(Updated, 5 p.m.)
LINCOLN – A.T. Cross Co. saw a third-quarter profit of $1.6 million, or 13 cents per diluted share, up from $926,000, or 6 cents per share, a year earlier, the company said on Thursday.
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“We are very pleased with our third-quarter and year-to-date performance,” said David G. Whalen, company president and CEO. “In both periods our business grew by nearly 12 percent, and our bottom line improved significantly.” The company maintains its 45 cents per share guidance previously announced for 2010.
Operating income was $2.2 million for the three months ended Oct. 2, compared with $194,000 in the third quarter of last year. Supporting the rise was an 11.8 percent increase in sales to $38.2 million as operating expenses increased 4 percent.
The Cross Optical Group continued its “exceptional performance,” reporting a third-quarter sales increase of 16.9 percent to $15.1 million, driven by growth in the Costa and Native brands, the company said.
Whalen also noted that the Cross Accessory Division is seeing top-line growth “in every region of the world.”
A.T. Cross also reported year-to-date results with operating income making a significant turnaround. In the first nine months of 2010, operating income was $6.7 million, compared with a loss of $400,000 for the same period a year earlier.
The maker of writing instruments, reading glasses, watches and other personal items said consolidated sales grew 11.7 percent to $114.3 million during the nine months.
Cash and cash equivalents, and short-term investments stood at $11.58 million as of Oct. 2, shrinking 29.3 percent from Oct. 3, 2009, when the company reported $16.38 million.
In other news, the company announced the immediate resignation of Susan M. Gianinno from its Board of Directors due to a conflict of interest.
