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TheStreet Open House

Acme United Corporation Reports 17% Sales Increase For The Second Quarter

Stocks in this article: ACU

Acme United Corporation (NYSE AMEX:ACU) today announced that net sales for the second quarter ended June 30, 2011 were $24.0 million, compared to $20.6 million in the comparable period of 2010, an increase of 17% (14% in local currency). Excluding the acquisition on February 28, 2011 of the Pac Kit Company, one of the oldest manufacturers of first aid products, comparable sales increased by 8%.

Net income was $1,743,000, or $.56 per diluted share, for the quarter ended June 30, 2011, compared to $1,567,000 or $.48 per diluted share for the comparable period last year, an increase of 11% in net income and 17% in diluted earnings per share.

Net sales for the six months ended June 30, 2011 were $38.4 million, compared to $33.7 million in the same period in 2010, an increase of 14% (12% in local currency). Excluding the acquisition of the Pac Kit Company, comparable sales increased by 7%.

Net income for the six months ended June 30, 2011 was $1,863,000, or $.60 per diluted share, compared to $1,780,000, or $.54 per diluted share in the comparable period last year, a 5% increase in net income and 10% in diluted earnings per share.

Net sales for the quarter ended June 30, 2011 in the U.S. segment increased 22% compared to the same period in 2010. Net sales for the six months ended June 30, 2011 in the U.S. segment increased 17% compared to the same period in 2010. Sales in the U.S. for both periods increased due to market share gains in the mass market channel and the addition of sales resulting from the acquisition of the Pac Kit Company. Net sales in Canada for the three and six months ended June 30, 2011 increased 15% and 16%, respectively, in U.S. dollars (8% and 9% respectively, in local currency) compared to the same periods in 2010. Sales in Canada increased primarily due to the introduction of new products. European net sales for the three and six months ended June 30, 2011 decreased 20% and 10%, respectively, in U.S. dollars (30% and 17% respectively, in local currency) compared to the same periods in 2010. Sales in Europe decreased due to the timing of sales associated with mass market promotions.

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