered in Stamford, Connecticut, USA. It is a holding company, specializing in office products. It owns several companies, including Pendaflex, Leitz, Oxford, Xyron, and an operating company also called Esselte A.B. We also secured a new credit facility
for our senior debt with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and moved our corporate headquarters, substantially reducing our rent expense." Mr. Johnsen continued, "As noted earlier, Acme United has been awarded a number of new business contracts with the full impact to be felt in the second quarter of 2001. We expect these to build upon our sales foundation, and lead to profitable growth in 2001." 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 December 31, 2000. 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 2000
(Unaudited)
Year Ended Year Ended
Amounts in thousands, December 31, 2000 December 31, 1999
except per share data
Net Sales $7,410 $7,985(1)
Net Income 138 125
Net Income Per Share
(Basic and Diluted) .04 .04
Year Ended Year Ended
December 31, 2000 December 31, 1999
Net Sales $34,413 $35,857(1)
Income/(Loss) from
Continuing Operations 1,060 (156)
Income/(Loss) Per Share
from Continuing Operations
(Basic and Diluted) .30 (.05)
Net Income 1060 2,168
Net Income Per Share
(Basic and Diluted) .30 .64
(1) As reclassified for comparative purposes.
Acme United Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
Amounts in thousands December 31, 2000 December 31, 1999
Assets
Current Assets:
Cash and Cash Equivalents $ 22 $ 88
Accounts Receivable, net 5,973 6,702
Inventories 10,022 8,298
Prepaid and Other
Current Assets 432 372
------------------------------------------
Total Current Assets 16,449 15,460
Property and
Equipment, net 3,122 3,986
Other Assets 1,547 1,321
------------------------------------------
Total Assets $21,118 $20,767
===========================================
Liabilities and
Stockholders' Equity
Current Liabilities:
Notes Payable $ 504 $ 691
Accounts Payable 2,260 2,763
Other Current Liabilities 3,139 3,154
Current portion of
Long Term Debt 2,085 1,922
Total Current Liabilities 7,988 8,530
Long-term debt 4,925 5,012
Other 313 307
==========================================
Total Liabilities 13,226 13,849
Total Stockholders' Equity 7,892 6,918
==========================================
Total Liabilities and
Stockholders' Equity $21,118 $20,767
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