A.T. Cross posts profit, cites strong performance in its optical group

A.T. CROSS CO. posted a fourth-quarter profit of $1.86 million, up from a $1.24 million profit during the same quarter in 2009. /
A.T. CROSS CO. posted a fourth-quarter profit of $1.86 million, up from a $1.24 million profit during the same quarter in 2009. /

LINCOLN – A.T. Cross Co. posted a fourth-quarter profit on Wednesday of $1.86 million, up from a $1.24 million profit during the same quarter in 2009.

(The Lincoln-based company took an $800,000 restructuring charge during the fourth quarter of 2009.)

A.T. Cross also reported full-year results. The company said net income was $6.37 million or 49 cents per diluted share in 2010, as compared with $1.86 million in 2009 or 13 cents per diluted share.

“2010 was an outstanding year for A.T. Cross. Throughout the economic downturn, in anticipation of an economic recovery, we continued to invest in our business and put in place aggressive plans to grow revenue and profit. In 2010, as the economy improved, our plans came to fruition and our shareholders were rewarded,” said David G. Whalen, president and CEO of A.T. Cross, highlighting the Cross Optical Group’s “powerful, all-around performance.”

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Consolidated sales grew 11.7 percent to $158.31 million in 2010 compared with $141.76 million in 2009; the Cross Accessory Division revenue was $97.78 million, up 7.6 percent, and the Cross Optical segment reported sales increased 19 percent to $60.54 million.

The maker of writing instruments, reading glasses, watches and other personal items, highlighted its Cross Accessory Division fourth-quarter revenue, $32.59 million, up 8.2 percent from the previous year; sales from the Cross Optical segment reached $11.45 million, a 22.2 percent increase.

The company said it expects 2011 earnings per share to be between 56 cents and 60 cents.

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