Financial Performance - Net sales for Q2 2024 reached $55,425,000, a 3.9% increase from $53,336,000 in Q2 2023[13] - Net income for Q2 2024 was $4,452,000, compared to $3,443,000 in Q2 2023, reflecting a 29.2% year-over-year growth[15] - Basic earnings per share increased to $1.21 in Q2 2024 from $0.97 in Q2 2023, representing a 24.8% increase[13] - Operating income for Q2 2024 was $6,375,000, compared to $5,250,000 in Q2 2023, showing a 21.4% increase[13] - Comprehensive income for the first half of 2024 was $5,662,000, compared to $4,655,000 in the same period of 2023, reflecting a 21.6% increase[15] - Net income for the six months ended June 30, 2024, was $6,089 million, an increase of 37.4% compared to $4,432 million for the same period in 2023[27] Assets and Liabilities - Total assets as of June 30, 2024, were $173,541,000, up from $149,241,000 at the end of 2023, indicating a 16.3% growth[11] - Long-term debt increased to $26,419,000 in June 2024 from $13,105,000 in December 2023, marking a 101.5% rise[11] - Total liabilities increased to $69,584,000 as of June 30, 2024, from $51,343,000 at the end of 2023, reflecting a 35.5% increase[11] - Retained earnings rose to $91,689,000 in June 2024, up from $86,716,000 in December 2023, a growth of 5.7%[11] Cash Flow and Investments - Cash and cash equivalents decreased to $3,791,000 in June 2024 from $4,796,000 in December 2023, a decline of 20.9%[9] - Cash flows from operating activities resulted in a net cash used of $3,270 million for the six months ended June 30, 2024, compared to a net cash provided of $10,543 million for the same period in 2023[27] - Cash flows from investing activities totaled $10,992,000 for the six months ended June 30, 2024, compared to $3,021,000 in the same period of 2023[22] - The company acquired Elite First Aid for $6,141,000 during the first half of 2024, contributing to cash used in investing activities of $10,992,000[22] Sales Performance - Total net sales for the three months ended June 30, 2024, reached $55,425 million, up from $53,336 million in the same period of 2023, representing a growth of 3.9%[40] - Net sales in the U.S. for Q2 2024 increased 5% compared to Q2 2023; excluding sold product lines, the increase was 9%[75] - Net sales in Canada for Q2 2024 decreased by 7% in both U.S. dollars and local currency compared to Q2 2023, with a 4% decrease when excluding Camillus and Cuda[77] - European net sales for Q2 2024 increased by 4% in U.S. dollars (5% in local currency) compared to Q2 2023, with a 9% increase when excluding Camillus and Cuda[78] Expenses and Profitability - Gross profit for Q2 2024 was $22,627,000 (40.8% of net sales), up from $20,022,000 (37.5% of net sales) in Q2 2023, driven by productivity improvements[79] - SG&A expenses for Q2 2024 were $16,252,000 (29.3% of net sales), an increase of $1,480,000 from Q2 2023, primarily due to higher personnel-related expenses[79] - Interest expense, net for Q2 2024 decreased to $539,000 from $832,000 in Q2 2023, reflecting lower average outstanding borrowings[81] Shareholder Returns - The company declared dividends of $0.15 per share in Q2 2024, up from $0.14 per share in Q2 2023[13] - The Company issued a total of 30,370 shares of common stock during the three months ended June 30, 2024, generating proceeds of $649,000[43] Debt and Financing - As of June 30, 2024, total debt outstanding under the revolving credit facility was $26,466,000, with $38,534,000 available for borrowing[85] - The effective income tax rate for Q2 2024 was 24%, up from 23% in Q2 2023, primarily due to higher earnings in jurisdictions with higher tax rates[83] - The Company is required to maintain specific funded debt to EBITDA ratios and a fixed charge coverage ratio under the revolving loan agreement[84] - The Company was in compliance with the covenants under the revolving loan agreement as of June 30, 2024[84]

In the final leg of the ongoing reporting cycle, it might seem appropriate to lay a wager on stocks based on profit numbers and earnings surprises. However, looking beyond profits and evaluating a company’s cash position can be far more rewarding. This is because even though profit is a company’s goal, cash is its lifeblood, a measure of resiliency and an indicator of true financial health. In this regard, stocks like Steelcase Inc. (SCS) , Carriage Services, Inc. (CSV) , biote Corp. (BTMD) and Acme United ...

The Consumer Discretionary group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Acme United Corporation. (ACU) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Discretionary sector should help us answer this question.Acme United Corporation. is a member of the Consumer Discretionary sector. This group includes 281 individual stocks and currently holds a Za ...

The U.S. economy grew at a solid pace in the second quarter after slowing down in the first three months of the year. The Bureau of Economic Analysis said on Jul 25 that the U.S. GDP grew at an annualized rate of 2.8% in the second quarter, double the pace seen in the first quarter and above the consensus estimate of a rise of 2%.A jump in inflation in the first quarter, coupled with record-high interest rates, had raised concerns that economic expansion was in danger. However, the fears seem to have subsid ...

NEWTON, Mass., July 29, 2024 (GLOBE NEWSWIRE) -- Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS), a clinical-stage biopharmaceutical company developing a novel therapeutic that targets soluble amyloid beta oligomers (AβOs) in the brain for the treatment of Alzheimer’s disease (AD), today announced that the first subject has been dosed with a subcutaneous formulation of sabirnetug (ACU193) in a Phase 1 pharmacokinetic (PK) comparison study. The study plans to compare the PK between subcutaneous and intravenous a ...

Financial Data and Key Metrics Changes - Acme United Corporation reported a 4% increase in sales to $55.4 million for Q2 2024, with net income rising 29% to $4.5 million, and earnings per share increasing 14% to $1.09 compared to Q2 2023 [5][12] - The company's net sales increased 8% in Q2 2024 when excluding the impact of the hunting and fishing product lines sold in November 2023 [5][10] - Gross margin improved to 40.8% in Q2 2024 from 37.5% in 2023, attributed to productivity improvements in manufacturing and distribution [11] Business Line Data and Key Metrics Changes - The first aid products segment saw organic growth of 8% in Q2 2024, driven by market share gains and successful new product introductions [6] - Sales of Westcott products increased due to new craft cutting tools shipments and strong back-to-school sales [7] - The DMT product line benefited from a significant rollout of kitchen knife sharpeners to a major retailer [7] Market Data and Key Metrics Changes - Net sales in the US segment, excluding Camillus and Cuda, increased 10% in Q2 2024, with notable growth in first aid and craft products [10] - In Europe, net sales excluding Camillus and Cuda increased 9% in local currency for the quarter [10] - Canadian sales, excluding Camillus and Cuda, decreased 4% in Q2 2024, primarily due to a decline in school and office products [11] Company Strategy and Development Direction - The company is focused on growth through acquisitions and has successfully integrated the Hawktree acquisition to expand its first aid product line in Canada [7][8] - Acme United plans to leverage its distribution channels to expand the Elite First Aid product line, which includes high-performance trauma kits [22][23] - The company is actively evaluating further acquisition opportunities to enhance its product offerings and vertical integration [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from high inflation and supply chain disruptions but indicated these are not serious issues currently [29] - The company expects continued organic growth and is optimistic about the remainder of 2024, particularly as comparisons with the sold product lines diminish [9][25] - Management emphasized a focus on core businesses following the sale of Cuda and Camillus, which has allowed for better resource allocation [39] Other Important Information - The company generated $8.5 million in free cash flow and reduced bank debt to $33 million as of June 30, 2024 [13] - Acme United has invested in new equipment to improve productivity and is implementing warehouse management software to enhance operational efficiency [8] Q&A Session Summary Question: Will SG&A grow slower than sales in the future? - Management indicated that SG&A should decline relative to sales, despite a recent increase due to accrued bonuses and investments in IT [16][18] Question: Will there be employee stock option cash outs to lower the diluted share count? - Management confirmed the intent to facilitate stock option cash outs due to a stronger balance sheet [20] Question: Are there cross-selling opportunities with the Elite First Aid acquisition? - Management expressed optimism about cross-selling opportunities, highlighting the life-saving capabilities of the new product line [21][22] Question: Are inflation and supply chain disruptions still significant issues? - Management noted that while inflation and container costs have fluctuated, they are not currently serious issues [29] Question: How did the Elite acquisition come about? - Management explained that the acquisition was a result of ongoing communication and interest over several years [30] Question: What has been done to improve the Canadian acquisition? - Management detailed efforts to align product numbers, reassure customers, and improve service following the acquisition of Hawktree [35][36] Question: Has the sale of Cuda and Camillus impacted management focus? - Management confirmed that the sale has allowed for greater focus on core businesses, reducing distractions [39] Question: What is the outlook for gross margin? - Management suggested that while gross margin may not reach previous highs, there is potential for gradual improvement as higher-margin products gain traction [43]

SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Acme United Corporation (NYSE American: ACU), please note that in the "CONDENSED CONSOLIDATED STATEMENTS OF INCOME" table, the "Net sales" figure for "Three Months Ended June 30, 2023" should be "53,336", not "55,336" as previously stated, due to a typographical error. No other numbers or calculations were affected. The net sales figure for the three months ended June 30, 2023, was correctly stated ...

Company Performance - Acme United Corporation reported quarterly earnings of $1.09 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, and up from $0.96 per share a year ago, representing an earnings surprise of 15.96% [1] - The company posted revenues of $55.43 million for the quarter ended June 2024, which missed the Zacks Consensus Estimate by 1.90%, compared to revenues of $53.34 million in the same quarter last year [1] - Over the last four quarters, Acme United has surpassed consensus EPS estimates two times but has not beaten consensus revenue estimates [1] Stock Performance - Acme United shares have declined approximately 13.6% since the beginning of the year, while the S&P 500 has gained 16.2% [2] - The current Zacks Rank for Acme United is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.72 on revenues of $53 million, and for the current fiscal year, it is $2.53 on revenues of $202.9 million [4] - The trend of estimate revisions for Acme United is mixed, and future changes in estimates will be closely monitored following the recent earnings report [4] Industry Context - The Consumer Products - Discretionary industry, to which Acme United belongs, is currently ranked in the bottom 12% of over 250 Zacks industries, which may negatively impact stock performance [5] - Traeger, another company in the same industry, is expected to report quarterly earnings of $0.06 per share, reflecting a year-over-year increase of 50%, with revenues projected at $167.07 million, down 2.6% from the previous year [5]

[Executive Summary](index=1&type=section&id=Executive%20Summary) Acme United Corporation reported strong Q2 2024 financial results with increased net income and EPS, driven by strategic acquisitions and market share gains, while also providing CEO insights into performance drivers [Second Quarter 2024 Financial Highlights](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Highlights) Acme United Corporation reported a 29% increase in net income for Q2 2024, reaching $4.5 million, with diluted EPS up 14% to $1.09. Net sales for the quarter increased 4% to $55.4 million, or 8% excluding the divested hunting and fishing product lines. For the first six months, net income rose 37% to $6.1 million, and diluted EPS increased 18% to $1.47, with net sales up 1% to $100.4 million (5% excluding divested lines) Key Financial Highlights (Q2 & H1 2024 vs 2023) | Metric | Q2 2024 | Q2 2023 | Change (%) | H1 2024 | H1 2023 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | :------ | :------ | :--------- | | Net Sales (reported) | $55.4M | $53.3M | 4% | $100.4M | $99.2M | 1% | | Net Sales (excl. Camillus/Cuda) | - | - | 8% | - | - | 5% | | Net Income | $4.5M | $3.4M | 29% | $6.1M | $4.4M | 37% | | Diluted EPS | $1.09 | $0.96 | 14% | $1.47 | $1.25 | 18% | [Strategic Business Developments](index=1&type=section&id=Strategic%20Business%20Developments) The company acquired Elite First Aid, Inc. on May 23, 2024, a leading supplier of tactical, trauma, and emergency response products, which had approximately $4.2 million in revenues in 2023. This acquisition is expected to significantly strengthen the emergency response product line and expand the customer base - Acquired Elite First Aid, Inc. on May 23, 2024, a supplier of tactical, trauma, and emergency response products[2](index=2&type=chunk) - Elite First Aid had revenues of approximately **$4.2 million** in 2023[2](index=2&type=chunk) - The acquisition is expected to strengthen the emergency response product line and expand the customer base, with plans to offer Elite First Aid products to existing customers[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) Chairman and CEO Walter C. Johnsen highlighted strong Q2 sales driven by significant market share gains in first aid and increased revenues for Westcott cutting tools due to growth in the craft market and back-to-school sales. He noted an underlying growth of approximately 8% for the quarter, excluding the divested hunting and fishing lines, and expressed enthusiasm for the Elite First Aid acquisition, which enhances the company's ability to provide life-saving products - Strong Q2 2024 sales driven by significant market share gains in first aid[3](index=3&type=chunk) - Revenues of Westcott cutting tools increased due to gains in the craft market and growth in back-to-school sales[3](index=3&type=chunk)[4](index=4&type=chunk) - Underlying growth was approximately **8%** in Q2 2024 after accounting for the revenues of the sold hunting and fishing lines[4](index=4&type=chunk) [Financial Performance Analysis](index=1&type=section&id=Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's consolidated net sales, net income, EPS, gross margin, segmental performance, and liquidity position for the reported periods [Consolidated Net Sales](index=1&type=section&id=Consolidated%20Net%20Sales) Consolidated net sales for Q2 2024 increased 4% to $55.4 million, and 8% when excluding the Camillus and Cuda product lines sold in November 2023. For the first six months of 2024, net sales grew 1% to $100.4 million, or 5% excluding the divested lines Consolidated Net Sales Performance | Period | 2024 (Reported) | 2023 | YoY Change (Reported) | 2024 (Excl. Camillus/Cuda) | YoY Change (Excl. Camillus/Cuda) | | :----- | :-------------- | :--- | :-------------------- | :------------------------- | :------------------------------- | | Q2 | $55.4M | $53.3M | 4% | - | 8% | | H1 | $100.4M | $99.2M | 1% | - | 5% | [Three Months Ended June 30, 2024](index=1&type=section&id=Three%20Months%20Ended%20June%2030%2C%202024_Sales) This subsection details the consolidated net sales performance for the three months ended June 30, 2024, compared to the prior year Q2 Net Sales | Metric | Q2 2024 | Q2 2023 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Net Sales | $55.4M | $53.3M | 4% | | Net Sales (Excl. Camillus/Cuda) | - | - | 8% | [Six Months Ended June 30, 2024](index=1&type=section&id=Six%20Months%20Ended%20June%2030%2C%202024_Sales) This subsection presents the consolidated net sales performance for the six months ended June 30, 2024, compared to the prior year H1 Net Sales | Metric | H1 2024 | H1 2023 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Net Sales | $100.4M | $99.2M | 1% | | Net Sales (Excl. Camillus/Cuda) | - | - | 5% | [Consolidated Net Income and EPS](index=1&type=section&id=Consolidated%20Net%20Income%20and%20EPS) Net income for Q2 2024 increased 29% to $4.5 million, with diluted EPS rising 14% to $1.09. For the six months ended June 30, 2024, net income grew 37% to $6.1 million, and diluted EPS increased 18% to $1.47 Consolidated Net Income and EPS Performance | Metric | Q2 2024 | Q2 2023 | Change (%) | H1 2024 | H1 2023 | Change (%) | | :------------ | :------ | :------ | :--------- | :------ | :------ | :--------- | | Net Income | $4.5M | $3.4M | 29% | $6.1M | $4.4M | 37% | | Diluted EPS | $1.09 | $0.96 | 14% | $1.47 | $1.25 | 18% | [Three Months Ended June 30, 2024](index=1&type=section&id=Three%20Months%20Ended%20June%2030%2C%202024_Income) This subsection details the consolidated net income and diluted EPS for the three months ended June 30, 2024, compared to the prior year Q2 Net Income and EPS | Metric | Q2 2024 | Q2 2023 | Change (%) | | :------------ | :------ | :------ | :--------- | | Net Income | $4.5M | $3.4M | 29% | | Diluted EPS | $1.09 | $0.96 | 14% | [Six Months Ended June 30, 2024](index=1&type=section&id=Six%20Months%20Ended%20June%2030%2C%202024_Income) This subsection presents the consolidated net income and diluted EPS for the six months ended June 30, 2024, compared to the prior year H1 Net Income and EPS | Metric | H1 2024 | H1 2023 | Change (%) | | :------------ | :------ | :------ | :--------- | | Net Income | $6.1M | $4.4M | 37% | | Diluted EPS | $1.47 | $1.25 | 18% | [Gross Margin](index=3&type=section&id=Gross%20Margin) Gross margin significantly improved, reaching 40.8% in Q2 2024 compared to 37.5% in Q2 2023. For the six-month period, gross margin was 39.9% versus 36.6% in the prior year, primarily driven by productivity improvements in manufacturing and distribution facilities Gross Margin Performance | Period | 2024 | 2023 | Change (pp) | | :----- | :--- | :--- | :---------- | | Q2 | 40.8% | 37.5% | +3.3 pp | | H1 | 39.9% | 36.6% | +3.3 pp | - Increases in gross margin were primarily due to productivity improvements in the Company's manufacturing and distribution facilities[7](index=7&type=chunk) [Segmental Sales Performance](index=2&type=section&id=Segmental%20Sales%20Performance) The U.S. segment saw strong growth, while Europe also performed well, both benefiting from market share gains. Canada, however, experienced a decline due to a soft economy impacting school and office products [U.S. Segment](index=2&type=section&id=U.S.%20Segment) This subsection details the U.S. segment's net sales performance, highlighting growth driven by market share gains across multiple product lines U.S. Segment Net Sales Performance | Period | 2024 (Reported) | 2023 | YoY Change (Reported) | 2024 (Excl. Camillus/Cuda) | YoY Change (Excl. Camillus/Cuda) | | :----- | :-------------- | :--- | :-------------------- | :------------------------- | :------------------------------- | | Q2 | +5% | - | 5% | - | 10% | | H1 | +2% | - | 2% | - | 6% | - U.S. net sales increase (excluding Camillus and Cuda) mainly due to market share gains across multiple product lines[4](index=4&type=chunk) [European Segment](index=2&type=section&id=European%20Segment) This subsection outlines the European segment's net sales performance, noting growth in both USD and local currency due to market share gains in the office channel European Segment Net Sales Performance | Period | 2024 (USD) | 2024 (Local Currency) | 2023 | YoY Change (USD) | YoY Change (Local Currency) | YoY Change (Excl. Camillus/Cuda) | | :----- | :--------- | :-------------------- | :--- | :--------------- | :-------------------------- | :------------------------------- | | Q2 | +4% | +5% | - | 4% | 5% | 9% | | H1 | +5% | +5% | - | 5% | 5% | 8% | - Sales increase for both periods was due to market share gains in the office channel[5](index=5&type=chunk) [Canadian Segment](index=2&type=section&id=Canadian%20Segment) This subsection presents the Canadian segment's net sales performance, which experienced a decline in both USD and local currency due to a soft economy impacting school and office products Canadian Segment Net Sales Performance | Period | 2024 (USD) | 2024 (Local Currency) | 2023 | YoY Change (USD) | YoY Change (Local Currency) | YoY Change (Excl. Camillus/Cuda) | | :----- | :--------- | :-------------------- | :--- | :--------------- | :-------------------------- | :------------------------------- | | Q2 | -7% | -7% | - | -7% | -7% | -4% | | H1 | -7% | -7% | - | -7% | -7% | -2% | - Sales of school and office products have been impacted by a soft economy[6](index=6&type=chunk) [Liquidity and Capital Management](index=3&type=section&id=Liquidity%20and%20Capital%20Management) The company significantly reduced its bank debt less cash to $33.1 million as of June 30, 2024, from $47.5 million a year prior. This improvement was supported by $8.5 million in free cash flow generation and approximately $13.0 million in net proceeds from the sale of the Camillus and Cuda product lines. During the period, the company also invested $6.1 million in the Elite First Aid acquisition and distributed $2.1 million in common stock dividends Bank Debt Less Cash | Date | Amount | | :---------------- | :------- | | June 30, 2024 | $33.1M | | June 30, 2023 | $47.5M | - Generated approximately **$8.5 million** in free cash flow during the twelve-month period ended June 30, 2024[8](index=8&type=chunk) - Realized net proceeds of approximately **$13.0 million** from the sale of the Camillus and Cuda product lines[8](index=8&type=chunk) - Paid approximately **$6.1 million** for the acquisition of Elite First Aid Inc. and distributed **$2.1 million** in dividends on common stock[8](index=8&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Acme United Corporation, its market position, key brands, and details regarding the recent conference call for quarterly results [About Acme United Corporation](index=3&type=section&id=About%20Acme%20United%20Corporation) Acme United Corporation is a global leader in innovative safety solutions and cutting technology, serving school, home, office, hardware, sporting goods, and industrial markets. Its portfolio includes prominent brands such as First Aid Only®, Westcott®, and Elite First Aid - Acme United Corporation is a leading worldwide supplier of innovative safety solutions and cutting technology[9](index=9&type=chunk) - Serves the school, home, office, hardware, sporting goods, and industrial markets[9](index=9&type=chunk) - Leading brands include First Aid Only®, First Aid Central®, PhysiciansCare®, Pac-Kit®, Spill Magic®, Westcott®, Clauss®, DMT®, Med-Nap and Elite First Aid[9](index=9&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Acme United held a conference call on Friday, July 19, 2024, at 12:00 p.m. ET to discuss its quarterly results, with details provided for dial-in and webcast access - Acme United held a conference call to discuss its quarterly results on Friday, July 19, 2024, at 12:00 p.m. ET[8](index=8&type=chunk) - Dial-in: 877-407-0784 (U.S.), 201-689-8560 (International); Confirmation code: 13747775[8](index=8&type=chunk) - Live webcast accessible through the Investor Relations section of www.acmeunited.com, with a replay available under Audio Archives[8](index=8&type=chunk) [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section outlines the company's forward-looking statements and the various risk factors that could materially impact future financial results and operational performance [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors_Details) The report includes forward-looking statements made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Key risks include global economic conditions, inflation, interest rates, geopolitical conflicts, supply chain disruptions, labor costs, currency fluctuations, inventory management, changes in consumer habits, competition, technological changes, integration of acquisitions, and international trade policies - The Company may make written or oral "forward-looking statements" pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995[10](index=10&type=chunk)[12](index=12&type=chunk) - Actual results could differ materially from current expectations due to various risks and uncertainties[12](index=12&type=chunk) - Key risks and uncertainties include[13](index=13&type=chunk) - Changes in the Company's plans, strategies, objectives, expectations, and intentions[13](index=13&type=chunk) - Impact of uncertainties in global economic conditions, inflation, and interest rates[13](index=13&type=chunk) - Potential adverse effects from conflicts in Ukraine and the Middle East, and additional supply chain disruptions[13](index=13&type=chunk) - Labor-related costs, currency fluctuations, and the Company's ability to effectively manage inventory[13](index=13&type=chunk) - Changes in client needs and consumer spending habits, impact of competition, and technological changes[13](index=13&type=chunk) - Ability to manage growth effectively, including integrating acquisitions, and international trade policies[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section provides the unaudited condensed consolidated financial statements, including statements of income for three and six months, and balance sheets, offering a detailed view of the company's financial position and performance [Condensed Consolidated Statements of Income (Three Months)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Three%20Months%29) This section presents the unaudited condensed consolidated statements of income for the three months ended June 30, 2024, and 2023, detailing net sales, cost of goods sold, gross profit, operating expenses, and net income Condensed Consolidated Statements of Income (Three Months Ended June 30) | Metric | June 30, 2024 | June 30, 2023 | | :------------------------------------- | :------------ | :------------ | | Net sales (in thousands) | $55,425 | $55,336 | | Cost of goods sold (in thousands) | 32,798 | 33,314 | | Gross profit (in thousands) | 22,627 | 20,022 | | Selling, general, and administrative expenses (in thousands) | 16,252 | 14,772 | | Operating income (in thousands) | 6,375 | 5,250 | | Interest expense, net (in thousands) | 539 | 832 | | Other income, net (in thousands) | (28) | (23) | | Income before income tax expense (in thousands) | 5,864 | 4,441 | | Income tax expense (in thousands) | 1,412 | 998 | | Net income (in thousands) | $4,452 | $3,443 | | Earnings per share - Basic | $1.21 | $0.97 | | Earnings per share - Diluted | $1.09 | $0.96 | | Shares outstanding - Basic | 3,679 | 3,555 | | Shares outstanding - Diluted | 4,088 | 3,591 | [Condensed Consolidated Statements of Income (Six Months)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Six%20Months%29) This section provides the unaudited condensed consolidated statements of income for the six months ended June 30, 2024, and 2023, offering a half-year view of the company's financial performance Condensed Consolidated Statements of Income (Six Months Ended June 30) | Metric | June 30, 2024 | June 30, 2023 | | :------------------------------------- | :------------ | :------------ | | Net sales (in thousands) | $100,382 | $99,175 | | Cost of goods sold (in thousands) | 60,358 | 62,872 | | Gross profit (in thousands) | 40,024 | 36,303 | | Selling, general, and administrative expenses (in thousands) | 31,090 | 28,865 | | Operating income (in thousands) | 8,934 | 7,438 | | Interest expense, net (in thousands) | 982 | 1,734 | | Other income, net (in thousands) | (72) | (46) | | Income before income tax expense (in thousands) | 8,024 | 5,750 | | Income tax expense (in thousands) | 1,935 | 1,318 | | Net income (in thousands) | $6,089 | $4,432 | | Shares outstanding - Basic | 3,664 | 3,548 | | Shares outstanding - Diluted | 4,143 | 3,548 | | Earnings per share - Basic | $1.66 | $1.25 | | Earnings per share - Diluted | $1.47 | $1.25 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited condensed consolidated balance sheets as of June 30, 2024, and June 30, 2023, outlining the company's assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets (Amounts in thousands) | Assets | June 30, 2024 | June 30, 2023 | | :------------------------------------ | :------------ | :------------ | | **Current assets:** | | | | Cash and cash equivalents (in thousands) | $3,791 | $3,401 | | Accounts receivable, net (in thousands) | 40,074 | 39,796 | | Inventories (in thousands) | 56,621 | 55,944 | | Prepaid expenses and other current assets (in thousands) | 5,662 | 4,330 | | Total current assets (in thousands) | 106,148 | 103,471 | | Property, plant and equipment, net (in thousands) | 30,570 | 27,263 | | Operating lease right of use asset (in thousands) | 5,176 | 2,374 | | Intangible assets, less accumulated amortization (in thousands) | 31,647 | 27,969 | | Other assets (in thousands) | - | 750 | | **Total assets (in thousands)** | **$173,541** | **$161,827** | | **Liabilities and stockholders' equity:** | | | | **Current liabilities:** | | | | Accounts payable (in thousands) | $10,319 | $10,724 | | Operating lease liability - short term (in thousands) | 1,589 | 1,122 | | Mortgage payable - short term (in thousands) | 429 | 411 | | Other accrued liabilities (in thousands) | 15,656 | 13,013 | | Total current liabilities (in thousands) | 27,992 | 25,271 | | Long term debt (in thousands) | 26,419 | 39,979 | | Mortgage payable - long term (in thousands) | 10,073 | 10,485 | | Operating lease liability - long term (in thousands) | 3,684 | 1,407 | | Other non-current liabilities (in thousands) | 1,415 | 1,033 | | **Total liabilities (in thousands)** | **69,583** | **78,175** | | **Total stockholders' equity (in thousands)** | **103,958** | **83,652** | | **Total liabilities and stockholders' equity (in thousands)** | **$173,541** | **$161,827** |

SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended June 30, 2024 were $55.4 million compared to $53.3 million in the second quarter of 2023, an increase of 4%. Excluding the impact of the Camillus and Cuda hunting and fishing product lines sold on November 1, 2023, net sales for the second quarter of 2024 increased 8% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 were $ ...