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Cross Optical Group revenue and operating income increased 19% and 29%, respectively
LINCOLN, R.I., April 25, 2013 (GLOBE NEWSWIRE) --
A.T. Cross Company (Nasdaq:ATX) today announced financial results for the first quarter ended March 30, 2013.
David G. Whalen, President and Chief Executive Officer of A.T. Cross said, "A. T. Cross continued to grow in the first quarter of 2013 with revenue up 6% and operating income higher by 10%. The Cross Optical Group (COG) continued its strong performance as its revenue and operating income increased 19% and 29%, respectively. As our sunglass business enters its peak selling season, it is clear that it has maintained its momentum from 2012 and we expect a strong performance as we move through the spring."
Mr. Whalen continued, "The Cross Accessory Division's (CAD) revenue declined 6% in the first quarter. Two-thirds of the decline was related to the substantially weaker Japanese Yen and decreased sales of low margin discontinued product. Having said that, while our trend in the European market improved in Q1, we did experience softness in the America and Asia markets which we are addressing."
First Quarter 2013 Results
Sales for the first quarter of 2013 increased by 5.9% to $44.4 million compared to $41.9 million in the first quarter of 2012. The Cross Optical Group reported sales of $23.8 million, an increase of 19.1% compared to last year's first quarter. The Cross Accessory Division recorded revenue of $20.6 million, down 6.2% from last year.
Gross margin was 56.1% in 2013, versus 56.2% in 2012.
Operating expenses were $22.3 million, or 50.2% of sales in the 2013 first quarter, versus $21.2 million, or 50.5% of sales for the same period a year ago.