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

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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.

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