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Acme United Corporation (ACU) Q3 2023 Earnings Call Transcript

Acme United Corporation (NYSE:ACU) Q3 2023 Earnings Conference Call October 23, 2023 12:00 PM ET

Company Participants

Walter Johnsen – Chairman and Chief Executive Officer

Paul Driscoll – Chief Financial Officer

Conference Call Participants

Richard Dearnley – Longport Partners

Chris Sakai – Singular Research

Timothy Call – Capital Management Corporation

Operator

Good day, and welcome to the Acme United Corporation’s Third Quarter 2023 Earnings Call.

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

Walter Johnsen

Good morning. Welcome to the third quarter 2023 earnings conference call for Acme United Corporation. I am Walter C. Johnsen, Chairman and CEO. With me is Paul Driscoll, our Chief Financial Officer, who will first read the 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 capital and other 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, among others, those arising as a result of a challenging global macroeconomic environment characterized by continued high inflation and high interest rates.

In addition, we have experienced supply chain disruptions, and we may experience these disruptions in the future. We are also subject to additional risks and uncertainties as described in our periodic filings with the Securities and Exchange Commission and in our current earnings release.

Walter Johnsen

Thank you, Paul.

Acme United made significant progress during the third quarter of 2023. Our sales were $50.4 million, which was approximately 1% above that in the third quarter of 2022. Operating net income was $3.7 million during the quarter compared to $955,000 last year. Net income was $2.2 million compared to $64,000 in the third

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