A.T. Cross Company said it expects to meet its previously issued guidance of 70 cents earnings per share for 2012 thanks to growing sales of Native and Costa eyewear. ATX reported earnings per share of 64 cents in 2011.
Preliminary financial results show ATX revenues grew 3 percent in 2012 as a 15 percent increase at Cross Optical Group (COG) more than offset a 5 percent decline at the Cross Accessory Division (CAD), which makes Cross pens and other personal accessories.
ATX expects to release complete 2012 financial results Feb. 20, 2013. The company is providing fully diluted earnings per share guidance for 2013 of between 78 and 82 cents.
“Increased investment in our Cross Optical Group continued to drive our positive financial results as we expanded both the Costa and Native brands into new doors and geographies, built the Costa prescription sunglass program, pursued the sports performance apparel market with Costa brand merchandise and introduced several successful new Native products including the Odyssey series with its proprietary N3 lens, said David G. Whalen, president and CEO of A.T. Cross, said. Our confidence in the Optical Group’s business model and growth prospects is very high.”
Whalen attributed the sales decline at CAD in 2012 to a 19 percent decline in sales in the EMEA region due to weak economic conditions. CAD revenue in the Americas and Asia regions grew 3 percent.
In the fourth quarter, the trend in Europe improved and we expect this momentum to continue into the new year, Whalen said.
