Printer Friendly

A.T. CROSS REPORTS DECLINES IN SALES AND PROFIT FOR FIRST QUARTER OF 1992

 A.T. CROSS REPORTS DECLINES IN SALES AND
 PROFIT FOR FIRST QUARTER OF 1992
 LINCOLN, R.I., April 23 /PRNewswire/ -- A.T. Cross Company (AMEX: ATX.A), manufacturer of fine writing instruments and marketer of quality leather and gift products, today reported sales in the first quarter ended March 31, 1992, of $45.7 million, down 2.7 percent from $47 million in the first quarter of 1991.
 Writing instrument sales for the quarter were off 2.5 percent to $38.3 million. Leather goods and gift products sales decline 4.4. percent to $7.4 million. Net earnings for the period amounted to $2.1 million, or 13 cents per share, compared with $2.5 million, or 15 cents per share, in the 1991 quarter. Historically, the first quarter has been the company's lowest period for sales and earnings.
 "Weakness in the retail sector and in consumer demand resulted in decreased sales in our domestic writing instruments and leather goods divisions," said Bradford R. Boss, chairman and chief executive officer. "Sales gains were achieved in writing instruments internationally, in the Mark Cross stores, and in our special markets division, which provides writing instruments for recognition and motivational purposes. The company showed improvement in gross profit margin and operating income primarily because of higher selling prices and reduced leather group amortization despite the shortfall in overall sales. Lower average interest rates on our investible funds and a decline in other income had a negative impact on our results.
 A.T. Cross Company is a major international manufacturer of fine writing instruments. The company also markets quality leather products and other gift items through its Mark Cross retail chain and its Manetti-Farrow distributing arm.
 A.T. CROSS COMPANY
 Consolidated Summaries of Income
 (Unaudited; in thousands, except per-share amounts)
 First quarter ended March 31 1992 1991
 Net sales $45,727 $47,008
 Cost of goods sold 26,944 28,518
 Total 18,783 18,490
 Selling, general and administrative 16,644 16,815
 Operating income 2,139 1,675
 Interest and other income 853 1,852
 Income before income taxes 2,992 3,527
 Income taxes 850 1,019
 Net income 2,142 2,508
 Net income per share $.13 $.15
 Average number of shares outstanding 16,885 16,835
 Condensed Consolidated Balance Sheets
 (In thousands, except per-share amounts)
 Assets: 3/31/92 3/31/91
 Cash and short-term investments $64,813 $62,547
 Receivables 24,001 25,418
 Inventories 52,635 54,702
 Other current assets 4,253 5,624
 Total current assets 145,702 148,291
 Property and equipment, net 40,268 37,290
 Other assets 10,953 11,780
 Total assets 196,923 197,361
 Liabilities and shareholders' equity:
 Current liabilities 29,546 30,028
 Accrued warranty 3,810 3,611
 Shareholders' equity
 (per share $9.69 and $9.72) 163,567 163,722
 Total liabilities and
 shareholders' equity 196,923 197,361
 -0- 4/23/92
 /CONTACT: Michael El-Hillow, VP-finance/CFO of A.T. Cross, 401-333-1200/
 (ATX) CO: A.T. Cross Company ST: Rhode Island IN: HOU SU: ERN


KD-CK -- NY062 -- 1828 04/23/92 11:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 23, 1992
Words:520
Previous Article:BANKAMERICA PURCHASES 1523 INTERBOLD i SERIES ATMS
Next Article:SHARE AMERICA BREAD; GOOD BREAD THAT DOES GOOD


Related Articles
A.T. CROSS REPORTS DECREASED SALES AND EARNINGS FOR 1991 FOURTH QUARTER AND FULL YEAR
A.T. CROSS SALES AND EARNINGS DECLINE IN SECOND QUARTER AND FIRST HALF
A.T. CROSS REPORTS FLAT SALES AND LOWER EARNINGS FOR THIRD QUARTER OF 1992
A.T. CROSS REPORTS DECREASED SALES AND EARNINGS FOR 1992 FOURTH QUARTER AND FULL YEAR
A.T. CROSS REPORTS DECLINE IN SALES AND EARNINGS FOR FIRST QUARTER OF 1993
A.T. CROSS COMPANY REPORTS SECOND QUARTER NET LOSS INCLUDING RESTRUCTURING CHARGE AND LOSS ON SALE OF MARK CROSS SUBSIDIARY
A.T. CROSS REPORTS LOWER SALES AND EARNINGS FOR THIRD QUARTER OF 1993
A.T. CROSS REPORTS A FOURTH QUARTER EARNINGS INCREASE ON SALES DECREASE
A.T. CROSS EARNINGS ADVANCE SHARPLY IN 1994 FIRST QUARTER ON A SLIGHT SALES DECLINE; DIRECTORS AUTHORIZE ONE-MILLION SHARE STOCK BUYBACK
A.T. CROSS REPORTS LOWER SALES AND EARNINGS FOR 1996 SECOND QUARTER AND FIRST HALF

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters