AT Cross Co. - Conference Presentation Calls

AT Cross Co. announced financial results for the third quarter and nine months ended October 3, 2009. Net income for the third quarter was $0.9 million or $0.06 per basic and diluted share on consolidated net sales of $34.1 million compared to net income of $1,760,000 or $0.11 diluted earnings on net sales of $38,974,000 for third quarter of 2008. Operating income for the quarter amounted to $194,000 and EBIT of $602,000 compared to operating income of $2,465,000 and EBIT of $2,222,000 for the same period a year ago. Net income for the nine months was $0.6 million or $0.04 per basic and diluted share on net sales for the nine month period of $102.3 million compared to net income of $4,235,000 or $0.27 diluted earnings on net sales of $118,439,000 for nine months of 2008. Operating loss for the quarter amounted to $442,000 and LBIT of $808,000 compared to operating income of $6,681,000 and EBIT of $6,069,000 for the same period a year ago. 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.

Dave Whalen, President and CEO of AT Cross Co. said, “Our fourth strategic goal is to utilize the strength of our balance sheet and increasing cash flow to execute smart, value added acquisitions to strengthen each part of our business, to provide us with long-term growth opportunities. Since our balance sheet remains strong, we view the current economic situation as potentially a source of opportunity. We will continue to look for accretive acquisitions, and given the environment industry consolidation is probable. If that is the case we intend to be a player.”