Company Quick10K Filing
Acme United
Price20.48 EPS1
Shares5 P/E19
MCap99 P/FCF14
Net Debt32 EBIT6
TEV132 TEV/EBIT22
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-06
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-08
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-07
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-12
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-09
8-K 2020-12-16 Other Events, Exhibits
8-K 2020-10-21
8-K 2020-07-17
8-K 2020-04-21
8-K 2020-04-17
8-K 2020-03-24
8-K 2020-02-27
8-K 2020-01-08
8-K 2019-11-14
8-K 2019-10-18
8-K 2019-07-19
8-K 2019-04-23
8-K 2019-04-18
8-K 2019-02-28
8-K 2018-10-19
8-K 2018-07-20
8-K 2018-04-24
8-K 2018-04-20
8-K 2018-02-27

ACU 10Q Quarterly Report

Part I - Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosure About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 acu-ex311_9.htm
EX-31.2 acu-ex312_7.htm
EX-32.1 acu-ex321_6.htm
EX-32.2 acu-ex322_8.htm

Acme United Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1209672482402012201420172020
Assets, Equity
45352617802012201420172020
Rev, G Profit, Net Income
1593-3-9-152012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from:                       to                 

Commission file number: 01-07698

ACME UNITED CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

Connecticut

 

06-0236700

State or Other Jurisdiction of

 

I.R.S. Employer Identification No.

Incorporation or Organization

 

 

 

 

 

55 Walls Drive, Fairfield, Connecticut

 

06824

Address of Principal Executive Offices

 

Zip Code

 

Registrant's telephone number, including area code: (203) 254-6060

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

$2.50 par value Common Stock

ACU

NYSE American

Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one).

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller Reporting Company

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(s) of the Exchange Act

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No  

Registrant had 3,338,913 shares of its $2.50 par value Common Stock outstanding as of November 3, 2020.

 

 

 


 

ACME UNITED CORPORATION

INDEX

 

 

 

Page

Number

 

 

 

Part I — FINANCIAL INFORMATION:

 

Item 1:

Financial Statements (Unaudited)

3

 

Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019

3

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

5

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

6

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019

7

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

9

 

Notes to Condensed Consolidated Financial Statements

10

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

Item 3: 

Quantitative and Qualitative Disclosures about Market Risk

20

Item 4: 

Controls and Procedures

20

 

 

 

Part II — OTHER INFORMATION:

 

Item 1:   

Legal Proceedings

21

Item 1A:

Risk Factors

21

Item 2:   

Unregistered Sales of Equity Securities and Use of Proceeds

21

Item 3:   

Defaults Upon Senior Securities

21

Item 4:   

Mine Safety Disclosures

21

Item 5:   

Other Information

21

Item 6:  

Exhibits

21

Signatures

22

 

2


 

Part I - FINANCIAL INFORMATION

 

Item 1: Financial Statements

 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

(Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,031

 

 

$

6,822

 

Accounts receivable, less allowance of $1,428 in 2020 and $523 in 2019

 

 

32,154

 

 

 

25,485

 

Inventories

 

 

48,351

 

 

 

39,261

 

Prepaid expenses and other current assets

 

 

2,142

 

 

 

1,578

 

Total current assets

 

 

85,678

 

 

 

73,146

 

Property, plant and equipment:

 

 

 

 

 

 

 

 

Land

 

 

1,426

 

 

 

1,420

 

Buildings

 

 

11,142

 

 

 

10,096

 

Machinery and equipment

 

 

20,117

 

 

 

19,112

 

 

 

 

32,685

 

 

 

30,628

 

Less: accumulated depreciation

 

 

18,344

 

 

 

16,592

 

 

 

 

14,341

 

 

 

14,036

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use asset, net

 

 

2,190

 

 

 

2,989

 

Goodwill

 

 

4,696

 

 

 

4,696

 

Intangible assets, less accumulated amortization

 

 

16,072

 

 

 

15,793

 

Other assets

 

 

40

 

 

 

89

 

Total assets

 

$

123,017

 

 

$

110,749

 

 

 

See Notes to Condensed Consolidated Financial Statements

3


 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(all amounts in thousands, except share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

(Note 1)

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

9,251

 

 

$

6,693

 

Operating lease liability - current portion

 

 

847

 

 

 

1,047

 

Current portion of mortgage payable

 

 

267

 

 

 

267

 

Other accrued liabilities

 

 

13,376

 

 

 

8,576

 

Total current liabilities

 

 

23,741

 

 

 

16,583

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

30,703

 

 

 

33,240

 

Long-term debt - PPP Loan

 

 

3,508

 

 

 

-

 

Mortgage payable, net of current portion

 

 

2,978

 

 

 

3,178

 

Operating lease liability - non-current portion

 

 

1,422

 

 

 

1,961

 

Other non-current liabilities

 

 

69

 

 

 

83

 

Total liabilities

 

 

62,421

 

 

 

55,045

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (see note 2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, par value $2.50:

 

 

 

 

 

 

 

 

authorized 8,000,000 shares;

 

 

 

 

 

 

 

 

issued - 4,840,571 shares in 2020 and 2019,

 

 

 

 

 

 

 

 

including treasury stock

 

 

12,101

 

 

 

12,094

 

Additional paid-in capital

 

 

8,438

 

 

 

8,262

 

Retained earnings

 

 

56,425

 

 

 

51,571

 

Treasury stock, at cost - 1,501,658 shares in 2020 and 1,487,238 in 2019

 

 

(14,522

)

 

 

(14,235

)

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Minimum pension liability

 

 

(522

)

 

 

(522

)

Translation adjustment

 

 

(1,324

)

 

 

(1,466

)

 

 

 

(1,846

)

 

 

(1,988

)

Total stockholders’ equity

 

 

60,596

 

 

 

55,704

 

Total liabilities and stockholders’ equity

 

$

123,017

 

 

$

110,749

 

 

 

 

See Notes to Condensed Consolidated Financial Statements

 

4


 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(all amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

43,316

 

 

$

36,995

 

 

$

123,133

 

 

$

108,585

 

Cost of goods sold

 

 

28,360

 

 

 

23,861

 

 

 

78,594

 

 

 

68,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

14,956

 

 

 

13,134

 

 

 

44,539

 

 

 

39,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

12,832

 

 

 

11,408

 

 

 

36,023

 

 

 

32,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

2,124

 

 

 

1,726

 

 

 

8,516

 

 

 

7,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

173

 

 

 

478

 

 

 

742

 

 

 

1,491

 

Interest income

 

 

(5

)

 

 

(9

)

 

 

(20

)

 

 

(28

)

Interest expense, net

 

 

168

 

 

 

469

 

 

 

722

 

 

 

1,463

 

Other  (income) expense, net

 

 

(35

)

 

 

40

 

 

 

2

 

 

 

52

 

Total other expense, net

 

 

133

 

 

 

509

 

 

 

724

 

 

 

1,515

 

Income before income tax expense

 

 

1,991

 

 

 

1,217

 

 

 

7,792

 

 

 

5,514

 

Income tax expense

 

 

412

 

 

 

158

 

 

 

1,737

 

 

 

977

 

Net income

 

$

1,579

 

 

$

1,059

 

 

$

6,055

 

 

$

4,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.47

 

 

$

0.32

 

 

$

1.81

 

 

$

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.46

 

 

$

0.30

 

 

$

1.75

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding-denominator used for basic

   per share computations

 

 

3,340

 

 

 

3,352

 

 

 

3,343

 

 

 

3,352

 

Weighted average number of dilutive stock options outstanding

 

 

122

 

 

 

134

 

 

 

111

 

 

 

94

 

Denominator used for diluted per share computations

 

 

3,461

 

 

 

3,486

 

 

 

3,455

 

 

 

3,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.12

 

 

$

0.12

 

 

$

0.36

 

 

$

0.36

 

 

 

 

See Notes to Condensed Consolidated Financial Statements

5


 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(all amounts in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

1,579

 

 

$

1,059

 

 

$

6,055

 

 

$

4,537

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

270

 

 

 

(254

)

 

 

142

 

 

 

(124

)

Comprehensive income

 

$

1,849

 

 

$

805

 

 

$

6,197

 

 

$

4,413

 

 

See Notes to Condensed Consolidated Financial Statements

6


 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(UNAUDITED)

(all amounts in thousands, except share amounts)

For the three months ended September 30, 2019

 

 

Outstanding Shares of Common Stock

 

 

Common Stock

 

 

Treasury

Stock

 

 

Additional Paid-In Capital

 

 

Accumulated

Other Comprehensive (Loss) Gain

 

 

Retained Earnings

 

 

Total

 

Balances, June 30, 2019

 

3,350,833

 

 

$

12,094

 

 

$

(14,235

)

 

$

8,701

 

 

$

(2,099

)

 

$

50,341

 

 

$

54,802

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,059

 

 

 

1,059

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(205

)

 

 

 

 

 

 

(205

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

247

 

 

 

 

 

 

 

 

 

 

 

247

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(404

)

 

 

(404

)

Cash settlement of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

(475

)

 

 

 

 

 

 

 

 

 

 

(475

)

Balances, September 30, 2019

 

3,350,833

 

 

$

12,094

 

 

$

(14,235

)

 

$

8,473

 

 

$

(2,304

)

 

$

50,996

 

 

$

55,024

 

 

For the three months ended September 30, 2020

 

 

Outstanding Shares of Common Stock

 

 

Common Stock

 

 

Treasury

Stock

 

 

Additional Paid-In Capital

 

 

Accumulated

Other Comprehensive (Loss) Gain

 

 

Retained Earnings

 

 

Total

 

Balances, June 30, 2020

 

3,336,413

 

 

$

12,094

 

 

$

(14,522

)

 

$

8,304

 

 

$

(2,116

)

 

$

55,247

 

 

$

59,007

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,579

 

 

 

1,579

 

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

270

 

 

 

 

 

 

 

270

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

327

 

 

 

 

 

 

 

 

 

 

 

327

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(401

)

 

 

(401

)

Issuance of common stock

 

2,500

 

 

 

7

 

 

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

 

 

59

 

Cash settlement of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

(245

)

 

 

 

 

 

 

 

 

 

 

(245

)

Balances, September 30, 2020

 

3,338,913

 

 

$

12,101

 

 

$

(14,522

)

 

$

8,438

 

 

$

(1,846

)

 

$

56,425

 

 

$

60,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2019

 

 

 

Outstanding

Shares of

Common

Stock

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

(Loss) Gain

 

 

Retained

Earnings

 

 

Total

 

Balances, December 31, 2018

 

 

3,350,833

 

 

$

12,094

 

 

$

(14,235

)

 

$

8,982

 

 

$

(2,058

)

 

$

47,550

 

 

$

52,333

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,537

 

 

 

4,537

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(124

)

 

 

 

 

 

 

(124

)

Adoption of ASU 2018-02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(122

)

 

 

122

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

745

 

 

 

 

 

 

 

 

 

 

 

745

 

Distributions to shareholders