Pen manufacturer AT Cross has reported its financial results for the fourth quarter and full year 2003. Sales were up for the full year and it recorded strong performance for quarter four.
Net sales were up 16.4% in the fourth quarter to $38.7 million, with global writing instrument and accessory revenue up 9% on the same period last year. Net income was $2.1 million, down from $3.4 million the previous year. Excluding non-recurring items, net income was up 39.3% to $2.5 million.
David Whalen, president and CEO, says: "There were several reasons for our strong performance in the fourth quarter. Net sales increased in each of our geographic regions, particularly Asia, where we benefited from both the economic recovery as well as our re-branding efforts. Also, the compelling holiday programmes that we secured with our United States national accounts improved the presentation in this key channel and led to increased sales.” He says the introduction of Vice, a new quality writing instrument, to coincide with the holiday selling season also helped.
For the full year 2003, net sales were up 6.8% to $125.3 million and net income was $1.8 million, down from $4.9 million in 2002. Excluding non-recurring charges net income was $2.8 million, compared to $3.4 million in 2002.
19-Feb-2004
