10-Q Filing

ACME UNITED CORP CIK: 2098 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-018941`
Period End Date	20220331
Filing Date	20220509
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	acu-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 22 Comprehensive Income 6

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.01M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.01M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$2.50	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.84M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$2.50	USD	Point-in-time
Accounts receivable, less allowance of $1,013 in 2022 and $1,007 in 2021	`AccountsReceivableNetCurrent`	$34.22M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	8.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	8.00M	shares	Point-in-time
Accounts receivable, less allowance of $1,013 in 2022 and $1,007 in 2021	`AccountsReceivableNetCurrent`	$34.60M	USD	Point-in-time
Inventories	`InventoryNet`	$60.72M	USD	Point-in-time
Inventories	`InventoryNet`	$53.55M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.07M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.07M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.81M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.63M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.54M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$95.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$104.44M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.54M	shares	Point-in-time
Land	`Land`	$1.76M	USD	Point-in-time
Land	`Land`	$1.76M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$13.52M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$13.46M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$29.76M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$30.22M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$45.50M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$44.98M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$21.61M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.95M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$23.89M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$24.03M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$3.13M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$3.06M	USD	Point-in-time
Goodwill	`Goodwill`	$4.80M	USD	Point-in-time
Goodwill	`Goodwill`	$4.80M	USD	Point-in-time
Intangible assets, less accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$17.23M	USD	Point-in-time
Intangible assets, less accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$16.89M	USD	Point-in-time
Total assets	`Assets`	$144.44M	USD	Point-in-time
Total assets	`Assets`	$153.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.98M	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$1.11M	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$1.00M	USD	Point-in-time
Current portion of mortgage payable	`SecuredDebtCurrent`	$389.00K	USD	Point-in-time
Current portion of mortgage payable	`SecuredDebtCurrent`	$389.00K	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$8.94M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$9.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.38M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$40.15M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$33.04M	USD	Point-in-time
Mortgage payable, net of current portion	`MortgagePayableNonCurrent`	$11.08M	USD	Point-in-time
Mortgage payable, net of current portion	`MortgagePayableNonCurrent`	$10.99M	USD	Point-in-time
Operating lease liability - non-current portion	`OperatingLeaseLiabilityNoncurrent`	$2.19M	USD	Point-in-time
Operating lease liability - non-current portion	`OperatingLeaseLiabilityNoncurrent`	$2.37M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$600.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$599.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$75.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$67.36M	USD	Point-in-time
Commitments and Contingencies (see note 2)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (see note 2)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $2.50: authorized 8,000,000 shares; 5,065,518 shares issued and 3,520,646 shares outstanding in 2022 and 2021	`CommonStockValue`	$12.65M	USD	Point-in-time
Common stock, par value $2.50: authorized 8,000,000 shares; 5,065,518 shares issued and 3,520,646 shares outstanding in 2022 and 2021	`CommonStockValue`	$12.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.93M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$69.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$70.25M	USD	Point-in-time
Treasury stock, at cost - 1,544,872 shares in 2022 and 2021	`TreasuryStockValue`	$16.00M	USD	Point-in-time
Treasury stock, at cost - 1,544,872 shares in 2022 and 2021	`TreasuryStockValue`	$16.00M	USD	Point-in-time
Translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-1.38M	USD	Point-in-time
Translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-1.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$77.77M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$64.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$77.08M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$62.72M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$153.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$144.44M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$43.33M	USD	1 Quarter
Net sales	`Revenues`	$43.52M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$28.36M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$27.94M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$14.97M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.62M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.97M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.37M	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$226.00K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$309.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-305.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-221.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-77.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-303.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-298.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.07M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.67M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$624.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$238.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$830.00K	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.52	USD	1 Quarter
Weighted average number of common shares outstanding-denominator used for basic per share computations	`WeightedAverageNumberOfSharesOutstandingBasic`	3.35M	shares	1 Quarter
Weighted average number of common shares outstanding-denominator used for basic per share computations	`WeightedAverageNumberOfSharesOutstandingBasic`	3.52M	shares	1 Quarter
Weighted average number of dilutive stock options outstanding	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	564,000.00	shares	1 Quarter
Weighted average number of dilutive stock options outstanding	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	327,000.00	shares	1 Quarter
Denominator used for diluted per share computations	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.85M	shares	1 Quarter
Denominator used for diluted per share computations	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.91M	shares	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.13	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.13	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$830.00K	USD	1 Quarter
Depreciation	`Depreciation`	$652.00K	USD	1 Quarter
Depreciation	`Depreciation`	$584.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$375.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$374.00K	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$43.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$306.00K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$400.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$29.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$6.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$4.63M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$389.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.14M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.18M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$787.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.14M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$774.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.89M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-247.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-955.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-6.31M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.38M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.48M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-336.00K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.48M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$518.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.48M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-518.00K	USD	1 Quarter
Net borrowings of long-term debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	$1.86M	USD	1 Quarter
Net borrowings of long-term debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	$7.11M	USD	1 Quarter
Cash settlement of stock options	`PaymentsRelatedToCashSettlementOfShareBasedCompensation`	$108.00K	USD	1 Quarter
Repayments on mortgage	`RepaymentsOnMortgage`	$98.00K	USD	1 Quarter
Repayments on mortgage	`RepaymentsOnMortgage`	$67.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$182.00K	USD	1 Quarter
Distributions to shareholders	`PaymentsOfDividends`	$458.00K	USD	1 Quarter
Distributions to shareholders	`PaymentsOfDividends`	$436.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.54M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.45M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$11.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-32.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-310.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$464.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.84M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.86M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.17M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.84M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.86M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.17M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$45.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$286.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$218.00K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$77.77M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$64.63M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$77.08M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$62.72M	USD	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Net income	`NetIncomeLoss`	$2.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$830.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-188.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$27.00K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$400.00K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$306.00K	USD	1 Quarter
Distributions to shareholders	`DividendsCommonStockCash`	$458.00K	USD	1 Quarter
Distributions to shareholders	`DividendsCommonStockCash`	$436.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$182.00K	USD	1 Quarter
Cash settlement of stock options	`AdjustmentsToAdditionalPaidInCapitalCashSettlementOfStockOptions`	$108.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$77.77M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$64.63M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$77.08M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$62.72M	USD	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	3.52M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$830.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-188.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$27.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.86M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$857.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.