Acme United Corp (ACU) 2026 Q1 法說會逐字稿

Good day and welcome to the Acme United first-quarter 2026 financial results call. At this time, I'd like to turn the call over to Walter Johnsen, Chairman and CEO. Please go ahead, sir.

各位好，歡迎參加 Acme United 2026 年第一季財務業績電話會議。此刻，我想把電話交給董事長兼執行長 Walter Johnsen。先生，請開始。

Good morning. Welcome to the first-quarter 2026 earnings conference call for Acme United Corporation. I'm Walter C. Johnsen, Chairman and CEO. With me is Paul Driscoll, our Chief Financial Officer, who will first read a Safe Harbor statement. Paul?

各位早安。歡迎參加 Acme United Corporation 2026 年第一季財報電話會議。我是董事長兼執行長 Walter C. Johnsen。與我一同出席的是我們的財務長 Paul Driscoll，他將先宣讀「安全港」聲明。Paul？

Forward-looking statements in this conference call, including without limitation, statements related to the company's plans, strategies, objectives, expectations, intentions, and adequacy of capital and other resources are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1,995. 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, high interest rates, and the imposition of new tariffs or changes in existing tariff rates.

本次電話會議中的前瞻性陳述（包括但不限於與公司計畫、策略、目標、預期、意圖，以及資本與其他資源充足性相關之陳述）係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出。投資人應注意，此類前瞻性陳述涉及風險與不確定性，包括但不限於在具挑戰性的全球總體經濟環境下所產生者；該環境特徵為通膨持續偏高、利率偏高，以及新增關稅或既有關稅稅率變動的實施。

In addition, we have experienced supply chain disruptions in the past, and we may experience these disruptions in the future. We are also subject to additional risks and uncertainties as described in our periodic filings with the Securities and Exchange Commission and in our current earnings release.

此外，我們過去曾經歷供應鏈中斷，未來亦可能再次發生。我們亦面臨其他風險與不確定性，詳載於我們向美國證券交易委員會（SEC）定期提交的文件以及本次最新的財報新聞稿中。

Thank you, Paul. Acme United had a difficult first quarter of 2026. While our net sales increased 14% to $52.3 million, our net income was $985,000, compared to $1.6 million last year, and earnings per share were $0.24, compared to $0.41 last year.

謝謝你，Paul。Acme United 在 2026 年第一季表現艱難。雖然我們的淨銷售額成長 14% 至 5,230 萬美元，但淨利為 98.5 萬美元，低於去年同期的 160 萬美元；每股盈餘為 0.24 美元，低於去年同期的 0.41 美元。

As you may remember, we purchased My Medic for $18.6 million during the first quarter of 2026. The company sells directly to consumers and is cyclical, with most of the profits generated in the fourth quarter of the year. It also generates high gross margins, which it spends on advertising, promotions, new product development and customer support.

各位可能記得，我們在 2026 年第一季以 1,860 萬美元收購 My Medic。該公司以直接面向消費者（DTC）的方式銷售，且具週期性，年度大部分獲利集中在第四季。其毛利率也很高，而這些毛利主要用於廣告、促銷、新產品開發與客戶支援。

Our sales increase of 14% in the first-quarter of 2026 includes approximately 8% from My Medic, which was at breakeven in P&L. Revenues, excluding My Medic, increased 6%.

我們 2026 年第一季 14% 的銷售成長中，約有 8% 來自 My Medic；其在損益表（P&L）層面大致損益兩平。若排除 My Medic，營收成長為 6%。

The company's gross margins in the first quarter of 2026 were 39.7% compared to 39% last year. When the impact of the high gross margins at My Medic are removed, the core gross margins declined due to higher costs and tariffs. We turned our inventory about twice per year, so the costs reflected in the first quarter were from products made and purchased when the tariffs were at their peak. We expect to run through these items during the second quarter with a return to normal levels in the third quarter.

公司 2026 年第一季毛利率為 39.7%，去年同期為 39%。若剔除 My Medic 高毛利率的影響，核心毛利率因成本上升與關稅而下滑。我們的存貨周轉約每年兩次，因此第一季反映的成本來自於關稅處於高峰時期所生產與採購的產品。我們預期第二季將逐步消化這些品項，並在第三季回到正常水準。

Shortly after the war in Iran began, we started purchasing higher-than-normal quantities of raw materials and finished goods inventory. So far, we have purchased approximately $10 million of incremental inventory. While we hope for a quick end to the war, we are planning and acting to be prepared for increasing costs and shortages.

伊朗戰爭爆發後不久，我們便開始採購高於正常水準的原物料與成品存貨。迄今為止，我們已額外採購約 1,000 萬美元的增量存貨。雖然我們希望戰事能迅速結束，但我們正規劃並採取行動，以因應成本上升與短缺的可能性。

Operationally, we're working to increase the revenues of My Medic by expanding its retail distribution and building a strong core of non-seasonal business. Our teams are integrating product lines, leveraging our purchasing strengths, and reducing duplicate expenses with the goal of generating significant profits throughout the year. The project is well underway.

在營運面，我們正透過擴大零售通路與建立強健的非季節性業務核心，來提升 My Medic 的營收。我們的團隊正在整合產品線、發揮採購優勢，並降低重複性費用，目標是在全年各季都能創造可觀獲利。該專案已在積極推進中。

We are completing the move into our new Spill Magic facility in Mount Pleasant, Tennessee. Production has begun there, even as additional equipment is being installed. Orders for the business are strong, and we are experiencing record growth.

我們正在完成搬遷至田納西州芒特普萊森特（Mount Pleasant）的新 Spill Magic 廠房。即使仍在安裝額外設備，該處已開始生產。該業務訂單強勁，我們正經歷創紀錄的成長。

In Europe, sales increased 19% in local currency to EUR4 million. Our growth there includes the acquisition last November of Schmiedeglut, a small direct-to-consumer company, which is exceeding expectations.

在歐洲，以當地貨幣計算的銷售額成長 19% 至 400 萬歐元。我們在當地的成長包含去年 11 月收購的 Schmiedeglut（一家小型直接面向消費者公司），其表現超出預期。

Our first aid business in Europe had record performance, and we continue to expand its product line and sales team. The Westcott cutting tool business overcame market headwinds and increased 10% in Europe.

我們在歐洲的急救業務創下歷史最佳表現，並持續擴充產品線與銷售團隊。Westcott 切割工具業務克服市場逆風，在歐洲成長 10%。

In Canada, First Aid Central had a strong quarter, and the cutting segment also grew. Overall, our Canadian business increased 16% compared to the first quarter of 2025.

在加拿大，First Aid Central 本季表現強勁，切割工具部門亦有成長。整體而言，我們加拿大業務較 2025 年第一季成長 16%。

I will now turn the call to Paul.

接下來我把電話交給 Paul。

Acme's net sales for the first quarter of 2026 were $52.3 million compared to $46 million in 2025, a 14% increase. Excluding My Medic, sales increased 6%. Net sales in the US segment increased 12% in the quarter, driven by higher sales of first aid and medical products, including My Medic products.

Acme 2026 年第一季淨銷售額為 5,230 萬美元，較 2025 年的 4,600 萬美元成長 14%。若排除 My Medic，銷售成長為 6%。美國事業部本季淨銷售額成長 12%，主要由急救與醫療產品（包含 My Medic 產品）銷售增加所帶動。

Net sales in Europe for the first quarter of 2026 increased 19% in local currency compared to the first quarter of 2025, due mainly to the new line of cutting and sharpening tools. The base business had a good performance with a sales increase of 12%.

歐洲 2026 年第一季淨銷售額以當地貨幣計算較 2025 年第一季成長 19%，主要因新增的切割與磨利工具產品線所致。基礎業務表現良好，銷售成長 12%。

Net sales in Canada for the first quarter of 2026 increased 11% in local currency due to higher sales of first aid products. The gross margin was 39.7% in the first quarter of 2026 versus 39% in the first quarter of 2025. The favorable mix from higher margin direct-to-consumer My Medic products is mostly offset by the impact of increased tariffs.

加拿大 2026 年第一季淨銷售額以當地貨幣計算成長 11%，係因急救產品銷售增加。2026 年第一季毛利率為 39.7%，相較 2025 年第一季為 39%。由於毛利較高的 My Medic 直接面向消費者產品帶來有利的產品組合效益，但大多被關稅上升的影響所抵銷。

SG&A expenses for the first quarter of 2026 were $19 million or 36% of net sales compared with $15.5 million or 34% of net sales for the same period of 2025. The higher SG&A was primarily due to the addition of the My Medic business. The higher percentage of sales was due to the higher amount of advertising needed for the direct-to-consumer My Medic business.

2026 年第一季銷售、一般及行政（SG&A）費用為 1,900 萬美元，占淨銷售額 36%；相較 2025 年同期為 1,550 萬美元，占淨銷售額 34%。SG&A 增加主要來自併入 My Medic 業務。占銷售比重提高則是因 My Medic 直接面向消費者業務需要較高的廣告投放。

Net income for the first quarter of 2026 was $1 million or $0.24 per diluted share compared to net income of $1.7 million, or $0.41 per diluted share for the same period of 2025, a decrease of 40% in net income. The decline in net income was primarily due to the higher tariff and Med-Nap costs we experienced in the first quarter of this year.

2026 年第一季淨利為 100 萬美元，稀釋後每股盈餘 0.24 美元；相較 2025 年同期淨利 170 萬美元、稀釋後每股盈餘 0.41 美元，淨利下滑 40%。淨利下滑主要因今年第一季我們承受較高的關稅與 Med-Nap 成本。

The higher tariff spending commenced in July of 2025. However, the costs were capitalized into inventory, and we started to realize the full impact of earnings as the high-cost products were sold in the first quarter of 2026.

較高的關稅支出自 2025 年 7 月開始。然而，相關成本先資本化計入存貨，直到 2026 年第一季高成本產品售出時，我們才開始在獲利上完整反映其影響。

We expect the tariff impact to gradually lessen over the next three quarters as the tariff rate declined in November 2025 and again in February 2026. Additionally, the incremental cost to enhance the quality assurance protocols at the Med-Nap facility will not repeat in the second quarter of 2026.

我們預期關稅影響將在未來三個季度逐步減輕，因關稅稅率已於 2025 年 11 月及 2026 年 2 月分別下調。此外，為提升 Med-Nap 廠品質保證（QA）流程而增加的額外成本，將不會在 2026 年第二季重複發生。

Now to the balance sheet. Net debt increased from $27.2 million at March 31, 2025, to $38.6 million at March 31, 2026. During the 12-month period ended March 31, 2026, we paid $14.6 million for the acquisition of the assets of My Medic, distributed approximately $2.4 million in dividend, and purchased a cutting and sharpening line of products in Germany for $1.6 million.

接著談資產負債表。淨負債由 2025 年 3 月 31 日的 2,720 萬美元，增加至 2026 年 3 月 31 日的 3,860 萬美元。在截至 2026 年 3 月 31 日的 12 個月期間內，我們支付 1,460 萬美元以收購 My Medic 的資產，發放約 240 萬美元股利，並以 160 萬美元在德國購買一條切割與磨利產品線。

Additionally, we generated approximately $14.2 million in free cash flow before the purchase of a new $6 million manufacturing and distribution facility in Tennessee in July 2025 to expand our Spill Magic business.

此外，在 2025 年 7 月於田納西州購置一座新的 600 萬美元製造與配送設施（用以擴展我們的 Spill Magic 業務）之前，我們約產生 1,420 萬美元的自由現金流。

Thank you, Paul. I will now open the call to questions.

謝謝你，Paul。我現在開放提問。

(Operator Instructions). Richard Dearnley, Longport Partners.

（接線員指示）。Richard Dearnley，Longport Partners。

Good morning. Could you put a dollar amount, what dollar amount on what the quality assurance protocols are involving?

早安。你能否用美元金額量化一下，品質保證（QA）流程／規範所涉及的費用大概是多少？

Sure. So just some background on that. Last March, the FDA inspected our facility in Brooksville, Florida, and we make alcohol prep pads and BZK wipes and lens wipes there. And they found a number of deficiencies in mostly our documentation of good manufacturing practices or documentation of some of the equipment being qualified. And it's a lot of work to get it to be the state it needs to be to address the US hospital market. And that is our goal.

當然。我先補充一些背景。去年三月，FDA 檢查了我們位於佛羅里達州 Brooksville 的廠房，我們在那裡生產酒精棉片、BZK 濕巾以及鏡片擦拭巾。他們發現了多項缺失，主要是在良好製造規範（GMP）的文件紀錄，或部分設備的資格確認文件上。要把它提升到符合進入美國醫院市場所需的狀態，需要做很多工作，而這正是我們的目標。

So we hired a consulting firm to work with us to upgrade in response to the FDA audit, which was very helpful, to upgrade the entire facility. So last year, Paul, was it about $1 million, $1.2 million?

因此，我們聘請了一家顧問公司與我們合作，針對 FDA 稽核的回應來進行升級；這非常有幫助，讓我們得以把整個廠房全面升級。去年，Paul，是大約 100 萬美元、120 萬美元嗎？

Yeah, $1 million.

對，100 萬美元。

About $1 million we spent last year in consulting, and that's in addition to some equipment that we've purchased. For example, we've upgraded a microbiology lab that we really didn't have before, and we've upgraded the chemical laboratory for testing, but it was about $1 million in consulting.

去年我們在顧問費上花了大約 100 萬美元，這還不包含我們另外採購的一些設備。舉例來說，我們升級了以前其實沒有的微生物實驗室，也升級了用於檢測的化學實驗室；但顧問費大約就是 100 萬美元。

In the first quarter of this year, it was about $250,000?

今年第一季大約是 25 萬美元？

$300,000.

30 萬美元。

About $300,000. So, Dick, it was about $300,000. So far, we've done, I think, in total, it's about $1.250 million or $1.3 million, correct?

大約 30 萬美元。所以，Dick，大概是 30 萬美元。到目前為止，我想合計大約是 125 萬美元或 130 萬美元，對嗎？

Right. And that's all aimed at qualifying the Med-Nap products for hospital use -- well, its approval.

沒錯。而這些都是為了讓 Med-Nap 產品符合醫院使用的資格——嗯，取得其核可。

Yes. Well, it's not getting approval. We could sell them now, but you wanted to have it done right. In fact, our products do get sold into hospitals now. But when we get done with the project, and we're about three quarters done, we'll have a facility that we will be very proud to take major distributors in the United States to visit and do their own audits, and we'll have confidence that we've really done the best job we can for the quality of the products that will go out.

是的。不過這不是在取得核可。我們現在就可以賣，但你希望把事情做對。事實上，我們的產品目前也有賣進醫院。但當這個專案完成後——我們大約完成了四分之三——我們將擁有一座我們非常自豪的廠房，可以帶美國主要經銷商來參訪並進行他們自己的稽核；而且我們也會有信心，確實已經為出貨產品的品質做到最好。

So we're three quarters through, and I think it's all expense, but we've been doing it. And I view it as an investment.

所以我們已經完成了四分之三，我認為這些都會列為費用，但我們一直在做。我把它視為一項投資。

Right, yeah. And your comment, I mean, that tax along to the comment about investing in automation in every -- everywhere or whatever the phrase was. Could you size the other investments? I mean, last year you were talking about $2 million. And I believe the year before, it was $2 million. Is that current run rate? Because those investments tend to have large productivity payoffs.

對，是的。你剛才的說法——也就是關於在各個地方投資自動化之類的那段話——你能否量化其他投資的規模？我的意思是，去年你談到 200 萬美元，我記得前一年也是 200 萬美元。這是目前的常態投入水準嗎？因為這些投資往往能帶來很大的生產力回報。

Yeah, you're addressing something that is important to us. The automation that we've been doing over the past few years has been with robotics, and one of the big projects is taking the bulk products, for example, bulk BZK wipes that we produce at Med-Nap, and putting them automatically in packages that then go into the refills in our first aid kits. And as you know, the refill business is an important part of our company. And by automating it, we're reducing costs on a product line that is very consistent and growing.

是的，你提到的是我們很重視的一點。過去幾年我們做的自動化主要是機器人（robotics）。其中一個大型專案，是把散裝產品——例如我們在 Med-Nap 生產的散裝 BZK 濕巾——自動裝入包裝，然後再放入我們急救箱的補充包中。如你所知，補充包業務是我們公司很重要的一部分。透過自動化，我們正在降低一條非常穩定且持續成長的產品線成本。

Some of the projects we're doing right now relate to automating the -- in the Still Magic facility, automating the packaging of the Still Magic powder and putting them into different sized packages. And that has a pretty big payback. Honestly, I don't remember the number that we put in there, but it's maybe it's $0.5 million. But it's an important one because we've got business that will keep that machine going.

我們目前正在做的一些專案，與 Still Magic 廠房的自動化有關，也就是將 Still Magic 粉末自動包裝並裝入不同尺寸的包裝。這個專案的回收期相當可觀。老實說，我不記得我們投入的確切金額，但可能是 50 萬美元左右。不過它很重要，因為我們已有業務量能讓那台機器持續運轉。

Another area is in a Rocky Mount facility. And I wouldn't call this automation, but we've reconfigured the entire process flow so that we have less people. And we have some small automation that we can just put in. For example, there's drones that are doing daily cycle counts. And so you can imagine when we're doing our numbers, we tend to have high confidence that, in fact, the cycle counts hold. And when we do physical audits at the end of the year, it speeds up the time we're down while we're doing them. So that's some automation that just went in.

另一個領域是在 Rocky Mount 廠。我不會把這稱為自動化，但我們重新配置了整個製程流程，讓我們需要更少的人力。同時也加入了一些小型自動化設備。比如說，有無人機在做每日循環盤點（cycle counts）。所以你可以想像，當我們在做數字時，我們對循環盤點的準確性會很有信心。而且當我們在年底做實體盤點時，也能縮短停工盤點的時間。這就是剛導入的一些自動化。

There's other things. You may have seen robotics that can vacuum your floor in a home, but there are industrial ones like that, that scrub the floor in our 370,000- or 340,000-square-foot facility in Rocky Mount, so that it is a production site and it's a very clean warehouse handling a lot of medical items.

還有其他項目。你可能看過家用的掃地機器人，但也有類似的工業型機器人，可以在我們位於 Rocky Mount、面積 37 萬或 34 萬平方英尺的廠房裡刷洗地面；那裡既是生產基地，也是處理大量醫療用品、非常乾淨的倉儲設施。

So it's very clean. It's now done with some robots. Those are some examples of them, Dick. There's another robot machine that we're working on in Brooksville, Florida, that's all been purchased and we're -- we've got some business that is for lens wipes, and there, the repetitive loading into the boxes can be done with robotics, with site sensors, and that's being worked on and should be online by June.

所以那裡非常乾淨。現在部分清潔工作由一些機器人完成。Dick，這些是一些例子。另外，我們在佛羅里達州 Brooksville 還有一台機器人設備正在進行中，設備都已採購完成；我們有一些鏡片擦拭巾的業務，在那裡，把產品重複性地裝入盒子可以透過機器人與現場感測器來完成，目前正在調試，預計六月上線。

Those are some examples.

以上是一些例子。

Oh, yeah, that's good. And the My Medic's DTC business, is -- does any of their expertise in DTC translate over into either your first aid or Westcott business somehow?

喔，好的，這很不錯。那 My Medic 的 DTC（直面消費者）業務——他們在 DTC 方面的專長，是否能以某種方式轉化並應用到你們的急救或 Westcott 業務上？

Our last two acquisitions, the small Schmiedeglut acquisition in Germany and My Medic are both direct to consumer. And so as you may know, that means you're using social media as a selling tool and you're putting ads in places like Twitter, Facebook, LinkedIn -- of course, there's Google search. And there's a consistent pattern of videos that are delivered onto the site, and the purchases are coming directly off the website.

我們最近兩筆收購——德國的小型 Schmiedeglut 收購案以及 My Medic——都是直面消費者（DTC）。如你所知，這代表你會把社群媒體當作銷售工具，並在像 Twitter、Facebook、LinkedIn 這些地方投放廣告——當然也包含 Google 搜尋。網站上會有一套一致的影片投放模式，而購買會直接在網站上完成。

In the case of My Medic, that's our first step in the United States to do direct to consumer. And it lends itself to selling things like craft items. Again, because you can demonstrate there's a lot of differentiation in the product. And when we do new product introductions, you have a ready platform of potential customers who are following you.

以 My Medic 來說，這是我們在美國進行 DTC 的第一步。而這也很適合用來銷售像手作（craft）類商品，因為你可以示範產品有很多差異化。當我們推出新產品時，也有一個現成的平台，聚集了追蹤你的潛在客戶。

The benefit of My Medic is we're not establishing a social media base. We have a 0.5 million social media followers today, and we put out videos every two days. Sometimes, it's how to use first aid kits. Sometimes, it's success stories and life-saving stories on what the use of a bleed control kit did and how it saved somebody's life. In other cases, it's for training or new products.

My Medic 的好處在於，我們不需要從零建立社群媒體基礎。我們目前有 50 萬名社群追蹤者，而且我們每兩天就發布一次影片。有時是教你如何使用急救箱；有時是成功案例與救命故事，講述止血控制套件（bleed control kit）的使用如何救了某人的生命；其他時候則是訓練內容或新產品。

So the answer is as we get experience with it, I hope that we do broaden the amount that we bring of our other product lines. And I think in the Westcott line, that would be in the craft area.

所以答案是：隨著我們累積更多經驗，我希望我們能擴大把其他產品線導入其中的程度。我認為在 Westcott 產品線上，會是在手作領域。

Tim Call, Capital Management Corporation.

Tim Call，Capital Management Corporation。

Congratulations on so many accomplishments within just two quarters.

恭喜你們在短短兩個季度內達成這麼多成就。

Tim, you try so hard to have your accomplishments. And then when you get a setback because of the tariff or changes that you aren't priced for, it's frustrating, but you write it the best you can. And as I hope we laid out, as we're looking through the coming quarters, the impact of the tariffs will be less, and we're hedging by buying $10 million of inventory for potential shortages or price increases out in the -- as a result of the war in Iran. Hopefully, that is just extra inventory and we sell it over due course. But we're looking at and preparing ourselves in case this is an extended conflict.

Tim，你非常努力想要達成各項成果。但當你因為關稅或一些你原本未能反映在定價上的變動而遭遇挫折時，確實令人沮喪；但你只能盡力把它處理好。正如我希望我們已經說明的，展望接下來幾個季度，關稅的影響會變小；而且我們也透過購買 1,000 萬美元的庫存來進行避險，以因應可能的短缺或因伊朗戰爭而導致的價格上漲。希望那只是額外庫存，並且我們會在後續期間逐步賣出。但我們正在評估並做好準備，以防這是一場長期衝突。

You can handle the short-term volatility, and long term, you've completed two complementary acquisitions. You've consolidated facilities. You've expanded capacity, allowed for future capacity expansion, and immediately expensed upgrades in technology and automation. Do you see all of these achievements made within the last six months adding to your long-term sales, margins, and earnings growth over many years?

你們能夠應對短期波動，而從長期來看，你們已完成兩項互補性的收購。你們已整併廠房設施。你們擴充了產能、也為未來的產能擴張預留空間，並且已將技術與自動化升級立即費用化。你是否認為這些在過去六個月內完成的成果，將在未來多年推動你們的長期銷售、毛利率與獲利成長？

Oh, Tim, yeah, we certainly do. As an example, we spent $6 million to buy the facility in Mount Pleasant, Tennessee, for Spill Magic. And Spill Magic now has room to grow. And for those that may need a refresher, the products that we sell there are used to clean up oily spills, bodily fluids, and blood. And the opportunity to create some new products and hit them in scale and do it in that facility is exciting.

噢，Tim，是的，我們當然這麼認為。舉例來說，我們花了600萬美元在田納西州芒特普萊森特（Mount Pleasant）買下 Spill Magic 的廠房。Spill Magic 現在有成長空間。也讓需要複習一下的人知道，我們在那裡銷售的產品用於清理油性溢漏、體液以及血液。而能在那個廠房開發一些新產品、把規模做起來，這個機會令人振奮。

We are out of the Smyrna facility at the end of this month. That's Smyrna, Tennessee. And so Spill Magic will be fully operational, and it's basically there now in Mount Pleasant. As I mentioned too earlier, the automation that we're putting in is it's expensive, it's heavy, and you want to do it once, and now we have a home to be able to place it properly.

我們將在本月底撤出 Smyrna 廠房，也就是田納西州的 Smyrna。因此 Spill Magic 將全面運作——基本上現在在芒特普萊森特已經是如此。正如我先前也提到，我們正在導入的自動化設備很昂貴、很重，你會希望一次就把它做好；而現在我們有一個家，能夠把它妥善地安置。

I wouldn't say this is a trend, but we've been having very, very good success with Spill Magic since we purchased the property. It's almost like it's willed itself to say, hey, we've got room to grow, so let's do it. But it is. And this quarter, this past quarter, it was up, I think over -- was it over 30%, Paul?

我不會說這是一個趨勢，但自從我們買下這處不動產後，Spill Magic 的表現非常、非常好。幾乎像是它自己在說：嘿，我們有成長空間，那就來做吧。確實如此。而這一季、上一季，它成長了，我想超過——是不是超過30%，Paul？

Yeah. Good quarter.

是的。很棒的一季。

Yeah. So it's making progress.

是的。所以它正在取得進展。

With these two new acquisitions, your past acquisitions have benefited from cross-selling and your wider geographic footprint. They're getting new retail channels and distribution networks. How long could it take these two recent acquisitions to experience sales growth from these different avenues?

隨著這兩項新收購案，你們過去的收購案受益於交叉銷售以及更廣的地理版圖，並獲得新的零售通路與配送網路。這兩項近期收購案要花多久，才能透過這些不同管道帶來銷售成長？

Well, I was just on the phone with First Aid Central, our Canadian subsidiary literally an hour ago. And we were talking about My Medic and its product line. We would produce them in Canada, meeting Health Canada specifications, but we're very excited about launching that way sooner than we expected. But the reason is because the name recognition is actually carrying over into Canada, and we had no idea.

嗯，我大概一小時前才剛跟我們加拿大子公司 First Aid Central 通電話。我們在談 My Medic 及其產品線。我們會在加拿大生產，符合加拿大衛生部（Health Canada）的規範；但我們對於能比預期更早推出這條路線感到非常興奮。原因是品牌知名度其實正在延伸到加拿大，而我們完全沒想到。

So you've got a name recognition, you've got 0.5 million followers. And when we put the products into production in Canada, we're expecting some growth, and that would be happening this year. As an aside, having spoken to our Canadian team literally today, we're about to add another 30% capacity to our operation in Laval outside of Montreal, and it's because of growth.

所以你有品牌知名度，你有50萬名追蹤者。當我們在加拿大開始量產這些產品時，我們預期會有一些成長，而且會在今年發生。順帶一提，我今天才剛跟加拿大團隊談過，我們即將把蒙特婁郊外拉瓦爾（Laval）的營運產能再增加30%，原因就是成長。

Well, thank you for all your hard work and success. Looking forward to the long-term growth of the company.

謝謝你們所有的努力與成功。期待公司長期的成長。

Thank you very much, Tim.

非常謝謝你，Tim。

Georgie Vishenko, Freedom Broker.

Georgie Vishenko，Freedom Broker。

Thank you. Good afternoon. My question is about cutting and sharpening segment. It was under pressure in 2025. What was the revenue trends in Q1? Did they recover?

謝謝。午安。我想問的是切割與研磨（cutting and sharpening）部門。它在2025年承受壓力。第一季的營收趨勢如何？有回升嗎？

Yeah. So the cutting and sharpening area last year was impacted when the tariffs were instituted in April. You may remember it was called Liberation Day, and it was April 2, which is the day I remember.

是的。所以切割與研磨領域在去年受到影響，因為關稅在4月開始實施。你可能記得那天被稱為「解放日」（Liberation Day），是4月2日——那一天我記得很清楚。

And at that point, the tariffs stopped. A lot of things that would have been going forward as promotions because you couldn't price product when they were cost as high as 145% in tariffs. The retailers couldn't price.

而在那個時間點，關稅讓很多原本會往前推進、作為促銷的事情都停了下來，因為當關稅高達145%時，你無法為產品定價。零售商也無法定價。

So the promotional activity for things in the summer, in the fall, in the winter were basically stalled. And that was one of the reasons that Westcott, in particular, was not able to -- had a decline. And Paul, what was the decline last year? It was about 13%?

因此，原本在夏季、秋季、冬季的促銷活動基本上都停滯了。這也是 Westcott 尤其無法——出現下滑的原因之一。Paul，去年下滑多少？大約13%嗎？

It was 10%.

是10%。

10%. Yeah. So, I mean, Westcott was down about 10%, and that was the promotional activity. So in the first quarter, you're going up against comparables without the tariffs having been put in place. And Westcott was down, what, about 8% or 10%?

10%。是的。所以，我的意思是，Westcott 大約下滑10%，那就是促銷活動的影響。因此在第一季，你面對的是在關稅尚未實施前的可比基期。Westcott 下滑了，大概8%或10%？

This first quarter? No, I think we put fairly a couple of points, maybe --

這第一季嗎？不，我想我們大概是持平到小幅下滑幾個百分點，也許——

Westcott was down 2%. So it's coming back, but the big part coming back is really second, third, fourth quarters where last year, we had no promotions. And this year, unless something happens dramatically with the war, we're expecting good promotional activity. And in fact, we're actively quoting. So that's a roundabout way of saying I think we have easy comparisons coming in in the second, third, and fourth quarter for the cutting and tool measuring area, and we should be showing growth.

Westcott 下滑2%。所以正在回來，但真正回來的重點會在第二、第三、第四季，因為去年我們沒有促銷。而今年，除非戰爭情勢出現劇烈變化，我們預期會有良好的促銷活動。事實上，我們正在積極報價。所以繞一圈來說，我認為在切割與工具量測（cutting and tool measuring）領域，第二、第三、第四季的比較基期會比較容易，我們應該會呈現成長。

Thank you.

謝謝。

It was a good question.

這是個好問題。

Jake Patterson, Talanta Investment Group.

Jake Patterson，Talanta Investment Group。

Hey, guys. Just a couple quick ones because most of them got answered already. But the SG&A number, I know you said there was like $300,000 of one-time expenses in there. So call it, what, like [$18.7 million]? Is that kind of a fair run rate to look at for the rest of fiscal '26? I know you say you had some savings you could pull out of My Medic, but I'm curious on that.

嗨，各位。我只有幾個快問，因為大多都已經被回答了。不過關於 SG&A（銷售、一般及行政費用）數字，我知道你們說裡面大概有30萬美元的一次性費用。所以大概是——像是[1,870萬美元]？這算是2026會計年度剩餘期間可以參考的合理常態水準嗎？我知道你們說在 My Medic 還有一些節省空間，但我想了解一下。

You were referring to a number of $18.7 million? What? No, it's more like 30%.

你指的是1,870萬美元這個數字？什麼？不，不是那樣。比較像是30%。

So that'd be your [19 -- yeah, 19] minus your $300,000 of consulting --

所以就是你們的[19——對，19]再扣掉30萬美元的顧問費——

Oh, okay, no. Well, in terms of percentage, it's probably like 33%.

噢，了解，不。嗯，以百分比來看，大概是33%左右。

For a full year, that's like the target, 3% of revenue?

以全年來看，那就是目標，營收的3%？

Yes.

是的。

Okay. Got you. And then I think that the gross margin in the legacy business was down. Is there any way we can give a number for that or is it -- is that --?

好，了解。然後我想既有業務的毛利率是下滑的。有沒有辦法給一個數字，還是——是那個——？

Well, I think we can give you a number. It's probably 2%.

嗯，我想我們可以給你一個數字。大概是2%。

I would say it's about 200 basis points. That's really driven by tariffs. Okay.

我會說大約是200個基點。這主要是由關稅所驅動。好。

And then CapEx for '26, I know you mentioned some automation investments, Canada expansion. I was kind of curious if you guys had any range for CapEx expectations?

然後是2026年的資本支出（CapEx），我知道你們提到一些自動化投資、加拿大擴張。我有點好奇你們對 CapEx 的預期有沒有區間？

I think we're looking at about $6 million, probably $7 million.

我想我們大概看在600萬美元左右，可能700萬美元。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Johnsen for any final comments.

謝謝各位女士先生，問答環節到此結束。我把時間交回給 Johnsen 先生做最後結語。

I'd like to thank the audience for asking some very probing questions. Having hopefully given some very thoughtful answers, this call is complete, and I'd like to thank you for joining us. Good-bye.

我想感謝各位聽眾提出一些非常深入的問題。希望我們也提供了一些非常周到的回答。本次電話會議到此結束，感謝各位參與。再見。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。