AT Cross Reports EPS $0.16 vs. $0.13; Revenues $44M Vs. $43.7M (ATX)

A.T. Cross Company ATX reports 2011 Q4 EPS of $0.16 versus the $0.13 Street consensus. A.T. Cross reports revenues of $44.0M versus the $43.70M Street consensus. A.T. Cross Company ATX today announced financial results for the fourth quarter and full year ended January 1, 2011. David G. Whalen, President and Chief Executive Officer of A.T. Cross, said, "2010 was an outstanding year for A.T. Cross. Throughout the economic downturn, in anticipation of an economic recovery, we continued to invest in our business and put in place aggressive plans to grow revenue and profit. In 2010, as the economy improved, our plans came to fruition and our shareholders were rewarded. The Cross Optical Group delivered a powerful all around performance and the Cross Accessory Division increased operating profit by $5.8 million. From this position and with our strong balance sheet, we expect to continue to generate profitable growth during 2011." Fourth Quarter 2010 Results Consolidated sales for the fourth quarter of 2010 increased by 11.5% to $44.0 million compared to $39.5 million in the fourth quarter of 2009. The Cross Accessory Division (CAD) recorded revenue of $32.6 million, an increase of 8.2% compared to last year. The Cross Optical segment reported fourth quarter sales of $11.4 million, a 22.2% increase compared to last year. Gross margin in the fourth quarter was 55.2% compared to 54.7% in last year's fourth quarter. Operating expenses, excluding restructuring charges, were $21.7 million, or 49.2% of sales, in the fourth quarter of 2010 compared to $19.1 million, or 48.3% of sales, in the fourth quarter of 2009. Net income in the fourth quarter was $1.9 million, $0.16 per basic and $0.15 per diluted share, compared to net income of $1.2 million, $0.09 per basic and diluted share, last year. Included in the fourth quarter of 2009 are pretax restructuring charges of $0.8 million. Full Year 2010 Results Consolidated sales in 2010 increased 11.7% to $158.3 million compared to $141.8 million in 2009. Cross Accessory Division revenue was $97.8 million, up 7.6% from prior year. The Cross Optical segment reported a sales increase of 19.0% to $60.5 million. Gross margin in 2010 was 55.9% compared to 54.1% in 2009. Operating expenses, excluding restructuring charges, were $79.2 million, or 50.0% of sales, in 2010 compared to $73.6 million or 51.9% of sales in 2009. For 2010, net income was $6.4 million, $0.50 per basic and $0.49 per diluted share, compared to $1.9 million, $0.13 per basic and diluted share, in 2009. Included in 2009 results are pretax restructuring charges of $1.9 million. Guidance The Company expects 2011 earnings per share to be between $0.56 and $0.60.