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SHELTON, CT – Acme United Corporation (NYSE American: ACU), a leading manufacturer of cutting, measuring and safety products with annual revenues of $194.49 million and a healthy diluted EPS of $2.45, announced today that Marcum LLP has resigned as the company’s independent registered public accounting firm. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.17 and operates with moderate debt levels. The resignation, effective today, is due to Marcum’s attest business being acquired by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024.
The company’s Audit Committee has appointed CBIZ as its new independent auditor following Marcum’s resignation. The selection of CBIZ was finalized today, with Acme United stating that there were no disagreements or reportable events between the company and Marcum during the fiscal years ended December 31, 2024, and 2023, or in the subsequent period up to today. This transition comes as the company maintains its 22-year track record of consistent dividend payments, as highlighted in InvestingPro’s analysis.
Acme United has confirmed that Marcum’s audit reports for the past two fiscal years did not contain any adverse opinion or disclaimer and were not qualified in terms of uncertainty, audit scope, or accounting principles. Furthermore, the company reported that there had been no consultations with CBIZ regarding accounting principles or auditing matters that would have influenced their decision-making process prior to the appointment.
In compliance with regulatory requirements, Acme United provided Marcum with the disclosures regarding their resignation and has included Marcum’s response letter, dated today, as an exhibit to the 8-K filing with the Securities and Exchange Commission.
This transition in auditors comes as Acme United continues its operations headquartered in Shelton, Connecticut. The company has not provided any further details on the implications of the change in its certifying accountant but maintains that the switch is a direct result of the acquisition of Marcum’s attest business by CBIZ.
Investors and stakeholders are advised that the information presented is based on statements from a press release. For a comprehensive analysis of Acme United’s financial health, which currently rates as "GOOD" according to InvestingPro’s scoring system, subscribers can access the detailed Pro Research Report, one of 1,400+ company deep-dives available on the platform.
In other recent news, Acme United Corporation reported its fourth-quarter 2024 financial results, showing earnings per share (EPS) of $0.41, which did not meet the projected $0.53. However, the company exceeded revenue expectations, achieving $45.94 million compared to the anticipated $42.3 million. Acme United recorded record net sales and EBITDA for the year, with total net sales reaching $194.4 million and an EBITDA of $20 million. The company experienced a 23% increase in net income to $10 million and a 10% growth in EPS to $2.45 for 2024. Despite a slight decline in European sales, the U.S. segment performed well with a 12% increase in the fourth quarter. Looking forward, Acme United is preparing for potential tariff challenges in 2025, with EPS forecasts ranging from $0.57 to $0.71 in the first half of the year. The company remains optimistic about its strategic initiatives, which include diversifying production locations to mitigate tariff impacts.
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