Acme United Corporation (AMEX:ACU) Q1 2024 Earnings Call Transcript

Relative to our Canadian market, the acquisition of Hawktree Solutions has been successful, with — as you may know, we bought it out of bankruptcy in September. It was, at one time, a $50 million business. It overexpanded with personal protection equipment. The price of that stuff declined. They were stuck with write-downs of inventory and a decline of their customer base and it went into receivership. And we bought it, as you may remember, for $1 million and had about $1.3 million of inventory that we purchased. It came with the license for the Canadian Red Cross who used in their training and in some of their rescue and safety operations. We’ve consolidated that into our facility in Laval. We’ve expanded some of the sales efforts. We’ve brought in their customers.

Today, it’s a fully functioning part of our first aid business in Canada. You may remember that we doubled our space in Canada in the first quarter or at the end of the — in the first quarter. And so, we’re expecting sizable growth there, and we’re experiencing it.

Jim Marrone: Great. Thank you very much for your answers.

Walter Johnsen: Thank you, Jim.

Operator: Thank you. There are no further questions at this time. I would like to turn the floor back over to Mr. Walter Johnsen for any closing remarks.

Walter Johnsen: I’d like to thank you for joining us today. We’re optimistic about the coming quarters, and I look forward to presenting the results of that in the next quarter earnings release in July. Thank you for joining us. Goodbye.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.