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Acme United Corporation (ACU-1.16%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $48,166,000 from $50,384,000 in the same quarter the previous year. The decrease is attributed to the sale of the Camillus and Cuda product lines.
Gross profit for the quarter was $18,564,000, representing 38.5% of net sales, compared to 38.7% in the same quarter of the previous year.
Selling, general, and administrative expenses decreased to $15,638,000 from $15,846,000, primarily due to cost management.
Operating income for the quarter was $2,926,000, down from $3,657,000 in the previous year.
Interest expense, net for the quarter was $535,000, compared to $784,000 in the previous year, due to lower average outstanding borrowings.
Net income for the quarter was $2,226,000, compared to $2,152,000 in the previous year.
Cash provided by operating activities was $5,604,000, while cash used in investing and financing activities was $12,343,000 and $6,903,000, respectively.
Acme United had a working capital of $76,380,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details the acquisition of Elite First Aid, Inc. for approximately $7.1 million, which is expected to enhance the company's product offerings.
The company identified a material weakness in its internal controls over financial reporting related to information technology general controls.
Acme United continues to focus on expanding its market share in the craft channel, kitchen sharpener market, and first aid products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acme United Corporation. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.