LINCOLN – A.T. Cross Co. announced Wednesday that it made $1.9 million in net income, or 13 cents per share, in 2009, compared with $500,000 the year before.
The maker of writing instruments, reading glasses, watches and other personal items said that consolidated sales in 2009 decreased 11.5 percent to $141.8 million compared with $160.1 million in 2008. Included in the 2009 and 2008 results are restructuring and impairment charges of $1.9 million and $6.5 million, respectively.
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The Lincoln-based company said sales at its Cross Accessory Division, which manufactures and markets writing instruments, totaled $90.9 million last year, an 18.4 percent drop from the year prior. The Cross Optical Division, which makes reading and sunglasses, reported sales of $50.9 million, a 4.5 percent jump from 2008.
David G. Whalen, president and CEO, said in a statement that “2009 was a difficult but productive year. We battled the recession, generated profit and cash, lowered our cost base, repurchased 10 percent of the company, entered an important licensing arrangement with Franklin Covey and positioned our brands – Cross, Costa and Native – to grow revenue and profit as the global economy recovers. We are in a good position and look forward to achieving our business objectives in 2010.”
The company repurchased 10 percent of outstanding shares during the fourth quarter, a period that generated $1.2 million, or 9 cents a share, in profit the company said. During the fourth quarter of 2009 the company lost $3.7 million.
The company forecast a profit of 33 cents to 35 cents a share in the coming year. The company’s stock closed Wednesday at $4.34 a share, down from a 52-week high of $6.93.
A.T. Cross Co. (Nasdaq: ATX) is a designer and maker of branded personal and business accessories, including Cross-branded writing instruments, leather goods and time pieces, as well as sunglasses under the Costa Del Mar and Native Eyewear brands. Additional information is available at Cross.com.
