[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Rhode Island
(State or other jurisdiction of incorporation or organization)
|
05-0126220
(IRS Employer Identification No.)
|
One Albion Road, Lincoln, Rhode Island
(Address of principal executive offices)
|
02865
(Zip Code)
|
X
|
Yes
|
__
|
No
|
X
|
Yes
|
__
|
No
|
Large accelerated filer
|
__
|
Accelerated filer
|
X
|
||
Non-accelerated filer
|
__
|
Smaller reporting company
|
__
|
__
|
Yes
|
X
|
No
|
Class A common stock -
|
11,121,619 shares
|
|
Class B common stock -
|
1,804,800 shares
|
(THOUSANDS OF DOLLARS AND SHARES)
|
MARCH 31, 2012
|
DECEMBER 31, 2011
|
|
ASSETS
|
(UNAUDITED)
|
||
Current Assets
|
|||
Cash and cash equivalents
|
$14,817
|
$25,991
|
|
Short-term investments
|
202
|
-
|
|
Accounts receivable, gross
|
33,126
|
30,130
|
|
Allowance for doubtful accounts
|
(953)
|
(1,020)
|
|
Accounts receivable, net
|
32,173
|
29,110
|
|
Inventories
|
40,354
|
36,482
|
|
Deferred income taxes
|
4,154
|
4,206
|
|
Other current assets
|
7,476
|
7,954
|
|
Total Current Assets
|
99,176
|
103,743
|
|
Property, plant and equipment, gross
|
108,309
|
107,933
|
|
Accumulated depreciation
|
(95,103)
|
(94,227)
|
|
Property, Plant and Equipment, Net
|
13,206
|
13,706
|
|
Goodwill
|
15,279
|
15,279
|
|
Intangibles, Net
|
8,865
|
9,002
|
|
Deferred Income Taxes
|
10,894
|
11,115
|
|
Other Assets
|
2,286
|
2,570
|
|
Total Assets
|
$149,706
|
$155,415
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||
Current Liabilities
|
|||
Accounts payable, accrued expenses and other liabilities
|
$19,770
|
$19,105
|
|
Accrued compensation and related taxes
|
5,435
|
7,509
|
|
Retirement plan obligations
|
2,405
|
2,508
|
|
Income taxes payable
|
267
|
712
|
|
Total Current Liabilities
|
27,877
|
29,834
|
|
Long-Term Debt
|
18,221
|
21,221
|
|
Retirement Plan Obligations
|
19,703
|
22,636
|
|
Deferred Gain on Sale of Real Estate
|
2,086
|
2,216
|
|
Other Long-Term Liabilities
|
473
|
464
|
|
Accrued Warranty Costs
|
1,430
|
1,391
|
|
Commitments and Contingencies (Note L)
|
-
|
-
|
|
Total Liabilities
|
69,790
|
77,762
|
|
Shareholders' Equity
|
|||
Common stock, par value $1 per share:
|
|||
Class A - authorized 40,000 shares, 18,759 shares issued and
|
|||
11,086 shares outstanding at March 31, 2012, and 18,713 shares
|
|||
issued and 11,133 shares outstanding at December 31, 2011
|
18,759
|
18,713
|
|
Class B - authorized 4,000 shares, 1,805 shares issued and
|
|||
outstanding at March 31, 2012 and December 31, 2011
|
1,805
|
1,805
|
|
Additional paid-in capital
|
30,439
|
29,178
|
|
Retained earnings
|
93,056
|
91,518
|
|
Accumulated other comprehensive loss
|
(18,553)
|
(18,718)
|
|
Treasury stock, at cost
|
(45,590)
|
(44,843)
|
|
Total Shareholders' Equity
|
79,916
|
77,653
|
|
Total Liabilities and Shareholders' Equity
|
$149,706
|
$155,415
|
(THOUSANDS OF DOLLARS AND SHARES,
|
THREE MONTHS ENDED
|
||
EXCEPT PER SHARE AMOUNTS)
|
MARCH 31, 2012
|
APRIL 2, 2011
|
|
Net sales
|
$41,946
|
$39,782
|
|
Cost of goods sold
|
18,376
|
16,617
|
|
Gross Profit
|
23,570
|
23,165
|
|
Selling, general and administrative expenses
|
18,475
|
18,952
|
|
Service and distribution costs
|
2,048
|
1,579
|
|
Research and development expenses
|
660
|
571
|
|
Operating Income
|
2,387
|
2,063
|
|
Interest income
|
3
|
3
|
|
Interest expense
|
(158)
|
(227)
|
|
Other income
|
23
|
34
|
|
Interest and Other Expense
|
(132)
|
(190)
|
|
Income Before Income Taxes
|
2,255
|
1,873
|
|
Income tax provision
|
717
|
608
|
|
Net Income
|
$1,538
|
$1,265
|
|
Net Income Per Share:
|
|||
Basic
|
$0.13
|
$0.10
|
|
Diluted
|
$0.12
|
$0.10
|
|
Weighted Average Shares Outstanding:
|
|||
Denominator for Basic Net Income Per Share
|
12,288
|
12,113
|
|
Effect of dilutive securities
|
605
|
778
|
|
Denominator for Diluted Net Income Per Share
|
12,893
|
12,891
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
||
MARCH 31, 2012
|
APRIL 2, 2011
|
||
Net Income
|
$1,538
|
$1,265
|
|
Other Comprehensive Income, Net of Tax:
|
|||
Foreign currency translation adjustments
|
206
|
258
|
|
Unrealized (loss) gain on interest rate swap, net
|
(3)
|
87
|
|
Pension liability adjustment, net
|
(38)
|
(53)
|
|
Comprehensive Income
|
$1,703
|
$1,557
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
||
MARCH 31, 2012
|
APRIL 2, 2011
|
||
Cash Used in Operating Activities:
|
|||
Net Income
|
$1,538
|
$1,265
|
|
Adjustments to reconcile net income to net cash
|
|||
used in operating activities:
|
|||
Depreciation
|
1,348
|
1,318
|
|
Amortization
|
184
|
131
|
|
Amortization of deferred gain
|
(130)
|
(130)
|
|
Provision for bad debts
|
(27)
|
4
|
|
Provision for accrued warranty costs
|
174
|
(143)
|
|
Warranty costs paid
|
(135)
|
(76)
|
|
Stock-based compensation and directors' fees
|
587
|
473
|
|
Unrealized gain on short-term investments
|
(7)
|
(24)
|
|
Unrealized (gain) loss on foreign exchange contracts
|
(182)
|
429
|
|
Unrealized foreign currency transaction gain
|
(105)
|
(152)
|
|
Changes in operating assets and liabilities:
|
|||
Accounts receivable
|
(2,972)
|
(160)
|
|
Inventories
|
(3,814)
|
(6,306)
|
|
Other assets
|
965
|
(619)
|
|
Accounts payable
|
466
|
685
|
|
Other liabilities
|
(5,303)
|
(5,381)
|
|
Net Cash Used in Operating Activities
|
(7,413)
|
(8,686)
|
|
Cash (Used in) Provided by Investing Activities:
|
|||
Purchases of short-term investments
|
(8,185)
|
(996)
|
|
Sales of short-term investments
|
7,990
|
2,731
|
|
Additions to property, plant and equipment
|
(831)
|
(807)
|
|
Additions to trademarks and patents
|
(47)
|
(30)
|
|
Net Cash (Used in) Provided by Investing Activities
|
(1,073)
|
898
|
|
Cash Used in Financing Activities:
|
|||
Excess tax benefit from stock-based awards
|
353
|
-
|
|
Borrowing on long-term debt
|
-
|
4,500
|
|
Repayment of long-term debt
|
(3,000)
|
(4,500)
|
|
Proceeds from sale of Class A common stock, net
|
232
|
29
|
|
Purchase of treasury stock
|
(612)
|
(836)
|
|
Net Cash Used in Financing Activities
|
(3,027)
|
(807)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
339
|
77
|
|
Decrease in Cash and Cash Equivalents
|
(11,174)
|
(8,518)
|
|
Cash and cash equivalents at beginning of period
|
25,991
|
16,650
|
|
Cash and Cash Equivalents at End of Period
|
$14,817
|
$8,132
|
|
SUPPLEMENTAL INFORMATION
|
|||
Income taxes paid, net
|
$466
|
$175
|
|
Interest paid
|
$144
|
$218
|
(THOUSANDS OF DOLLARS)
|
MARCH 31, 2012
|
DECEMBER 31, 2011
|
|
Finished goods
|
$26,421
|
$23,538
|
|
Work in process
|
4,010
|
3,967
|
|
Raw materials
|
9,923
|
8,977
|
|
$40,354
|
$36,482
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
||
MARCH 31, 2012
|
APRIL 2, 2011
|
||
Revenues from External Customers:
|
|||
CAD
|
$21,929
|
$22,840
|
|
COG
|
20,017
|
16,942
|
|
Total
|
$41,946
|
$39,782
|
|
Depreciation and Amortization:
|
|||
CAD
|
$1,143
|
$1,144
|
|
COG
|
389
|
305
|
|
Total
|
$1,532
|
$1,449
|
|
Operating Income (Loss):
|
|||
CAD
|
$(462)
|
$(313)
|
|
COG
|
2,849
|
2,376
|
|
Total
|
$2,387
|
$2,063
|
|
Total Interest and Other Expense:
|
$(132)
|
$(190)
|
|
Total Income Before Income Taxes:
|
$2,255
|
$1,873
|
|
Expenditure for Long-Lived Assets:
|
|||
CAD
|
$522
|
$365
|
|
COG
|
356
|
472
|
|
Total
|
$878
|
$837
|
|
MARCH 31, 2012
|
DECEMBER 31, 2011
|
||
Segment Assets:
|
|||
CAD
|
$92,276
|
$104,761
|
|
COG
|
57,430
|
50,654
|
|
Total
|
$149,706
|
$155,415
|
|
Goodwill:
|
|||
CAD
|
$-
|
$-
|
|
COG
|
15,279
|
15,279
|
|
Total
|
$15,279
|
$15,279
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
||
MARCH 31, 2012
|
APRIL 2, 2011
|
||
Accrued Warranty Costs - Beginning of Period
|
$1,892
|
$1,998
|
|
Warranty costs paid
|
(135)
|
(76)
|
|
Warranty costs accrued
|
174
|
83
|
|
Impact of changes in estimates and assumptions
|
-
|
(226)
|
|
Accrued Warranty Costs - End of Period
|
$1,931
|
$1,779
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
||
MARCH 31, 2012
|
APRIL 2, 2011
|
||
Service cost
|
$12
|
$12
|
|
Interest cost
|
560
|
554
|
|
Expected return on plan assets
|
(577)
|
(559)
|
|
Amortization of unrecognized loss
|
288
|
239
|
|
Amortization of prior service cost
|
3
|
3
|
|
Net Periodic Benefit Cost
|
$286
|
$249
|
(THOUSANDS OF DOLLARS)
|
MARCH 31, 2012
|
DECEMBER 31, 2011
|
|||||
GROSS CARRYING AMOUNT
|
ACCUMULATED AMORTIZATION
|
OTHER INTANGIBLES, NET
|
GROSS CARRYING AMOUNT
|
ACCUMULATED AMORTIZATION
|
OTHER INTANGIBLES, NET
|
||
Amortized:
|
|||||||
Trademarks
|
$9,409
|
$9,038
|
$371
|
$9,374
|
$8,990
|
$384
|
|
Patents
|
3,483
|
3,248
|
235
|
3,471
|
3,225
|
246
|
|
Customer relationships
|
3,170
|
1,811
|
1,359
|
3,170
|
1,698
|
1,472
|
|
$16,062
|
$14,097
|
1,965
|
$16,015
|
$13,913
|
2,102
|
||
Not Amortized:
|
|||||||
Trade names
|
6,900
|
6,900
|
|||||
Intangibles, Net
|
$8,865
|
$9,002
|
(THOUSANDS OF DOLLARS)
|
2012
|
2013
|
2014
|
2015
|
2016
|
THEREAFTER
|
|||||
$514
|
$643
|
$588
|
$190
|
$30
|
$-
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets and liabilities.
|
Level 2
|
Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
|
Level 3
|
Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.
|
(THOUSANDS OF DOLLARS)
|
MARCH 31, 2012
|
DECEMBER 31, 2011
|
|||||||
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
TOTAL
|
||
Assets:
|
|||||||||
Money market funds (A)
|
$1,005
|
$-
|
$-
|
$1,005
|
$10,404
|
$-
|
$-
|
$10,404
|
|
Short-term investments (B)
|
202
|
-
|
-
|
202
|
-
|
-
|
-
|
-
|
|
Derivatives not designated as
|
|||||||||
hedging instruments:
|
|||||||||
Foreign exchange contracts (C)
|
-
|
182
|
-
|
182
|
-
|
55
|
-
|
55
|
|
$1,207
|
$182
|
$-
|
$1,389
|
$10,404
|
$55
|
$-
|
$10,459
|
||
Liabilities
|
|||||||||
Derivatives designated as
|
|||||||||
hedging instruments:
|
|||||||||
Interest rate swaps (D)
|
$-
|
$173
|
$-
|
$173
|
$-
|
$169
|
$-
|
$169
|
|
Derivatives not designated as
|
|||||||||
hedging instruments:
|
|||||||||
Foreign exchange contracts (C)
|
-
|
-
|
-
|
-
|
-
|
31
|
-
|
31
|
|
$-
|
$173
|
$-
|
$173
|
$-
|
$200
|
$-
|
$200
|
(A)
|
Value is based on quoted market prices of identical instruments, fair value is included in cash and cash equivalents
|
(B)
|
Value is based on quoted market prices of identical instruments
|
(C)
|
Value is based on the present value of the forward rates less the contract rate multiplied by the notional amount, fair value is included in other current assets or accounts payable, accrued expenses and other liabilities
|
(D)
|
Value is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, fair value is included in accounts payable, accrued expenses and other liabilities
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
||
MARCH 31, 2012
|
APRIL 2, 2011
|
||
Fair Value / Non-designated Hedges:
|
|||
Foreign exchange contracts (A)
|
$182
|
$(429)
|
|
Cash Flow Hedges:
|
|||
Effective portion recognized in other
|
|||
comprehensive income:
|
|||
Interest rate swaps
|
$31
|
$261
|
|
Effective portion reclassified from other
|
|||
comprehensive income:
|
|||
Interest rate swaps (B)
|
$(35)
|
$(127)
|
(A)
|
Included in selling, general and administrative expenses
|
(B)
|
Included in interest expense
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
PERCENTAGE
|
|||
MARCH 31, 2012
|
APRIL 2, 2011
|
CHANGE
|
|||
Cross Accessories Division (CAD)
|
$21,929
|
$22,840
|
-4.0%
|
||
Cross Optical Group (COG)
|
20,017
|
16,942
|
18.2%
|
||
Consolidated Net Sales
|
$41,946
|
$39,782
|
5.4%
|
(THOUSANDS OF DOLLARS)
|
THREE MONTHS ENDED
|
PERCENTAGE
|
|||
MARCH 31, 2012
|
APRIL 2, 2011
|
POINT CHANGE
|
|||
CAD
|
54.0%
|
57.1%
|
(3.1)
|
||
COG
|
58.6%
|
59.7%
|
(1.1)
|
||
Consolidated Gross Profit Margins
|
56.2%
|
58.2%
|
(2.0)
|
Covenant
Description
|
Covenant
Requirement
|
Calculated Company
Value March 31, 2012
|
|||
Consolidated
Tangible Net Worth
|
Cannot be less than $37.5 million plus 50% of Net Income For Fiscal Years after 2010, or $42.4 million
|
$55.8 million
|
|||
Capital Expenditures
|
Cannot exceed the greater of $10 million in a year or $10 million plus the prior year $10 million cap less expenditures
|
$0.8 million
|
|||
Consolidated
Leverage Ratio
|
Cannot exceed 2.75 to 1
|
0.88:1
|
TOTAL NUMBER OF SHARES PURCHASED
|
AVERAGE PRICE PAID PER SHARE
|
TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS
|
MAXIMUM NUMBER OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS
|
||||
January 1, 2012 - January 28, 2012
|
-
|
-
|
-
|
270,250
|
|||
January 29, 2012 - February 25, 2012
|
4,000
|
$10.90
|
4,000
|
966,250
|
|||
February 26, 2012 - March 31, 2012
|
57,417
|
$9.90
|
57,417
|
908,833
|
|||
61,417
|
$9.97
|
61,417
|
Exhibit 31.1
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Exhibit 31.2
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Exhibit 32
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Exhibit 101
|
Interactive XBRL Data Files
|
A. T. CROSS COMPANY
|
|
Date: May 9, 2012
|
By: DAVID G. WHALEN
David G. Whalen
Chief Executive Officer
|
Date: May 9, 2012
|
By: KEVIN F. MAHONEY
Kevin F. Mahoney
Senior Vice President, Finance and
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of A.T. Cross Company;
|
||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
||
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
||
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
||
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
||
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and
|
||
d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
||
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
||
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
||
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
||
Date: May 9, 2012
|
DAVID G. WHALEN
|
||
David G. Whalen
|
|||
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of A.T. Cross Company;
|
||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
||
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
||
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
||
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
||
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and
|
||
d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
||
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
||
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
||
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
||
Date: May 9, 2012
|
KEVIN F. MAHONEY
|
||
Kevin F. Mahoney
|
|||
Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of A.T. Cross Company.
|
Date: May 9, 2012
|
DAVID G. WHALEN
|
|
David G. Whalen
|
||
Chief Executive Officer
|
||
KEVIN F. MAHONEY
|
||
Kevin F. Mahoney
|
||
Chief Financial Officer
|
Short-Term Investments (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Short-Term Investments [Abstract] | ||
Short-term investments | $ 202 |
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Dec. 31, 2011
|
|
Goodwill and Other Intangible Assets [Line Items] | ||
Number of reporting units | 2 | |
Carrying value of goodwill | $ 15,279,000 | $ 15,279,000 |
Amortization expense for other intangible assets | 200,000 | |
Cross Optical Group [Member]
|
||
Goodwill and Other Intangible Assets [Line Items] | ||
Carrying value of goodwill | 15,279,000 | 15,279,000 |
Goodwill expected to be tax deductible | $ 11,900,000 | $ 11,900,000 |
Inventory (Components Of Inventory) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory [Abstract] | ||
Finished goods | $ 26,421 | $ 23,538 |
Work in process | 4,010 | 3,967 |
Raw materials | 9,923 | 8,977 |
Inventories | $ 40,354 | $ 36,482 |
Income Taxes
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Income Taxes [Abstract] | |
Income Taxes | NOTE C - Income Taxes
In the first three months of 2012 the effective tax rate was 31.8%. In the first three months of 2011 the effective tax rate was 32.5%. |