A.T. Cross to Record Loss Provision in Second Quarter for Investments in Digital:Convergence and NeoMedia Technologies.Business Editors LINCOLN, R.I.--(BUSINESS WIRE)--July 2, 2001 A.T. Cross Company (AMEX AMEX See: American Stock Exchange : ATX See ATX motherboard. (hardware, standard) ATX - An open PC motherboard specification by Intel. ATX is a development of the Baby AT specification with the motherboard rotated 90 degrees in the chassis. ) today announced that it expects to record a pre-tax loss provision of up to $6 million, or 25 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , in the second quarter ended June 30, 2001 relating to the Company's investments in Digital:Convergence Corporation (DCCI DCCI Dubai Chamber of Commerce and Industry DCCI Dhaka Chamber of Commerce & Industry (Bangladesh) DCCI N,n'-Dicyclohexylcarbodiimide DCCI Dorset Chamber of Commerce and Industry DCCI Defense Cyber Crime Institute ) and NeoMedia Technologies, Inc. "Developments impacting DCCI during the past quarter, as well as unfavorable market conditions that continue to exist for many technology stocks, lead us to believe that our investments have experienced a decline in value that, in our opinion, is other than temporary," said David G. Whalen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Whalen continued, "A number of alternative applications and systems linking print to the Internet continue to be developed. The products we created for use with the DCCI system are compatible with these new applications. While the future of the DCCI system may be unclear, Cross, as the leader in developing pen based technology products, will evaluate the potential of these new alternatives and offer our products where appropriate." A.T. Cross Company is a major international manufacturer of fine writing instruments. The Company also manufactures pen computing products. Statements contained in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (including but not limited to statements related to the future value of certain investments and the potential benefit of participation in the print to the Internet arena). In addition, words such as "believes," "anticipates," "expects," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including but not limited to risks associated with accurately evaluating the potential value of investments and customer and consumer interest and support for print to Internet initiatives. Additional discussion of factors that could cause actual results to differ materially from management's expectations is contained in the Company's filings under the Securities Exchange Act of 1934. |
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