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<SEC-DOCUMENT>0001026608-08-000033.txt : 20080229
<SEC-HEADER>0001026608-08-000033.hdr.sgml : 20080229
<ACCEPTANCE-DATETIME>20080229112345
ACCESSION NUMBER:		0001026608-08-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080229
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080229
DATE AS OF CHANGE:		20080229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACME UNITED CORP
		CENTRAL INDEX KEY:			0000002098
		STANDARD INDUSTRIAL CLASSIFICATION:	CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420]
		IRS NUMBER:				060236700
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07698
		FILM NUMBER:		08653459

	BUSINESS ADDRESS:	
		STREET 1:		60 ROUND HILL ROAD
		CITY:			FAIRFIELD
		STATE:			CT
		ZIP:			06824
		BUSINESS PHONE:		203-254-6060

	MAIL ADDRESS:	
		STREET 1:		60 ROUND HILL ROAD
		CITY:			FAIRFIELD
		STATE:			CT
		ZIP:			06824

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACME SHEAR CO
		DATE OF NAME CHANGE:	19710713
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>acme_8k022908.txt
<DESCRIPTION>8-K
<TEXT>
================================================================================


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                               ------------------

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of report (date of earliest event reported): February 29, 2008


                             ACME UNITED CORPORATION
             (Exact name of registrant as specified in its charter)
                               ------------------

          Connecticut                    001-07698              06-0236700
(State or other jurisdiction of         (Commission          (I.R.S. Employer
 incorporation or organization)         file number)        Identification No.)


60 Round Hill Road, Fairfield, Connecticut                        06824
 (Address of principal executive offices)                       (Zip Code)

       Registrant's telephone number, including area code: (203) 254-6060

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[_]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[_]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[_]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[_]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

                                      (1)
<PAGE>

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 29, 2008, Acme United Corporation (the "Company") issued a press
release announcing its financial results for the year ended December 31, 2007. A
copy of the press release is attached as Exhibit 99.1 to this current report.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(c)    Exhibits

Exhibit Number             Description
- --------------             -----------

99.1                       Press release dated February 29, 2008.





                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


ACME UNITED CORPORATION

By          /s/ WALTER C. JOHNSEN
         ------------------------------
                Walter C. Johnsen
                  Chairman and
             Chief Executive Officer

Dated:   February 29, 2008



By          /s/ PAUL G. DRISCOLL
         ------------------------------
                Paul G. Driscoll
               Vice President and
              Chief Financial Officer

Dated:  February 29, 2008

                                       (2)

<PAGE>

EXHIBIT INDEX


     Exhibit Number             Description
     --------------             -----------
     99.1                       Press release dated February 29, 2008.



                                       (3)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>acme_8k022908ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
EXHIBIT 99.1

ACME UNITED CORPORATION            NEWS RELEASE
- --------------------------------------------------------------------------------
                            CONTACT: Paul G. Driscoll
                             Acme United Corporation
                   60 Round Hill Road    Fairfield, CT  06824
                  Phone: (203) 254-6060    FAX: (203) 254-6521
- --------------------------------------------------------------------------------


                                       FOR IMMEDIATE RELEASE   February 29, 2008
                                       -----------------------------------------


ACME UNITED CORPORATION REPORTS FOURTH QUARTER NET SALES INCREASE OF 23% AND NET
INCOME INCREASE OF 38% AND RECORD FULL YEAR RESULTS

         FAIRFIELD, CONN. - February 29, 2008 - Acme United Corporation
(AMEX:ACU) today announced that net sales for the quarter ended December 31,
2007 were $14.9 million compared to $12.1 million in the same period in 2006, an
increase of 23% . Net sales for the year ended December 31, 2007 were $63.2
million compared to $56.9 million in the same period in 2006, an increase of 11%
(10% in local currency).

         Net income for the fourth quarter ended December 31, 2007 was $546,000,
or $.15 per diluted share, compared to $396,000, or $.11 per diluted share, for
the comparable period last year, an increase of 38%. Net income for the year
ended December 31, 2007 was $4,022,258, or $1.09 per diluted share, compared to
$3,885,662, or $1.05 per diluted share, in the comparable period last year, an
increase of 4%.

          Net sales for the year ended December 31, 2007, in the U.S. segment
increased 10% compared to 2006 as the result of sales of new products, including
the iPoint electric pencil sharpener and market share gains. Net sales in Canada
for the year ended December 31, 2007 increased by 11% in U.S. dollars and 5% in
local currency compared to 2006 primarily due to higher sales of the iPoint
electric pencil sharpeners. Net sales in Europe for the year ended December 31,
2007 increased by 21% in U.S. dollars and 11% in local currency compared to 2006
due to higher sales of manicure items and expanded distribution of office
products.

         Gross margins were 42% for 2007 compared to 43% in 2006. The gross
margin decline in 2007 was due to product mix and increased cost of goods sold
on purchases from China due to higher raw material and labor costs and
depreciation of the U.S. dollar. Costs also increased due to the reduction of an
export tax credit in China.

                                       (1)
<PAGE>


         Walter C. Johnsen, Chairman and CEO said, "The results in the fourth
quarter and the year represent strong growth in our market shares, expansion of
our distribution channels, and improvement in Europe. I am especially pleased
with the recent placement of our new products, including the iPoint razor pencil
sharpener and Microban school and office products, which are expected to
generate robust sales in 2008."

         The effective income tax rate improved to 36% in 2007 compared to 39%
in 2006 primarily due to the decreased losses in 2007 in Europe where there is
no recorded tax benefit for losses. The European business is improving due to
operational improvements and sales growth.

         The Company's bank debt less cash on December 31, 2007 was $5.2 million
compared to $6.4 million on December 31, 2006, a decrease of $1.2 million. This
change primarily resulted from the Company's payments of $600,000 for
acquisitions and $500,000 for shareholder dividends, which was offset by the
Company's generation of $2.7 million in cash flow from operations.

         ACME UNITED CORPORATION is an innovative supplier of cutting devices,
measuring instruments and safety products for school, home, office, industrial
and hardware use. Its leading brands include Westcott(R), Clauss(R) and
PhysiciansCare (R).

         Forward-looking statements in this report, including without
limitation, statements related to the Company's plans, strategies, objectives,
expectations, intentions and adequacy of resources, are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties including without limitation the following: (i) the Company's
plans, strategies, objectives, expectations and intentions are subject to change
at any time at the discretion of the Company; (ii) the Company's plans and
results of operations will be affected by the Company's ability to manage its
growth; and (iii) other risks and uncertainties indicated from time to time in
the Company's filings with the Securities and Exchange Commission.

                                     # # #

                                      (2)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                   CONDENSED CONSOLIDATED STATEMENT OF INCOME
                              YEAR END REPORT 2007
<CAPTION>

                                                               Quarter Ended             Quarter Ended
                                                             December 31, 2007         December 31, 2006
Amounts in $000's except per share data                         (Unaudited)               (Unaudited)
- --------------------------------------------------------------------------------------------------------------

<S>                                                            <C>                       <C>
Net sales                                                      $      14,852             $      12,089
Gross profit                                                           5,799                     4,979
Selling, general, and administrative expenses                          4,919                     4,110
Interest expense                                                         136                       154
Other income                                                             129                       103
Pre-tax income                                                           873                       818
Income tax expense                                                       327                       422
Net income                                                               546                       396

     Shares outstanding - Basic                                        3,548                     3,508
     Shares outstanding - Diluted                                      3,697                     3,726

Earnings per share basic                                       $        0.15             $        0.11
Earnings per share diluted                                              0.15                      0.11
</TABLE>

                                      (3)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                   CONDENSED CONSOLIDATED STATEMENT OF INCOME
                              YEAR END REPORT 2007
<CAPTION>

                                                                 Year Ended                Year Ended
Amounts in $000's except per share data                      December 31, 2007         December 31, 2006
- --------------------------------------------------------------------------------------------------------------

<S>                                                            <C>                       <C>
Net sales                                                      $      63,173             $      56,863
Gross profit                                                          26,493                    24,583
Selling, general, and administrative expenses                         19,741                    17,870
Interest expense                                                         655                       616
Other income                                                             206                       252
Pre-tax income                                                         6,303                     6,349
Income tax expense                                                     2,281                     2,463
Net income                                                             4,022                     3,886

     Shares outstanding - Basic                                        3,536                     3,495
     Shares outstanding - Diluted                                      3,697                     3,712

Earnings per share basic                                       $        1.14             $        1.11
Earnings per share diluted                                              1.09                      1.05
</TABLE>

                                      (4)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEET
                              YEAR END REPORT 2007
<CAPTION>

Amounts in $000's                                            December 31, 2007         December 31, 2006
- --------------------------------------------------------------------------------------------------------------

<S>                                                            <C>                       <C>
Assets:
- -------
Current assets:
     Cash                                                      $       4,988             $       3,838
     Accounts receivable, net                                         12,727                    10,852
     Inventories                                                      18,935                    15,677
     Prepaid and other current assets                                  1,210                     1,120
                                                          ----------------------------------------------------
Total current assets                                                  37,860                    31,487

     Property and equipment, net                                       2,479                     2,540
     Other assets                                                      1,883                       994
                                                          ----------------------------------------------------
Total assets                                                   $      42,222             $      35,021
                                                          ====================================================

Liabilities and stockholders' equity:
- -------------------------------------
Current liabilities
     Accounts payable                                                  4,575                     2,358
     Other current liabilities                                         3,907                     3,669
                                                          ----------------------------------------------------
Total current liabilities                                              8,482                     6,027
Long-term debt                                                        10,187                    10,218
Other non current liabilities                                            507                       645
                                                          ----------------------------------------------------
                                                                      19,176                    16,890
Total stockholders' equity                                            23,046                    18,131
                                                          ----------------------------------------------------
Total liabilities and stockholders' equity                     $      42,222             $      35,021
                                                          ====================================================
</TABLE>

                                      (5)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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