WEB NEWS Comments & Business Outlook
First Quarter 2014 Results
Net sales for the quarter ended March 31, 2014 were $19.2 million, compared to $17.7 million in the first quarter of 2013, an increase of 9%.
EPS was $.11 per diluted share for the quarter ended March 31, 2014 compared to $.10 per diluted share for the comparable period last year, an increase of 10% in earnings per share.
Walter C. Johnsen, Chairman and CEO said, “We successfully completed the consolidation of our U.S. warehousing operations into our new 340,000 square foot facility in Rocky Mount, NC during the quarter. Also, as part of the consolidation plan, on April 7, 2014 we sold our former distribution facility in Fremont, NC for $850,000. We will record a gain of approximately $200,000 in the second quarter of 2014 related to this sale.”
Comments & Business Outlook
Fourth Quarter 2013 Results
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%.
EPS was $0.15 per diluted share compared to $0.14 per diluted share for the comparable period of 2012, an increase of 7%.
“We performed well throughout the year, and I am pleased with the financial results. We achieved record sales, strengthened our product offerings across all our brands, and acquired a superb facility in North Carolina to consolidate many of our operations. Mr. Johnsen added that the company has continued to build its balance sheet, and is positioned to finance continued growth.”
Comments & Business Outlook
Third Quarter 2013 Results
Sales for the third quarter were $22.1 million, compared to $20.4 million in the comparable period of 2012, an increase of 9%.
The company reported EPS of $0.29, compared to EPS of $0.26 in the comparable period last year, a 12% increase in diluted earnings per share.
Walter C. Johnsen, Chairman and CEO said, “Acme United performed well in the third quarter. We had record back to school sales and strong performance with the Clauss, Camillus, and PacKit first aid product lines. On August 30, 2013 we purchased a 340,000 sq. ft. distribution facility in Rocky Mount, North Carolina to facilitate current and future growth. Our business continues to be strong.”
Mr. Johnsen added that the new facility is currently being upgraded and will be available to begin consolidating distribution facilities at year end. We will have duplicate running costs until then, and expect to realize savings in 2014.
Comments & Business Outlook
Second Quarter 2013 Results
Reported net income of $2.21 million, compared to $2.061 million for the same quarter 2012.
Reported EPS of $0.68, compared to $0.66 million for the same quarter 2012.
Walter C. Johnsen, Chairman and CEO said, “We had the best quarterly sales and earnings in the Company’s history during the second quarter of 2013, an achievement especially significant as last year’s second quarter was also a record. Our back-to-school products continue to sell well and make market share inroads.” Mr. Johnsen added that sales of Camillus knives, PacKit first aid kits, and our gardening tools appear to be broadening the Company’s earnings base and may strengthen the second half performance.
Comments & Business Outlook
First Quarter 2013 Results
Net sales for the quarter ended March 31, 2013 were $17.7 million, compared to $16.9 million in the first quarter of 2012, an increase of 5%.
Net income was $309,000 or $.10 per diluted share for the quarter ended March 31, 2013 compared to $260,000 or $.08 per diluted share for the comparable period last year, an increase of 19% in net income and 25% in earnings per share.
Walter C. Johnsen, Chairman and CEO said, “During the quarter, we benefited from successful new product introductions in the Westcott and Camillus families, favorable product mix, and operating leverage. We are particularly excited about the prospects of several new product families currently in test markets, and the recently announced garden tool launch in conjunction with ScottsMiracle-Gro.”
Comments & Business Outlook
First Quarter 2012 Results
Net sales for the quarter ended March 31, 2012 were $16.9 million, compared to $14.4 million in the first quarter of 2011
Net income was $260,000 or $.08 per diluted share for the quarter ended March 31, 2012 compared to $120,000 or $.04 per diluted share for the comparable period last year.
Walter C. Johnsen, Chairman and CEO said, “Acme United continued to build its sales and earnings growth in the first quarter. We are now introducing new Westcott cutting tools, Camillus knives, and first aid products which we believe will provide additional platforms for growth.” Mr. Johnsen added “with our recently established banking relationship at HSBC we are better positioned for acquisitions and other expansion opportunities.”
