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Acme United Corporation (ACU) CEO Walter Johnsen on Q4 2021 Results - Earnings Call Transcript

Mar. 01, 2022 1:50 PM ETAcme United Corporation (ACU)
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Acme United Corporation (NYSE:ACU) Q4 2021 Results Conference Call March 1, 2022 12:00 PM ET

Company Participants

Walter Johnsen - CEO

Paul Driscoll - CFO

Conference Call Participants

Chris Sakai - Singular Research

Richard Dearnley - Longport Partners


Good day, and welcome to the Acme United Corporation's hosted Fourth Quarter 2021 Earnings Conference Call.

At this time, I would like to turn the conference over to Mr. Walter Johnsen, Chairman and CEO. Please go ahead, sir.

Walter Johnsen

Good morning. Welcome to the fourth quarter and year-end 2021 earnings call for Acme United Corporation. I'm Walter C. Johnsen, Chairman and CEO. With me is Paul Driscoll, our Chief Financial Officer, who will first read a safe harbor statement. Paul?

Paul Driscoll

Forward-looking statements in this conference call, 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 such as, among others, those arising as a result of the effects of the COVID-19 pandemic, including the ongoing economic downturn and the other risks and uncertainties described in our periodic filings with the Securities and Exchange Commission and in our current earnings release.

Walter Johnsen

Thank you, Paul. Acme United had a strong year in 2021. Our team delivered its 12th consecutive year of record sales with earnings reaching an all-time high. We integrated the First Aid Central and Med-Nap acquisitions, installed new warehouse management software in our largest distribution center and strengthened our balance sheet.

Sales for the year were $182 million compared to $164 million in 2021, an increase of 11%. Our net income was $10.1 million versus $8.1 million in the prior year, up 25%. Our earnings per share increased 11% to $2.57

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