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Expects to meet 2012 EPS guidance of $0.70; +9% vs. 2011
2012 revenue growth +3%
Q4 2012 revenue growth +7%; Cross Optical Group +27%
2013 EPS guidance of between $0.78 and $0.82 per share
LINCOLN, R.I., Jan. 14, 2013 (GLOBE NEWSWIRE) --
A.T. Cross Company (Nasdaq:ATX) announced today that it expects 2012 earnings per share to meet its previously issued earnings per share guidance of $0.70. Comparatively, the Company reported $0.64 earnings per share in 2011. Preliminary financial results showed revenue growth in 2012 of 3%, with the Cross Optical Group sales increasing 15% and the Cross Accessory Division sales decreasing 5%. Complete 2012 financial results are expected to be released on February 20, 2013.
The Company is providing fully diluted earnings per share guidance for 2013 of between $0.78 and $0.82.
Commenting on a successful 2012 and the outlook for growth, David G. Whalen, President and Chief Executive Officer of A.T. Cross, said, "Increased investment in our Cross Optical Group continued to drive our positive financial results as we expanded both the Costa and Native brands into new doors and geographies, built the Costa prescription sunglass program, pursued the sports performance apparel market with Costa brand merchandise and introduced several successful new Native products including the Odyssey series with its proprietary N3 lens. Our confidence in the Optical Group's business model and growth prospects is very high."
Mr. Whalen continued, "Cross Accessory Division revenue declined 5% in 2012. The decline was related to the EMEA region, where due to the weak economic environment in the area, sales declined 19%. Revenue in the Americas and Asia regions grew 3%. In the fourth quarter, the trend in Europe improved and we expect this momentum to continue into the new year. We expect the Cross Accessory Division to grow modestly in 2013."