A.T. Cross Company Announces Preliminary 2010 Financial Results And 2011 EPS Guidance
- Expects to Exceed 2010 EPS Guidance of $0.45
- 2010 Revenue Growth 12%
- 2011 EPS Guidance of Between $0.55 and $0.59
LINCOLN, R.I., Jan. 10, 2011 (GLOBE NEWSWIRE) -- A.T. Cross Company (Nasdaq:ATX) today announced that it will modestly exceed its previously released 2010 earnings per share guidance of $0.45. The company earned $0.13 per share in 2009. Preliminary results also showed sales growth in 2010 was 12%, with the Cross Optical Group growing 19% and the Cross Accessory Division growing 8%. Complete 2010 results will be released on February 23, 2011.
The Company is providing earnings per share guidance for 2011 of between $0.55 and $0.59.
Commenting on a successful 2010 and the positive outlook, David G. Whalen, President and Chief Executive Officer of A.T. Cross said, "Both of our operating segments finished the year with momentum. We were highly focused in 2010 on continuing to invest in Costa, whose growth demonstrates the great potential of the brand, and shaping the Native Eyewear brand to set it up to build scale. In addition, we restored revenue growth to the Cross brand and are benefiting from the operating leverage provided by its reduced cost structure. We have managed our balance sheet very well which allowed us to repurchase 19% of our outstanding shares between December 2009 and December 2010. I am very confident that we have growth strategies in place that will continue to reward our shareholders."The Company's preliminary 2010 results and certain forward-looking information will be presented at the following January 2011 investor conferences:
- Cowen and Company 9 th Annual Consumer Conference in New York on Tuesday, January 11, 2011 at 1:00 pm EST
- 13 th Annual Needham Growth Conference in New York on Thursday, January 13, 2011 at 2:50 pm EST
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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