Acme United (ACU) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	2,098
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,346,103
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,941	$ 2,286
Accounts receivable, less allowance	27,123	19,477
Inventories:
Finished goods	31,452	28,713
Work in process	295	522
Raw materials and supplies	4,469	4,436
Total inventory	36,216	33,671
Prepaid expenses and other current assets	2,425	2,077
Total current assets	67,705	57,511
Property, plant and equipment:
Land	425	436
Buildings	5,499	5,126
Machinery and equipment	10,437	10,067
Total property, plant and equipment	16,361	15,629
Less accumulated depreciation	9,164	8,698
Net property, plant and equipment	7,197	6,931
Goodwill	1,375	1,375
Intangible assets, less amortization	12,173	12,555
Other assets	971	936
Total assets	89,421	79,308
Current liabilities:
Accounts payable	9,332	7,773
Other accrued liabilities	7,039	7,590
Total current liabilities	16,371	15,363
Long-term debt	30,179	24,147
Other	336	370
Total liabilities	$ 46,886	39,880
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,700,719 shares in 2015 and 4,653,424 shares in 2014, including treasury stock	$ 11,752	11,633
Additional paid-in capital	8,801	7,941
Retained earnings	36,374	33,784
Treasury stock, at cost - 1,362,072 shares	(12,283)	(12,283)
Accumulated other comprehensive (loss) income:
Minimum pension liability	(895)	(895)
Translation adjustment	(1,214)	(752)
Total accumulated other comprehensive (loss) income	(2,109)	(1,647)
Total stockholders' equity	42,535	39,428
Total liabilities and stockholders' equity	$ 89,421	$ 79,308

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
STOCKHOLDERS' EQUITY
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	4,700,719	4,653,424
Treasury stock, shares	1,362,072	1,362,072

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements Of Operations
Net sales	$ 33,954	$ 33,396	$ 56,791	$ 52,548
Cost of goods sold	21,419	21,675	35,821	33,950
Gross profit	12,535	11,721	20,970	18,598
Selling, general and administrative expenses	8,660	7,983	16,269	14,235
Operating income	3,875	3,738	4,701	4,363
Interest:
Interest expense	142	108	274	197
Interest income	(1)	(2)	(3)	(9)
Interest expense, net	141	106	271	188
Other (income) expense, net	(20)	(3)	56	16
Total other expense, net	121	103	327	204
Income before income taxes	3,754	3,635	4,374	4,159
Income tax expense	1,044	1,093	1,228	1,248
Net income	$ 2,710	$ 2,542	$ 3,146	$ 2,911
Basic earnings per share	$ .82	$ .79	$ .95	$ .91
Diluted earnings per share	$ .74	$ .72	$ .85	$ .83
Weighted average number of common shares outstanding - denominator used for basic per share computations	3,300,000	3,210,000	3,315,000	3,206,000
Weighted average number of dilutive stock options outstanding	381,000	329,000	391,000	281,000
Denominator used for diluted per share computations	3,681,000	3,539,000	3,706,000	3,487,000
Dividends declared per share	$ .09	$ .08	$ .18	$ .16

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements Of Comprehensive Income Loss
Net income	$ 2,710	$ 2,542	$ 3,146	$ 2,911
Other comprehensive (loss) / income -
Foreign currency translation	91	165	(462)	(38)
Comprehensive income	$ 2,801	$ 2,707	$ 2,684	$ 2,873

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities:
Net income	$ 3,146	$ 2,911
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation	641	541
Amortization	383	174
Stock compensation expense	304	300
Gain on disposal/sale of assets		(200)
Changes in operating assets and liabilities:
Accounts receivable	(7,698)	(12,796)
Inventories	(3,010)	(1,000)
Prepaid expenses and other assets	(508)	(357)
Accounts payable	1,766	5,249
Other accrued liabilities	(607)	1,989
Total adjustments	(8,729)	(6,100)
Net cash used by operating activities	(5,583)	(3,189)
Investing Activities:
Purchase of property, plant, and equipment	(867)	(1,022)
Purchase of patents and trademarks	(3)	(63)
Acquisition of certain assets of First Aid Only, Inc.		(13,806)
Proceeds from the sales of property, plant and equipment		773
Net cash used by investing activities	(870)	(14,118)
Financing Activities:
Borrowing of long-term debt	6,033	8,413
Proceeds from issuance of common stock	675	173
Distributions to stockholders	(595)	(512)
Net cash provided by financing activities	6,113	8,074
Effect of exchange rate changes on cash	(5)	17
Net change in cash and cash equivalents	(345)	(9,218)
Cash and cash equivalents at beginning of period	2,286	11,644
Cash and cash equivalents at end of period	$ 1,941	$ 2,426

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of Acme United Corporation (the “Company”). These adjustments are of a normal, recurring nature. However, the financial statements do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in the Company's Annual Report on Form 10-K. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 for such disclosures. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated balance sheet as of that date. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto, included in the Company’s 2014 Annual Report on Form 10-K. The Company has evaluated events and transactions subsequent to June 30, 2015 and through the date these condensed consolidated financial statements were included in this Form 10-Q and filed with the SEC. As part of the process of preparing our financial statements on a quarterly basis, the Company estimates its income tax expense. This process involves the estimation of the Company’s current tax exposure based on expected annual results of operations.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Contingencies
Contingencies	Note 2 — Contingencies The Company is involved from time to time in disputes and other litigation in the ordinary course of business and may encounter other contingencies, which may include environmental and other matters. There are no pending material legal proceedings to which the registrant is a party, or, to the actual knowledge of the Company, contemplated by any governmental authority. In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and was closed in 1996. Under the terms of the sale agreement, and as required by the Connecticut Transfer Act, the Company was required to remediate any environmental contamination on the property. During 2008, the Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, the Company recorded an undiscounted liability of approximately $1.8 million related to the remediation of the property. This accrual included the costs of required investigation, remedial activities, and post-remediation operating and maintenance. Remediation work on the project began in the third quarter of 2009 and was completed during the third quarter of 2012. In addition to the completed remediation work, the Company, with the assistance of its independent environmental consulting firm, was required to monitor contaminant levels on the property to ensure they comply with applicable governmental standards. During the first quarter of 2015, the Company received notice from the Connecticut Department of Energy & Environmental Protection that it had accepted and approved the Company’s filing of its Form III Verification Report. As a result, the Company’s remediation obligations have been satisfied. On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Company’s scissors and rulers. Under the terms of the sale agreement, the Company is responsible to remediate any environmental contamination on the property. The Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014, related to the remediation of the property. The accrual included the total of then estimated costs of remedial activities and post-remediation monitoring costs. Remediation work on the project began in the third quarter of 2014 and is expected to be completed in 2015. In addition to the remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with applicable North Carolina laws and regulations. The Company expects that the monitoring period will last a period of five years after the completion of the remediation and be completed by the end of 2020. The change in the accrual for environmental remediation, included in other accrued liabilities and other liabilities on the condensed consolidated balance sheets for the six months ended June 30, 2015 follows (amounts in thousands): Balance at December 31, 2014 Estimated Costs Payments Balance at June 30, 2015 Fremont, NC $ 260 $ — $ (14 ) $ 246 Bridgeport, CT 6 — (6 ) — Total $ 266 $ — $ (20 ) $ 246

Pension

Pension	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension	Note 3 — Pension Components of net periodic benefit cost are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Interest cost $ 15 $ 19 $ 29 $ 35 Service cost 6 3 13 13 Expected return on plan assets (23 ) (29 ) (46 ) (47 ) Amortization of prior service costs 2 2 5 5 Amortization of actuarial loss 28 23 56 58 $ 28 $ 18 $ 57 $ 64 The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. As of June 30, 2015 the Company had contributed approximately $30,000 to the plan.

Debt and Shareholders' Equity

Debt and Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Debt And Shareholders Equity
Debt and Stockholders Equity	Note 4 —Debt and Shareholders’ Equity On April 25, 2013, the Company amended its revolving loan agreement with HSBC Bank N.A. dated April 5, 2012. The amendment increased the borrowing limit to $40 million from $30 million. The interest rate remains the same at LIBOR plus 1.75%. All principal amounts outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires; interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At June 30, 2015, the Company was in compliance with these covenants. As of June 30, 2015 and December 31, 2014, the Company had outstanding borrowings of $30,179,484 and $24,146,841, respectively, under the Company’s revolving loan agreement with HSBC. During the three months ended June 30, 2015, the Company issued a total of 25,595 shares of common stock and received aggregate proceeds of $354,000 upon exercise of employee stock options. During the six months ended June 30, 2015, the Company issued a total of 47,295 shares of common stock and received aggregate proceeds of $675,000 upon exercise of employee stock options.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information
Segment Information	Note 5— Segment Information The Company reports financial information based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, management reviews the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and first aid products for school, office, home, hardware, sporting and industrial markets. Domestic sales orders are filled from the Company’s distribution center in North Carolina. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots. Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers, who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 27% and 20% of the Company’s total net sales for the three and six months ended June 30, 2015 compared to 26% and 20% for the comparable periods in 2014. The chief operating decision maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Financial data by segment: (in thousands) Three months ended June 30, Six months ended June 30, Sales to external customers: 2015 2014 2015 2014 United States $ 29,649 $ 27,870 $ 49,782 $ 43,974 Canada 2,813 3,673 4,054 5,184 Europe 1,492 1,853 2,955 3,390 Consolidated $ 33,954 $ 33,396 $ 56,791 $ 52,548 Operating income (loss): United States $ 3,552 $ 3,239 $ 4,522 $ 3,916 Canada 282 527 175 559 Europe 41 (28 ) 4 (112 ) Consolidated $ 3,875 $ 3,738 $ 4,701 $ 4,363 Interest expense, net 141 106 271 188 Other (income) expense , net (20 ) (3 ) 56 16 Consolidated income before taxes $ 3,754 $ 3,635 $ 4,374 $ 4,159 Assets by segment: (in thousands) June 30, December 31, 2015 2014 United States $ 79,605 $ 70,526 Canada 5,550 4,363 Europe 4,266 4,419 Consolidated $ 89,421 $ 79,308

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Note 6 – Stock Based Compensation The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period. Share-based compensation expenses were $174,763 and $174,000 for the quarters ended June 30, 2015 and 2014, respectively. Share-based compensation expenses were $303,515 and $300,000 for the six months ended June 30, 2015 and 2014, respectively. During the three months ended June 30, 2015, the Company issued 22,000 options with a weighted average fair value of $3.38 per share. During the six months ended June 30, 2015, the Company issued 37,000 options with a weighted average fair value of $3.50 per share. As of June 30, 2015, there was a total of $885,305 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share –based payments granted to the Company’s employees. The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 3 years.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Fair Value Measurements	Note 7 – Fair Value Measurements The carrying value of the Company’s bank debt approximates fair value. Fair value was determined using a discounted cash flow analysis.

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combination	Note 8 – Business Combination On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC. The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands): Assets: Accounts Receivable $ 2,544 Inventory 1,704 Equipment 463 Prepaid expenses 110 Customer Relationships 5,430 Trade Name 3,410 Covenant Not-to-Compete 70 Goodwill 1,340 Total assets $ 15,071 Liabilities Accounts Payable $ 1,019 Accrued Expense 252 Total liabilities $ 1,271 Assuming First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the three and six months ended June 30, 2014 for the Company would have been approximately $36.7 million and $59.6 million, respectively. Unaudited proforma combined net income for the three and six months ended June 30, 2014 for the Company would have been approximately $2.7 million and $3.1 million, respectively.

Contingencies (Tables)

Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Contingencies Tables
Accrual for Environmental Remediation Table	Balance at December 31, 2014 Estimated Costs Payments Balance at June 30, 2015 Fremont, NC $ 260 $ — $ (14 ) $ 246 Bridgeport, CT 6 — (6 ) — Total $ 266 $ — $ (20 ) $ 246

Pension (Tables)

Pension (Tables)	6 Months Ended
	Jun. 30, 2015
Pension Tables
Components of Net Benefit Cost	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Interest cost $ 15 $ 19 $ 29 $ 35 Service cost 6 3 13 13 Expected return on plan assets (23 ) (29 ) (46 ) (47 ) Amortization of prior service costs 2 2 5 5 Amortization of actuarial loss 28 23 56 58 $ 28 $ 18 $ 57 $ 64

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Information Tables
Financial Data By Segment Table	Financial data by segment: (in thousands) Three months ended June 30, Six months ended June 30, Sales to external customers: 2015 2014 2015 2014 United States $ 29,649 $ 27,870 $ 49,782 $ 43,974 Canada 2,813 3,673 4,054 5,184 Europe 1,492 1,853 2,955 3,390 Consolidated $ 33,954 $ 33,396 $ 56,791 $ 52,548 Operating income (loss): United States $ 3,552 $ 3,239 $ 4,522 $ 3,916 Canada 282 527 175 559 Europe 41 (28 ) 4 (112 ) Consolidated $ 3,875 $ 3,738 $ 4,701 $ 4,363 Interest expense, net 141 106 271 188 Other (income) expense , net (20 ) (3 ) 56 16 Consolidated income before taxes $ 3,754 $ 3,635 $ 4,374 $ 4,159
Assets By Segment	Assets by segment: (in thousands) June 30, December 31, 2015 2014 United States $ 79,605 $ 70,526 Canada 5,550 4,363 Europe 4,266 4,419 Consolidated $ 89,421 $ 79,308

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combination Tables
Purchase Price Allocation	Assets: Accounts Receivable $ 2,544 Inventory 1,704 Equipment 463 Prepaid expenses 110 Customer Relationships 5,430 Trade Name 3,410 Covenant Not-to-Compete 70 Goodwill 1,340 Total assets $ 15,071 Liabilities Accounts Payable $ 1,019 Accrued Expense 252 Total liabilities $ 1,271

Contingencies (Details Narrativ

Contingencies (Details Narrative) - USD ($) $ in Thousands	Apr. 07, 2014	Dec. 31, 2008
Bridgeport, CT
Description of property sale		In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consisted of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Company’s original scissor factory which opened in 1887 and was closed in 1996.
Proceeds from sale of assets		$ 2,500
Mortgage receivable from sale of asset		2,000
Undiscounted environmental remediation liability		$ 1,800
Fremont, NC
Proceeds from sale of assets	$ 850
Undiscounted environmental remediation liability	$ 300
Minimum environmental remediation monitoring period (in years)	5 years

Contingencies - Accrual for Env

Contingencies - Accrual for Environmental Remediation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Environmental remediation accrual at December 31, 2014	$ 266
Estimated Costs	0
Payments	(20)
Environmental remediation accrual at June 30, 2015	246
Bridgeport, CT
Environmental remediation accrual at December 31, 2014	6
Estimated Costs	0
Payments	(6)
Environmental remediation accrual at June 30, 2015	0
Fremont, NC
Environmental remediation accrual at December 31, 2014	260
Estimated Costs	0
Payments	(14)
Environmental remediation accrual at June 30, 2015	$ 246

Pension (Details Narrative)

Pension (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Compensation and Retirement Disclosure [Abstract]
Plan contributions during period	$ 30

Pension - Periodic Benefit Cost

Pension - Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of net periodic benefit cost:
Interest cost	$ 15	$ 19	$ 29	$ 35
Service cost	6	3	13	13
Expected return on plan assets	(23)	(29)	(46)	(47)
Amortization of prior service costs	2	2	5	5
Amortization of actuarial loss	28	23	56	58
Net periodic benefit cost	$ 28	$ 18	$ 57	$ 64

Debt and Shareholders' Equity (

Debt and Shareholders' Equity (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2013	Apr. 30, 2012	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Apr. 25, 2013	Apr. 05, 2012
Debt And Shareholders Equity Details Narrative
Outstanding borrowings under revolving loan agreement			$ 30,179	$ 30,179	$ 24,147
Credit facility borrowing capacity						$ 40,000	$ 30,000
Interest rate of LIBOR plus percentage	1.75%	1.75%
Credit facility interest rate	Interest rate of LIBOR plus 1.75%
Credit facility expiration date	Apr. 5, 2017
Covenant terms and compliance				Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. At June 30, 2015, the Company was in compliance with these covenants.
Common stock issued upon exercise of employee stock options (in shares)			25,595	47,295
Cash received upon exercise of employee stock options			$ 354	$ 675

Segment Information - Financial

Segment Information - Financial Data by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Sales to external customers	$ 33,954	$ 33,396	$ 56,791	$ 52,548
Operating income (loss)	3,875	3,738	4,701	4,363
Interest expense, net	141	106	271	188
Other (income) expense, net	(20)	(3)	56	16
Consolidated income before income taxes	3,754	3,635	4,374	4,159
Assets	89,421		89,421		$ 79,308
United States
Sales to external customers	29,649	27,870	49,782	43,974
Operating income (loss)	3,552	3,239	4,522	3,916
Assets	79,605		79,605		70,526
Canada
Sales to external customers	2,813	3,673	4,054	5,184
Operating income (loss)	282	527	175	559
Assets	5,550		5,550		4,363
Europe
Sales to external customers	1,492	1,853	2,955	3,390
Operating income (loss)	41	$ (28)	4	$ (112)
Assets	$ 4,266		$ 4,266		$ 4,419

Segment Information (Details Na

Segment Information (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Information Details Narrative
Direct import sales to total net sales ratio	27.00%	26.00%	20.00%	20.00%

Stock Based Compensation (Detai

Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Based Compensation Details Narrative
Share-based compensation expense	$ 175	$ 174	$ 304	$ 300
Stock options granted during period (in shares)	22,000		37,000
Weighted average fair value of stock options granted during period	$ 3.38		$ 3.50
Unrecognized compensation cost	$ 885		$ 885
Unrecognized compensation cost recognition period			3 years

Business Combination (Details N

Business Combination (Details Narrative) - First Aid Only, Inc. - USD ($) $ in Thousands	Jun. 02, 2014	Jun. 30, 2014	Jun. 30, 2014
Purchase price	$ 13,800
Unaudited proforma net sales during period		$ 36,700	$ 59,600
Unaudited proforma net income during period		$ 2,700	$ 3,100

Business Combination Purchase P

Business Combination Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 02, 2014
Assets:
Goodwill	$ 1,375	$ 1,375
First Aid Only, Inc.
Assets:
Accounts Receivable			$ 2,544
Inventory			1,704
Equipment			463
Prepaid expenses			110
Customer Relationships			5,430
Trade Name			3,410
Covenant Not-to-Compete			70
Goodwill			1,340
Total assets			15,071
Liabilities:
Accounts Payable			1,019
Accrued Expense			252
Total liabilities			$ 1,271