Acme United (ACU) grows Q2 U.S., Canada Sales – European Sales Slip
7/22/2011 3:26:49 PM
Acme United Corp., a global supplier of cutting, measuring and safety products to the school, home, office, hardware and industrial markets, today posted its second-quarter results for the three months ended June 30, 2011.
The company reported net sales for the quarter at $24.0 million, up 17 percent compared to $20.6 million in the comparable quarter of 2010.
Second-quarter net income was $1.7 million, or $.56 per diluted share, compared to $1.5 million, or $.48 per diluted share, for the comparable period last year, an increase of 11 percent in net income and 17 percent in diluted earnings per share.
Gross margins were 36.1 percent in the second quarter of 2011 compared to 36.7 percent in the comparable quarter of last year.
Operating profit for the second quarter increased 26 percent to $2.4 million compared to $1.9 million for the comparable period last year.
For the six-month period ended June 30, 2011, the company reported net sales for of $38.4 million, up 14 percent compared to $33.7 million in the same period in 2010.
Net income for the first half of 2011 was $1.8 million, or $0.60 per diluted share, compared to $1.7 million, or $.54 per diluted share, in the comparable period last year, representing a 5 percent increase in net income and 10 percent increase in diluted earnings per share.
Gross margins were 36.4 percent for the six-month period compared to 37.6 percent for the comparable period last year.
Operating profit was $2.6 million for the first half of 2011 increased 18 percent compared to $2.2 million for the comparable six months of last year.
The company reported a 22 percent increase in U.S. net sales for the second quarter; net sales in Canada increased 15 percent; while European net sales decreased 20 percent.
For more information visit http://www.acmeunited.com
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