This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A.T. Cross Company Reports Strong 2010 Fourth Quarter And Full Year Financial Results With Both Operating Segments Reporting Growth In Revenue And Earnings

  • 2010 EPS $0.50 versus 2009 EPS $0.13
  • 2010 Operating Cash Flow of $12.7 Million
  • Optical segment sales increase 19% for the year
  • 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs