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A.T. CROSS REPORTS DECREASED SALES AND EARNINGS FOR 1992 FOURTH QUARTER AND FULL YEAR

 LINCOLN, R.I., Feb. 8 /PRNewswire/ -- A.T. Cross Company (AMEX: ATX.A), manufacturer of fine writing instruments, had lower sales and earnings for the fourth quarter and full year of 1992, Bradford R. Boss, chairman, reported today.
 For the three months ended Dec. 31, 1992, sales were $62.5 million and net income amounted to $3.2 million, or 19 cents per share, compared with sales of $72.9 million and income of $11.3 million, or 68 cents per share, one year earlier. For the year 1992, sales totaled $200.4 million and net income was $10.8 million, or 64 cents per share, compared with sales of $217.1 million and income of $21.2 million, or $1.26 per share, for 1991.
 "Our 1992 operating results," said Mr. Boss, "reflects the poor economic conditions experienced in many countries, especially the United States, Japan and Germany, which represent our major markets. Domestic writing instrument sales for the year were $101.2 million, down 9.4 percent. On a positive note, our domestic special market sales to corporate customers were up almost 4 percent. Foreign writing instrument sales declined 7.3 percent to $67.8 million, while the leather goods group had sales of $31.7 million, off 2.9 percent from 1991. Earnings for the year were down for writing instruments, while the leather group reduced its operating loss from last year.
 "In January 1993, we implemented a voluntary separation program at our facility in Ireland. This program, combined with a less-extensive early retirement program in the United States that occurred in December 1992, reduced our workforce by approximately 175 employees and resulted in a fourth-quarter pretax charge of approximately $2.5 million.
 "If our major market economies show improvement, we believe that the several new product offerings currently underway, combined with our ongoing cost reduction efforts, will result in improved sales and earnings in 1993."
 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
 (In thousands, except per share amounts)
 (Unaudited)
 Periods ended Fourth Quarter Year
 Dec. 31 1992 1991 1992 1991
 Net sales $62,464 $72,917 $200,432 $217,134
 Cost of goods sold 32,241 36,598 111,601 118,900
 Gross profit 30,223 36,319 88,831 98,234
 Selling, general & admin. exps. 25,433 22,093 76,028 73,782
 Operating income 4,790 14,226 12,803 24,452
 Interest and other income 752 1,211 3,206 5,160
 Income before income taxes 5,542 15,437 16,009 29,612
 Income taxes 2,313 4,101 5,191 8,425
 Net income $ 3,229 $11,336 $ 10,818 $ 21,187
 Net income per share $0.19 $0.68 $0.64 $1.26
 Average number of shares outstg. 16,919 16,874 16,903 16,853
 Condensed Consolidated Balance Sheets
 (In thousands, except per share amounts)
 (Unaudited)
 12/31/92 12/31/91
 Assets:
 Cash and short-term investments $ 65,210 $ 65,930
 Receivables 39,594 31,552
 Inventories 34,511 54,353
 Other current assets 4,316 5,071
 Total current assets 143,631 156,906
 Property and equipment, net 40,162 40,594
 Other assets 10,662 10,135
 Total assets $194,455 $207,635
 Liabilities and shareholders' equity:
 Current liabilities $ 39,830 $ 42,700
 Accrued warranty 4,009 3,761
 Shareholders' equity (per share
 $8.90 and $9.55) 150,616 161,174
 Total liabilities and
 shareholders' equity $194,455 $207,635
 -0- 2/8/93
 /CONTACT: Michael El-Hillow, vice president-finance/chief financial officer of A.T. Cross, 401-333-1200; or Loring Corporate Services, 212-943-0620, for A.T. Cross/
 (ATX)


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

GK-KW -- NY074 -- 4145 02/08/93 13:23 EST
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Date:Feb 8, 1993
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