A.T. Cross Co., the parent of Native Eyewear, reported net income fell in the third quarter ended October 3, to $926,000, or 6 cents a share, from $1.76 million, or 12 cents a share. Consolidated net sales for the third quarter declined 12.4% to $34.1 million.

In the nine months, net income  slid to $612,000, or 4 cents a share, from $4.2 million, or 28 cents, a year ago. Included in the 2009 nine month results were 5 cents per share of restructuring charges related to the consolidation of both the company's manufacturing operations and the reduction of its European support structure. Net sales for the nine month period of $102.3 million declined 13.6% from the prior year.

For the nine month period, Cross Optical Group sales were up 5% while Cross Accessory Division sales were down 23%.

Operating expenses were 10% lower in the third quarter and 9% lower in the first nine months of 2009 compared to 2008, excluding restructuring.

David G. Whalen, President and Chief Executive Officer of A.T. Cross said, “While our three brands each delivered better revenue trends than they did in the first half of the year, the business environment during the third quarter continued to be difficult. Our response was to invest in our brands, focus on cost reduction and tightly manage our assets. Importantly, we reduced inventory by over $2 million from a year ago and increased our net cash position by $4.4 million. As a result, we believe that we are well positioned to take advantage of market opportunities and grow revenue and profit as the economy turns around.”

Guidance

The company expects 2009 earnings per share to be between $0.11 and $0.15. This range is net of $0.08 per share of restructuring charges.