20 April 2007 — Fairfield (CT): Acme United’s Q1 net sales fell to $12.2 million, compared to $12.3 million in the previous year.
Net income was down 15 percent to $650,000 or diluted EPS of $0.17, compared to $759,000 or diluted EPS of $0.20 in 2006.
Net sales for the quarter in the US segment decreased 4 percent but the company is keen to point out that Q1 2006 sales included over $1 million of initial new product shipments to three major retail chains. "Since the products are now regular items for these retailers, Q1 2007’s sales represented only restocking shipments. Q1 2007 sales in Europe and Canada increased by 11 percent, in constant currency, compared to the comparable period in 2006," said a spokesperson.
Walter C Johnsen, president and CEO, said: "While revenues in the first quarter were approximately even with the same period last year, we look forward to stronger sales in the coming quarters.
"Our award winning iPoint pencil sharpeners will be shipped to many of our major customers for back to school sales. We expect to begin new scissor and paper trimmer business in the second and third quarters and start a rollout of new sewing items in the fourth quarter. We believe these growth initiatives will provide the foundation for a strong year in 2007 and forward momentum in 2008."