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Acme United Corporation Reports 9% Sales Increase And 22% Increase In Net Income For The Fourth Quarter

Acme United Corporation (NYSE MKT:ACU) today announced that net sales for the fourth quarter ended December 31, 2013 were $21.4 million, compared to $19.5 million in the comparable period of 2012, an increase of 9%.

Net income was $524,000, or $.15 per diluted share, for the quarter ended December 31, 2013, compared to $431,000 or $.14 per diluted share, for the comparable period of 2012, an increase of 22% in net income and 7% in diluted earnings per share.

Net sales for the year ended December 31, 2013 were $89.6 million, compared to $84.4 million in 2012, an increase of 6%.

Net income for the year ended December 31, 2013 was $4,003,000, or $1.22 per diluted share, compared to $3,549,000, or $1.13 per diluted share for the comparable period of 2012, a 13% increase in net income and 8% increase in diluted earnings per share.

Net sales in the U.S. segment for the quarter and year ended December 31, 2013 increased 11% and 9%, respectively, compared to the same periods in 2012. The increases for both periods were primarily due to higher sales of Camillus knives and back to school products as well as increased distribution of first aid kits. Net sales in Canada for the three months ended December 31, 2013 decreased 7% in U.S. dollars but remained constant in local currency compared to the same period in 2012. Net sales in Canada for the year ended December 31, 2013 decreased 8% in both U.S. dollars and local currency compared to 2012. The sales decline in Canada was primarily due to general softness in the office products industry. European net sales for the three months ended December 31, 2013 increased 8% in U.S. dollars (2% in local currency), compared to the same period last year. European net sales for the year ended December 31, 2013 decreased 2% in U.S. dollars (5% in local currency), compared to last year. The decreased sales in Europe were primarily due to the bankruptcy and liquidation of a large customer in Germany in the second quarter of 2012.

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