LINCOLN, R.I.—A.T. Cross Company (Nasdaq:ATX) reported financial results for the fourth quarter and full year ended January 03, 2009.

Consolidated sales for the fourth quarter of 2008 declined by 12.6 percent to $41.7 million compared to $47.7 million in the fourth quarter of 2007. The Cross Accessory Division (CAD) recorded revenue of $32.4 million, a decline of 19.9 percent compared to the same period last year. The Cross Optical segment reported a fourth quarter sales increase of 27.6 percent to $9.3 million, compared to the same period last year. The Optical Group's revenue growth was driven by continued growth of the Costa Del Mar brand as well as the contribution from Native Eyewear, which the company acquired in the first quarter of 2008, an A.T. Cross statement said.

In the fourth quarter, the company recorded a non-cash goodwill impairment charge of $3.9 million, representing all of the CAD segment's goodwill. The CAD segment's goodwill was the result of the acquisition of assets in 1999 associated with the company's OEM effort. Operating loss in the fourth quarter was $3.1 million, including $6.3 of restructuring and impairment charges, compared to operating income of $5.1 million in the fourth quarter of last year. Net loss for the quarter, after restructuring and impairment charges, was $3.7 million, compared to $3.3 million, last year.

For the full fiscal year, consolidated sales in 2008 increased 5.4 percent to $160.1 million compared to $151.9 million in 2007. The Cross Accessory Division revenue was $111.4 million, down 3.3 percent from $115.3 million in the prior year. The Cross Optical segment reported a full year sales increase of 33.1 percent to $48.7 million, compared to the full year 2007. The Optical Group's revenue increase was driven by double digit growth of the Costa Del Mar brand as well as the contribution from Native Eyewear, the company noted.

For 2008, net income was $0.5 million,compared to $6.7 million in 2007. Included in 2008 and 2007 results are restructuring and impairment charges of $6.5 million and $0.3 million, respectively.