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A.T. CROSS REPORTS DECLINE IN SALES AND EARNINGS FOR FIRST QUARTER OF 1993

 LINCOLN, R.I., April 22 /PRNewswire/ -- A.T. Cross Company (AMEX: ATX.A), manufacturer of fine writing instruments, today reported sales in the first quarter ended March 31, 1993, of $39.1 million, down 14.5 percent from $45.7 million in the first quarter of 1992. Net earnings for the period amounted to $173,000, or 1 cent per share, compared with $2.1 million, or 13 cents per share, in the 1992 quarter. Historically, the first quarter has been the company's lowest period for sales and earnings.
 Writing instrument sales for the quarter declined 15.8 percent to $32.2 million, with domestic writing instrument sales down 3.8 percent to $19.6 million and foreign writing instruments down 29.art E March 31
 1993 1992
 Net sales $39,103 $45,727
 Cost of goods sold 24,527 26,944
 Total 14,576 18,783
 Selling, general & administrative exps. 15,008 16,644
 Operating income (loss) (432) 2,139
 Interest and other income 679 853
 Income before income taxes 247 2,992
 Income taxes 74 850
 Net income 173 2,142
 Net income per share $0.01 $0.13
 Average number of shares outstanding 16,923 16,885
 Condensed Consolidated Balance Sheets
 (Unaudited -- In thousands, except per-share amount)
 March 31 1993 1992
 Assets
 Cash and short-term investments $74,305 $64,813
 Receivables 21,729 24,001
 Inventories 32,348 52,635
 Other current assets 3,967 4,253
 Total current assets 132,349 145,702
 Property and equipment, net 39,977 40,268
 Other assets 10,741 10,206
 Total assets 183,067 196,176
 Liabilities and shareholders' equity
 Current liabilities $27,958 $29,546
 Accrued warranty costs 4,059 3,810
 Shareholders' equity (per share $8.92
 and $9.64) 151,050 162,820
 Total liabilities & shareholders' equity 183,067 196,176
 -0- 4/22/93
 /CONTACT: Michael El-Hillow, vice president, finance/chief financial officer of A.T. Cross, 401-333-1200/
 (ATX)


CO: A.T. Cross Company ST: Rhode Island IN: HOU SU: ERN

CK-PS -- NY052 -- 9392 04/22/93 11:44 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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