Acme United Corp. (ACU) reported that its first-quarter net income increased to $309,000 or $0.10 per share from $260,000 or $0.08 per share in the comparable period last year.
Net sales for the quarter were $17.7 million, compared to $16.9 million in the first quarter of 2012, an increase of 5%.
Net sales for the first quarter of 2013 in the U.S. segment increased 12% compared to the same period in 2012 mainly due to higher sales of Camillus knives and the acquisition of the C-Thru Ruler Company.
Net sales in Canada in the first quarter of 2013 decreased 2% in both U.S. dollars and local currency compared to the same period in 2012. European net sales in the first quarter of 2013 decreased 31% in both U.S. dollars and local currency compared to the first quarter of 2012 primarily due to the bankruptcy and liquidation of a large customer in the second quarter of 2012.
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