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First Quarter Results:

• Consolidated sales for the first quarter of 2011 increased by 15.7% to $39.8 million compared to $34.4 million in the first quarter of 2010
• Operating income in the first quarter of 2011 was $2.1 million, as compared to $0.5 million in the first quarter of last year.
• Net income for the first quarter was $1.3 million, or $0.10 per basic and diluted share, compared to net income of $0.2 million, or $0.01 per basic and diluted share, last year. 

Mr. Whalen concluded, "A. T. Cross is off to a very strong start. Both businesses are executing their strategies and plans with precision. We are excited about the direction in which the Company is moving and expect further gains as 2011 moves forward."

In February, the Company provided 2011 guidance of earnings between $0.56 and $0.60 per share. Given first quarter results, the Company is now guiding to the top end of that range. The guidance will be reviewed again in July once the peak sunglass season concludes.

A.T. Cross Company Delivers Excellent Second Quarter Performance

• Sales Grow 11.9%
• EPS of $0.20 vs. $0.04 in 2009
• EPS Guidance Increased from $0.34 to $0.45
• Company Repurchases 1.25 Million Shares, or 9% of Outstanding Shares for $5.0 Million
• Company Establishes New $40 Million Credit Facility

David G. Whalen, President and Chief Executive Officer of A.T. Cross, said, "We were very pleased with our second quarter performance. Our business grew at a double digit rate and our bottom line improved dramatically. The Cross Optical Group powered through its second quarter peak season with both brands generating strong, double digit revenue growth and operating income up significantly. The Cross Accessory Division continued to see top line year-to-date growth in every region of the world. Importantly, due to work done in 2009 to reduce its cost base, the higher Accessory Division revenue resulted in significantly improved operating earnings."

As announced on July 8, 2010, the Company repurchased 1.25 million shares of its Class A common stock for approximately $5 million. Since December 2009, when the Company acquired 1.5 million shares, a total of 2.75 million of 18% of the outstanding shares have been repurchased for approximately $10.2 million.

Source: Globe Newswire (July 28, 2010)