18 February 2005 – Lincoln (RI): AT Cross has posted a declining profit in its Q4 but is optimistic for 2005, according to the company’s president/CEO David Whalen.
Net income for the quarter was $1.8 million, or EPS of $0.12, against $2.1 million, or EPS of $0.14, a year ago, as a result of "inventory obsolescence adjustments recorded in the quarter". Sales increased 4.8 per cent to $41 million from $39.1 million.
"During the quarter, we made progress in several areas of our business," said Whalen. "Moreover, we generated an increase in our international business, which was consistent with the performance in those markets all year."
For the full year, the company reported a net loss of $900,000, or EPS of $0.06, compared to a net income of $1.8 million, or EPS of $0.12 last year. Net sales increased 2.5 per cent to $129.5 million from $126.4 million in 2003.
Reporting on the year, Whalen added: "We experienced success in new product innovation and our restructuring programme moved forward. We will continue to evolve our business in 2005 to strengthen the Cross brand name and lay the foundation for long-term growth."