Price | 20.48 | EPS | 1 | |
Shares | 5 | P/E | 19 | |
MCap | 99 | P/FCF | 14 | |
Net Debt | 32 | EBIT | 6 | |
TEV | 132 | TEV/EBIT | 22 | 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 |
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 |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended:
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:
(Exact Name of Registrant as Specified in Its Charter)
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State or Other Jurisdiction of |
| I.R.S. Employer Identification No. |
Incorporation or Organization |
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Address of Principal Executive Offices |
| Zip Code |
Registrant's telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
| | |
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.
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).
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 | ☐ |
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Non-accelerated filer | ☐ |
| Smaller Reporting Company | |
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Emerging growth company | |
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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
Registrant had
ACME UNITED CORPORATION
INDEX
|
| Page Number |
|
|
|
| ||
Item 1: | 3 | |
| Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019 | 3 |
| 5 | |
| 6 | |
| 7 | |
| 9 | |
| 10 | |
Item 2: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16 |
Item 3: | 20 | |
Item 4: | 20 | |
|
|
|
| ||
Item 1: | 21 | |
Item 1A: | 21 | |
Item 2: | 21 | |
Item 3: | 21 | |
Item 4: | 21 | |
Item 5: | 21 | |
Item 6: | 21 | |
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 |
|
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|
|
Current assets: |
|
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|
|
|
|
|
Cash and cash equivalents |
| $ | |
|
| $ | |
|
Accounts receivable, less allowance of $ |
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| |
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| |
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Inventories |
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| |
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| |
|
Prepaid expenses and other current assets |
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Total current assets |
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| |
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| |
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Property, plant and equipment: |
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Land |
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| |
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| |
|
Buildings |
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| |
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| |
|
Machinery and equipment |
|
| |
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| |
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Less: accumulated depreciation |
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Operating lease right-of-use asset, net |
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Goodwill |
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| |
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Intangible assets, less accumulated amortization |
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| |
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| |
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Other assets |
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| |
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| |
|
Total assets |
| $ | |
|
| $ | |
|
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 |
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|
|
Current liabilities: |
|
|
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|
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|
|
|
Accounts payable |
| $ | |
|
| $ | |
|
Operating lease liability - current portion |
|
| |
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| |
|
Current portion of mortgage payable |
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| |
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Other accrued liabilities |
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Total current liabilities |
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Non-current liabilities: |
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Long-term debt |
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|
Long-term debt - PPP Loan |
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| |
|
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| - |
|
Mortgage payable, net of current portion |
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|
Operating lease liability - non-current portion |
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| |
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Other non-current liabilities |
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| |
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|
Total liabilities |
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| |
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| |
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Commitments and Contingencies (see note 2) |
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| |
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|
STOCKHOLDERS' EQUITY |
|
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Common stock, par value $ |
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authorized |
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issued - |
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|
including treasury stock |
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| |
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| |
|
Additional paid-in capital |
|
| |
|
|
| |
|
Retained earnings |
|
| |
|
|
| |
|
Treasury stock, at cost - |
|
| ( | ) |
|
| ( | ) |
Accumulated other comprehensive loss: |
|
|
|
|
|
|
|
|
Minimum pension liability |
|
| ( | ) |
|
| ( | ) |
Translation adjustment |
|
| ( | ) |
|
| ( | ) |
|
|
| ( | ) |
|
| ( | ) |
Total stockholders’ equity |
|
| |
|
|
| |
|
Total liabilities and stockholders’ equity |
| $ | |
|
| $ | |
|
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)
|
|
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| ||||||||||
|
| Three months ended September 30, |
|
| Nine months ended September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Net sales |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
Cost of goods sold |
|
| |
|
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| |
|
|
| |
|
|
| |
|
|
|
|
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|
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|
|
|
|
|
|
Gross profit |
|
| |
|
|
| |
|
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| |
|
|
| |
|
|
|
|
|
|
|
|
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Selling, general and administrative expenses |
|
| |
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| |
|
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| |
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| |
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|
Operating income |
|
| |
|
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| |
|
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| |
|
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| |
|
|
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|
Non-operating items: |
|
|
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|
|
|
|
|
|
|
|
|
|
|
Interest: |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Interest expense |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Interest income |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Interest expense, net |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Other (income) expense, net |
|
| ( | ) |
|
| |
|
|
| |
|
|
| |
|
Total other expense, net |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Income before income tax expense |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Income tax expense |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net income |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Diluted earnings per share |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Weighted average number of common shares outstanding-denominator used for basic per share computations |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Weighted average number of dilutive stock options outstanding |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Denominator used for diluted per share computations |
|
| |
|
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| |
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| |
|
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| |
|
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|
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|
|
|
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|
|
|
|
|
|
|
|
Dividends declared per share |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
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 |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
| |
|
|
| ( | ) |
|
| |
|
|
| ( | ) |
Comprehensive income |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
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 |
| |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
|
| ( | ) |
Stock compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
Cash settlement of stock options |
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
|
|
|
|
|
| ( | ) |
Balances, September 30, 2019 |
| |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | |
|
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 |
| |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
Other comprehensive gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
Stock compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
Issuance of common stock |
| |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Cash settlement of stock options |
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
|
|
|
|
|
| ( | ) |
Balances, September 30, 2020 |
| |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
| $ | |
|
| $ | |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
|
| ( | ) |
Adoption of ASU 2018-02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| |
|
|
| — |
|
Stock compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|