A.T. Cross bottom line falls in 2Q

A.T. Cross Co. saw its bottom line fall 15.6 percent to $3.1 million, or 24 cents per diluted share, from the second quarter of 2012 to the second quarter of 2013, the personal- and business-accessories maker announced after the market closed on Wednesday. More

To continue reading this article, please do one of the following.



Manufacturing

A.T. Cross bottom line falls in 2Q

COURTESY A.T. CROSS
A.T. CROSS CO saw its net income fall but sales rise during the second quarter of 2013. The company also announced the sale of its Cross Accessories Division, which manufactures its pens.
Posted 7/25/13

LINCOLN – A.T. Cross Co. saw its bottom line fall 15.6 percent to $3.1 million, or 24 cents per diluted share, from the second quarter of 2012 to the second quarter of 2013, the personal- and business-accessories maker announced after the market closed on Wednesday.

Sales for the quarter rose 9.6 percent to $53.5 million in the three months ended June 29, from $48.8 million during the same quarter of 2012.

Cross’s Cross Optical Group saw revenue rise 17.9 percent to $32.4 million during the second quarter of 2013, which the company said was a quarterly record for the business.

The company’s Cross Accessory Division – which comprises the company’s signature pens, as well as other related products – saw sales drop 1.1 percent during the second quarter.

On Feb. 4, A.T. Cross announced its decision to explore “strategic alternatives” for its Cross Accessory Division. In mid-July, the company sold the division to an affiliate of private equity firm Clarion Capital Partners for $60 million.

At the time of the sale, A.T. Cross President and CEO David G. Whalen in a statement called it “the best course of action to maximize shareholders’ value.”

Following the sale, the company will focus on expanding Cross Optical Group, Whalen said in the statement.

In the first six months of 2013, the Optical Group saw an 18.4 percent increase in sales to $56.2 million.

Calendar
PBN Hosted
Events

Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Don't hesitate. Register today!
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News