2 March 2007 — Fairfield (CT): Acme United has reported 2006 net sales of $56.9 million, up 14 percent compared to $49.9 million last year. Q4 net sales were $12.1 million, compared to $11.1 million in the same period in 2005, an increase of 9 percent.
International sales increased by 16 percent (10 percent in local currency) compared to 2005. Net sales from the US segment increased by 13 percent, attributed to the sale of new products such as its iPoint electronic pencil sharpeners.
Net income for the year was $3.9 million, or diluted EPS of $1.05, compared to $2.9 million or diluted EPS of $0.78 in 2005. Net income for the period was $396,000, or diluted EPS of $0.11, compared to $773,000, or diluted EPS of $0.21 in 2005.
2006 net income was reduced by losses in Europe of $1.1 million compared to $300,000 in 2005. The losses in Europe during Q4 were $550,000 compared to $100,000 in 2005.
Acme says that it has "begun to improve the product and margin mix in Europe and reduce expenses".
In a statement, the company said: "The fourth quarter of 2006 reflects an increase in spending for new product development and market research, and the addition of sales and marketing personnel in the US."
Walter Johnsen, chairman and CEO, said: "Acme United had a record year in revenues and earnings in 2006. We won the prestigious Good Design award for our iPoint Pencil Sharpener from the Chicago Athenaeum. Our European team rolled out a 12-country sales initiative. We continue to build our business in North America and Europe, and look forward to a very successful year in 2007."