A.T. Cross profits rise 4.8% in 3Q

PERSONAL- AND BUSINESS-accessories maker A.T. Cross posted a 4.8 percent increase in third-quarter profit compared to the same period in 2011.
Posted 10/25/12

LINCOLN – A.T. Cross Co. saw profit increase 4.8 percent to $2.04 million, or 16 cents per diluted share, in the third quarter of 2012 compared with $1.9 million, or 16 cents per diluted share, in the third quarter of 2011, the personal- and business-accessories maker said late Wednesday.

Sales dropped nearly 1 percent year over year to $43.4 million in the three months ended Sept. 29 compared with $43.8 million in the three months ended Oct. 1, 2011.

“Our third-quarter performance kept us on track to deliver our 2012 EPS guidance,” David G. Whalen, president and CEO, said in a prepared statement.

Its Cross Accessory Division revenue dropped 7.2 percent in the third quarter to $23.9 million from sales of $25.8 million during the third quarter of 2011. The Cross Optical Group increased sales 8 percent in the quarter to $19.5 million.

“The Cross Accessory Division, despite growth in the Americas and Asia, was challenged in the European markets,” said Whalen. “Due to the programs we have put in place, we believe that the accessory division trend will improve during the important fourth-quarter selling season.

Operating income decreased 13 percent to $2.6 million during the third quarter, compared with last year’s $3 million operating income.

Gross margin in the quarter was 53.3 percent, a drop of 0.4 percentage points versus the 53.7 percent gross margin reported during the third quarter of 2011.

A.T. Cross’ consolidated sales for the first nine months of 2012 increased 2.1 percent to $134.1 million when compared with $131.4 million for the first nine months of 2011.

The company’s year-to-date net income was $7.2 million, an increase of 13.6 percent over the same 2011 period’s results.

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