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A.T. Cross profits grow in 2Q

COURTESY A.T. CROSS
A.T. CROSS CO. saw profits increase to $3.7 million in the second quarter of 2012.
Posted 7/26/12

LINCOLN – A.T. Cross Co. saw profits increase to $3.7 million in the second quarter of 2012, or 28 cents per diluted share, compared with $3.2 million, or 24 cents per diluted share, in the second quarter of 2011, the personal- and business-accessories maker said Thursday.

Sales increased 2.2 percent year-over-year to $48.8 million in the three months ended June 30 compared with $47.8 million in the three months ended July 2, 2011.

“A.T. Cross delivered a good second-quarter performance,” David G. Whalen, president and CEO, said in a prepared statement. “Our business grew 2 percent and our net income improved 16 percent as we continued to generate operating leverage from increased sales.”

Its Cross Accessory Division revenue declined 7.5 percent in the second quarter to $21.3 million from sales of $23 million during the second quarter of 2011. The Cross Optical Group increased sales 11.2 percent in the second quarter to $27.5 million.

The company said that the Accessory Division’s performance was being affected “primarily by the economic problems in Europe.”

Operating income increased 14.9 percent to $5.6 million during the second quarter, compared with last year’s $4.9 million operating income.

Gross margin in the quarter was 57 percent, a drop of 0.4 percentage points versus the 57.4 percent gross margin reported during the second quarter of 2011.

A.T. Cross’ consolidated sales for the first six months of 2012 increased 3.7 percent to $90.8 million when compared with $87.6 million for the first six months of 2011.

The company’s year-to-date net income was $5.2 million, an increase of 17.5 percent over the same 2011 period’s results.

While consolidated sales and operating income both increased, the company’s gross margin was 56.6 percent during the first half of 2012, 120 basis points below the 2011 period.

“For the first six months of 2012, sales increased 4 percent, operating earnings increased 15 percent and net cash - when compared to the second quarter of 2011 - increased by over $12 million,” said Whalen, adding that he viewed this performance as “a fine start to the year in light of all that is going on with the world economies, particularly Europe.”

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