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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, 2021

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  

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes       No  

 

Registrant had 3,538,708 shares of its $2.50 par value Common Stock outstanding as of August 2, 2021.

 

 

 


 

 

ACME UNITED CORPORATION

INDEX

 

 

 

Page

Number

 

 

 

Part I — FINANCIAL INFORMATION:

 

Item 1:

Financial Statements (Unaudited)

3

 

Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020

3

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020

5

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020

6

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020

7

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

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)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

(Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,240

 

 

$

4,167

 

Accounts receivable, less allowance of $1,104 in 2021 and $1,152 in 2020

 

 

36,270

 

 

 

27,173

 

Inventories

 

 

48,691

 

 

 

50,704

 

Prepaid expenses and other current assets

 

 

2,234

 

 

 

1,642

 

Total current assets

 

 

90,435

 

 

 

83,686

 

Property, plant and equipment:

 

 

 

 

 

 

 

 

Land

 

 

1,768

 

 

 

1,770

 

Buildings

 

 

13,518

 

 

 

12,899

 

Machinery and equipment

 

 

27,455

 

 

 

24,524

 

 

 

 

42,741

 

 

 

39,193

 

Less: accumulated depreciation

 

 

20,332

 

 

 

18,954

 

   Net property, plant and equipment

 

 

22,409

 

 

 

20,239

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use asset, net

 

 

3,476

 

 

 

2,422

 

Goodwill

 

 

4,800

 

 

 

4,800

 

Intangible assets, less accumulated amortization

 

 

18,019

 

 

 

18,721

 

Total assets

 

$

139,139

 

 

$

129,868

 

 

 

See Notes to Condensed Consolidated Financial Statements

3


 

ACME UNITED CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(all amounts in thousands, except share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

(Note 1)

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,021

 

 

$

7,601

 

Operating lease liability - current portion

 

 

919

 

 

 

873

 

Current portion of mortgage payable

 

 

267

 

 

 

267

 

Other accrued liabilities

 

 

10,278

 

 

 

11,460

 

Total current liabilities

 

 

19,485

 

 

 

20,201

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

39,550

 

 

 

38,767

 

Long-term debt - PPP Loan

 

 

-

 

 

 

3,508

 

Mortgage payable, net of current portion

 

 

2,778

 

 

 

2,911

 

Operating lease liability - non-current portion

 

 

2,764

 

 

 

1,654

 

Other non-current liabilities

 

 

110

 

 

 

110

 

Total liabilities

 

 

64,687

 

 

 

67,151

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (see note 2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, par value $2.50:

 

 

 

 

 

 

 

 

authorized 8,000,000 shares;

 

 

 

 

 

 

 

 

issued - 5,030,866 shares in 2021 and 4,840,571 in 2020,

 

 

 

 

 

 

 

 

including treasury stock

 

 

12,576

 

 

 

12,101

 

Additional paid-in capital

 

 

10,829

 

 

 

7,931

 

Retained earnings

 

 

66,415

 

 

 

58,033

 

Treasury stock, at cost - 1,501,658 shares in 2021 and 2020

 

 

(14,522

)

 

 

(14,522

)

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Translation adjustment

 

 

(846

)

 

 

(826

)

Total stockholders’ equity

 

 

74,452

 

 

 

62,717

 

Total liabilities and stockholders’ equity

 

$

139,139

 

 

$

129,868

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

 

$

44,847

 

 

$

44,042

 

 

$

88,372

 

 

$

79,817

 

Cost of goods sold

 

 

28,694

 

 

 

27,989

 

 

 

56,632

 

 

 

50,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

16,153

 

 

 

16,053

 

 

 

31,740

 

 

 

29,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

12,364

 

 

 

11,670

 

 

 

24,983

 

 

 

23,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

3,789

 

 

 

4,383

 

 

 

6,757

 

 

 

6,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(226

)

 

 

(245

)

 

 

(452

)

 

 

(568

)

Interest income

 

 

3

 

 

 

11

 

 

 

9

 

 

 

14

 

Interest expense, net

 

 

(223

)

 

 

(234

)

 

 

(443

)

 

 

(554

)

PPP loan forgiveness

 

 

3,508

 

 

 

-

 

 

 

3,508

 

 

 

-

 

Other (expense) income, net

 

 

(68

)

 

 

1

 

 

 

(145

)

 

 

(37

)

Total other income (expense), net

 

 

3,440

 

 

 

1

 

 

 

3,363

 

 

 

(37

)

Income before income tax expense

 

 

7,006

 

 

 

4,150

 

 

 

9,677

 

 

 

5,801

 

Income tax (benefit) expense

 

 

(224

)

 

 

951

 

 

 

400

 

 

 

1,325

 

Net income

 

$

7,230

 

 

$

3,199

 

 

$

9,277

 

 

$

4,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

2.16

 

 

$

0.96

 

 

$

2.72

 

 

$

1.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

1.82

 

 

$

0.92

 

 

$

2.34

 

 

$

1.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   per share computations

 

 

3,347

 

 

 

3,349

 

 

 

3,410

 

 

 

3,344

 

Weighted average number of dilutive stock options outstanding

 

 

617

 

 

 

132

 

 

 

551

 

 

 

155

 

Denominator used for diluted per share computations

 

 

3,964

 

 

 

3,481

 

 

 

3,961

 

 

 

3,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.13

 

 

$

0.12

 

 

$

0.26

 

 

$

0.24

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

7,230

 

 

$

3,199

 

 

$

9,277

 

 

$

4,476

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

168

 

 

 

201

 

 

 

(20

)

 

 

(128

)

Comprehensive income

 

$

7,398

 

 

$

3,400

 

 

$

9,257

 

 

$

4,348

 

 

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, 2020

 

 

Outstanding Shares of Common Stock

 

 

Common Stock

 

 

Treasury

Stock

 

 

Additional Paid-In Capital

 

 

Accumulated

Other Comprehensive (Loss) Gain

 

 

Retained Earnings

 

 

Total

 

Balances, March 31, 2020

 

3,340,114

 

 

$

12,094

 

 

$

(14,449

)

 

$

8,048

 

 

$

(2,317

)

 

$

52,448

 

 

$

55,824

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,199

 

 

 

3,199

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

201

 

 

 

 

 

 

 

201

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

359

 

 

 

 

 

 

 

 

 

 

 

359

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(400

)

 

 

(400

)

Cash settlement of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

(103

)

 

 

 

 

 

 

 

 

 

 

(103

)

Purchase of treasury stock

 

(3,701

)

 

 

 

 

 

 

(73

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(73

)

Balances June 30, 2020

 

3,336,413

 

 

$

12,094

 

 

$

(14,522

)

 

$

8,304

 

 

$

(2,116

)

 

$

55,247

 

 

$

59,007

 

 

For the three months ended June 30, 2021

 

 

Outstanding Shares of Common Stock

 

 

Common Stock

 

 

Treasury

Stock

 

 

Additional Paid-In Capital

 

 

Accumulated

Other Comprehensive (Loss) Gain

 

 

Retained Earnings

 

 

Total

 

Balances, March 31, 2021

 

3,356,614

 

 

$

12,145

 

 

$

(14,522

)

 

$

8,375

 

 

$

(1,014

)

 

$

59,643

 

 

$

64,627

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,230

 

 

 

7,230

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168

 

 

 

 

 

 

 

168

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

580

 

 

 

 

 

 

 

 

 

 

 

580

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(458

)

 

 

(458

)

Issuance of common stock

 

172,594

 

 

 

431

 

 

 

 

 

 

 

2,085

 

 

 

 

 

 

 

 

 

 

 

2,516

 

Cash settlement of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

(211

)

 

 

 

 

 

 

 

 

 

 

(211

)

Balances June 30, 2021

 

3,529,208

 

 

$

12,576

 

 

$

(14,522

)

 

$

10,829

 

 

$

(846

)

 

$

66,415

 

 

$

74,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

For the six months ended June 30, 2020  

     

 

 

Outstanding

Shares of

Common

Stock

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

(Loss) Gain

 

 

Retained

Earnings

 

 

Total

 

Balances, December 31, 2019

 

 

3,350,833

 

 

$

12,094

 

 

$

(14,235

)

 

$

8,262

 

 

$

(1,988

)

 

$

51,571

 

 

$

55,704

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,476

 

 

 

4,476

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(128

)

 

 

 

 

 

 

(128

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

602

 

 

 

 

 

 

 

 

 

 

 

602

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(800

)

 

 

(800

)

Cash settlement of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(560

)

 

 

 

 

 

 

 

 

 

 

(560

)

Purchase of treasury stock

 

 

(14,420

)

 

 

 

 

 

 

(287

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(287

)

Balances June 30, 2020

 

 

3,336,413

 

 

$

12,094

 

 

$

(14,522

)

 

$

8,304

 

 

$

(2,116

)

 

$

55,247

 

 

$

59,007

 

 

 

 

 

 

 

7


 

 

For the six months ended June 30, 2021

 

 

 

 

 

Outstanding

Shares of

Common

Stock

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

(Loss) Gain

 

 

Retained

Earnings

 

 

Total

 

Balances, December 31, 2020

 

 

3,338,913

 

 

$

12,101

 

 

$

(14,522

)

 

$

7,931

 

 

$

(826

)

 

$

58,033

 

 

$

62,717

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,277

 

 

 

9,277

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

(20

)

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

886

 

 

 

 

 

 

 

 

 

 

 

886

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(895

)

 

 

(895

)

Issuance of common stock

 

 

190,295

 

 

 

475

 

 

 

 

 

 

 

2,223

 

 

 

 

 

 

 

 

 

 

 

2,698

 

Cash settlement of stock options