Acme United reports Q1 EPS 24c vs. 41c last year

Reports Q1 revenue $52.3M vs. $46.0M last year. CEO Walter Johnsen said, “While we experienced higher costs of sales and operating expenses in Q1, the impact was magnified due to the seasonality of our business, which traditionally has lower sales in Q1. We are actively working to improve profitability…My Medic, which has annual sales of $19M, offers many compelling growth and cost saving opportunities. We are expanding My Medic’s retail distribution while also leveraging Acme United’s (ACU) strong purchasing network to reduce costs, cutting overhead, and consolidating functions. Importantly, the expenses incurred for the enhanced quality assurance protocols at the Med-Nap facility were one-time, non-recurring expenses…To date, we have added approximately $10M of incremental orders for delivery in the second and third quarters and are carefully evaluating additional purchases. Acme United has extensive experience with supply chain challenges, and I am confident that our team will address them successfully. I also believe the investments we have been making in expanding Acme United’s business lines, technology, and capacity will continue to strengthen our company.”