ACME United Corporation has announced that net sales for the quarter ended September 30, 2021 were $47.9 million compared to $43.3 million in the third quarter of 2020, an increase of 11%. Net sales for the nine months ended September 30, 2021 were $136.3 million, compared to $123.1 million in the same period in 2020, an increase of 11%.

Net income was $2,046,000 or $0.50 per diluted share for the quarter ended September 30, 2021 compared to $1,579,000, or $0.46 per diluted share, for the comparable period last year, an increase of 30% in net income and 9% in diluted earnings per share. Net income (excluding the impact of the PPP loan forgiveness) for the nine months ended September 30, 2021 was $7,814,000, or $1.97 per diluted share, compared to $6,055,000, or $1.75 per diluted share, in last year’s same period, increases of 29% and 13%, respectively. Net income for the nine months ended September 30, 2021, including the PPP loan forgiveness, was $11.3 million, or $2.85 per diluted share.

Chairman and CEO Walter C. Johnsen said, “ACME United had strong demand for our first aid and cutting products in the third quarter. Sales to our office customers rebounded strongly, and our ecommerce revenues were robust. We proactively increased inventory by nearly 33% during the past 18 months in anticipation of potential global supply chain interruptions. Having done so, we believe we are well-positioned to respond to customer needs in the coming quarters.” 

Net sales in Canada for the third quarter of 2021 increased 6% in U.S. dollars and were constant in local currency compared to the same period in 2020. Higher sales of First Aid Central products were offset by lower sales of school and office products. In 2020, back-to-school shipments of school and office products were delayed from the second quarter to the third quarter due to the COVID-19 lockdowns in the second quarter of 2020. Net sales for the nine months ended September 30, 2021 increased 33% in U.S. dollars and 23% in local currency compared to the first nine months of 2020 primarily to due to higher sales of first aid products.

Gross margin was 35.5% in the third quarter of 2021 versus 34.5% in the comparable period last year. Gross margin was 35.8% for the nine months ended September 30, 2021, compared to 36.2% for the same period of 2020.

The Company’s bank debt less cash on September 30, 2021 was $38.1 million compared to $34.4 million on September 30, 2020. During the twelve-month period ended September 30, 2021, the Company paid approximately $9.3 million for the acquisition of the assets of Med-Nap LLC., distributed $1.7 million in dividends on its common stock, generated approximately $2 million in free cash flow, and received forgiveness for the PPP loan of $3.5 million.

To view the full press release, please click here. 

Source: Global News Wire