[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2010
OR
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[_]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Connecticut | 06-0236700 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
60 Round Hill Road | |
Fairfield, Connecticut | 06824 |
(Address of principal executive offices) | (Zip Code) |
Name of each exchange on | |
Title of each class | which registered |
$2.50 par value Common Stock | NYSE Amex |
Large accelerated filer [_] | Accelerated filer [_] |
Non-accelerated filer [_] |
Smaller Reporting Company [X]
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Page
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|||||
Part I | ||||||
Item 1.
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Business
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4
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||||
Item 1A.
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Risk Factors
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6
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||||
Item 1B.
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Unresolved Staff Comments
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8
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||||
Item 2.
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Properties
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8
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||||
Item 3.
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Legal Proceedings
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9
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||||
Item 4.
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Reserved
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9
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||||
Part II |
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|||||
Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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10
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||||
Item 6.
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Selected Financial Data
|
12
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||||
Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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12
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||||
Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk
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16
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||||
Item 8.
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Financial Statements and Supplementary Data
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17
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||||
Item 9.
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Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
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36
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||||
Item 9A.
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Controls and Procedures
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36
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Item 9B.
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Other Information |
36
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||||
Part III |
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|||||
Item 10.
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Directors, Executive Officers and Corporate Governance
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37
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||||
Item 11.
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Executive Compensation
|
38
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||||
Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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38
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||||
Item 13.
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Certain Relationships and Related Transactions, and Director Independence
|
38
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||||
Item 14.
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Principal Accountant Fees and Services
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39
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||||
Part IV |
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|||||
Item 15.
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Exhibits and Financial Statement Schedules
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39
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||||
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Signatures
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42
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·
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achieving planned revenue and profit growth in each of the Company's business segments;
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·
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changes in customer requirements and in the volume of sales to principal customers;
|
·
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the timing of orders and shipments;
|
·
|
emergence of new competitors or consolidation of existing competitors; and
|
·
|
industry demand fluctuations.
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·
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Increases in transportation costs;
|
·
|
New or increased import duties;
|
·
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Transportation delays;
|
·
|
Work stoppages;
|
·
|
Capacity constraints;
|
·
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Poor quality; and
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·
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Inflation and exchange rate fluctuations that could increase the cost of foreign manufactured goods.
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Year Ended December 31, 2010
|
High
|
Low
|
Dividends
Declared
|
|||||||||
Fourth Quarter
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$ | 10.64 | $ | 9.40 | $ | .06 | ||||||
Third Quarter
|
11.00 | 9.62 | .06 | |||||||||
Second Quarter
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13.04 | 10.21 | .05 | |||||||||
First Quarter
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11.73 | 8.55 | .05 | |||||||||
Year Ended December 31, 2009
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||||||||||||
Fourth Quarter
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$ | 10.29 | $ | 8.11 | $ | .05 | ||||||
Third Quarter
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9.30 | 7.82 | .05 | |||||||||
Second Quarter
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8.24 | 6.53 | .05 | |||||||||
First Quarter
|
8.37 | 5.95 | .05 |
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number of Shares that May Yet be Purchased Under these Plans or Programs
|
|||
October 1 - 31
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$ -
|
-
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0
|
||||
November 1 - 30
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$ -
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-
|
200,000
|
||||
December 1 - 31
|
$ -
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-
|
200,000
|
Acme United Corporation and Subsidiaries
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the years ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Operating activities:
|
||||||||
Net income
|
$ | 2,572,964 | $ | 2,842,087 | ||||
Adjustments to reconcile net income to net
|
||||||||
cash (used) provided by operating activities
|
||||||||
Depreciation
|
755,334 | 803,902 | ||||||
Amortization
|
114,822 | 113,987 | ||||||
Stock compensation expense
|
385,732 | 308,337 | ||||||
Deferred income taxes
|
(348,713 | ) | (280,188 | ) | ||||
Change in estimated cost of environmental remediation
|
(100,000 | ) | (457,379 | ) | ||||
Changes in operating assets and liabilities
|
||||||||
Accounts receivable
|
(1,635,185 | ) | 49,438 | |||||
Inventories
|
(5,015,837 | ) | 4,668,500 | |||||
Prepaid expenses and other current assets
|
(137,266 | ) | 43,310 | |||||
Accounts payable
|
2,208,634 | (149,341 | ) | |||||
Other accrued liabilities
|
64,430 | (1,361,210 | ) | |||||
Total adjustments
|
(3,708,048 | ) | 3,739,356 | |||||
Net cash (used) provided by operating activities
|
(1,135,084 | ) | 6,581,443 | |||||
Investing activities:
|
||||||||
Purchase of property, plant and equipment
|
(937,083 | ) | (566,939 | ) | ||||
Purchase of patents and trademarks
|
(117,405 | ) | (132,244 | ) | ||||
Net cash used by investing activities
|
(1,054,488 | ) | (699,183 | ) | ||||
Financing activities:
|
||||||||
Net borrowings (repayments) of long-term debt
|
4,368,000 | (2,565,000 | ) | |||||
Distributions to shareholders
|
(655,832 | ) | (662,547 | ) | ||||
Purchase of treasury stock
|
(1,566,290 | ) | (1,737,603 | ) | ||||
Issuance of common stock
|
162,475 | 43,775 | ||||||
Net cash provided (used) by financing activities
|
2,308,353 | (4,921,375 | ) | |||||
Effect of exchange rate changes
|
(36,429 | ) | 333,616 | |||||
Net increase in cash and cash equivalents
|
82,351 | 1,294,501 | ||||||
Cash and cash equivalents at beginning of year
|
6,519,065 | 5,224,564 | ||||||
Cash and cash equivalents at end of year
|
$ | 6,601,416 | $ | 6,519,065 | ||||
Supplemental cash flow information
|
||||||||
Cash paid for income taxes
|
$ | 464,576 | $ | 1,334,358 | ||||
Cash paid for interest expense
|
$ | 278,165 | $ | 165,092 |
3. Inventories
|
||||||||
Inventories consisted of:
|
2010
|
2009
|
||||||
Finished goods
|
$ | 21,108,954 | $ | 16,337,034 | ||||
Work in process
|
171,673 | 97,297 | ||||||
Materials and supplies
|
1,012,282 | 965,939 | ||||||
$ | 22,292,909 | $ | 17,400,270 |
4. Intangible Assets
|
||||||||
Intangible assets consisted of:
|
2010
|
2009
|
||||||
Patents
|
$ | 1,794,754 | $ | 1,695,881 | ||||
Trademarks
|
554,590 | 534,058 | ||||||
2,349,344 | 2,229,939 | |||||||
Accumulated amortization
|
483,113 | 366,291 | ||||||
$ | 1,866,231 | $ | 1,863,648 |
Asset Category
|
2010
|
2009
|
Equity Securities
|
68%
|
70%
|
Fixed Income Securities
|
30%
|
30%
|
Other Securities / Investments
|
2%
|
0%
|
Total
|
100%
|
100%
|
·
|
Level 1 – Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date.
|
·
|
Level 2 – Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.
|
·
|
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Money Market Fund
|
$ | 36,002 | $ | - | $ | - | $ | 36,002 | ||||||||
Acme United Common Stock
|
95,200 | - | - | 95,200 | ||||||||||||
Equity Common and Collected Funds
|
- | 795,384 | - | 795,384 | ||||||||||||
Fixed Income Common and Collected Funds
|
- | 388,842 | - | 388,842 | ||||||||||||
Total
|
$ | 131,202 | $ | 1,184,226 | $ | - | $ | 1,315,428 |
2010
|
2009
|
|||||||
Balance at beginning of the year
|
$ | 1,925,609 | $ | 2,148,797 | ||||
Change in net loss
|
68,565 | (46,534 | ) | |||||
Amortization of actuarial loss
|
(154,555 | ) | (167,500 | ) | ||||
Amortization of prior service cost
|
(9,154 | ) | (9,154 | ) | ||||
Change recognized in other comprehensive income
|
(95,144 | ) | (223,188 | ) | ||||
Total recognized in other comprehensive income
|
$ | 1,830,465 | $ | 1,925,609 | ||||
Amounts recognized in Accumulated Other Comprehensive Income:
|
||||||||
Net actuarial loss
|
$ | 1,781,982 | $ | 1,867,972 | ||||
Prior service cost
|
48,483 | 57,637 | ||||||
Total
|
$ | 1,830,465 | $ | 1,925,609 |
2011
|
$ | 300,000 | ||
2012
|
285,000 | |||
2013
|
268,000 | |||
2014
|
258,000 | |||
2015
|
240,000 | |||
Years 2016 - 2020
|
929,000 |
2010
|
2009
|
|||||||
United States
|
$ | 12,481 | $ | 814,582 | ||||
Foreign
|
2,898,366 | 2,638,372 | ||||||
$ | 2,910,847 | $ | 3,452,954 |
2010
|
2009
|
|||||||
Deferred income tax liabilities:
|
||||||||
Plant, property
|
||||||||
and equipment
|
$ | 383,875 | $ | 356,726 | ||||
383,875 | 356,726 | |||||||
Deferred income tax assets:
|
||||||||
Asset valuations
|
372,774 | 122,921 | ||||||
Contribution carryforward
|
309,818 | 373,925 | ||||||
Operating loss
|
||||||||
carryforwards and credits
|
2,047,287 | 1,850,929 | ||||||
Pension
|
522,903 | 576,114 | ||||||
Foreign tax credit
|
- | 142,000 | ||||||
Other
|
328,718 | 85,277 | ||||||
3,581,500 | 3,151,166 | |||||||
Net deferred
|
||||||||
income tax asset before valuation allowance
|
3,197,625 | 2,794,440 | ||||||
Valuation
|
||||||||
allowance
|
(2,047,287 | ) | (1,992,929 | ) | ||||
Net deferred
|
||||||||
income tax asset
|
$ | 1,150,338 | $ | 801,511 |
Financial data by segment:
|
|||||||||||||||||
2010 | |||||||||||||||||
(000's omitted)
|
United States
|
Canada
|
Europe
|
Consolidated
|
|||||||||||||
Sales to unaffiliated customers
|
$ | 47,184 | $ | 7,720 | $ | 8,245 | $ | 63,149 | |||||||||
Operating income (loss)
|
2,660 | 807 | (487 | ) | 2,980 | ||||||||||||
Assets
|
37,683 | 6,205 | 5,691 | 49,581 | |||||||||||||
Additions to property, plant and equipment
|
788 | 40 | 110 | 937 | |||||||||||||
Depreciation and amortization
|
745 | 52 | 73 | 870 | |||||||||||||
2009 | |||||||||||||||||
Sales to unaffiliated customers
|
$ | 44,908 | $ | 7,033 | $ | 7,207 | $ | 59,149 | |||||||||
Operating income (loss)
|
3,158 | 416 | (547 | ) | 3,027 | ||||||||||||
Assets
|
31,377 | 5,606 | 5,326 | 42,309 | |||||||||||||
Additions to property, plant and equipment
|
534 | 14 | 20 | 567 | |||||||||||||
Depreciation and amortization
|
771 | 62 | 85 | 918 |
2010
|
2009
|
|||||||
Total operating income
|
$ | 2,980 | $ | 3,027 | ||||
Interest expense (income), net
|
142 | 26 | ||||||
Other income, net
|
72 | 452 | ||||||
Consolidated income before taxes
|
$ | 2,910 | $ | 3,453 | ||||
Net Income
|
$ | 2,573 | $ | 2,842 |
2010
|
2009
|
|||||||
Options outstanding at the
|
||||||||
beginning of the year
|
722,500 | 608,500 | ||||||
Options granted
|
203,000 | 151,000 | ||||||
Options forfeited
|
(25,000 | ) | (17,000 | ) | ||||
Options exercised
|
(61,550 | ) | (20,000 | ) | ||||
Options outstanding at
|
||||||||
the end of the year
|
838,950 | 722,500 | ||||||
Options exercisable at the
|
||||||||
end of the year
|
499,387 | 482,125 | ||||||
Common stock available for future grants at
the end of the year
|
70,938 | 98,938 | ||||||
Weighted average exercise price per share:
|
||||||||
Granted
|
$ | 10.13 | $ | 7.84 | ||||
Forfeited
|
14.77 | 15.36 | ||||||
Exercised
|
2.71 | 2.19 | ||||||
Outstanding
|
10.38 | 9.96 | ||||||
Exercisable
|
10.67 | 9.62 |
2010
|
2009
|
||
Expected life in years
|
5
|
5
|
|
Interest rate
|
1.55 – 2.54%
|
1.82 - 2.95%
|
|
Volatility
|
.336-.359
|
.384-.386
|
|
Dividend yield
|
1.80% - 2.30%
|
2.50%
|
|
2010
|
2009
|
|||||||
Numerator:
|
||||||||
Net income
|
$ | 2,572,964 | $ | 2,842,087 | ||||
Denominator:
|
||||||||
Denominator for basic earnings per share:
|
||||||||
Weighted average shares outstanding
|
3,128,509 | 3,288,867 | ||||||
Effect of dilutive employee stock options
|
65,805 | 63,921 | ||||||
Denominator for dilutive earnings per share
|
3,194,314 | 3,352,788 | ||||||
Basic earnings per share
|
$ | 0.82 | $ | 0.86 | ||||
Dilutive earnings per share
|
$ | 0.81 | $ | 0.85 |
Quarters (000's omitted, except per share data)
|
||||||||||||||||||||
2010
|
First
|
Second
|
Third
|
Fourth
|
Total
|
|||||||||||||||
Net sales
|
$ | 13,121 | $ | 20,585 | $ | 16,083 | $ | 13,360 | $ | 63,149 | ||||||||||
Cost of goods sold
|
8,008 | 13,034 | 10,426 | 8,316 | 39,784 | |||||||||||||||
Net income
|
214 | 1,566 | 612 | 181 | 2,573 | |||||||||||||||
Basic earnings per share
|
$ | 0.07 | $ | 0.50 | $ | 0.20 | $ | 0.06 | $ | 0.82 | ||||||||||
Diluted earnings per share
|
$ | 0.07 | $ | 0.48 | $ | 0.19 | $ | 0.07 | $ | 0.81 | ||||||||||
Dividends per share
|
$ | 0.05 | $ | 0.05 | $ | 0.06 | $ | 0.06 | $ | 0.22 | ||||||||||
2009
|
First
|
Second
|
Third
|
Fourth
|
Total
|
|||||||||||||||
Net sales
|
$ | 11,297 | $ | 19,161 | $ | 15,269 | $ | 13,422 | $ | 59,149 | ||||||||||
Cost of goods sold
|
7,000 | 12,056 | 9,771 | 8,248 | 37,075 | |||||||||||||||
Net income
|
42 | 1,341 | 728 | 731 | 2,842 | |||||||||||||||
Basic earnings per share
|
$ | 0.01 | $ | 0.40 | $ | 0.22 | $ | 0.23 | $ | 0.86 | ||||||||||
Diluted earnings per share
|
$ | 0.01 | $ | 0.40 | $ | 0.22 | $ | 0.22 | $ | 0.85 | ||||||||||
Dividends per share
|
$ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.20 |
Balance at
December 31, 2009
|
Payments
|
Change in Estimate
|
Balance at
December 31, 2010
|
$ 681
|
$ (248)
|
$ (100)
|
$ 343
|
Name
|
Age
|
Position Held with Company
|
Walter C. Johnsen
|
60
|
Chairman of the Board and Chief Executive Officer
|
Brian S. Olschan
|
54
|
President, Chief Operating Officer and Director
|
Paul G. Driscoll
|
50
|
Vice President, Chief Financial Officer, Secretary and Treasurer
|
Rex L. Davidson
|
61
|
Director
|
Richmond Y. Holden, Jr.
|
57
|
Director
|
Susan H. Murphy
|
59
|
Director
|
Stevenson E. Ward III
|
65
|
Director
|
·
|
Consolidated Balance Sheets
|
·
|
Consolidated Statements of Operations
|
·
|
Consolidated Statements of Changes in Stockholders’ Equity
|
·
|
Consolidated Statements of Cash Flows
|
·
|
Notes to Consolidated Financial Statements
|
·
|
Reports of Independent Registered Public Accounting Firms
|
·
|
Schedules other than those listed above have been omitted because of the absence of conditions under which they are required or because the required information is presented in the Financial Statements or Notes thereto.
|
Exhibit No.
|
Identification of Exhibit
|
3(i)
|
Certificate of Organization of the Company (1)
|
Amendment to Certificate of Organization of Registrant dated September 24, 1968 (1)
|
|
Amendment to Certificate of Incorporation of the Company dated April 27, 1971 (2)
|
|
Amendment to Certificate of Incorporation of the Company dated June 29, 1971 (2)
|
|
3(ii)
|
Amendment to the Company’s Bylaws (10)
|
4
|
Specimen of Common Stock certificate (2)
|
10.1
|
Non-Salaried Director Stock Option Plan dated April 22, 1996* (3)
|
10.1(a)
|
Amendment No. 1 to the Non-Salaried Director Stock Option Plan *(4)
|
10.1(b)
|
Amendment No. 2 to the Non-Salaried Director Stock Option Plan *(5)
|
10.2
|
1992 Amended and Restated
Stock
Option Plan* (6)
|
10.2(a)
|
Amendment No. 1 to the Amended and Restated Stock Option Plan* (7)
|
10.2(b)
|
Amendment No. 2 to the Amended and Restated Stock Option Plan* (8)
|
10.2(c)
|
Amendment No. 3 to the Amended and Restated Stock Option Plan* (9)
|
10.2(d)
|
Amendment No. 4 to the Amended and Restated Stock Option Plan* (9)
|
10.3
|
Acme United Employee Stock Option Plan dated February 26, 2002* as amended (11)
|
10.4
|
Severance Pay Plan dated September 28, 2004*
|
10.5(a)
|
Salary Continuation Plan dated September 28, 2004, as amended (13)*
|
10.6
|
2005 Non-Salaried Director Stock Option Plan (12)
|
10.8
|
Deferred Compensation Plan dated October 2, 2007
|
10.9
|
Fifth Modification to Revolving Promissory Note and Revolving Credit and Security Agreement, and Reaffirmation of Guaranty
|
10.10 | Sixth Modification to Revolving Promissory Note and Revolving Credit and Security Agreement, and Reaffirmation of Guaranty* |
Change in Control Plan dated February 24, 2011*
|
|
Subsidiaries of the Registrant
|
|
Consent of MARCUM LLP, Independent Registered Public Accounting Firm
|
|
Consent of UHY LLP, Independent Registered Public Accounting Firm
|
|
Certification of Walter Johnsen pursuant to Rule 13a-14(a) and 15d-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Paul Driscoll pursuant to Rule 13a-14(a) and 15d-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Walter Johnsen pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Paul Driscoll pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
(1)
|
Previously filed in S-1 Registration Statement No. 230682 filed with the Commission on November 7, 1968 and amended by Amendment No. 1 on December 31, 1968 and by Amendment No. 2 on January 31, 1969.
|
(2)
|
Previously filed as an exhibit to the Company’s Form 10-K filed in 1971.
|
(3)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-26739 filed with the Commission on May 9, 1997.
|
(4)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-84505 filed with the Commission on August 4, 1999.
|
(5)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-70348 filed with the Commission on September 21, 2000.
|
(6)
|
Previously filed as an exhibit to the Company’s Proxy Statement filed on March 29, 1996.
|
(7)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-26737 filed with the Commission on May 9, 1997.
|
(8)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-84499 filed with the Commission on August 4, 1999.
|
(9)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-70346 filed with the Commission on September 27, 2001.
|
(10)
|
Previously filed in the Company’s form 8-K filed on February 28, 2006.
|
(11)
|
Previously filed in the Company’s Proxy statement for the 2005 Annual Meeting of Shareholders.
|
(12)
|
Previously filed in the Company’s Form S-8 Registration Statement No. 333-126478 filed with the Commission on July 8, 2005.
|
(13)
|
Previously filed in the Company’s Form 8-K filed on December 21, 2010.
|
Signatures | Titles | |
s/ Walter C. Johnsen | ||
Walter C. Johnsen | Chairman and Chief Executive Officer | |
s/ Brian S. Olschan | ||
Brian S. Olschan | President, Chief Operating Officer and Director | |
s/ Paul G. Driscoll | ||
Paul G. Driscoll | Vice President, Chief Financial Officer, | |
Secretary and Treasurer | ||
s/ Rex L. Davidson | ||
Rex Davidson | Director | |
s/ Richmond Y. Holden, Jr. | ||
Richmond Y. Holden, Jr. | Director | |
s/ Susan H. Murphy | ||
Susan H. Murphy | Director | |
s/ Stevenson E. Ward III | ||
Stevenson E. Ward III | Director |
ACME UNITED CORPORATION | |||
By: | |||
Walter C. Johnsen | |||
Its: |
Chairman of the Board and
Chief Executive Officer
|
||
Duly Authorized | |||
WELLS FARGO BANK, N.A. | |||
By: | |||
John Mulvey, Senior Vice President | |||
1.
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I am a principal financial officer of Borrower;
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2.
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The enclosed financial statements are prepared in accordance with generally accepted accounting principles;
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3.
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No Default (as defined in the Loan Documents) or any event which, upon the giving of notice or lapse of time or both, would constitute such a Default, has occurred.
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4.
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Borrower is in compliance with the Financial Covenant(s) set forth in the Loan Documents, as demonstrated by the calculations contained in the Covenant Compliance Certificate attached hereto as Schedule 1.
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COVENANT | ACTUAL | REQUIRED |
Fixed Charge Coverage Ratio | not less than 2.00 to 1.00 | |
Compliance? Yes No
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Total Liabilities to Tangible Net Worth | not more than 1.75 to 1.00 | |
Compliance? Yes No | ||
Tangible Net Worth | Not less than $18,000,000.00 | |
Compliance? Yes No |
Officer Title | Months of compensation payable | |
Director of the Corporation who is also an Officer
of the Corporation at the level of Executive
Vice President or above
|
36 months | |
Senior Vice President and Vice President | 24 months |
Name | Country of Incorporation |
Acme United Limited | Canada |
Acme United Europe GmbH | Germany |
Acme United (Asia Pacific) Limited | Hong Kong |
By | /s/ Walter C. Johnsen | |
Walter C. Johnsen
Chairman and
Chief Executive Officer
|
By | /s/ PAUL G. DRISCOLL | |
Paul G. Driscoll
Vice President and
Chief Financial Officer
|
By | /s/ Walter C. Johnsen | |
Walter C. Johnsen
Chairman and
Chief Executive Officer
|
By | /s/ PAUL G. DRISCOLL | |
Paul G. Driscoll
Vice President and
Chief Financial Officer
|