Acme United Q4 net loss $0.17/share; full-year EPS $0.82 vs adjusted $2.57

ACME UNITED CORP

Q4 net sales $44.1M, down 4% YoY; net loss $597K vs income $2.34M in prior year.
Full-year net sales $193.9M, up 7% YoY; net income $3.0M ($0.82 diluted) vs adjusted $10.1M ($2.57) in 2021.
Gross margin fell to 32.0% in Q4 and 32.8% for year due to high ocean container costs and demurrage.
Bank debt less cash $55M at year-end, up from $40M; inventory increased $10M during 2022.
Management expects $5M cost savings in 2023 and plans to reduce inventory by $5M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ACME UNITED CORP reported three months ended December 31, 2022 results: revenue $44.1 million, net income -$597,000, EPS ($0.17) per diluted share.

Period: three months ended December 31, 2022
Revenue: $44.1 million
Net income: -$597,000
EPS: ($0.17) per diluted share
Result: reported results

Exact text from the filing

Acme United Corporation (NYSE American: ACU) today announced that net sales for the three months ended December 31, 2022 were $44.1 million compared to $45.8 million in the same period of 2021, a decrease of 4% (2% in constant currency). Net sales for the year ended December 31, 2022 were $193.9 million compared to $182.1 million in the same period in 2021, an increase of 7% (8% in constant currency). The net loss was $597,000, or ($0.17) per diluted share, for the three months ended December 31, 2022, compared to net income of $2,338,000, or $0.60 per diluted share, for the same period in 2021. Net income for the year ended December 31, 2022 was $3.0 million, or $0.82 per diluted share, compared, on an adjusted basis, to $10.1 million, or $2.57 per diluted share (or $13.7 million, or $3.45 per diluted share, including the impact of the PPP loan forgiveness), for the same period in 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ACME UNITED CORP reported year ended December 31, 2022 results: revenue $193.9 million, net income $3.0 million, EPS $0.82 per diluted share.

Period: year ended December 31, 2022
Revenue: $193.9 million
Net income: $3.0 million
EPS: $0.82 per diluted share
Result: reported results

Exact text from the filing

Acme United Corporation (NYSE American: ACU) today announced that net sales for the three months ended December 31, 2022 were $44.1 million compared to $45.8 million in the same period of 2021, a decrease of 4% (2% in constant currency). Net sales for the year ended December 31, 2022 were $193.9 million compared to $182.1 million in the same period in 2021, an increase of 7% (8% in constant currency). The net loss was $597,000, or ($0.17) per diluted share, for the three months ended December 31, 2022, compared to net income of $2,338,000, or $0.60 per diluted share, for the same period in 2021. Net income for the year ended December 31, 2022 was $3.0 million, or $0.82 per diluted share, compared, on an adjusted basis, to $10.1 million, or $2.57 per diluted share (or $13.7 million, or $3.45 per diluted share, including the impact of the PPP loan forgiveness), for the same period in 2021.

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Source: SEC EDGAR

accession 0001564590-23-002988

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