Lincoln-based A.T. Cross Co., the maker of Cross pens, will eliminate about 160 jobs by early next year as part of a plan to reduce annual costs by $9 million to $12 million.
About 80 manufacturing jobs in Lincoln and more than 80 non-manufacturing positions throughout the company will be cut. It will have pretax costs of about $6.5 million in the next three years for the program, including about $2 million to $2.5 million this year.
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Net income was $463,000, or 3 cents a share in the second quarter, compared with a loss of $325 million, or 2 cents, in the same period a year earlier. Revenue rose 6.4 percent to $29.2 million from $27.5 million.
The company’s stock fell 23 percent in the past year. The company had a total of
860 employees as of Dec. 28, according to a filing with the U.S. Securities and Exchange Commission.
The company will host a conference call at 9 a.m. local
time tomorrow to discuss its second-quarter results.
