Orlando, FL 1/912 (StreetBeat) – A.T. Cross Company (Nasdaq:ATX) announced today that it expects 2011 earnings per share to meet its previously issued basic earnings per share guidance of $0.67-$0.70. Comparatively, the Company reported $0.50 basic earnings per share in 2010. Preliminary financial results showed revenue growth in 2011 of 10%, with the Cross Optical Group sales growing 20% and the Cross Accessory Division sales growing 5%. Complete 2011 financial results will be released on February 22, 2012.The Company is providing fully diluted earnings per share guidance for 2012 of between $0.70 and $0.75. Comparatively, 2011 fully diluted earnings per share is expected to be between $0.62 and $0.65.
Commenting on a successful 2011 and the outlook for growth, David G. Whalen, President and Chief Executive Officer of A.T. Cross said, "We are pleased that both of our operating segments grew in 2011. Focused investment in our Cross Optical Group continued to pay off as we expanded both the Costa and Native brands into new doors and geographies, launched the Costa prescription sunglass program and introduced several new Native products including ski goggles. Our confidence in the Optical Group's business model and growth prospects remains very high."
Mr. Whalen continued, "The Cross Accessory Division grew 5% in 2011. However, the growth the Division experienced in the first nine months of the year did not continue during the fourth quarter when year over year Accessory Division revenue declined 6%. The primary driver of this performance was that sales in Europe during the fourth quarter fell at a double digit rate offsetting the growth delivered in that region in the first nine months and resulting in flat sales for the year. Until we gain more visibility into the health of the European economy, we have built some caution into our 2012 earnings guidance. Having said that, our long term view of our business model remains positive and I am very confident that we have growth strategies in place that will continue to reward our shareholders."
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