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<SEC-DOCUMENT>0001026608-09-000022.txt : 20090227
<SEC-HEADER>0001026608-09-000022.hdr.sgml : 20090227
<ACCEPTANCE-DATETIME>20090227113334
ACCESSION NUMBER:		0001026608-09-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090227
DATE AS OF CHANGE:		20090227

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:		09640505

	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_8k022709.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 27, 2009

                             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 27, 2009, Acme United Corporation (the "Company") issued a press
release announcing its financial results for the year ended December 31, 2008. 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 27, 2009.




                                   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 27, 2009



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

Dated:  February 27, 2009

                                      (2)
<PAGE>

EXHIBIT INDEX


     Exhibit Number                Description
     --------------                -----------
     99.1                          Press release dated February 27, 2009.

                                      (3)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>acme_8k022709ex991.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 27, 2009
                                         ---------------------------------------


ACME UNITED CORPORATION REPORTS RECORD 2008 SALES AND EARNINGS


         FAIRFIELD, CONN. - February 27, 2009 - Acme United Corporation (NYSE
Alternext US:ACU) today announced that net sales for the year ended December 31,
2008 were $68.7 million, compared to $63.2 million in the same period in 2007,
an increase of 9% (8% in local currency). Net income for the year ended December
31, 2008 was $4,467,000, or $1.24 per diluted share, compared to $4,022,000, or
$1.09 per diluted share, in the comparable period last year, an increase of 11%
in net income and 14% in earnings per share.

         Net sales for the fourth quarter ended December 31, 2008 were $12.6
million compared to $14.9 million in the same period in 2007, a decrease of 15%
(12% in local currency). Net income for the fourth quarter ended December 31,
2008 was $634,000, or $.18 per diluted share, compared to $546,000, or $.15 per
diluted share, for the comparable period last year, an increase of 16% in net
income and 20% in earnings per share. Included in other income in the fourth
quarter ended December 31, 2008 was a $265,000 ($164,000 after tax) gain on the
sale of property.

         Net sales for the year ended December 31, 2008, in the U.S. segment
increased 10% compared to 2007 as a result of market share gains in all
distribution channels. Net sales in Canada for the year ended December 31, 2008
were relatively constant in U.S. dollars compared to the same period in 2007 but
declined 3% in local currency. European net sales for the year ended December
31, 2008 increased 12% in U.S. dollars and 4% in local currency compared to the
same period in 2007.

         Gross margins were 40.2% for 2008 compared to 41.9% in 2007. The gross
margin decline in 2008 was primarily due to strong growth in the highly
competitive school market.

                                      (1)
<PAGE>

         Walter C. Johnsen, Chairman and CEO said, "The results for 2008
represent strong growth in our market shares, expansion of our distribution
channels, and improvement in Europe. We experienced softer sales in the fourth
quarter than we expected, but we were able to adjust expenses. I am especially
pleased with the recent placement of our new products, including the iPoint
family of pencil sharpeners, Microban school and office products and Speed Pak
utility knives, which are expected to contribute new revenues in 2009."

         The Company's bank debt less cash on December 31, 2008 was $6.5 million
compared to $5.2 million on December 31, 2007, an increase of $1.3 million.
During 2008, the Company repurchased 235,000 shares of its common stock for $2.5
million and paid $600,000 in dividends on its common stock, which were offset by
cash flow from operations of $3.3 million.

         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 impact of current
uncertainties in global economic conditions and the ongoing financial crisis
affecting the domestic and foreign banking system and financial markets,
including the impact on the Company's suppliers and customers (iii) the
Company's plans and results of operations will be affected by the Company's
ability to manage its growth, and (iv) 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 STATEMENTS OF INCOME
                              YEAR END REPORT 2008
                                   (Unaudited)
<CAPTION>
                                                                  Quarter Ended                 Quarter Ended
Amounts in $000's except per share data                         December 31, 2008             December 31, 2007
- -------------------------------------------------------------------------------------------------------------------

<S>                                                            <C>                           <C>
Net sales                                                      $           12,584            $           14,852
Cost of goods sold                                                          7,701                         9,053
                                                                 -----------------             -----------------
Gross profit                                                                4,883                         5,799
Selling, general, and administrative expenses                               4,088                         4,919
                                                                 -----------------             -----------------
Income from operations                                                        795                           880
Interest expense, net                                                          89                           136
Other income, net                                                             169                           129
                                                                 -----------------             -----------------
Pre-tax income                                                                875                           873
Income tax expense                                                            241                           327
                                                                 -----------------             -----------------
Net income                                                     $              634            $              546
                                                                 =================             =================

     Shares outstanding - Basic                                             3,415                         3,548
     Shares outstanding - Diluted                                           3,511                         3,697

Earnings per share basic                                       $             0.19            $             0.15
Earnings per share diluted                                                   0.18                          0.15
</TABLE>

                                      (3)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                          YEAR END REPORT 2008 (cont.)
                                   (Unaudited)
<CAPTION>
                                                                    Year Ended                    Year Ended
Amounts in $000's except per share data                         December 31, 2008             December 31, 2007
- -------------------------------------------------------------------------------------------------------------------

<S>                                                            <C>                           <C>
Net sales                                                      $           68,719            $           63,173
Cost of goods sold                                                         41,062                        36,680
                                                                 -----------------             -----------------
Gross profit                                                               27,657                        26,493
Selling, general, and administrative expenses                              20,778                        19,741
                                                                 -----------------             -----------------
Income from operations                                                      6,879                         6,752
Interest expense, net                                                         396                           655
Other income, net                                                             193                           206
                                                                 -----------------             -----------------
Pre-tax income                                                              6,676                         6,303
Income tax expense                                                          2,209                         2,281
                                                                 -----------------             -----------------
Net income                                                     $            4,467            $            4,022
                                                                 =================             =================

     Shares outstanding - Basic                                             3,486                         3,536
     Shares outstanding - Diluted                                           3,612                         3,697

Earnings per share basic                                       $             1.28            $             1.14
Earnings per share diluted                                                   1.24                          1.09
</TABLE>

                                      (4)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                              YEAR END REPORT 2008
                                   (Unaudited)
<CAPTION>

Amounts in $000's                                               December 31, 2008             December 31, 2007
- -------------------------------------------------------------------------------------------------------------------

<S>                                                            <C>                           <C>
Assets:
- -------
Current assets:
     Cash                                                      $            5,225            $            4,988
     Accounts receivable, net                                              10,564                        12,727
     Inventories                                                           21,769                        18,935
     Prepaid and other current assets                                       1,088                         1,210
                                                                 -----------------             -----------------
Total current assets                                                       38,646                        37,860

     Property and equipment, net                                            2,269                         2,479
     Long term receivable                                                   2,000
     Other assets                                                           2,509                         1,883
                                                                 -----------------             -----------------
Total assets                                                   $           45,424            $           42,222
                                                                 =================             =================

Liabilities and stockholders' equity:
- -------------------------------------
Current liabilities
     Accounts payable                                          $            3,669            $            4,575
     Other current liabilities                                              5,157                         3,907
                                                                 -----------------             -----------------
Total current liabilities                                                   8,826                         8,482
Long-term debt                                                             11,750                        10,187
Other non current liabilities                                               1,960                           507
                                                                 -----------------             -----------------
                                                                           22,536                        19,176
Total stockholders' equity                                                 22,888                        23,046
                                                                 -----------------             -----------------
Total liabilities and stockholders' equity                     $           45,424            $           42,222
                                                                 =================             =================
</TABLE>

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