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Acme United Corporation Reports Record Sales And 20% Increase In Net Income For The Third Quarter

Acme United Corporation (NYSEMKT:ACU) today announced that net sales for the third quarter ended September 30, 2013 were $22.1 million, compared to $20.4 million in the comparable period of 2012, an increase of 9%.

Net income was $959,000, or $.29 per diluted share, for the quarter ended September 30, 2013, compared to $798,000 or $.26 per diluted share, for the comparable period last year, an increase of 20% in net income and 12% in diluted earnings per share.

Net sales for the nine months ended September 30, 2013 were $68.2 million, compared to $64.8 million in the same period in 2012, an increase of 5%.

Net income for the nine months ended September 30, 2013 was $3,479,000, or $1.07 per diluted share, compared to $3,118,000, or $1.00 per diluted share in the comparable period last year, a 12% increase in net income and 7% in diluted earnings per share.

Net sales for the quarter ended September 30, 2013 in the U.S. segment increased 11% compared to the same period in 2012 primarily due to higher sales of Camillus knives and back to school products as well as increased distribution of first aid kits. Net sales for the nine months ended September 30, 2013 in the U.S. segment increased 8% compared to the same period in 2012 due to additional sales resulting from the acquisition of the C-Thru Ruler Company in June 2012, increased back to school sales and higher sales of Camillus knives. Net sales in Canada for the three months ended September 30, 2013 decreased 18% in U.S. dollars (15% in local currency) compared to the same period in 2012. Net sales in Canada for the nine months ended September 30, 2013 decreased 8% in U.S. dollars (6% in local currency) compared to the same period in 2012. The sales decline in Canada for both periods was primarily due to general softness in the office products industry which resulted from continuing weakness in the Canadian economy. European net sales for the three months ended September 30, 2013 increased 26% in U.S. dollars (19% in local currency), compared to the same period last year mainly due to higher sales to mass market retailers. European net sales for the nine months ended September 30, 2013 decreased 6% in U.S. dollars (7% in local currency) compared to the same period last year primarily due to the bankruptcy and liquidation of a large customer in Germany in the second quarter of 2012.

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