LINCOLN, R.I. — Pen maker A.T. Cross Co. posted a second quarter loss of $3.3 million, or 19 cents per share, writing off nearly $6 million in technology-related investments.
The company earned $705,000, or 4 cents per share, during the year-ago period.
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The company recorded a $5.9 million pre-tax loss provision related to investments in Digital:Convergence Corp. and NeoMedia Technologies. Of the $5.9 million, $5 million represents a write-off of the company’s entire investment in Digital:Convergence Corp., while $900,000 represents an adjustment to the carrying value of A.T. Cross’ remaining investment in NeoMedia’s common stock.
The company’s Pen Computing Group, which makes the Cross:Convergence pen, lost $600,000, compared to a loss of $65,000 during the year-ago period. Its Writing Instrument division, which makes its traditional products, earned $941,000, up 219 percent from earnings of $295,000 during the year-ago period.
