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<SEC-DOCUMENT>0001026608-09-000107.txt : 20090717
<SEC-HEADER>0001026608-09-000107.hdr.sgml : 20090717
<ACCEPTANCE-DATETIME>20090717115719
ACCESSION NUMBER:		0001026608-09-000107
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090717
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090717
DATE AS OF CHANGE:		20090717

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:		09949951

	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_8k071709.txt
<DESCRIPTION>FORM 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): July 17, 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 July 17, 2009, Acme United Corporation (the "Company") issued a press release
announcing its financial results for the quarter ended June 30, 2009. 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 July 17, 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:  July 17, 2009



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

Dated:  July 17, 2009

                                      (2)
<PAGE>

EXHIBIT INDEX


     Exhibit Number                Description
     --------------                -----------
     99.1                          Press release dated July 17, 2009.

                                      (3)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>acme_8k071709ex991.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   July 17, 2009
                                           -------------------------------------


ACME UNITED CORPORATION REPORTS 15% DECLINE IN SECOND QUARTER EARNINGS PER SHARE


         FAIRFIELD, CONN. - July 17, 2009 - Acme United Corporation (NYSE
AMEX:ACU) today announced that net sales for the second quarter ended June 30,
2009 were $19.2 million, compared to $22.7 million in the comparable period of
2008, a decrease of 16% (13% in local currency). Net income was $1,341,000, or
$.40 per diluted share, for the quarter ended June 30, 2009, compared to
$1,730,000 or $.47 per diluted share for the comparable period last year, a
decrease of 22% in net income and 15% in diluted earnings per share.

         Net sales for the six months ended June 30, 2009 were $30.5 million,
compared to $37.0 million in the same period in 2008, a decrease of 18% (14% in
local currency). Net income for the six months ended June 30, 2009 was
$1,383,000, or $.41 per diluted share, compared to $2,482,000, or $.68 per
diluted share in the comparable period last year, a 44% decrease in net income
and 40% in diluted earnings per share. The lower net income is primarily the
result of lower sales, partially offset by savings resulting from our cost
savings plan.

         Net sales for the quarter ended June 30, 2009 in the U.S. segment
decreased 17% compared to the same period in 2008. Net sales for the six months
ended June 30, 2009 in the U.S. segment decreased 19% compared to the same
period in 2008. Net sales in Canada for the three and six months ended June 30,
2009 decreased by 12% and 17%, respectively, in U.S. dollars but declined
approximately 1% for both periods respectively, in local currency compared to
the same periods in 2008. European net sales for the three and six months ended
June 30, 2009 decreased 3% and 5%, respectively, in U.S. dollars compared to the
same periods in 2008 but increased 11% and 9% respectively, in local currency.
Sales in Europe increased (in local currency) primarily due to increased
distribution of manicure products.

                                      (1)
<PAGE>

         Gross margins were 37.1% in the second quarter of 2009 versus 39.3% in
the comparable period last year. For the first six months of 2009, gross margins
were 37.4% compared to 40.3% in the same period in 2008. The gross margin
decline for the three and six month periods was primarily due to fixed costs
spread over lower sales, the weaker Canadian dollar which raised the cost of
products in our Canadian segment and product mix.

         Walter C. Johnsen, Chairman and CEO said, "Our sales have been impacted
by weak demand due to the economic downturn. We have reduced costs in many
areas, but continue to fund new product development. The earnings in the second
quarter reflect aggressive attention to costs. Our debt has declined due to
working capital reductions and earnings. We believe we are well positioned to
take advantage of market opportunities during the coming quarters."

         The Company's bank debt less cash on June 30, 2009 was $8.9 million
compared to $11.3 million on June 30, 2008. During the 12 month period ended
June 30, 2009, Acme purchased 208,065 shares of its common stock for
approximately $1.9 million and paid $700,000 in dividends. As of June 30, 2009,
there were 124,335 shares that may be purchased under the outstanding stock
repurchase programs.

         ACME UNITED CORPORATION is a leading worldwide supplier of innovative
cutting, measuring and safety products to the school, home, office and
industrial markets.

         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) currency
fluctuations (iv) the Company's plans and results of operations will be affected
by the Company's ability to manage its growth, and (v) 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
                           SECOND QUARTER REPORT 2009
                                   (Unaudited)
<CAPTION>
                                                               Quarter Ended              Quarter Ended
Amounts in $000's except per share data                        June 30, 2009              June 30, 2008
- --------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                        <C>
Net sales                                                   $          19,161          $          22,708
Cost of goods sold                                                     12,056                     13,790
                                                              ----------------           ----------------
Gross profit                                                            7,105                      8,918
Selling, general, and administrative expenses                           5,086                      6,121
                                                              ----------------           ----------------
Income from operations                                                  2,019                      2,797
Interest expense                                                          (44)                      (121)
Interest income                                                            31                         31
                                                              ----------------           ----------------
     Net interest expense                                                 (13)                       (90)
Other income (expense)                                                     30                        (24)
                                                              ----------------           ----------------
Total other income (expense)                                               17                       (114)
Pre-tax income                                                          2,036                      2,683
                                                              ----------------           ----------------
Income tax expense                                                        695                        953
                                                              ----------------           ----------------
Net income                                                  $           1,341          $           1,730
                                                              ================           ================

     Shares outstanding - Basic                                         3,325                      3,518
     Shares outstanding - Diluted                                       3,388                      3,665

Earnings per share basic                                    $            0.40          $            0.49
Earnings per share diluted                                               0.40                       0.47
</TABLE>

                                      (3)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                       SECOND QUARTER REPORT 2009 (cont.)
                                   (Unaudited)
<CAPTION>
                                                             Six Months Ended           Six Months Ended
Amounts in $000's except per share data                        June 30, 2009              June 30, 2008
- --------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                        <C>
Net sales                                                   $          30,458          $          36,977
Cost of goods sold                                                     19,056                     22,073
                                                              ----------------           ----------------
Gross profit                                                           11,402                     14,904
Selling, general, and administrative expenses                           9,302                     11,039
                                                              ----------------           ----------------
Income from operations                                                  2,100                      3,865
Interest expense                                                          (86)                      (255)
Interest income                                                            66                         69
                                                              ----------------           ----------------
     Net interest expense                                                 (20)                      (186)
Other income                                                               19                        162
                                                              ----------------           ----------------
Total other (expense)                                                      (1)                       (24)
Pre-tax income                                                          2,099                      3,841
                                                              ----------------           ----------------
Income tax expense                                                        716                      1,358
                                                              ----------------           ----------------
Net income                                                  $           1,383          $           2,483
                                                              ================           ================

     Shares outstanding - Basic                                         3,336                      3,519
     Shares outstanding - Diluted                                       3,396                      3,666

Earnings per share basic                                    $            0.41          $            0.71
Earnings per share diluted                                               0.41                       0.68
</TABLE>

                                      (4)
<PAGE>
<TABLE>
                             ACME UNITED CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                           SECOND QUARTER REPORT 2009
                                   (Unaudited)
<CAPTION>

Amounts in $000's                                              June 30, 2009              June 30, 2008
- ---------------------------------------------------------------------------------------------------------
<S>                                                         <C>                        <C>

Assets:
Current assets:
     Cash                                                   $           3,228          $           3,703
     Accounts receivable, net                                          18,467                     20,852
     Inventories                                                       19,299                     21,458
     Prepaid and other current assets                                     961                      1,121
                                                          --------------------       --------------------
Total current assets                                                   41,955                     47,134

     Property and equipment, net                                        2,249                      2,479
     Long term receivable                                               1,919                          -
     Other assets                                                       2,509                      1,927
                                                          --------------------       --------------------
Total assets                                                $          48,632          $          51,540
                                                          ====================       ====================

Liabilities and stockholders' equity:
Current liabilities
     Accounts payable                                       $           4,276          $           6,623
     Other current liabilities                                          6,131                      4,631
     Bank debt due June 30, 2010                                       12,122                          -
                                                          --------------------       --------------------
Total current liabilities                                              22,529                     11,253
Bank debt due June 30, 2010                                                 -                     14,992
Other non current liabilities                                           1,995                        551
                                                          --------------------       --------------------
                                                                       24,524                     26,796
Total stockholders' equity                                             24,108                     24,744
                                                          --------------------       --------------------
Total liabilities and stockholders' equity                  $          48,632          $          51,540
                                                          ====================       ====================
</TABLE>

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