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)
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||
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
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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|
o
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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
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A. T. CROSS COMPANY
(Registrant)
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|
Date: July 25, 2012
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KEVIN F. MAHONEY
(Kevin F. Mahoney)
Senior Vice President, Finance
Chief Financial Officer
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A. T. CROSS Co.
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News Release
|
Company Contact:
Kevin F. Mahoney
Senior Vice President, Finance and
Chief Financial Officer
401-335-8470
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Investor Relations:
Dave Mossberg
Three Part Advisors, LLC
817-310-0051
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·
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EPS increased 17% from $0.24 in 2011 to $0.28 in 2012
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·
|
Sales increased 2.2% to $48.8 million
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·
|
Operating income increased 14.9%
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·
|
Net cash grew $12.3 million
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·
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Company repurchased $1.5 million of its common stock during the six months ended June 30, 2012
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·
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Company reiterates 2012 EPS guidance of $0.70 to $0.75 per share
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Three Months Ended
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Six Months Ended
|
||||||||||||||||
June 30,
|
July 2,
|
June 30,
|
July 2,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Net sales
|
$
|
48,807
|
$
|
47,768
|
$
|
90,753
|
$
|
87,550
|
|||||||||
Cost of goods sold
|
20,993
|
20,371
|
39,369
|
36,988
|
|||||||||||||
Gross Profit
|
27,814
|
27,397
|
51,384
|
50,562
|
|||||||||||||
Selling, general and administrative expenses
|
19,354
|
19,721
|
37,829
|
38,673
|
|||||||||||||
Service and distribution costs
|
2,167
|
2,116
|
4,215
|
3,695
|
|||||||||||||
Research and development expenses
|
716
|
707
|
1,376
|
1,278
|
|||||||||||||
Operating Income
|
5,577
|
4,853
|
7,964
|
6,916
|
|||||||||||||
Interest and other expense
|
(279)
|
(163)
|
(411)
|
(353)
|
|||||||||||||
Income Before Income Taxes
|
5,298
|
4,690
|
7,553
|
6,563
|
|||||||||||||
Income tax provision
|
1,637
|
1,531
|
2,354
|
2,139
|
|||||||||||||
Net Income
|
$
|
3,661
|
$
|
3,159
|
$
|
5,199
|
$
|
4,424
|
|||||||||
Net Income per Share:
|
|||||||||||||||||
Basic
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$ 0.30
|
$ 0.26
|
$ 0.42
|
$ 0.36
|
|||||||||||||
Diluted
|
$ 0.28
|
$ 0.24
|
$ 0.40
|
$ 0.34
|
|||||||||||||
Weighted Average Shares Outstanding:
|
|||||||||||||||||
Basic
|
12,397
|
12,191
|
12,343
|
12,153
|
|||||||||||||
Diluted
|
12,977
|
13,001
|
12,926
|
12,943
|
|||||||||||||
Three Months Ended
|
Six Months Ended
|
||||||||||||||||
June 30,
|
July 2,
|
June 30,
|
July 2,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Segment Data: Cross Accessory Division
|
|||||||||||||||||
Net Sales
|
$
|
21,321
|
$
|
23,046
|
$
|
43,250
|
$
|
45,886
|
|||||||||
Operating Loss
|
(700)
|
(536)
|
(1,162)
|
(849)
|
|||||||||||||
Segment Data: Cross Optical Group
|
|||||||||||||||||
Net Sales
|
$
|
27,486
|
$
|
24,722
|
$
|
47,503
|
$
|
41,664
|
|||||||||
Operating Income
|
6,277
|
5,389
|
9,126
|
7,765
|
June 30, 2012
|
July 2, 2011
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$22,615
|
$12,775
|
||||||
Short-term investments
|
99
|
604
|
||||||
Accounts receivable
|
32,271
|
30,051
|
||||||
Inventories
|
40,282
|
45,086
|
||||||
Deferred income taxes
|
4,161
|
4,450
|
||||||
Other current assets
|
7,554
|
6,515
|
||||||
Total Current Assets
|
106,982
|
99,481
|
||||||
Property, plant and equipment, net
|
12,909
|
14,258
|
||||||
Goodwill
|
15,279
|
15,279
|
||||||
Intangibles and other assets
|
11,295
|
12,099
|
||||||
Deferred income taxes
|
10,773
|
10,591
|
||||||
Total Assets
|
$157,238
|
$151,708
|
||||||
Liabilities and Shareholders' Equity
|
||||||||
Accounts payable and other current liabilities
|
$29,055
|
$27,420
|
||||||
Retirement plan obligations
|
2,452
|
2,401
|
||||||
Income taxes payable
|
1,313
|
2,266
|
||||||
Total Current Liabilities
|
32,820
|
32,087
|
||||||
Long-term debt
|
18,221
|
21,221
|
||||||
Retirement plan obligations
|
19,258
|
14,380
|
||||||
Deferred gain on sale of real estate
|
1,955
|
2,477
|
||||||
Other long-term liabilities
|
482
|
506
|
||||||
Accrued warranty costs
|
1,386
|
1,422
|
||||||
Shareholders' equity
|
83,116
|
79,615
|
||||||
Total Liabilities and Shareholders' Equity
|
$157,238
|
$151,708
|