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2011 EPS Guidance of Between $0.56 and $0.60 per share
LINCOLN, R.I., Feb. 23, 2011 (GLOBE NEWSWIRE) --
A.T. Cross Company (Nasdaq:ATX) today announced financial results for the fourth quarter and full year ended January 1, 2011.
David G. Whalen, President and Chief Executive Officer of A.T. Cross, said, "2010 was an outstanding year for A.T. Cross. Throughout the economic downturn, in anticipation of an economic recovery, we continued to invest in our business and put in place aggressive plans to grow revenue and profit. In 2010, as the economy improved, our plans came to fruition and our shareholders were rewarded. The Cross Optical Group delivered a powerful all around performance and the Cross Accessory Division increased operating profit by $5.8 million. From this position and with our strong balance sheet, we expect to continue to generate profitable growth during 2011."
Fourth Quarter 2010 Results
Consolidated sales for the fourth quarter of 2010 increased by 11.5% to $44.0 million compared to $39.5 million in the fourth quarter of 2009. The Cross Accessory Division (CAD) recorded revenue of $32.6 million, an increase of 8.2% compared to last year. The Cross Optical segment reported fourth quarter sales of $11.4 million, a 22.2% increase compared to last year.
Gross margin in the fourth quarter was 55.2% compared to 54.7% in last year's fourth quarter.
Operating expenses, excluding restructuring charges, were $21.7 million, or 49.2% of sales, in the fourth quarter of 2010 compared to $19.1 million, or 48.3% of sales, in the fourth quarter of 2009.
Net income in the fourth quarter was $1.9 million, $0.16 per basic and $0.15 per diluted share, compared to net income of $1.2 million, $0.09 per basic and diluted share, last year. Included in the fourth quarter of 2009 are pretax restructuring charges of $0.8 million.