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4Q2012 net sales and operating income increased 7% and 28%, respectively
4Q2012 Cross Optical Group sales and operating income grew 27% and 126%, respectively
2013 EPS guidance $0.78 to $0.82
LINCOLN, R.I., Feb. 20, 2013 (GLOBE NEWSWIRE) --
A.T. Cross Company (Nasdaq:ATX) today announced financial results for the fourth quarter and full year ended December 29, 2012.
David G. Whalen, President and Chief Executive Officer of A.T. Cross said, "In 2012, we grew revenue and leveraged it to even greater profit growth. Driving performance in 2012 continued to be the Cross Optical Group (COG). In 2012 COG grew revenue by 14.9% to $83.3 million and grew its operating income by 24% to $13.4 million. Importantly, in what is often an uneventful quarter, COG had its strongest fourth quarter to date, growing revenue by 27% and operating income by 126%. The COG business entered 2013 with significant momentum."
Mr. Whalen continued, "The Cross Accessory Division's (CAD) revenue declined by 4.8% in 2012. As discussed last year, we had originally expected flat year-over-year performance based upon stable economic conditions in Europe. As European economic conditions worsened, sales in that region declined 17% and were only partially offset by 3% increases in both the Americas and Asia regions. For 2013 we expect increasingly positive revenue performance in all three regions and success in extending the Cross brand into adjacent categories."
Fourth Quarter 2012 Results
Net sales for the fourth quarter of 2012 increased by 7.1% to $46.4 million compared to $43.3 million in the fourth quarter of 2011. The Cross Optical Group (COG) reported fourth quarter sales of $16.3 million, a 27.3% increase compared to last year. COG's operating income grew 126% from $0.8 million to $1.9 million. The Cross Accessory Division (CAD) recorded sales of $30.0 million, a 1% decline from 2011.