Acme United Corporation Reports Third Quarter Earnings
Acme United Corporation (NYSE AMEX:ACU) today announced that net sales for the third quarter ended September 30, 2010 were $16.1 million compared to $15.3 million in the comparable period of 2009, an increase of 5% (6% local currency). Operating income for the quarter ended September 30, 2010 was $657,000 compared to $634,000 for the comparable period last year, an increase of 4%. Net income was $612,000, or $.19 per diluted share, for the quarter ended September 30, 2010 compared to $728,000 or $.22 per diluted share for the comparable period last year, a decrease of 16% in net income and 14% in diluted earnings per share.
Third quarter 2009 earnings included pre-tax income of $458,000 due to completion below estimated costs of a major portion of the remediation of the Bridgeport property which was sold in December 2008. Excluding tax credits in the third quarter of 2010 and the after tax impact of the third quarter 2009 adjustment to the Bridgeport remediation accrual, net income was $510,000 for the quarter ended September 30, 2010 compared to $440,000 for the comparable period last year, an increase of 16%. Diluted earnings per share, as adjusted, would have been $.16 compared to $.13 for the same period in 2009, a 23% increase.
Net sales for the nine months ended September 30, 2010 were $49.8 million, compared to $45.7 million in the same period in 2009, an increase of 9% (8% in local currency). Operating income for the nine months ended September 30, 2010 was $2,903,000 compared to $2,734,000 in the comparable period last year, an increase of 6%. Net income for the nine months ended September 30, 2010 was $2,391,000, or $.74 per diluted share compared to $2,111,000, or $.63 per diluted share in the comparable period last year, a 13% increase in net income and 17% in diluted earnings per share.
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