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Acme United Corporation Reports 18% Sales Increase And 70% Increase In Operating Profit For The Third Quarter

Stocks in this article: ACU

Acme United Corporation (NYSE AMEX: ACU) today announced that net sales for the third quarter ended September 30, 2011 were $19.0 million, compared to $16.1 million in the comparable period of 2010, an increase of 18% (16% in local currency). Excluding sales resulting from the acquisition on February 28, 2011 of the Pac Kit Company, one of the oldest manufacturers of first aid products, comparable sales for the quarter ended September 30, 2011 increased by 8%.

Net income was $682,000, or $.22 per diluted share, for the quarter ended September 30, 2011, compared to $612,000 or $.19 per diluted share, for the comparable period last year, an increase of 11% in net income and 16% in diluted earnings per share.

Net sales for the nine months ended September 30, 2011 were $57.5 million, compared to $49.8 million in the same period in 2010, an increase of 15% (13% in local currency). Excluding sales resulting from the acquisition of the Pac Kit Company, comparable sales increased by 7%.

Net income for the nine months ended September 30, 2011 was $2,545,000, or $.82 per diluted share, compared to $2,391,000, or $.74 per diluted share in the comparable period last year, a 6% increase in net income and 11% in diluted earnings per share.

Net sales for the quarter ended September 30, 2011 in the U.S. segment increased 23% compared to the same period in 2010. Net sales for the nine months ended September 30, 2011 in the U.S. segment increased 19% 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, the addition of sales resulting from the acquisition of the Pac Kit Company and strong sales of first aid products. Net sales in Canada for the three months ended September 30, 2011 increased 3% in U.S. dollars but declined 3% in local currency compared to the same period in 2010. Net sales in Canada for the nine months ended September 30, 2011 increased 13% in U.S. dollars (6% in local currency) compared to the same period in 2010. Sales in Canada for the nine months increased primarily due to the introduction of new products. European net sales for the three months ended September 30, 2011 increased 3% in U.S. dollars but declined 6% in local currency, compared to the same period last year. European net sales for the nine months ended September 30, 2011 decreased 6% in U.S. dollars (13% in local currency) compared to the same period last year. Sales in Europe decreased due to the timing of sales to mass market customers which are expected to occur later in 2011 than they did in 2010.

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