Overall sales at the company increased by 9.6 percent to $53.5 million for the second quarter of 2013, compared to $48.8 million in the second quarter of 2012. The Cross Accessory Division (CAD) recorded revenue of $21.1 million, a 1.1 percent decrease compared to $21.3 million last year.
Gross margin in the quarter was 58.4 percent, 140 basis points higher compared to last year's second quarter gross margin of 57.0 percent.
Operating income in the quarter decreased 14.0 percent to $4.8 million, as compared to $5.6 million in the second quarter of last year. Included in second quarter results for this year was a $1.4 million non-cash charge for the termination of a pension plan associated with former Cross employees in Ireland and $0.5 million of costs related to the sale of the Cross Accessory Division. Excluding these non-recurring charges, operating income increased 19.3 percent compared to last year's second quarter.
Net income for the second quarter was $3.1 million, or 24 cents per diluted share, (37 cents per diluted share excluding non-recurring charges) compared to $3.7 million, or 28 cents per diluted share, last year.
"A.T. Cross delivered an excellent first half performance," stated David G. Whalen, president and CEO of A.T. Cross. "The Cross Optical Group delivered a record performance demonstrating that the strategies we have put in place to build our sunglass business are working. On July 15, 2013, we announced we had entered an agreement to sell our Cross Accessory Division. We expect that transaction to close in the third quarter of this year at which point we will work to accelerate our evolution into a fast-growing, well-capitalized, optical company."
By press release through Sportsonesource
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