Acme United (ACU – $17.00) achieved record sales and earnings during its second quarter ended June 30, 2014. The Company’s sales reached $33.4 million in the second quarter, compared to $28.4 million in the comparable period of 2013, an increase of 18%. Net income in the second quarter of 2014 rose by 15 percent to $2,543,000, or $.72 per diluted share, versus $2,210,000, or $.68 per diluted share, in the comparable quarter last year.
This strong performance was both driven by the First Aid Only (FAO) acquisition, which the Company concluded on June 2 of this year, as well as by organic growth. As a matter of fact, even excluding the $1.7 million sales generated by FAO in June, Acme reached record sales in the second quarter. Especially a strong back-to-school season, increased Pac-Kit and PhysiciansCare first aid products sales, and a record performance by Clauss and Camillus generated organic growth.
During the six months, ended June 30, 2014, net sales were $52.5 million, compared to $46.1 million in the same period in 2013, an increase of 14%. Net income for the six months ended June 30, 2014 was $2,911,000, or $.83 per diluted share, compared to $2,520,000, or $.78 per diluted share in the comparable period last year, a 16% increase in net income.
During the conference call, following the announcement of the second quarter results, Walter C. Johnsen, Acme United’s Chairman and CEO, increased the Company’s guidance for 2014 thanks to the strong organic performance and the First Aid Only contribution. Sales are now expected to reach [click to continue…]