Cross sees double-digit sales, profit growth in 2Q

LINCOLN – Showing continued financial strength, A.T. Cross Co. (AMEX: ATX) today reported a second-quarter profit of $990,000, more than double its posted profit for the same period of 2006.

The maker of writing implements and branded personal and business accessories reported sales growth of 12.2 percent to $36.5 million for the quarter.

The company noted that of its two operating segments – writing instruments and accessories, and optical products under the Costa Del Mar label – the latter showed the greatest improvement in performance for the April through June period, registering second-quarter sales of $12.6 million, an increase of 41.8 percent from a year ago.

“A.T. Cross continued to build on the strong financial results of the first quarter,” President and CEO David G. Whalen said in a statement.

- Advertisement -

“We view the second quarter as the one where Costa Del Mar must perform well in its peak season and the Cross Writing Instrument and Accessory business must continue its drive to prepare for the critical September-to-December period,” Whalen added. “Our financial results indicate that both of these goals were accomplished.”

Revenue for the first six months of the year totaled $69 million, an increase of 11.2 percent from the same period in 2006, while net income nearly quadrupled to $1.1 million.

A.T. Cross Co. (AMEX: ATX) is a designer and maker of branded personal and business accessories including writing instruments, leather goods, time pieces and Costa Del Mar sunglasses. For more information, go to www.cross.com or www.costadelmar.com.

No posts to display