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Company Repurchases 1.25 Million Shares, or 9% of Outstanding Shares for $5.0 Million
Company Establishes New $40 Million Credit Facility
LINCOLN, R.I., July 28, 2010 (GLOBE NEWSWIRE) --
A.T. Cross Company (Nasdaq:ATX) today announced financial results for the second quarter ended July 3, 2010.
David G. Whalen, President and Chief Executive Officer of A.T. Cross, said, "We were very pleased with our second quarter performance. Our business grew at a double digit rate and our bottom line improved dramatically. The Cross Optical Group powered through its second quarter peak season with both brands generating strong, double digit revenue growth and operating income up significantly. The Cross Accessory Division continued to see top line year-to-date growth in every region of the world. Importantly, due to work done in 2009 to reduce its cost base, the higher Accessory Division revenue resulted in significantly improved operating earnings."
Second Quarter 2010 Results
Consolidated sales for the second quarter of 2010 increased by 11.9% to $41.7 million compared to $37.3 million in the second quarter of 2009. The Cross Accessory Division (CAD) recorded revenue of $21.4 million, an increase of 3.0%, compared to last year. The Cross Optical segment reported a second quarter sales increase of 23.1% to $20.3 million, compared to last year. The Optical Group's revenue growth was driven by growth of both the Costa and Native brands.
Gross margin in the quarter was 57.3% compared to 54.7% in last year's second quarter.
Operating income in the quarter was $3.9 million as compared to $1.5 million in the second quarter of last year.