Rhode Island
(State or other jurisdiction
of incorporation)
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1-6720
(Commission
File Number)
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05-0126220
(IRS Employer
Identification No.)
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|
One Albion Road, Lincoln, Rhode Island
(Address of principal executive offices)
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02865
(Zip Code)
|
||
Registrant's telephone number, including area code (401) 333 1200
N/A
(Former name or former address if changed since last report.)
|
o
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Exhibit
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99
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Press Release
|
A. T. CROSS COMPANY
(Registrant)
|
|
Date: April 28, 2011
|
KEVIN F. MAHONEY
(Kevin F. Mahoney)
Senior Vice President, Finance
Chief Financial Officer
|
C R O S S®
|
News Release
|
|
Company Contact:
Kevin F. Mahoney
Senior Vice President, Finance and
Chief Financial Officer
401-335-8470
|
Investor Relations:
Dave Mossberg
Three Part Advisors, LLC
817-310-0051
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·
|
Q1 Revenue up 16%
|
·
|
Cross Optical Group Revenue up 24%
|
·
|
Cross Accessory Division Revenue up 10%
|
·
|
Operating Income improves to $2.1 million from $0.5 million
|
·
|
EPS grows from $0.01 to $0.10
|
Three Months Ended
|
||||||||
April 2, 2011
|
April 3, 2010
|
|||||||
Net sales
|
$ 39,782
|
$ 34,373
|
||||||
Cost of goods sold
|
16,627
|
14,854
|
||||||
Gross Profit
|
23,155
|
19,519
|
||||||
Selling, general and administrative expenses
|
18,952
|
16,700
|
||||||
Service and distribution costs
|
1,579
|
1,628
|
||||||
Research and development expenses
|
571
|
665
|
||||||
Operating Income
|
2,053
|
526
|
||||||
Interest and other expense
|
(190
|
)
|
(277
|
)
|
||||
Income Before Income Taxes
|
1,863
|
249
|
||||||
Income tax provision
|
605
|
75
|
||||||
Net Income
|
$ 1,258
|
$ 174
|
||||||
Net Income per Share:
|
||||||||
Basic
|
$0.10
|
$0.01
|
||||||
Diluted
|
$0.10
|
$0.01
|
||||||
Weighted Average Shares Outstanding:
|
||||||||
Basic
|
12,113
|
13,269
|
||||||
Diluted
|
12,891
|
13,355
|
||||||
Three Months Ended
|
||||||||
Segment Data:
|
April 2, 2011
|
April 3, 2010
|
||||||
Cross Accessory Division
|
||||||||
Net Sales
|
$ 22,840
|
$ 20,716
|
||||||
Operating Loss
|
(323
|
)
|
(591
|
)
|
||||
Cross Optical Group
|
||||||||
Net Sales
|
$ 16,942
|
$ 13,657
|
||||||
Operating Income
|
2,376
|
1,117
|
||||||
A.T. CROSS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
|
||||||||
April 2, 2011
|
April 3, 2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ 8,132
|
$ 10,015
|
||||||
Short-term investments
|
803
|
0
|
||||||
Accounts receivable
|
29,850
|
24,958
|
||||||
Inventories
|
37,772
|
30,367
|
||||||
Deferred income taxes
|
5,584
|
4,351
|
||||||
Other current assets
|
5,716
|
7,240
|
||||||
Total Current Assets
|
87,857
|
76,931
|
||||||
Property, plant and equipment, net
|
14,595
|
15,601
|
||||||
Goodwill
|
15,279
|
15,279
|
||||||
Intangibles and other assets
|
12,172
|
11,650
|
||||||
Deferred income taxes
|
11,302
|
10,936
|
||||||
Total Assets
|
$ 141,205
|
$ 130,397
|
||||||
Liabilities and Shareholders' Equity
|
||||||||
Short-term debt
|
$ 0
|
$ 15,221
|
||||||
Accounts payable and other current liabilities
|
24,717
|
21,685
|
||||||
Retirement plan obligations
|
2,361
|
2,198
|
||||||
Income taxes payable
|
2,443
|
243
|
||||||
Total Current Liabilities
|
29,521
|
39,347
|
||||||
Long-term debt
|
19,221
|
0
|
||||||
Retirement plan obligations
|
14,341
|
13,573
|
||||||
Deferred gain on sale of real estate
|
2,607
|
3,129
|
||||||
Other long term liabilities
|
495
|
1,042
|
||||||
Accrued warranty costs
|
1,339
|
1,467
|
||||||
Shareholders' equity
|
73,681
|
71,839
|
||||||
Total Liabilities and Shareholders' Equity
|
$ 141,205
|
$ 130,397
|