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| Statement |
|---|
| Sales of First Aid products were strong |
| And what I know is that our Rocky Mount leadership is much stronger than it's ever been |
| Tim Call So organic sales growth, strong margins, probably much lower interest expense and possibility of accretive acquisitions |
| And the orders that are coming in are solid |
| And so we're feeling pretty positive about growth there over and above what it normally has grown |
| We have innovative DMT Sharpeners in the kitchen category with significant incremental distribution and new planograms in the craft market |
| The organic growth in First Aid is substantially better than what Cuda and Camillus have been in the past couple of years |
| Med-Nap, we're working big time on the expansions there because we use the products ourselves, we're growing our top line in the First Aid area, and we're gaining business from outside customers |
| In the case of First Aid, we're seeing an expanding market growing faster than Westcott where we're gaining growth this year, a new drug chain where we pushed out a competitor |
| And then we're also gaining first aid, which is going into restaurants that we've done quite a bit of work, but we're -- it's just new business that we're gaining |
| And frankly, orders are good right now in the first quarter |
| Our leadership at Santa Ana in both plants are excelling |
| Our gross margins increased as we successfully implemented our productivity plans |
| And now we've got a much stronger balance sheet to be working on acquisitions, mostly in the first aid area |
| We are promoting from within, and hiring from without, the team is the best we have ever had |
| The productivity improvements and reduction in SG&A expenses resulted in annual savings of approximately $6.5 million |
| So January and February really strong |
| And we've started off very strong at Med-Nap, which I'm cheering about |
| And then -- so I mean, that's pretty solid |
| We have gained market share there |
| Our Canadian business is expanding from organic growth and the Hawktree acquisition |
| The higher gross margin was mainly due to the productivity improvement initiatives that began in Q4 of 2022 as well as lower inbound transportation costs |
| So that helps on margin improvement |
| Net sales in local currency for Canada increased 12% in the quarter and 5% for the year due to growth in First Aid products |
| So as we're looking at it, I think, for sure, the First Aid emphasis and the growth there is faster than the rest of the business normally, and that's pulling organic growth going forward |
| As we entered 2024, we were optimistic |
| So that's sort of why we're seeing this coming year with some pretty good wins that are back |
| The other piece of that is Westcott has gained this year new business in the cutting area and in planograms |
| In each case, we believe we have the business to make these acquisitions accretive -- these expansions accretive |
| Sam Namiri Great year |
| Statement |
|---|
| Tim Call And so the first half of '23 saw softer sales as retailers and wholesalers cut inventory levels |
| The sales decrease for both periods was mainly due to the economic recession in Canada |
| Net sales for Europe decreased 13% in local currency for the quarter and 6% for the year ended December 31 |
| And as far as inventory reduction, if there are customers still out there with inventory reduction programs, then they have a problem |
| But post-pandemic, Cuda and Camillus had negative sales growth |
| There's also inflationary pressure, and we have a lot of uncertainty in the global world |
| Paul Driscoll Acme's net sales for the fourth quarter were $41.9 million compared to $44.1 million in 2022, a decrease of 5%, excluding the impact of the Camillus included product line sold on November 1, 2023 |
| Sales for the fourth quarter of 2023 declined 1% compared to 2022 |
| And the sales were a little softer in November and December |
| segment declined 2% in the fourth quarter |
| And that generally means more cost, not like we've had in the past, but that's sort of a headwind on some margin expansion from the levels we finished in the fourth quarter |
| 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 |
| Sales in 2023 were $191.5 million, a 1% decrease from 2022 |
| Tim Call Well, congratulations getting through a year of with many challenges |
| In addition, we have experienced supply chain disruptions, and we may experience these disruptions in the future |
| Sales of school and office products for the year were impacted by customer reductions of inventory in the first half of 2023 |
| The Cuda and Camillus business were about flat, maybe a little bit of decline after the very strong period with COVID |
| Paul Driscoll I think it was down a little bit |
| And do you have a feel some folks said they were expecting back-to-school to be down in '24 |
| And so it looks like the fourth quarter tailed off |
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