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)
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|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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|
o
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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)
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|
Date: October 27, 2011
|
KEVIN F. MAHONEY
(Kevin F. Mahoney)
Senior Vice President, Finance
Chief Financial Officer
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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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·
|
Third Quarter Sales Grew 14.8% and Operating Income Increased 34.3%
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·
|
Year-To-Date Sales Grew 14.9% and Operating Income Increased 48.1%
|
·
|
Third Quarter EPS of $0.16 vs. $0.13 in 2010
|
·
|
Year-To-Date EPS of $0.52 vs. $0.35 in 2010
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·
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Company buys back additional $1.6 million of its stock in 2011
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
October 1,
|
October 2,
|
October 1,
|
October 2,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Net sales
|
$
|
43,809
|
$
|
38,156
|
$
|
131,359
|
$
|
114,277
|
|||||||
Cost of goods sold
|
20,338
|
17,410
|
57,347
|
50,107
|
|||||||||||
Gross Profit
|
23,471
|
20,746
|
74,012
|
64,170
|
|||||||||||
Selling, general and administrative expenses
|
17,396
|
15,918
|
56,069
|
50,053
|
|||||||||||
Service and distribution costs
|
2,325
|
1,897
|
6,020
|
5,366
|
|||||||||||
Research and development expenses
|
746
|
694
|
2,024
|
2,067
|
|||||||||||
Operating Income
|
3,004
|
2,237
|
9,899
|
6,684
|
|||||||||||
Interest and other expense
|
(657)
|
(437)
|
(1,010)
|
(853)
|
|||||||||||
Income Before Income Taxes
|
2,347
|
1,800
|
8,889
|
5,831
|
|||||||||||
Income tax provision
|
427
|
170
|
2,559
|
1,313
|
|||||||||||
Net Income
|
$
|
1,920
|
$
|
1,630
|
$
|
6,330
|
$
|
4,518
|
|||||||
Net Income per Share:
|
|||||||||||||||
Basic
|
$ 0.16
|
$ 0.13
|
$ 0.52
|
$ 0.35
|
|||||||||||
Diluted
|
$ 0.15
|
$ 0.13
|
$ 0.49
|
$ 0.34
|
|||||||||||
Weighted Average Shares Outstanding:
|
|||||||||||||||
Basic
|
12,244
|
12,124
|
12,183
|
12,929
|
|||||||||||
Diluted
|
13,040
|
12,524
|
12,975
|
13,193
|
|||||||||||
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
October 1,
|
October 2,
|
October 1,
|
October 2,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Segment Data: Cross Accessory Division
|
|||||||||||||||
Net Sales
|
$
|
25,795
|
$
|
23,092
|
$
|
71,681
|
$
|
65,191
|
|||||||
Operating Income (Loss)
|
748
|
248
|
(122)
|
(952)
|
|||||||||||
Segment Data: Cross Optical Group
|
|||||||||||||||
Net Sales
|
$
|
18,014
|
$
|
15,064
|
$
|
59,678
|
$
|
49,086
|
|||||||
Operating Income
|
2,256
|
1,989
|
10,021
|
7,636
|
October 1, 2011
|
October 2, 2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$13,184
|
$9,582
|
||||||
Short-term investments
|
367
|
1,993
|
||||||
Accounts receivable
|
29,507
|
25,858
|
||||||
Inventories
|
40,499
|
35,373
|
||||||
Deferred income taxes
|
5,229
|
4,151
|
||||||
Other current assets
|
6,843
|
5,908
|
||||||
Total Current Assets
|
95,629
|
82,865
|
||||||
Property, plant and equipment, net
|
14,253
|
15,388
|
||||||
Goodwill
|
15,279
|
15,279
|
||||||
Intangibles and other assets
|
11,742
|
12,680
|
||||||
Deferred income taxes
|
9,820
|
10,143
|
||||||
Total Assets
|
$146,723
|
$136,355
|
||||||
Liabilities and Shareholders' Equity
|
||||||||
Accounts payable and other current liabilities
|
$23,775
|
$23,762
|
||||||
Retirement plan obligations
|
2,452
|
2,351
|
||||||
Income taxes payable
|
1,167
|
290
|
||||||
Total Current Liabilities
|
27,394
|
26,403
|
||||||
Long-term debt
|
21,221
|
19,221
|
||||||
Retirement plan obligations
|
14,501
|
13,834
|
||||||
Deferred gain on sale of real estate
|
2,346
|
2,868
|
||||||
Other long-term liabilities
|
452
|
654
|
||||||
Accrued warranty costs
|
1,578
|
1,483
|
||||||
Shareholders' equity
|
79,231
|
71,892
|
||||||
Total Liabilities and Shareholders' Equity
|
$146,723
|
$136,355
|