A.T. Cross reports profit 7 times as high as in ’06

LINCOLN – For the period ended Sept. 29, A.T. Cross Co. posted a profit of $2.36 million, more than seven times the $320,000 profit it reported for the third quarter of 2006.
Earnings per basic share improved to 16 cents from the year-ago 2 cents per share. Total earnings included 6 cents per share in the quarter just ended from “the recognition of tax benefits, the realization of which previously was considered uncertain,” the company said.
Third-quarter sales grew 10.0 percent to $35.11 million, from the year-ago period’s $31.92 million, led by the Costa Del Mar optical division, where sales grew 33.5 percent to $8.82 million. The writing-implements and accessories division, for which the company is best known, registered sales growth of 3.9 percent, to $26.29 million.
Year-to-date net income increased to $3.48 million from the $600,000 the company posted for the first nine months of last year. Per-share earning increased to 23 cents per basic share – or 18 cents per share, excluding a 5 cent tax benefit – from the year ago 4 cents per share. •