Last Update: Sept 4 @ 9:49 PM
manufacturing
Optical group leads revenue, profit growth at A.T. Cross in second quarter


LINCOLN – A.T. Cross Company saw continued improvement in sales during the 2010 second quarter, led by the Cross Optical Group, according to the quarterly results announced Wednesday.

A.T. Cross posted a profit of $2.7 million, or 20 cents per share, in the three months ended July 3, compared with net income of $635,000, or 4 cents per share, for the same period last year.

“We are very pleased with our second quarter performance,” said David G. Whalen, President and CEO of A.T. Cross. “Our business grew at a double digit rate and our bottom line improved dramatically.”

The maker of writing instruments, reading glasses, watches and other personal items reported an increase in consolidated sales of 11.9 percent to $41.7 million, compared with $37.3 million a year ago. The Cross Optical segment led sales growth with an increase of 23.1 percent over last year to $20.3 million.

Additionally, the Cross Accessory Division brought in $21.4 million in revenue, up 3 percent from last year.

“The Cross Accessory Division continued to see top line year-to-date growth in every region of the world,” Whalen explained. “Importantly, due to work done in 2009 to reduce its cost base, the higher Accessory Division revenue resulted in significantly improved operating earnings.”

According to Whalen, the success in the first half of 2010 has resulted in the company “increasing its EPS guidance by over 30 percent.” Earlier in July, the company repurchased 1.25 million shares, or 9 percent of the shares outstanding.

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