Acme United Corporation Reports 7% Sales Increase For The Second Quarter
Acme United Corporation (NYSE AMEX:ACU) today announced that net sales for the second quarter ended June 30, 2010 were $20.6 million, compared to $19.2 million in the comparable period of 2009, an increase of 7% (8% in local currency). Net income was $1,567,000, or $.48 per diluted share, for the quarter ended June 30, 2010, compared to $1,341,000 or $.40 per diluted share for the comparable period last year, an increase of 17% in net income and 20% in diluted earnings per share.
Net sales for the six months ended June 30, 2010 were $33.7 million, compared to $30.5 million in the same period in 2009, an increase of 11% (10% in local currency). Net income for the six months ended June 30, 2010 was $1,780,000, or $.54 per diluted share, compared to $1,383,000, or $.41 per diluted share in the comparable period last year, a 29% increase in net income and 32% in diluted earnings per share.
Net sales for the quarter ended June 30, 2010 in the U.S. segment increased 1% compared to the same period in 2009. Net sales for the six months ended June 30, 2010 in the U.S. segment increased 5% compared to the same period in 2009. Sales in the U.S. were a reflection of the slow economic recovery in the U.S. Net sales in Canada for the three and six months ended June 30, 2010 increased 10% and 14%, respectively, in U.S. dollars compared to the same periods in 2009 but decreased 2% and 1% respectively, in local currency. European net sales for the three and six months ended June 30, 2010 increased 64% and 46%, respectively, in U.S. dollars compared to the same periods in 2009 and increased 75% and 49% respectively, in local currency. Sales in Europe increased due to growth in the mass and office markets.
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