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Acme United Corporation Reports Fourth Quarter And Full Year Results

Stocks in this article: ACU

Acme United Corporation (NYSE AMEX:ACU) today announced that net sales for the quarter ended December 31, 2010, were $13.4 million compared to $13.4 million in the same period in 2009. Net sales for the year ended December 31, 2010 were $63.1 million, compared to $59.1 million in the same period in 2009, an increase of 7%.

Net income for the fourth quarter ended December 31, 2010 was $180,000, or $.06 per diluted share, compared to $731,000, or $.22 per diluted share, for the comparable period last year. In the fourth quarter of 2009, the Company donated land to the City of Bridgeport, CT and medical products to Americares for Haitian relief, and as a result recorded tax benefits of $464,000. Without the tax benefits, net income would have been $267,000.

Operating profit for the year ended December 31, 2010 was $2,980,000 compared to $3,027,000 in the comparable period last year. Profit from the higher sales was offset by higher airfreight expense and higher personnel related costs. The higher airfreight expense was due to labor shortages and production constraints in the Asian factories during the back to school season.

Net income for the year ended December 31, 2010 was $2,573,000, or $.81 per diluted share, compared to $2,842,000, or $.85 per diluted share, in the comparable period last year.

Net sales for the year ended December 31, 2010, in the U.S. segment increased 5% compared to 2009 mainly due to market share gains with our new non-stick products and the iPoint pencil sharpeners. Net sales in Canada for the year ended December 31, 2010 increased 10% in U.S. dollars compared to 2009, and stayed constant in local currency. European net sales for the year ended December 31, 2010 increased 14% in U.S. dollars and 22% in local currency compared to 2009. Sales in Europe increased due to growth in the mass and office markets.

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