10-Q 1 acu-20230630.htm 10-Q 10-Q
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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: June 30, 2023

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

 

 

 

 

 

1 Waterview Drive, Shelton, Connecticut

 

06484

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 3,568,006 shares of its $2.50 par value Common Stock outstanding as of August 3, 2023.

 


ACME UNITED CORPORATION

INDEX

 

Page

Number

 

Part I — FINANCIAL INFORMATION:

3

Item 1:

Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022

5

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022

7

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022

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

19

Item 4:

Controls and Procedures

19

 

Part II — OTHER INFORMATION:

20

Item 1:

Legal Proceedings

20

Item 1A:

Risk Factors

20

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

20

Item 3:

Defaults Upon Senior Securities

20

Item 4:

Mine Safety Disclosures

20

Item 5:

Other Information

20

Item 6:

Exhibits

20

Signatures

21

 

2


Part I - FINANCIAL INFORMATION

 

Item 1: Financial Statements

 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(Note 1)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,401

 

 

$

6,100

 

Accounts receivable, less allowance of $842 in 2023 and $1,061 in 2022

 

 

39,796

 

 

 

32,604

 

Inventories

 

 

55,944

 

 

 

63,325

 

Prepaid expenses and other current assets

 

 

4,329

 

 

 

2,821

 

 Restricted cash

 

 

-

 

 

 

750

 

Total current assets

 

 

103,470

 

 

 

105,600

 

Property, plant and equipment:

 

 

 

 

 

 

Land

 

 

1,982

 

 

 

1,979

 

Buildings

 

 

17,315

 

 

 

16,614

 

Machinery and equipment

 

 

33,124

 

 

 

31,492

 

 

 

52,421

 

 

 

50,085

 

Less: accumulated depreciation

 

 

25,158

 

 

 

23,669

 

   Net property, plant and equipment

 

 

27,263

 

 

 

26,416

 

 

 

 

 

 

 

Operating lease right-of-use asset, net

 

 

2,374

 

 

 

2,632

 

Goodwill

 

 

8,189

 

 

 

8,189

 

Intangible assets, less accumulated amortization

 

 

19,780

 

 

 

20,790

 

Other assets - restricted cash

 

 

750

 

 

 

750

 

Total assets

 

$

161,826

 

 

$

164,377

 

 

 

See Notes to Condensed Consolidated Financial Statements.

3


ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(all amounts in thousands, except par value and share amounts)

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(Note 1)

 

LIABILITIES

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

10,724

 

 

$

10,514

 

Operating lease liability - current portion

 

 

1,122

 

 

 

1,130

 

Current portion of mortgage payable

 

 

411

 

 

 

405

 

Other current liabilities

 

 

13,013

 

 

 

10,078

 

Total current liabilities

 

 

25,270

 

 

 

22,127

 

Non-current liabilities:

 

 

 

 

 

 

Long-term debt

 

 

39,979

 

 

 

49,916

 

Mortgage payable, net of current portion

 

 

10,485

 

 

 

10,694

 

Operating lease liability - non-current portion

 

 

1,407

 

 

 

1,683

 

Deferred income taxes

 

 

305

 

 

 

305

 

Other non-current liabilities

 

 

729

 

 

 

622

 

Total liabilities

 

 

78,175

 

 

 

85,347

 

 

 

 

 

 

 

Commitments and contingencies (see note 2)

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Common stock, par value $2.50:

 

 

 

 

 

 

authorized 8,000,000 shares;

 

 

 

 

 

 

5,112,878 shares issued and 3,568,006 shares outstanding in 2023 and

 

 

 

 

 

 

5,083,051 shares issued and 3,538,179 shares outstanding in 2022

 

 

12,773

 

 

 

12,699

 

Additional paid-in capital

 

 

14,333

 

 

 

13,448

 

Retained earnings

 

 

74,406

 

 

 

70,967

 

Treasury stock, at cost - 1,544,872 shares in 2023 and 2022

 

 

(15,996

)

 

 

(15,996

)

Accumulated other comprehensive loss:

 

 

 

 

 

 

Translation adjustment

 

 

(1,865

)

 

 

(2,088

)

Total stockholders’ equity

 

 

83,651

 

 

 

79,030

 

Total liabilities and stockholders’ equity

 

$

161,826

 

 

$

164,377

 

 

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales

 

$

53,336

 

 

$

56,773

 

 

$

99,175

 

 

$

100,106

 

Cost of goods sold

 

 

33,314

 

 

 

38,225

 

 

 

62,872

 

 

 

66,590

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

20,022

 

 

 

18,548

 

 

 

36,303

 

 

 

33,516

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

14,772

 

 

 

14,572

 

 

 

28,865

 

 

 

28,169

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

5,250

 

 

 

3,976

 

 

 

7,438

 

 

 

5,347

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating items:

 

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

860

 

 

 

428

 

 

 

1,779

 

 

 

737

 

Interest income

 

 

(28

)

 

 

(5

)

 

 

(45

)

 

 

(8

)

Interest expense, net

 

 

832

 

 

 

423

 

 

 

1,734

 

 

 

729

 

Other (income) expense, net

 

 

(23

)

 

 

148

 

 

 

(46

)

 

 

147

 

Income before income tax expense

 

 

4,441

 

 

 

3,405

 

 

 

5,750

 

 

 

4,471

 

Income tax expense

 

 

998

 

 

 

667

 

 

 

1,318

 

 

 

903

 

Net income

 

$

3,443

 

 

$

2,738

 

 

$

4,432

 

 

$

3,568

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.97

 

 

$

0.78

 

 

$

1.25

 

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.96

 

 

$

0.71

 

 

$

1.25

 

 

$

0.93

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

3,555

 

 

 

3,521

 

 

 

3,548

 

 

 

3,521

 

Weighted average number of dilutive stock options outstanding

 

 

36

 

 

 

320

 

 

 

-

 

 

 

323

 

Denominator used for diluted per share computations

 

 

3,591

 

 

 

3,841

 

 

 

3,548

 

 

 

3,844

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.14

 

 

$

0.14

 

 

$

0.28

 

 

$

0.27

 

 

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

3,443

 

 

$

2,738

 

 

$

4,432

 

 

$

3,568

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

114

 

 

 

(574

)

 

 

223

 

 

 

(547

)

Comprehensive income

 

$

3,557

 

 

$

2,164

 

 

$

4,656

 

 

$

3,021

 

 

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 June 30, 2022

 

 

Outstanding Shares of Common Stock

 

 

Common Stock

 

 

Treasury
 Stock

 

 

Additional Paid-In Capital

 

 

Accumulated
 Other Comprehensive Loss

 

 

Retained Earnings

 

 

Total

 

Balances, March 31, 2022

 

3,520,646

 

 

$

12,655

 

 

$

(15,996

)

 

$

12,222

 

 

$

(1,353

)

 

$

70,245

 

 

$

77,773

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,738

 

 

 

2,738

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

(574

)

 

 

 

 

 

(574

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

368

 

 

 

 

 

 

 

 

 

368

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(492

)

 

 

(492

)

Issuance of common stock

 

727

 

 

 

2

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

10

 

Balances June 30, 2022

 

3,521,373

 

 

$

12,657

 

 

$

(15,996

)

 

$

12,598

 

 

$

(1,927

)

 

$

72,491

 

 

$

79,823

 

 

 

For the three months ended June 30, 2023

 

 

Outstanding Shares of Common Stock

 

 

Common Stock

 

 

Treasury
 Stock

 

 

Additional Paid-In Capital

 

 

Accumulated
 Other Comprehensive Loss

 

 

Retained Earnings

 

 

Total

 

Balances, March 31, 2023

 

3,545,725

 

 

$

12,717

 

 

$

(15,996

)

 

$

13,914

 

 

$

(1,979

)

 

$

71,460

 

 

$

80,116

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,443

 

 

 

3,443

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

114

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

389

 

 

 

 

 

 

 

 

 

389

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(497

)

 

 

(497

)

Issuance of common stock

 

15,702

 

 

 

40

 

 

 

 

 

 

189

 

 

 

 

 

 

 

 

 

229

 

Net share settlement of stock options

 

6,579

 

 

 

16

 

 

 

 

 

 

(159

)

 

 

 

 

 

 

 

 

(143

)

Balances June 30, 2023

 

3,568,006

 

 

$

12,773

 

 

$

(15,996

)

 

$

14,333

 

 

$

(1,865

)

 

$

74,406

 

 

$

83,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2022

 

 

Outstanding
Shares of
Common
Stock

 

 

Common
Stock

 

 

Treasury
 Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
 Other
Comprehensive
Loss

 

 

Retained
Earnings

 

 

Total

 

Balances, December 31, 2021

 

 

3,520,646

 

 

$

12,655

 

 

$

(15,996

)

 

$

11,930

 

 

$

(1,380

)

 

$

69,873

 

 

$

77,082

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,568

 

 

 

3,568

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(547

)

 

 

 

 

 

(547

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

768

 

 

 

 

 

 

 

 

 

768

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(950

)

 

 

(950

)

Issuance of common stock

 

 

727

 

 

 

2

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

10

 

Cash settlement of stock options

 

 

 

 

 

 

 

 

 

 

 

(108

)

 

 

 

 

 

 

 

 

(108

)

Balances June 30, 2022

 

 

3,521,373

 

 

$

12,657

 

 

$

(15,996

)

 

$

12,598

 

 

$

(1,927

)

 

$

72,491

 

 

$

79,823

 

 

For the six months ended June 30, 2023

 

7


 

 

Outstanding
Shares of
Common
Stock

 

 

Common
Stock

 

 

Treasury
 Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
 Other
Comprehensive
Loss

 

 

Retained
Earnings

 

 

Total

 

Balances, December 31, 2022

 

 

3,538,179

 

 

$

12,699

 

 

$

(15,996

)

 

$

13,448

 

 

$

(2,088

)

 

$

70,967

 

 

$

79,030

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,432