Net income increased to $18.8 million, or 6 cents a share, from $11.4 million, or 6 cents, a year earlier, Hasbro said in a statement. Sales fell 11 percent to $516.4 million from $581.5 million.

Chief Executive Al Verrecchia, 61, has pared debt and outsourced some design work to trim costs. Beyblade sales declined by $81 million after the spinning tops, introduced during the 2002 holiday season, helped boost Hasbro’s sales by 11 percent last year. Research and product development costs fell 35 percent and interest expenses 34 percent.

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Profit also includes an $8.5 million adjustment to fair value of Lucas warrants, which Hasbro excludes from per-share earnings. The company has a licensing agreement with Lucas for its Star Wars toys.

Hasbro, which trails Mattel Inc. by sales, is catering more to girls with items such as Secret Central mini-dolls. Verrecchia also reintroduced the My Little Pony line and added new versions of Hasbro’s classic toys such as Transformers. (Bloomberg News)

A.T. Cross’ Ruggieri quits to join Kingston’s Emissive

LINCOLN – A.T. Cross Co., the maker of Cross ballpoint and fountain pens, said Chief Financial Officer John T. Ruggieri resigned to take the same position at Emissive Energy Corp., a closely held Kingston company.

Emissive makes lighting products. Ruggieri’s resignation from Cross is effective Aug. 11.

Ruggieri joined Cross in 1980 as internal audit and tax manager and has held the CFO post since 1997. Cross will begin to look for a successor for Ruggieri soon, Chief Executive Officer David G. Whalen said in a statement.

Melissa Myron, a spokeswoman for Cross, and Ruggieri didn’t immediately return messages left seeking comment. (Bloomberg News)