Acme United Corp 8-K, filed Oct 23, 2023

Acme United Corp (ACU)

8-K 2023-10-23 For: 2023-10-23

Added on April 08, 2026

About this 8-K

Acme United Corp filed this 8-K on October 23, 2023.


Connecticut	001-07698	06-0236700
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification No.)
1 Waterview Dr, Shelton, Connecticut		06484
(Address of principal executive offices)		(Zip Code)


	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number		Description
99.1		Press release dated October 23, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	Three Months Ended			Three Months Ended
Amounts in 000's except per share data	September 30, 2023			September 30, 2022


Net sales	$	50,384		$	49,744
Cost of goods sold		30,881			33,819
Gross profit		19,503			15,925
Selling, general, and administrative expenses		15,846			14,972
Operating income		3,657			953
Interest expense		816			722
Interest income		(32	)		(8	)
Interest expense, net		784			714
Other expense, net		55			209
Total other expense , net		55			209
Income before income tax expense		2,818			30
Income tax expense (benefit)		666			(34	)
Net income	$	2,152		$	64

Shares outstanding - Basic		3,578			3,530
Shares outstanding - Diluted		3,721			3,692

Earnings per share - Basic	$	0.60		$	0.02
Earnings per share - Diluted		0.58			0.02


	Nine Months Ended			Nine Months Ended
Amounts in 000's except per share data	September 30, 2023			September 30, 2022

Net sales	$	149,559		$	149,849
Cost of goods sold		93,752			100,374
Gross profit		55,807			49,475
Selling, general, and administrative expenses		44,711			43,176
Operating income		11,096			6,299
Interest expense		2,595			1,459
Interest income		(78	)		(16	)
Interest expense, net		2,517			1,443
Other expense, net		9			354
Total other expense, net		9			354
Income before income tax expense		8,569			4,502
Income tax expense		1,984			870
Net income	$	6,585		$	3,632

Shares outstanding - Basic		3,558			3,525
Shares outstanding - Diluted		3,597			3,781

Earnings per share - Basic	$	1.85		$	1.03
Earnings per share - Diluted		1.83			0.96


Amounts in 000's	September 30, 2023		September 30, 2022

Assets:
Current assets:
Cash and cash equivalents	$	5,567	$	4,218
Accounts receivable, net		33,855		40,149
Inventories		54,575		66,210
Prepaid expenses and other current assets		3,779		3,989
Restricted cash		750		750
Total current assets		98,526		115,316

Property, plant and equipment, net		27,708		26,042
Operating lease right of use asset		2,300		2,891
Intangible assets, less accumulated amortization		19,546		21,296
Goodwill		8,189		8,189
Other assets		-		750
Total assets	$	156,269	$	174,484

Liabilities and stockholders' equity:
Current liabilities:
Accounts payable	$	9,976	$	11,771
Operating lease liability - short term		1,165		1,142
Mortgage payable - short term		415		389
Other accrued liabilities		13,873		11,138
Total current liabilities		25,429		24,440
Long term debt		32,934		57,131
Mortgage payable, net of current portion Mortgage payable - long term		10,393		10,803
Operating lease liability - long term		1,279		1,949
Other non-current liabilities		327		1,180
Total liabilities		70,363		95,503
Total stockholders' equity		85,906		78,981
Total liabilities and stockholders' equity	$	156,269	$	174,484