SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________
Commission file number 1-6720
A. Full title of the Plan: A.T. CROSS COMPANY DEFINED CONTRIBUTION
RETIREMENT PLAN
B. Name of Issuer of securities held pursuant to the Plan and address of its
principal executive office:
A.T. CROSS COMPANY
ONE ALBION ROAD
LINCOLN, RHODE ISLAND 02865
Financial Statements of the Plan:
A.T. Cross Company
Profit Sharing Plan and Trust
Financial Statements for the Years Ended
December 31, 1996 and 1995 and
Supplemental Schedules as of and for the
Year Ended December 31, 1996
and Independent Auditors' Report
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995:
Statements of Net Assets Available for Benefits,
with Fund Information 2-3
Statements of Changes in Net Assets Available for Benefits,
with Fund Information 4-5
Notes to Financial Statements 6-10
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1996:
Item 27a - Schedule of Assets Held for Investment Purposes 11-16
Item 27d - Schedule of Reportable Transactions 17-24
Schedules required under the Employee Retirement Income Security Act of 1974,
other than the schedules listed above, are omitted because of the absence of the
conditions under which the schedules are required.
Deloitte & Touche LLP Telephone: (617)261-8000
125 Summer Street Facsimile: (617)261-8111
Boston Massachuseetts 02110-1617
INDEPENDENT AUDITORS' REPORT
To the Retirement Plans Committee and
Participants of A.T. Cross Company
Profit Sharing Plan and Trust:
We have audited the accompanying statement of net assets available for benefits
of the A.T. Cross Company Profit Sharing Plan and Trust (the "Plan") as of
December 31, 1996, and the related statement of changes in net assets available
for benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The financial
statements and supplemental schedules for the year ended December 31, 1995 were
audited by other auditors whose report, dated June 26, 1996, expressed an
unqualified opinion on those statements and schedules.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1996, and the changes in net assets available for benefits for the year then
ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
Table of Contents are presented for the purpose of additional analysis and are
not a required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The fund information in the statement of net assets available for
benefits and the statement of changes in net assets available for benefits is
presented for purposes of additional analysis rather than to present the net
assets available for benefits and changes in net assets available for benefits
of each fund. This supplemental information is the responsibility of the Plan's
management. Such schedules and fund information have been subjected to the
auditing procedures applied in our audit of the basic 1996 financial statements
and, in our opinion, are fairly stated in all material respects when considered
in relation to the basic financial statements taken as a whole.
As more fully described in Note 8, effective January 1, 1997, the Plan was
merged into the A.T. Cross Company Defined Contribution Retirement Plan and
Trust.
DELOITTE & TOUCHE LLP
June 20, 1997
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996
Profit Sharing
Fund Information
Directed Company Total
General Investment Stock Profit Sharing
Fund Fund Fund Fund
ASSETS:
Investments, at fair value:
Fleet National Bank of Rhode
Island Money Market Fund $ 2,581,648 $ 425,736 $ 296 $ 3,007,680
United States Treasury notes
and bonds 2,258,232 7,516,095 - 9,774,327
United States Treasury bills - 4,147,490 - 4,147,490
United States Agency bonds - 500,000 - 500,000
Common stocks 10,577,096 - 1,265,556 11,842,652
Fleet National Bank of Rhode
Island Stable Asset Fund - - - -
Total investments 15,416,976 12,589,321 1,265,852 29,272,149
RECEIVABLES:
Employer's contribution - - - -
Dividends and interest 78,224 149,224 - 227,448
Total receivables 78,224 149,224 - 227,448
NET ASSETS AVAILABLE
FOR BENEFITS $15,495,200 $12,738,545 $ 1,265,852 $29,499,597
See notes to financial statements. Continued
-2-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996
Installment Account
Fund Information
Total
Money Galaxy GIC Installment
Market Pooled Account
Fund Fund Fund Total
ASSETS:
Investments, at fair value:
Fleet National Bank of Rhode
Island Money Market Fund $ 7,213 $ 4,247 $ 11,460 $ 3,019,140
United States Treasury notes
and bonds - - - 9,774,327
United States Treasury bills - - - 4,147,490
United States Agency bonds - - - 500,000
Common stocks 2,523 10,439 12,962 11,855,614
Fleet National Bank of Rhode
Island Stable Asset Fund - 176,836 176,836 176,836
Total investments 9,736 191,522 201,258 29,473,407
RECEIVABLES:
Employer's contribution - - - -
Dividends and interest 29 937 966 228,414
Total receivables 29 937 966 228,414
NET ASSETS AVAILABLE
FOR BENEFITS $ 9,765 $ 192,459 $ 202,224 $29,701,821
See notes to financial statements.
-2-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995
Profit Sharing
Fund Information
Directed Company Total
General Investment Stock Profit Sharing
Fund Fund Fund Fund
ASSETS:
Investments, at fair value:
Fleet National Bank of Rhode
Island Money Market Fund $ 1,117,805 $ 526,257 $ 271 $ 1,644,333
United States Treasury notes
and bonds 1,777,742 14,171,756 - 15,949,498
Common stocks 8,525,812 - 1,542,251 10,068,063
Fleet National Bank of Rhode
Island Stable Asset Fund - - - -
Total investments 11,421,359 14,698,013 1,542,522 27,661,894
RECEIVABLES:
Employer's contribution 604,747 255,008 103,486 963,241
Dividends and interest 54,065 113,071 - 167,136
Total receivables 658,812 368,079 103,486 1,130,377
CASH (OVERDRAFT) (52,916) - - (52,916)
NET ASSETS AVAILABLE
FOR BENEFITS $12,027,255 $15,066,092 $ 1,646,008 $28,739,355
See notes to financial statements. Continued
-3-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995
Installment Account
Fund Information
Total
Money Galaxy GIC Installment
Market Pooled Account
Fund Fund Fund Total
ASSETS:
Investments, at fair value:
Fleet National Bank of Rhode
Island Money Market Fund $ 9,330 $ 9 $ 9,339 $ 1,653,672
United States Treasury notes
and bonds - - - 15,949,498
Common stocks 4,764 11,873 16,637 10,084,700
Fleet National Bank of Rhode
Island Stable Asset Fund - 475,000 475,000 475,000
Total investments 14,094 486,882 500,976 28,162,870
RECEIVABLES:
Employer's contribution - - - 963,241
Dividends and interest 40 2,562 2,602 169,738
Total receivables 40 2,562 2,602 1,132,979
CASH (OVERDRAFT - - - (52,916)
NET ASSETS AVAILABLE
FOR BENEFITS $ 14,134 $ 489,444 $ 503,578 $29,242,933
See notes to financial statements.
-3-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1996
Profit Sharing
Fund Information
Directed Company Total
General Investment Stock Profit Sharing
Fund Fund Fund Fund
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation(depreciation)
in fair value of investments $ 1,534,449 $ (65,579)$ (366,190)$ 1,102,680
Interest 281,815 731,576 176 1,013,567
Dividends 222,823 - 68,108 290,931
Total additions 2,039,087 665,997 (297,906) 2,407,178
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefits paid to participants 321,493 1,257,519 54,489 1,633,501
Net increase(decrease)
prior to interfund transfers 1,717,594 (591,522) (352,395) 773,677
Interfund transfers - net 1,750,351 (1,736,025) (27,761) (13,435)
Net increase (decrease) 3,467,945 (2,327,547) (380,156) 760,242
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 12,027,255 15,066,092 1,646,008 28,739,355
End of year $15,495,200 $12,738,545 $ 1,265,852 $29,499,597
See notes to financial statements. Continued
-4-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1996
Installment Account
Fund Information
Total
Money Galaxy GIC Installment
Market Pooled Account
Fund Fund Fund Total
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation(depreciation)
in fair value of investments $ (576)$ (3,068)$ (3,644)$ 1,099,036
Interest 362 13,400 13,762 1,027,329
Dividends 155 537 692 291,623
Total additions (59) 10,869 10,810 2,417,988
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefits paid to participants 4,310 321,289 325,599 1,959,100
Net increase(decrease)
prior to interfund transfers (4,369) (310,420) (314,789) 458,888
Interfund transfers - net - 13,435 13,435 -
Net increase (decrease) (4,369) (296,985) (301,354) 458,888
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 14,134 489,444 503,578 29,242,933
End of year $ 9,765 $ 192,459 $ 202,224 $29,701,821
See notes to financial statements.
-4-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1995
Profit Sharing
Fund Information
Directed Company Total
General Investment Stock Profit Sharing
Fund Fund Fund Fund
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation(depreciation)
in fair value of investments $ 2,318,182 $ 74,107 $ 141,677 $ 2,533,966
Interest 202,714 778,494 3,339 984,547
Dividends 196,272 - 60,209 256,481
2,717,168 852,601 205,225 3,774,994
Employer contributions 604,747 255,008 103,486 963,241
Total additions 3,321,915 1,107,609 308,711 4,738,235
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefits paid to participants 216,317 782,178 18,332 1,016,827
Net increase(decrease) prior to
interfund transfers 3,105,598 325,431 290,379 3,721,408
Interfund transfers - net (365,114) (186,597) 165,176 386,535
Net increase 2,740,484 138,834 455,555 3,334,873
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 9,286,771 14,927,258 1,190,453 25,404,482
End of year $12,027,255 $15,066,092 $ 1,646,008 $28,739,355
See notes to financial statements Continued
-5-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1995
Installment Account
Fund Information
Total
Money Galaxy GIC Installment
Market Pooled Account
Fund Fund Fund Total
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation(depreciation)
in fair value of investments $ (304)$ (629)$ (933)$ 2,533,033
Interest 422 26,303 26,725 1,011,272
Dividends 146 348 494 256,975
264 26,022 26,286 3,801,280
Employer contributions - - - 963,241
Total additions 264 26,022 26,286 4,764,521
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefits paid to participants 546 - 546 1,017,373
Net increase(decrease) prior to
interfund transfers (282) 26,022 25,740 3,747,148
Interfund transfers - net 6,486 380,049 386,535 -
Net increase 6,204 406,071 412,275 3,747,148
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 7,930 83,373 91,303 25,495,785
End of year $ 14,134 $ 489,444 $ 503,578 $29,242,933
See notes to financial statements
-5-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the A.T. Cross Company Profit Sharing Plan and
Trust (the "Plan") is provided for general information purposes only.
Participants should refer to the plan document for more complete information.
General - The Plan is a noncontributory defined contribution plan and is
administered by an Employee Benefit Plan Committee consisting of three persons
appointed by the Board of Directors of A.T. Cross Company (the "Company"). The
Board of Directors determines the amount of the contribution and has established
the policy that the maximum contribution for any year is limited to the lesser
of (1) the maximum amount deductible for such year for federal income tax
purposes; or (2) 15% of the Company's net income for such year before deducting
contributions to the retirement trust and before providing for federal and state
income taxes. The Plan is subject to the Employee Retirement Income Security
Act of 1974 ("ERISA").
Contributions from Company - No contribution was declared for the 1996 plan
year.
In a year in which a contribution is made, the Company's contribution to the
Plan is allocated to each eligible employee's account based on the proportion
that each eligible employee's allocation units bear to the total allocation
units. An eligible employee receives one allocation unit for each one hundred
dollars or major fraction thereof of compensation and one allocation unit for
each full year of service as defined by the Plan.
Participation - Employees of the Company are eligible to participate in the Plan
on January 1 following their hire date. Employees who become participants may
allocate part or all of their balance in the Profit Sharing General Fund, the
Profit Sharing Directed Investment Fund and the Profit Sharing Company Stock
Fund in increments of 50%. The Plan also allows employees to make annual
elections with respect to the Company's annual contribution and the employee's
existing balance. This election is totally separate from the fund balance
election described above and allows the participant to elect (in multiples of
25%) to have the Company's contribution, made on his/her behalf, allocated to
the Profit Sharing General Fund, the Profit Sharing Directed Investment Fund, or
the Profit Sharing Company Stock Fund. The balance election allows the
participant to elect (in multiples of 25%) to have the employee's existing
balance transferred to one or more of the funds.
Vesting - Upon termination of employment for reasons other than death,
retirement, or disability, employees are entitled to 10% of their balance per
year of credited vesting service through year four and 20% per year for years
five through seven up to 100%.
The Plan provides for the deferral of benefits for one year should a participant
who is also a participant of the A.T. Cross Company Executive Incentive
Compensation Plan terminate employment for reasons other than normal retirement
as defined by the Plan, death or disability.
Upon early or normal retirement as defined by the Plan, a participant will
receive a lump-sum distribution of his/her account.
-6-
2. SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting - The financial statements of the Plan are prepared on the
accrual basis of accounting. Purchases and sales of securities are recorded on
the trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Valuation of Investments - The Plan's investments are stated at fair value.
Securities traded on a national securities exchange are valued at the last
reported sales price on the last business day of the plan year. United States
Governmental and agency securities are valued at the last reported bid price.
Investments in the Galaxy GIC Pooled Fund (the "Fund") are generally valued at
the redemption value established by the trustee of the Fund, which is generally
based on the fair value of the underlying assets.
Plan Expenses - All expenses incurred in connection with the operation of the
Plan are borne by the Company. However, should the Company fail to pay, such
expenses will be considered expenses of the Plan.
Benefit Payments - Benefits are recorded when paid.
Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly,
actual results could differ from those estimates.
3. INVESTMENTS
The Plan's investments are held by a bank-administered trust fund. During 1996
and 1995, the Plan's investments (including investments bought and sold, as well
as held, during the year) appreciated in fair value by $1,099,036 and
$2,533,033, respectively, as follows:
1996 1995
United States Government securities $ (173,151)$ 268,360
Common stocks 1,272,187 2,264,673
Net change in fair value $ 1,099,036 $ 2,533,033
-7-
The fair value of individual investments that represent 5% or more of the Plan's
net assets at December 31, 1996 and 1995 is as follows:
1996 1995
Fleet National Bank of Rhode Island Money Market Fund
($3,019,140 and $1,653,672 face amount, respectively) $ 3,019,140 $ 1,653,672
A.T. Cross Company Common Stock
(103,067 Class A shares) - 1,558,888
United States Treasury Bills, due February 28, 1996
($2,000,000 face amount) - 1,989,320
United States Treasury Bills, due March 14, 1996
($2,000,000 face amount) - 1,980,280
United States Treasury Bills, due April 18, 1996
($2,000,000 face amount) - 1,970,760
United States Treasury Notes, due May 31, 1996
($2,000,000 face amount) - 2,005,000
United States Treasury Notes, due June 30, 1996
($2,000,000 face amount) - 2,007,180
United States Treasury Notes, 6.25%, due January 31, 1997
($3,000,000 face amount) 3,001,410 -
United States Treasury Notes, 6.125%, due May 31, 1997
($1,500,000 face amount) 1,504,215 -
4. PLAN TERMINATION
The Plan may be amended at any time by a vote of the Company's Board of
Directors. The Board of Directors may suspend or discontinue contributions to
the Plan as well as terminate it. Upon termination of the Plan or
discontinuance of the Company's contribution, all interests of participants
become fully vested and are not subject to forfeiture. After termination, all
remaining assets shall be distributed, after payment of any expenses chargeable
against the Plan, to participants in accordance with their respective interest
in cash or in the form of immediate or deferred annuities.
5. TAX STATUS OF THE PLAN
The Plan obtained its latest determination letter on December 1, 1993, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code (the
"Code"). The Plan has been amended since receiving the determination letter;
however, the plan administrator believes that the Plan is currently designed and
being operated in compliance with the applicable requirements of the Code.
Accordingly, no provision for income taxes has been included in the Plan's
financial statements.
-8-
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
Transactions with parties-in-interest for the years ended December 31, 1996 and
1995, are as follows:
1996 1995
Shares or Shares or
Units of Units of
Participation Amount Participation Amount
A.T. Cross Company
Common stock:
Purchases 14,947 $ 216,322 27,517 $ 389,491
Contributions - - 690 9,805
Sales 4,433 67,900 23,511 322,942
Distributions 3,906 64,142 1,961 30,018
Dividend income - 68,800 - 64,062
Realized gain (loss)
on sales - (6,902) - 176,554
Fleet National Bank of
Rhode Island Money
Market Fund:
Purchases 32,672,445 32,672,445 36,922,358 36,922,358
Sales 31,306,977 31,306,977 35,663,468 35,663,468
Interest income - 212,842 - 134,190
Fleet Financial Group:
Common stock - dividend
income - 12,040 - 11,410
Fleet National Bank of
Rhode Island Stable
Asset Fund:
Purchases 2,089 20,886 39,710 397,100
Sales 31,905 319,050 40 400
Dividend income - 12,392 - 25,099
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
1996 1995
Net assets available for benefits
per the financial statements $29,701,821 $29,242,933
Amounts allocated to withdrawing participants - (7,821)
Net assets available for benefits
per the Form 5500 $29,701,821 $29,235,112
-9-
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
1996 1995
Benefits paid to participants
per the financial statements $ 1,959,100 $ 1,017,373
Add amounts allocated to withdrawn participants - 7,821
Less amounts allocated to withdrawn participants (7,821) (43,710)
Benefits paid to participants per the Form 5500 $ 1,951,279 $ 981,484
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
8. AMENDMENT TO THE PLAN
Effective January 1, 1997, the A.T. Cross Company Profit Sharing Plan and Trust
and the A.T. Cross Company Savings Plan (collectively, the "amended Plans") were
merged into a single plan and trust known as the A.T. Cross Company Defined
Contribution Retirement Plan and Trust (the "merged Plan"). Assets of the
amended Plans are held in a single trust, with each plan operating as a
component plan of the merged Plan. The purpose of the merger was to offer
increased investment opportunities under the amended Plans, as well as to
provide for uniform and combined investment opportunities and election
procedures. Additionally, certain investment management fees, previously paid
by the Company, shall be paid by certain investment funds under the amended
Plans.
* * * * * *
-10-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
Profit Sharing Fund
(a)(b)
Identity Directed
of Issue General Fund Investment Fund
(c) Current Current
Description of Investment, Cost Value Cost Value
Including Maturity Date,
Rate of Interest, Par or
Maturity Value
* Fleet National Bank of Rhode
Island
Face Value Money Market
Deposit $ 2,581,648 $ 2,581,648 $ 425,736 $ 425,736
United States Government
Securities:
Treasury Notes and Bonds
$200,000 face amount,5.50%,
due September 30, 1997 201,469 199,968 - -
$200,000 face amount,6.25%,
due February 15, 2003 198,656 199,750 - -
$200,000 face amount,5.875%,
due February 15, 2004 203,563 194,718 - -
$250,000 face amount, 11.75%,
due February 15, 2001 246,875 300,000 - -
$300,000 face amount,11.875%,
due November 15, 2003 302,250 391,359 - -
$300,000 face amount,9.375%,
due February 15, 2006 306,375 361,032 - -
$500,000 face amount,
10.00%, due May 15, 2010 483,813 611,405 - -
$3,000,000 face amount,
6.25%, due January 31, 1997 - - 3,009,922 3,001,410
$1,500,000 face amount,
6.125%, due May 31, 1997 - - 1,505,508 1,504,215
$1,000,000 face amount,
6.375%, due June 30, 1997 - - 1,005,352 1,005,160
$1,000,000 face amount,
5.875%, due July 31, 1997 - - 1,002,539 1,002,500
$1,000,000 face amount,
6.00%, due August 31, 1997 - - 1,003,906 1,002,810
Agency Bonds
$500,000 face amount,5.45%,
due February 13, 1997 - - 499,920 500,000
Treasury Bills
$1,000,000 face amount,
due January 16, 1997 - - 984,910 998,070
$500,000 face amount,
due February 6, 1997 - - 490,916 497,600
$200,000 face amount,
due February 20, 1997 - - 196,243 198,650
$1,000,000 face amount,
due April 10, 1997 - - 981,138 986,280
$500,000 face amount,
due May 15, 1997 - - 489,679 490,600
$1,000,000 face amount,
due June 19, 1997 - - 974,394 976,290
1,943,001 2,258,232 12,144,427 12,163,585
Common Stocks:
Automotive:
Ford Motor Co.
12,000 shares 84,686 387,000 - -
Bank:
* Fleet Financial Group
7,000 shares 158,725 349,125 - -
Beverage:
Anheuser Busch Co., Inc.
4,000 shares 63,647 160,000 - -
Pepsico, Inc.
22,000 shares 45,621 643,500 - -
Chemical:
Dow Chemical Co.
5,000 shares 101,046 391,875 - -
Computer Services:
Automatic Data Processing
12,000 shares 132,875 514,500 - -
Consumer Products:
Gillette Co.
2,000 shares 94,165 155,500 - -
Drug:
Baush & Lomb Co.
3,000 shares 91,313 105,000 - -
Bristol Myers Squibb Co.
6,000 shares 170,710 654,000 - -
Pfizer, Inc.
10,000 shares 86,467 830,000 - -
Electrical Equipment:
General Electric Co.
4,000 shares 52,065 395,500 - -
Food:
Hershey Foods, Inc.
10,000 shares 50,110 437,500 - -
McDonalds Corp.
14,000 shares 68,321 635,250 - -
Sara Lee Corp.
12,000 shares 88,990 447,000 - -
Hospital Supply:
Johnson & Johnson
15,000 shares 68,138 746,250 - -
Household Appliances:
Rubbermaid, Inc.
4,000 shares 49,820 90,500 - -
Machinery - Heavy:
Caterpillar, Inc.
2,000 shares 117,790 150,500 - -
Miscellaneous:
* A.T. Cross Co.
108,865 shares (Class A) - - - -
Georgia Pacific Corp.
2,500 shares 119,110 180,000 - -
Oil - Domestic:
Atlantic Richfield Co.
3,000 shares 132,595 397,500 - -
Oil - International:
Mobil Corp.
5,000 shares 152,580 611,250 - -
Paper:
Kimberly Clark Corp.
4,000 shares 69,862 381,000 - -
Retail Trade:
Dayton-Hudson Corp.
15,000 shares 151,288 588,750 - -
Home Depot
3,000 shares 127,860 150,375 - -
Wal-Mart
5,000 shares 112,650 113,750 - -
Technology:
Applied Materials, Inc.
2,500 shares 88,975 89,845 - -
Hewlett Packard Co.
1,000 shares 43,820 50,250 - -
Intel Corp.
2,000 shares 120,125 261,876 - -
Motorola
2,000 shares 120,990 122,500 - -
Transportation - Air:
Boeing Co.
2,000 shares 97,025 213,000 - -
Utility - Telephone:
Bell South Corp.
8,000 shares 121,890 324,000 - -
2,983,259 10,577,096 - -
Total investments $ 7,507,908 $15,416,976 $12,570,163 $12,589,321
* Indicates party-in-interest to the Plan. (Continued)
11 - 15
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
Profit Sharing Fund
(a)(b)
Identity Company
of Issue Stock Fund Total
(c) Current Current
Description of Investment, Cost Value Cost Value
Including Maturity Date,
Rate of Interest, Par or
Maturity Value
* Fleet National Bank of Rhode
Island
Face Value Money Market
Deposit $ 296 $ 296 $ 3,007,680 $ 3,007,680
United States Government
Securities:
Treasury Notes and Bonds
$200,000 face amount,5.50%,
due September 30, 1997 - - 201,469 199,968
$200,000 face amount,6.25%,
due February 15, 2003 - - 198,656 199,750
$200,000 face amount,5.875%,
due February 15, 2004 - - 203,563 194,718
$250,000 face amount,11.75%,
due February 15, 2001 - - 246,875 300,000
$300,000 face amount,11.875%,
due November 15, 2003 - - 302,250 391,359
$300,000 face amount,9.375%,
due February 15, 2006 - - 306,375 361,032
$500,000 face amount,10.00%,
due May 15, 2010 - - 483,813 611,405
$3,000,000 face amount,6.25%,
due January 31, 1997 - - 3,009,922 3,001,410
$1,500,000 face amount,
6.125%, due May 31, 1997 - - 1,505,508 1,504,215
$1,000,000 face amount,
6.375%, due June 30, 1997 - - 1,005,352 1,005,160
$1,000,000 face amount,
5.875%, due July 31, 1997 - - 1,002,539 1,002,500
$1,000,000 face amount,
6.00%, due August 31, 1997 - - 1,003,906 1,002,810
Agency Bonds
$500,000 face amount,
5.45%, due February 13, 1997 - - 499,920 500,000
Treasury Bills
$1,000,000 face amount,
due January 16, 1997 - - 984,910 998,070
$500,000 face amount,
due February 6, 1997 - - 490,916 497,600
$200,000 face amount,
due February 20, 1997 - - 196,243 198,650
$1,000,000 face amount,
due April 10, 1997 - - 981,138 986,280
$500,000 face amount,
due May 15, 1997 - - 489,679 490,600
$1,000,000 face amount,
due June 19, 1997 - - 974,394 976,290
- - 14,087,428 14,421,817
Common Stocks:
Automotive:
Ford Motor Co.
12,000 shares - - 84,686 387,000
Bank:
* Fleet Financial Group
7,000 shares - - 158,725 349,125
Beverage:
Anheuser Busch Co., Inc.
4,000 shares - - 63,647 160,000
Pepsico, Inc.
22,000 shares - - 45,621 643,500
Chemical:
Dow Chemical Co.
5,000 shares - - 101,046 391,875
Computer Services:
Automatic Data Processing
12,000 shares - - 132,875 514,500
Consumer Products:
Gillette Co.
2,000 shares - - 94,165 155,500
Drug:
Baush & Lomb Co.
3,000 shares - - 91,313 105,000
Bristol Myers Squibb Co.
6,000 shares - - 170,710 654,000
Pfizer, Inc.
10,000 shares - - 86,467 830,000
Electrical Equipment:
General Electric Co.
4,000 shares - - 52,065 395,500
Food:
Hershey Foods, Inc.
10,000 shares - - 50,110 437,500
McDonalds Corp.
14,000 shares - - 68,321 635,250
Sara Lee Corp.
12,000 shares - - 88,990 447,000
Hospital Supply:
Johnson & Johnson
15,000 shares - - 68,138 746,250
Household Appliances:
Rubbermaid, Inc.
4,000 shares - - 49,820 90,500
Machinery - Heavy:
Caterpillar, Inc.
2,000 shares - - 117,790 150,500
Miscellaneous:
* A.T. Cross Co.
108,865 shares (Class A) 1,821,713 1,265,556 1,821,713 1,265,556
Georgia Pacific Corp.
2,500 shares - - 119,110 180,000
Oil - Domestic:
Atlantic Richfield Co.
3,000 shares - - 132,595 397,500
Oil - International:
Mobil Corp.
5,000 shares - - 152,580 611,250
Paper:
Kimberly Clark Corp.
4,000 shares - - 69,862 381,000
Retail Trade:
Dayton-Hudson Corp.
15,000 shares - - 151,288 588,750
Home Depot
3,000 shares - - 127,860 150,375
Wal-Mart
5,000 shares - - 112,650 113,750
Technology:
Applied Materials, Inc.
2,500 shares - - 88,975 89,845
Hewlett Packard Co.
1,000 shares - - 43,820 50,250
Intel Corp.
2,000 shares - - 120,125 261,876
Motorola
2,000 shares - - 120,990 122,500
Transportation - Air:
Boeing Co.
2,000 shares - - 97,025 213,000
Utility - Telephone:
Bell South Corp.
8,000 shares - - 121,890 324,000
1,821,713 1,265,556 4,804,972 11,842,652
Total investments $ 1,822,009 $ 1,265,852 $21,900,080 $29,272,149
* Indicates party-in-interest to the Plan (Continued)
11 - 15
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
Installment Account Fund
(a)(b)
Identity Money Market Fund Galaxy GIC
of Issue Pooled Fund
(c) Current Current
Description of Investment, Cost Value Cost Value
Including Maturity Date,
Rate of Interest, Par or
Maturity Value
* Fleet National Bank of Rhode
Island
Face value Money Market
Deposit $ 7,213 $ 7,213 $ 4,247 $ 4,247
* Fleet National Bank of Rhode
Island
17,684 shares Stable Asset
Fund - - 176,836 176,836
* Common Stocks
A.T. Cross Company
898 shares (Class A) 3,689 2,523 13,485 10,439
Total investments $ 10,902 $ 9,736 $ 194,568 $ 191,522
* Indicates party-in-interest to the Plan. (Continued)
-16-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
Installment Account Fund
(a)(b)
Identity Total
of Issue
(c) Current
Description of Investment, Cost Value
Including Maturity Date,
Rate of Interest, Par or
Maturity Value
* Fleet National Bank of Rhode Island
Face value Money Market Deposit $ 11,460 $ 11,460
* Fleet National Bank of Rhode Island
17,684 shares Stable Asset Fund 176,836 176,836
* Common Stocks
A.T. Cross Company
898 shares (Class A) 17,174 12,962
Total investments $ 205,470 $ 201,258
* Indicates party-in-interest to the Plan. (Concluded)
-16-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
Single Transactions in Excess of 5% of Plan Assets
f)Current
a)Identity of Value of
Party Involved Asset on
b)Description c)Purchase d)Selling e)Cost of Transaction g)Net Gain
of Asset Price Price Asset Date or (Loss)
* Fleet National
Bank of Rhode
Island
$1,785,889 face
amount, Money
Market Deposit $ - $ 1,785,889 $ 1,785,889 $ 1,785,889 $ -
$1,960,167 face
amount, Money
Market Deposit - 1,960,167 1,960,167 1,960,167 -
$4,936,553 face
amount, Money
Market Deposit - 4,936,553 4,936,553 4,936,553 -
$6,973,407 face
amount, Money
Market Deposit - 6,973,407 6,973,407 6,973,407 -
$2,500,000 face
amount, Money
Market Deposit - 2,500,000 2,500,000 2,500,000 -
$1,524,483 face
amount, Money
Market Deposit - 1,524,483 1,524,483 1,524,483 -
$3,482,825 face
amount, Money
Market Deposit - 3,482,825 3,482,825 3,482,825 -
$3,524,270 face
amount, Money
Market Deposit - 3,524,270 3,524,270 3,524,270 -
(Continued)
-17-
$1,997,111 face
amount, Money
Market Deposit 1,997,111 - 1,997,111 1,997,111 -
$2,000,000 face
amount, Money
Market Deposit 2,000,000 - 2,000,000 2,000,000 -
$2,000,000 face
amount, Money
Market Deposit 2,000,000 - 2,000,000 2,000,000 -
$2,058,750 face
amount, Money
Market Deposit 2,058,750 - 2,058,750 2,058,750 -
$2,060,000 face
amount, Money
Market Deposit 2,060,000 - 2,060,000 2,060,000 -
$2,000,000 face
amount, Money
Market Deposit 2,000,000 - 2,000,000 2,000,000 -
$2,000,000 face
amount, Money
Market Deposit 2,000,000 - 2,000,000 2,000,000 -
$2,000,000 face
amount, Money
Market Deposit 2,000,000 - 2,000,000 2,000,000 -
$1,501,803 face
amount, Money
Market Deposit 1,501,803 - 1,501,803 1,501,803 -
(Continued)
-18-
United
States
Government
United States
Treasury Bill,
$2,000,000 face
amount, due
February 8, 1996 - 1,960,588 1,960,588 1,960,588 -
United States
Treasury Bill,
$2,000,000 face
amount, due
March 14, 1996 - 1,958,973 1,958,973 1,958,973 -
United States
Treasury Bill,
$2,000,000 face
amount, due
April 18, 1996 - 1,965,162 1,965,162 1,965,162 -
United States
Treasury Bill,
$2,000,000 face
amount, due
November 14,1996 1,973,732 1,973,732 1,973,732 1,973,732 -
United States
Treasury Bill,
$2,000,000 face
amount, due
September 5,1996 1,966,746 1,966,746 1,966,746 1,966,746 -
United States
Treasury Bill,
$2,000,000 face
amount, due
December 5,1996 1,968,297 1,968,297 1,968,297 1,968,297 -
United States
Treasury Note,
5.875%,$2,000,000
face amount,
due May 31, 1996 - 2,000,000 2,003,828 2,000,000 (3,828)
United States
Treasury Note,
6.00%,$2,000,000
face amount,
due June 30, 1996 - 2,000,000 2,006,250 2,000,000 (6,250)
United States
Treasury Note,
6.25%,$2,000,000
face amount, due
January 31, 1997 2,007,813 - 2,007,813 2,007,813 -
United States
Treasury Note,
6.125%,$1,500,000
face amount, due
May 31, 1997 1,505,508 - 1,505,508 1,505,508 -
(Continued)
-19-
A.T. CROSS COMPANY PROFIT SHARING PLAN AND TRUST
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
Series Transactions in Excess of 5% of Plan Assets
f)Current
a)Identity of Value of
Party Involved Asset on
b)Description c)Purchase d)Selling e)Cost of Transaction g)Net Gain
of Asset Price Price Asset Date or (Loss)
* Fleet National
Bank of Rhode
Island
$32,076,343 face
amount, Money
Market Deposit,
purchased in 120
transactions 32,076,343 - 32,076,343 32,076,343 -
$30,713,021 face
amount, Money
Market Deposit,
sold in 38
transactions - 30,713,021 30,713,021 30,713,021 -
United
States
Government
United States
Treasury Bill,due
February 8,1996,
$2,000,000 face
amount, sold in
1 transaction - 1,960,588 1,960,000 1,960,588 588
United States
Treasury Bill,due
March 14,1996,
$2,000,000 face
amount, sold in
1 transaction - 1,958,973 1,958,973 1,958,973 -
United States
Treasury Bill,due
April 18,1996,
$2,000,000 face
amount, purchased
in 1 transaction 1,973,732 - 1,973,732 1,973,732 -
United States
Treasury Bill,
due April 18,1996,
$2,000,000 face
amount, sold in
1 transaction - 1,965,162 1,965,162 1,965,162 -
United States
Treasury Bill,due
May 2, 1996,
$1,000,000 face
amount, purchased
in 1 transaction 991,234 - 991,234 991,234 -
United States
Treasury Bill, due
May 2, 1996,
$1,000,000 face
amount, sold in
1 transaction - 991,234 991,234 991,234 -
(Continued)
-20-
United States
Treasury Bill, due
July 11, 1996,
$1,000,000 face
amount, sold in
1 transaction - 991,390 991,390 991,390 -
United States
Treasury Bill, due
July 18, 1996,
$1,000,000 face
amount, purchased
in 1 transaction 991,056 - 991,056 991,056 -
United States
Treasury Bill,due
July 18, 1996,
$1,000,000 face
amount, sold in
1 transaction - 991,056 991,056 991,056 -
United States
Treasury Bill, due
August 8, 1996,
$1,000,000 face
amount, purchased
in 1 transaction 987,361 - 987,361 987,361 -
United States
Treasury Bill, due
August 8, 1996,
$1,000,000 face
amount, sold in
1 transaction - 987,361 987,361 987,361 -
United States
Treasury Bill,due
September 5, 1996,
$2,000,000 face
amount, purchased
in 1 transaction 1,966,746 - 1,966,746 1,966,746 -
United States
Treasury Bill,due
September 5, 1996,
$2,000,000 face
amount, sold in
1 transaction - 1,966,746 1,966,746 1,966,746 -
(Continued)
-21-
United States
Treasury Bill,due
October 17, 1996,
$2,000,000 face
amount, purchased
in 1 transaction 968,933 - 968,933 968,933 -
United States
Treasury Bill, due
October 17, 1996,
$2,000,000 face
amount, sold in
1 transaction - 968,933 968,933 968,933 -
United States
Treasury Bill,due
October 31, 1996,
$1,000,000 face
amount, purchased
in 1 transaction 988,922 - 988,922 988,922 -
United States
Treasury Bill,due
October 31, 1996,
$1,000,000 face
amount, sold in
1 transaction - 988,922 988,922 988,922 -
United States
Treasury Bill,due
November 14, 1996,
$2,000,000 face
amount, sold in
1 transaction - 1,973,732 1,973,732 1,973,732 -
United States
Treasury Bill, due
November 21,1996,
$1,000,000 face
amount, purchased
in 1 transaction 992,922 - 992,922 992,922 -
United States
Treasury Bill,due
November 21,1996,
$1,000,000 face
amount, sold in
1 transaction - 992,922 992,922 992,922 -
(Continued)
-22-
United States
Treasury Bill,due
December 5,1996,
$2,000,000 face
amount, purchased
in 1 transaction 1,968,297 - 1,968,297 1,968,297 -
United States
Treasury Bill,due
December 5, 1996,
$2,000,000 face
amount, sold in
1 transaction - 1,968,297 1,968,297 1,968,297 -
United States
Treasury Bill,due
December 5,1996,
$1,000,000 face
amount, purchased
in 1 transaction 982,852 - 982,852 982,852 -
United States
Treasury Bill,due
December 12,1996,
$1,000,000 face
amount, sold in
1 transaction - 982,852 982,852 982,852 -
United States
Treasury Note,
6.25%,$3,000,000
face amount, due
January 31,1997,
purchased in
2 transactions 3,009,922 - 3,009,922 3,009,922 -
United States
Treasury Note,
6.125%,$1,500,000
face amount, due
May 31,1997,
purchased in
1 transaction 1,505,508 - 1,505,508 1,505,508 -
United States
Treasury Note,
5.875%,$2,000,000
face amount, due
May 31, 1996, sold
in 1 transaction - 2,000,000 2,003,828 2,000,000 (3,828)
(Continued)
-23-
United States
Treasury Note,
6.00%,$2,000,000
face amount, due
June 30, 1996,sold
in 1 transaction - 2,000,000 2,006,250 2,000,000 (6,250)
United States
Treasury Note,
6.50%,$1,000,000
face amount, due
November 30,1996,
sold in 1 transaction - 1,000,000 1,003,047 1,000,000 (3,047)
United States
Treasury Note,
6.50%,$1,000,000
face amount, due
November 30, 1996,
purchased in
1 transaction 1,003,047 - 1,003,047 1,003,047 -
* Indicates party-in-interest to the Plan. (Concluded)
-24-
ERNST & YOUNG, LLP
200 Clarendon Street Phone 617 266-2000
Boston, Massachusets 02116-5072 Fax 617-266-5843
Report of Independent Auditors
Retirement Plans Committee
A.T. Cross Company
We have audited the accompanying statements of net assets available for benefits
of the A.T. Cross Company Profit Sharing Plan & Trust (the "Plan") as of
December 31, 1995 and the related statement of changes in net assets available
for benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects the net assets available for plan benefits of the Plan at
December 31, 1995 and the changes in its net assets available for benefits for
the year then ended, in conformity with generally accepted accounting
principles.
June 26, 1996
ERNST & YOUNG LLP
A.T. Cross Company Savings Plan
Financial Statements for the Years Ended
December 31, 1996 and 1995 and
Supplemental Schedules as of and for the
Year Ended December 31, 1996
and Independent Auditors' Report
A.T. CROSS COMPANY SAVINGS PLAN
TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995:
Statements of Net Assets Available for Benefits, with Fund Information 2
Statements of Changes in Net Assets Available for Benefits,
with Fund Information 3
Notes to Financial Statements 4-9
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1996:
Item 27a - Schedule of Assets Held for Investment Purposes 10-17
Item 27d - Schedule of Reportable Transactions 18-22
Schedules required under the Employee Retirement Income Security Act of 1974,
other than the schedules listed above, are omitted because of the absence of the
conditions under which the schedules are required.
Deloitte & Touche LLP Telephone: (617)261-8000
125 Summer Street Facsimile: (617)261-8111
Boston Massachuseetts 02110-1617
INDEPENDENT AUDITORS' REPORT
To the Retirement Plan Committee and Participants of
A.T. Cross Company Savings Plan:
We have audited the accompanying statement of net assets available for benefits
of the A.T. Cross Company Savings Plan (the "Plan") as of December 31, 1996, and
the related statement of changes in net assets available for benefits for the
year then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements and
supplemental schedules for the year ended December 31, 1995 were audited by
other auditors whose report, dated June 26, 1996, expressed an unqualified
opinion on those statements and schedules.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1996, and the changes in net assets available for benefits for the year then
ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules are presented
for the purpose of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statement of net assets available for benefits and the statement of changes
in net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. This supplementary
information is the responsibility of the Plan's management. Such schedules and
fund information have been subjected to the auditing procedures applied in our
audit of the basic 1996 financial statements and, in our opinion, are fairly
stated in all material respects when considered in relation to the basic
financial statements taken as a whole.
As more fully described in Note 9, effective January 1, 1997, the Plan was
merged into the A.T. Cross Company Defined Contribution Retirement Plan and
Trust.
DELOITTE & TOUCHE LLP
June 20, 1997
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996 AND 1995
1996 Fund Information
Directed
General Investment Equity High Quality
ASSETS Fund Fund Fund Bond Fund
INVESTMENTS,
At fair value
Fleet National Bank of Rhode
Island Money Market Fund $ - $ 497,180 $ - $ -
Fleet National Bank of Rhode
Island Galaxy Government Fund 904,089 - 949,342 -
U.S. Treasury notes,
bonds and bills 1,367,555 5,396,846 - -
U.S. Government agency bonds - 700,000 - -
Corporate bonds 26,104 - - -
Common stocks 6,707,463 - 2,856,914 -
Mutual funds - - - 816,695
Loans to participants - - - -
Total investments 9,005,211 6,594,026 3,806,256 816,695
RECEIVABLES:
Contributions 74,738 65,068 42,296 10,067
Dividends and interest 46,430 89,330 8,228 4,117
Total receivables 121,168 154,398 50,524 14,184
CASH (OVERDRAFT) - - - -
NET ASSETS AVAILABLE FOR
BENEFITS $ 9,126,379 $ 6,748,424 $ 3,856,780 $ 830,879
See notes to financial statements.
-2-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996 AND 1995
1996 Fund Information
Small International
Company Equity Loan
ASSETS Equity Fund Fund Fund Total
INVESTMENTS,
At fair value
Fleet National Bank of Rhode
Island Money Market Fund $ - $ - $ 116,364 $ 613,544
Fleet National Bank of Rhode
Island Galaxy Government Fund - - - 1,853,431
U.S. Treasury notes,
bonds and bills - - - 6,764,401
U.S. Government agency bonds - - - 700,000
Corporate bonds - - - 26,104
Common stocks - - - 9,564,377
Mutual funds 3,532,389 953,973 - 5,303,057
Loans to participants - - 1,016,340 1,016,340
Total investments 3,532,389 953,973 1,132,704 25,841,254
RECEIVABLES:
Contributions 51,178 9,512 - 252,859
Dividends and interest 382 56 369 148,912
Total receivables 51,560 9,568 369 401,771
CASH (OVERDRAFT) - - - -
NET ASSETS AVAILABLE FOR
BENEFITS $ 3,583,949 $ 963,541 $ 1,133,073 $26,243,025
See notes to financial statements.
-2-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996 AND 1995
1995 Fund Information
Directed
General Investment Equity
ASSETS Fund Fund Fund
INVESTMENTS,
At fair value
Fleet National Bank of Rhode Island
Money Market Fund $ - $ 489,674 $ -
Fleet National Bank of Rhode Island
Galaxy Government Fund 1,515,838 - 636,244
U.S. Treasury notes, bonds and bills 1,393,368 8,936,271 -
U.S. Government agency bonds - - -
Corporate bonds 206,996 - -
Common stocks 5,677,360 - 1,940,350
Mutual funds - - -
Loans to participants - - -
Total investments 8,793,562 9,425,945 2,576,594
RECEIVABLES:
Contributions 80,622 117,790 42,366
Dividends and interest 46,937 79,644 5,812
Total receivables 127,559 197,434 48,178
CASH (OVERDRAFT) (81,368) - (68,733)
NET ASSETS AVAILABLE FOR BENEFITS $ 8,839,753 $ 9,623,379 $ 2,556,039
See notes to financial statements.
-2-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996 AND 1995
1995 Fund Information
Loan
ASSETS Fund Total
INVESTMENTS,
At fair value
Fleet National Bank of Rhode Island
Money Market Fund $ 108,973 $ 598,647
Fleet National Bank of Rhode Island
Galaxy Government Fund - 2,152,082
U.S. Treasury notes, bonds and bills - 10,329,639
U.S. Government agency bonds - -
Corporate bonds - 206,996
Common stocks - 7,617,710
Mutual funds - -
Loans to participants 1,047,920 1,047,920
Total investments 1,156,893 21,952,994
RECEIVABLES:
Contributions 10,871 251,649
Dividends and interest 373 132,766
Total receivables 11,244 384,415
CASH (OVERDRAFT) - (150,101)
NET ASSETS AVAILABLE FOR BENEFITS $ 1,168,137 $22,187,308
See notes to financial statements.
-2-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
YEARS ENDED DECEMBER 31, 1996 AND 1995
1996 Fund Information
Directed
General Investment Equity High Quality
Fund Fund Fund Bond Fund
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation
(depreciation) in fair
value of investments $ 958,078 $ (52,318)$ 561,303 $ (29,692)
Interest 146,877 409,412 50,574 846
Dividends 125,646 - 42,098 47,296
1,230,601 357,094 653,975 18,450
CONTRIBUTIONS:
Participants 600,686 483,640 344,073 95,837
Employer 227,599 205,302 135,316 38,637
Loans issued (215,045) (213,838) (68,476) (7,026)
Loan interest repayment - - - -
613,240 475,104 410,913 127,448
Total additions 1,843,841 832,198 1,064,888 145,898
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Benefits paid
to participants 572,269 631,128 180,826 16,520
Net increase prior
to interfund transfers 1,271,572 201,070 884,062 129,378
Interfund transfers - net (984,946) (3,076,025) 416,679 701,501
Other - - - -
Net increase (decrease) 286,626 (2,874,955) 1,300,741 830,879
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 8,839,753 9,623,379 2,556,039 -
End of year $ 9,126,379 $ 6,748,424 $ 3,856,780 $ 830,879
See notes to financial statements.
-3-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
YEARS ENDED DECEMBER 31, 1996 AND 1995
1996 Fund Information
Small International
Company Equity Loan
Equity Fund Fund Fund Total
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation
(depreciation) in fair
value of investments $ 94,578 $ 17,813 $ - $ 1,549,762
Interest 2,173 745 3,896 614,523
Dividends 408,169 57,502 - 680,711
504,920 76,060 3,896 2,844,996
CONTRIBUTIONS:
Participants 336,388 89,406 - 1,950,030
Employer 124,702 32,517 - 764,073
Loans issued (34,537) (10,006) 528,329 (20,599)
Loan interest repayment - - 83,134 83,134
426,553 111,917 611,463 2,776,638
Total additions 931,473 187,977 615,359 5,621,634
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Benefits paid
to participants 30,739 19,954 - 1,451,436
Net increase prior
to interfund transfers 900,734 168,023 615,359 4,170,198
Interfund transfers - net 2,683,215 795,518 (535,942) -
Other - - (114,481) (114,481)
Net increase (decrease) 3,583,949 963,541 (35,064) 4,055,717
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year - - 1,168,137 22,187,308
End of year $ 3,583,949 $ 963,541 $ 1,133,073 $26,243,025
See notes to financial statements.
-3-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
YEARS ENDED DECEMBER 31, 1996 AND 1995
1995 Fund Information
Directed
General Investment Equity
Fund Fund Fund
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation
(depreciation) in fair
value of investments $ 1,509,196 $ 45,850 $ 403,257
Interest 196,719 477,273 36,850
Dividends 110,657 - 29,709
1,816,572 523,123 469,816
CONTRIBUTIONS:
Participants 625,555 788,718 364,135
Employer 234,029 325,708 122,873
Loans issued - - -
Loan interest repayment - - -
859,584 1,114,426 487,008
Total additions 2,676,156 1,637,549 956,824
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Benefits paid
to participants 487,775 722,281 232,792
Net increase prior
to interfund transfers 2,188,381 915,268 724,032
Interfund transfers - net (172,474) (78,300) 104,764
Other - - -
Net increase (decrease) 2,015,907 836,968 828,796
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 6,823,846 8,786,411 1,727,243
End of year $ 8,839,753 $ 9,623,379 $ 2,556,039
See notes to financial statements.
-3-
A.T. CROSS COMPANY SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
YEARS ENDED DECEMBER 31, 1996 AND 1995
1995 Fund Information
Loan
Fund Total
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Net appreciation
(depreciation) in fair
value of investments $ - $ 1,958,303
Interest 65,419 776,261
Dividends - 140,366
65,419 2,874,930
CONTRIBUTIONS:
Participants - 1,778,408
Employer - 682,610
Loans issued - -
Loan interest repayment - -
- 2,461,018
Total additions 65,419 5,335,948
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Benefits paid
to participants - 1,442,848
Net increase prior
to interfund transfers 65,419 3,893,100
Interfund transfers - net 146,010 -
Other - -
Net increase (decrease) 211,429 3,893,100
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 956,708 18,294,208
End of year $ 1,168,137 $22,187,308
See notes to financial statements.
-3-
A.T. Cross Company Savings Plan
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the A.T. Cross Company Savings Plan (the "Plan")
provides only general information. Participants should refer to the plan
document for more complete information.
General - The Plan is a contributory savings plan, established January 1, 1984,
for the employees of A.T. Cross Company (the "Company"). The Plan is
administered by a committee consisting of three persons appointed by the Board
of Directors of the Company (the "Board"). The Plan is subject to the Employee
Retirement Income Security Act of 1974 ("ERISA").
Eligibility - An employee may become a participant in the Plan provided he or
she is regularly employed for 1,000 or more hours during his or her first year
of employment or in subsequent plan years. Upon entry into the Plan, an
employee may contribute to the Plan an amount equal to any percentage from 1%
to, and including, 10% of the participant's annual salary.
Contributions - The Company contributes to the Plan an amount equal to 50% of
each participant's contributions up to 3% of the participant's salary. The
Company's contributions which will be made from current income or accumulated
earnings, will be credited to the employee's account as of the last day of each
calendar quarter.
Election - The employee elects to either deposit the money into the General
Fund, Directed Investment Fund, Equity Fund, High Quality Bond, Small Company
Equity Fund, or International Equity Fund, or divide the deposit among the six
funds in 15% multiples.
Participant Loans - Participants may borrow from their fund accounts a minimum
of $1,000 up to a maximum of $50,000 or 50% of their account balance. Loan
transactions are treated as transfers from (to) the investment funds to (from)
the Loan Fund. Loans are repaid through payroll deductions and the period of
repayment for any loan cannot exceed five years. A participant may repay the
entire outstanding balance of their loan on any valuation date. Each loan is
secured by the balance in the participant's account, and bears interest at rates
commensurate with prevailing rates as determined by the plan administrator.
Withdrawals - Withdrawals from the employee's vested portion of the Plan are
permitted prior to retirement if the employee is able to demonstrate financial
hardship as defined by the Internal Revenue Code (the "Code").
-4-
Vesting - Employees vest in the Company's contribution at a rate of 20% for each
aggregate period of four calendar quarters of active plan participation. All
employees are 100% vested after five years of service.
Upon an employee leaving the Company prior to becoming 100% vested in the
Company's contribution, the nonvested portion of the Company's contribution will
be forfeited if the employee does not return to work at the Company within one
year. The nonvested portion will then be redistributed to current participants
based on the amount of matching Company contributions each participant received
during the preceding plan year.
Administrative Expenses - Expenses for the administration of the Plan are paid
by the Company. However, should the Company fail to pay, such expenses will be
considered expenses of the Plan.
Trustee of the Plan - Fleet Bank is the trustee of the Plan. As trustee, Fleet
Bank holds the Plan's assets, maintains the accounting records of the Plan, and
invests the Plan's assets. The trustee makes distributions in accordance with
instructions of the plan administrator.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting - The financial statements of the Plan are prepared on the
accrual basis of accounting. Purchases and sales of securities are recorded on
the trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Benefits - Benefits to participants are recorded when paid.
Valuation of Investments - The Plan's investments are stated at fair value.
Securities traded on a national securities exchange are valued at the last
reported sales price on the last business day of the plan year; investments
traded in the over-the-counter market and listed securities for which no sale
was reported on that date are valued at the average of the last reported bid and
ask prices. Unites States Government bonds, corporate bonds and United States
Treasury notes and bills are valued at the last reported bid price. The
participant loans receivable are recorded at cost which approximates fair value.
Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Accordingly, actual results could differ from those
estimates.
3. PLAN TERMINATION
The Plan may be amended at any time by a vote of the Board. The Board may
suspend or discontinue contributions to the Plan as well as terminate it. Upon
termination of the Plan or discontinuance of the Company's contribution, all
interests of participants become fully vested and are not subject to forfeiture.
Payments, upon termination of the Plan, will be made by the trustee, Fleet Bank,
in accordance with the Plan's distribution provisions.
-5-
4. INVESTMENTS
The Plan's investments are held by a bank-administered trust fund. During 1996
and 1995, the Plan's investments (including investments bought and sold as well
as held during the year) appreciated (depreciated) in fair value by $1,549,762
and $1,958,303, respectively, as follows:
1996 1995
U.S. Treasury notes and bills $ (81,231) $ 43,295
United States Government agency bonds 112 154,925
Common stocks 1,563,975 1,753,677
Corporate bonds (17,267) 6,406
Mutual funds 84,173 -
Net change in fair value $ 1,549,762 $ 1,958,303
The fair value of individual investments that represent 5% or more of the Plan's
net assets at December 31, 1996 and 1995 is as follows:
1996 1995
Galaxy Government Fund - Trust $ 1,853,430 $ 2,152,082
Galaxy Small Company Equity Fund - Trust 3,532,389 -
United States Treasury Notes,
6.25%, due 1/31/97 1,700,799 -
United States Treasury Notes,
5.876%, due 5/31/96 - 1,503,750
United States Treasury Notes,
6.00%, due 6/30/96 - 1,505,385
The Plan's principal investments consist of the following:
General Fund - The fund invests in a diversified portfolio of equity securities
and fixed interest securities.
Directed Investment Fund - The fund invests in fixed income interest securities.
Equity Fund - The fund invests in equity securities.
Small Company Equity Fund - The fund invests in small company equity securities.
Galaxy International Equity Fund - The fund invests in international equity
securities.
Galaxy High Quality Bond Fund - The fund invests in high quality bonds.
5. FORFEITURES
Forfeitures are allocated at the end of the fiscal year to all remaining
participants who were participants on the last day of the preceding year based
on the amount of matching Company contributions each participant received during
the preceding plan year. For the years ended December 31, 1996 and 1995,
forfeitures allocated to participants' accounts amounted to $13,343 and $14,843,
respectively.
-6-
6. TAX STATUS OF THE PLAN
The Plan obtained its latest determination letter on December 1, 1993, in which
the Internal Revenue service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Code. The Plan has been
amended since receiving the determination letter; however, the plan
administrator believes that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Code. Accordingly, no
provision for income taxes has been included in the Plan's financial statements.
7. RECONCILIATION OF FINANICAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
1996 1995
Net assets available for benefits per
the financial statements $26,243,025 $22,187,308
Amounts allocated to withdrawn participants (25,851) -
Net assets available for benefits per the Form 5500 $26,217,174 $22,187,308
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
1996 1995
Benefits paid to participants per
the financial statements $ 1,451,436 $ 1,442,848
Add - amounts allocated to withdrawn participants 25,851 -
Less - amounts allocated to withdrawn participants - (28,202)
Benefits paid to participants per the Form 5500 $ 1,477,287 $ 1,414,646
Amounts allocated to withdrawn participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to year
end but not yet paid.
-7-
8. TRANSACTIONS WITH PARTIES-IN-INTEREST
Transactions with parties-in-interest for the years ended December 31, are as
follows:
1996 1995
Shares or Shares or
Units of Units of
Participation Amount Participation Amount
A.T. Cross Company Common Stock
Dividend income - $ 3,840 - $ 3,840
Fleet/Norstar Financial Group,
Inc. Common Stock -
Dividend income - 6,880 - 6,520
Fleet National Bank of Rhode
Island Money Market Fund:
Purchases 17,803,703 17,803,703 22,382,193 22,382,193
Sales 17,788,804 17,788,804 24,258,799 24,258,799
Interest income - 65,528 - 96,127
Galaxy Government Fund:
Purchases 2,600,833 2,600,833 3,474,909 3,474,909
Sales 2,899,486 2,899,486 1,322,827 1,322,827
Interest income - 73,691 - 66,653
Galaxy High Quality Bond Fund:
Purchases 96,146 1,030,523 - -
Sales 17,919 184,136 - -
Dividend income - 47,296 - -
Galaxy Small Co. Equity Fund:
Purchases 197,651 3,475,668 - -
Sales 1,846 37,857 - -
Dividend income - 408,169 - -
Galaxy International Equity Fund:
Purchases 71,293 965,428 - -
Sales 2,064 29,268 - -
Dividend income - 57,501 - -
Loans to participants:
Disbursements - 548,927 - 565,896
Receipts - 539,433 - 386,150
Interest income - 62,535 - 65,419
There were no significant gains or losses on transactions with parties-in-
interest.
-8-
9. AMENDMENT TO THE PLAN
Effective January 1, 1997, the A.T. Cross Company Profit Sharing Plan and Trust
and the A.T. Cross Company Savings Plan (collectively, the "amended Plans") were
merged into a single plan and trust known as the A.T. Cross Company Defined
Contribution Retirement Plan and Trust (the "merged Plan"). Assets of the
amended Plans are held in a single trust, with each plan operating as a
component plan of the "merged Plan." The purpose of the merger was to offer
increased investment opportunities under the amended Plans, as well as to
provide for uniform and combined investment opportunities and election
procedures. Additionally, certain investment management fees, previously paid
by the Company, shall be paid by certain investment funds under the amended
Plans.
* * * * * *
-9-
A.T. CROSS COMPANY SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
(a)(b)
Identity
of Issue
(c)
Description of Investment, Directed
Including Maturity Date, General Fund Investment Fund
Rate of Interest, Par or Current Current
Maturity Value Cost Value Cost Value
* Fleet National Bank of Rhode
Island Money Market Fund
Face value money market
fund $ - $ - $ 497,180 $ 497,180
* Fleet National Bank of Rhode
Island Money Market Fund
Galaxy Government Fund -
Trust 904,089 904,089 - -
* Loans to participants - - - -
UNITED STATES GOVERNMENT
SECURITIES:
Treasury Notes
$1,700,000 principal
amount, 6.25%, due
January 31, 1997 - - 1,705,382 1,700,799
$500,000 principal
amount, 6.125%, due
May 31, 1997 - - 501,836 501,405
$1,000,000 principal
amount, 6.375%, due
June 30, 1997 - - 1,005,352 1,005,160
$500,000 principal
amount, 5.875%, due
July 31, 1997 - - 501,269 501,250
$500,000 principal
amount, 6%, due
August 31, 1997 - - 501,953 501,405
$100,000 principal
amount, 9.25%, due
August 15, 1998 100,187 105,203 - -
$100,000 principal
amount, 8.875%, due
February 15, 1999 97,922 105,797 - -
$100,000 principal
amount, 6.375%, due
August 15, 2002 101,156 100,656 - -
$100,000 principal
amount, 6.5%, due
August 15, 2005 102,563 100,688 - -
Treasury Bonds
$30,000 principal
amount, 11.75%, due
February 15, 2001 30,103 36,000 - -
$20,000 principal
amount, 11.875%, due
November 15, 2003 20,150 26,091 - -
$30,000 principal
amount, 11.625%, due
November 15, 2004 30,844 39,609 - -
$100,000 principal
amount, 8.25%, due
May 15, 2005 98,156 105,406 - -
$100,000 principal
amount, 10.75%, due
August 15, 2005 107,438 128,297 - -
$100,000 principal
amount, 9.375%, due
February 15, 2006 102,125 120,344 - -
$100,000 principal
amount, 8.375%, due
August 15, 2008 98,875 110,156 - -
$100,000 principal
amount, 8.75%, due
November 15, 2008 99,187 112,281 - -
$100,000 principal
amount, 9.125%, due
May 15, 2009 100,469 115,172 - -
$30,000 principal
amount, 11.75%, due
February 15, 2010 29,662 39,839 - -
$100,000 principal
amount, 8.75%, due
May 15, 2017 99,891 122,016 - -
Treasury Bills
$300,000 face amount,
due February 6, 1997 - - 294,550 298,560
$500,000 face amount,
due March 27, 1997 - - 493,385 494,215
$200,000 face amount,
due April 10, 1997 - - 196,228 197,256
$200,000 face amount,
due April 24, 1997 - - 196,497 196,796
Total United States
Treasury Notes and Bills 1,218,728 1,367,555 5,396,452 5,396,846
United States Agency Bond
$700,000 FNMA DEB, 5.45%,
due February 13, 1997 - - 699,888 700,000
Total United States
Government securities 1,218,728 1,367,555 6,096,340 6,096,846
CORPORATE BONDS
$25,000 Dayton-Hudson
Corp. debenture, 9.25%,
due November 15, 2016 21,000 26,104 - -
COMMON STOCKS:
Aerospace:
Raytheon Company
2,400 shares 34,605 115,500 - -
Automotive:
Ford Motor Co.
4,000 shares 49,559 129,000 - -
Bank:
* Fleet/Norstar
Financial Group
4,000 shares 102,955 199,500 - -
Beverage:
Anheuser Busch Co., Inc.
4,000 shares 64,008 160,000 - -
Pepsico, Inc.
10,800 shares 51,492 315,900 - -
Chemical:
Automatic Data Processing
7,200 shares 66,137 308,700 - -
Dow Chemical Co.
2,000 shares 90,996 156,750 - -
Drug:
American Home Products Corp.
2,400 shares 44,717 140,700 - -
Bristol Myers Squibb Co.
2,000 shares 74,876 218,000 - -
Pfizer Inc.
4,000 shares 54,526 332,000 - -
Entertainment:
Walt Disney Co.
2,400 shares 60,944 167,400 - -
Food:
Hershey Foods, Inc.
4,000 shares 36,542 175,000 - -
Sara Lee Corp.
6,000 shares 56,318 223,500 - -
McDonalds Corp.
6,000 shares 48,289 272,250 - -
Sysco Corp.
4,000 shares 30,280 130,500 - -
Governmental Agency:
Federal National
Mortgage Assoc.
4,800 shares 40,339 180,600 - -
Hospital Supply:
Becton Dickinson & Co.
4,000 shares 59,377 173,500 - -
Johnson & Johnson
4,800 shares 41,892 238,800 - -
Household Appliances:
Rubbermaid, Inc.
4,000 shares 50,665 90,500 - -
Machinery:
Caterpillar, Inc.
3,000 shares 86,713 225,750 - -
Miscellaneous
AMR Corp.
500 shares 30,185 44,061 - -
American International
Group, Inc.
1,687 shares 56,402 182,618 - -
Applied Materials, Inc.
1,500 shares 61,688 53,907 - -
* A.T. Cross Co.
6,000 shares 147,786 69,750 - -
Barnett Banks, Inc.
1,200 shares 33,447 49,350 - -
Georgia Pacific Corp.
2,000 shares 89,753 144,000 - -
Gillette Co.
1,400 shares 44,296 108,850 - -
Intel Corp.
1,200 shares 69,775 157,126 - -
Merck & Co., Inc.
2,000 shares 75,350 159,250 - -
Motorola, Inc.
1,200 shares 76,394 73,500 - -
Multimarket:
Corning, Inc.
3,000 shares 56,923 138,750 - -
Oil - Domestic:
Amoco Corp.
1,000 shares 40,677 80,625 - -
Atlantic Richfield Co.
1,000 shares 78,716 132,500 - -
Oil - International:
Mobil Corp.
1,000 shares 42,975 122,250 - -
Oil - Service:
Schlumberger, Ltd.
1,500 shares 49,670 149,813 - -
Paper:
Kimberly Clark Corp.
1,600 shares 29,000 152,400 - -
Retail Trade:
Dayton-Hudson Corp.
3,000 shares 37,857 117,750 - -
Home Depot, Inc.
1,700 shares 73,191 85,213 - -
Wal-Mart Stores, Inc.
5,000 shares 74,318 113,750 - -
Soaps and Household Products:
Procter & Gamble Co.
2,400 shares 43,933 258,300 - -
Transportation - Air:
Boeing Co.
2,200 shares 98,502 234,300 - -
Utility - Telephone:
Bellsouth Corp.
3,100 shares 62,407 125,550 - -
Total common stocks 2,518,475 6,707,463 - -
TOTALS $ 4,662,292 $ 9,005,211 $ 6,593,520 $ 6,594,026
* Indicates party-in-interest to the Plan. (Continued)
10 - 17
A.T. CROSS COMPANY SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
(a)(b)
Identity
of Issue
(c)
Description of Investment, High Quality
Including Maturity Date, Equity Fund Bond Fund
Rate of Interest, Par or Current Current
Maturity Value Cost Value Cost Value
* Fleet National Bank of Rhode
Island Money Market Fund
Galaxy Government Fund -
Trust 949,342 949,342 - -
COMMON STOCKS:
Automotive:
Ford Motor Co.
2,000 shares 43,170 64,500 - -
Bank:
J.P. Morgan & Co.
400 shares 22,511 39,050 - -
Beverage:
Pepsico, Inc.
2,600 shares 54,337 76,050 - -
Chemical:
Automatic Data Processing
1,800 shares 45,146 77,173 - -
Dow Chemical Co.
700 shares 41,822 54,863 - -
Drug:
Bristol Myers Squibb Co.
600 shares 45,344 65,400 - -
Pfizer Inc.
1,200 shares 34,160 99,600 - -
Entertainment:
Walt Disney Co.
800 shares 39,346 55,800 - -
Food:
Sara Lee Corp.
1,400 shares 32,831 52,150 - -
McDonalds Corp.
2,000 shares 57,733 90,750 - -
Governmental Agency:
Federal National
Mortgage Assoc.
2,400 shares 41,090 90,300 - -
Hospital Supply:
Johnson & Johnson
1,600 shares 43,609 79,600 - -
Household Appliances:
Rubbermaid, Inc.
1,300 shares 36,567 29,413 - -
Machinery:
Caterpillar, Inc.
1,800 shares 64,650 135,450 - -
Deere & Co., John
2,000 shares 57,220 81,000 - -
Miscellaneous
AMR Corp.
700 shares 44,022 61,688 - -
American International
Group, Inc.
800 shares 39,393 86,600 - -
Applied Materials, Inc.
1,800 shares 74,138 64,688 - -
Barnett Banks, Inc.
1,200 shares 33,447 49,350 - -
Citicorp
600 shares 42,322 61,800 - -
General Electric Co.
800 shares 42,247 79,100 - -
Georgia Pacific Corp.
1,000 shares 58,908 72,000 - -
Gillette Co.
1,200 shares 39,997 93,300 - -
Halliburton Co.
1,000 shares 27,270 60,250 - -
Hewlett Packard Co.
1,400 shares 63,118 70,350 - -
Intel Corp.
2,000 shares 29,175 261,876 - -
Merck & Co., Inc.
1,000 shares 41,595 79,625 - -
Motorola, Inc.
1,400 shares 80,831 85,750 - -
PPG Industries, Inc.
900 shares 30,190 50,513 - -
Sherwin Williams
1,200 shares 40,694 67,200 - -
Thermo Electronics Corp.
1,500 shares 55,657 61,875 - -
Oil - Domestic:
Atlantic Richfield Co.
400 shares 42,897 53,000 - -
Oil - Service:
Schlumberger, Ltd.
600 shares 37,672 59,925 - -
Paper:
Consolidated Papers Inc.
600 shares 27,599 29,475 - -
Retail Trade:
Dayton-Hudson Corp.
2,400 shares 52,214 94,200 - -
Home Depot, Inc.
1,200 shares 49,632 60,150 - -
Wal-Mart Stores, Inc.
2,000 shares 52,785 45,500 - -
Transportation - Air:
Boeing Co.
800 shares 39,900 85,200 - -
Utility - Telephone:
Bellsouth Corp.
800 shares 19,383 32,400 - -
Total common stocks 1,724,622 2,856,914 - -
* Galaxy Mutual Funds
High Quality Bond
Class J-Trust - - 837,992 816,695
Total mutual funds - - 837,992 816,695
TOTALS $ 2,673,964 $ 3,806,256 $ 837,992 $ 816,695
* Indicates party-in-interest to the Plan. (Continued)
10 - 17
A.T. CROSS COMPANY SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
(a)(b)
Identity
of Issue
(c)
Description of Investment, Small Company International
Including Maturity Date, Equity Fund Equity Fund
Rate of Interest, Par or Current Current
Maturity Value Cost Value Cost Value
* Galaxy Mutual Funds
Small Co. Equity Fund-Trust
195,809 shares 3,433,340 3,532,389 - -
International Equity
Class G-Trust,
69,229 shares - - 937,552 953,973
Total mutual funds 3,433,340 3,532,389 937,552 953,973
TOTALS $ 3,433,340 $ 3,532,389 $ 937,552 $ 953,973
* Indicates party-in-interest to the Plan. (Continued)
10 - 17
A.T. CROSS COMPANY SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
(a)(b)
Identity
of Issue
(c)
Description of Investment,
Including Maturity Date, Loan Fund Total
Rate of Interest, Par or Current Current
Maturity Value Cost Value Cost Value
* Fleet National Bank of Rhode
Island Money Market Fund
Face value money market
fund $ 116,364 $ 116,364 $ 613,544 $ 613,544
* Fleet National Bank of Rhode
Island Money Market Fund
Galaxy Government Fund -
Trust - - 1,853,431 1,853,431
* Loans to participants 1,016,340 1,016,340 1,016,340 1,016,340
UNITED STATES GOVERNMENT
SECURITIES:
Treasury Notes
$1,700,000 principal
amount, 6.25%, due
January 31, 1997 - - 1,705,382 1,700,799
$500,000 principal
amount, 6.125%, due
May 31, 1997 - - 501,836 501,405
$1,000,000 principal
amount, 6.375%, due
June 30, 1997 - - 1,005,352 1,005,160
$500,000 principal
amount, 5.875%, due
July 31, 1997 - - 501,269 501,250
$500,000 principal
amount, 6%, due
August 31, 1997 - - 501,953 501,405
$100,000 principal
amount, 9.25%, due
August 15, 1998 - - 100,187 105,203
$100,000 principal
amount, 8.875%, due
February 15, 1999 - - 97,922 105,797
$100,000 principal
amount, 6.375%, due
August 15, 2002 - - 101,156 100,656
$100,000 principal
amount, 6.5%, due
August 15, 2005 - - 102,563 100,688
Treasury Bonds
$30,000 principal
amount, 11.75%, due
February 15, 2001 - - 30,103 36,000
$20,000 principal
amount, 11.875%, due
November 15, 2003 - - 20,150 26,091
$30,000 principal
amount, 11.625%, due
November 15, 2004 - - 30,844 39,609
$100,000 principal
amount, 8.25%, due
May 15, 2005 - - 98,156 105,406
$100,000 principal
amount, 10.75%, due
August 15, 2005 - - 107,438 128,297
$100,000 principal
amount, 9.375%, due
February 15, 2006 - - 102,125 120,344
$100,000 principal
amount, 8.375%, due
August 15, 2008 - - 98,875 110,156
$100,000 principal
amount, 8.75%, due
November 15, 2008 - - 99,187 112,281
$100,000 principal
amount, 9.125%, due
May 15, 2009 - - 100,469 115,172
$30,000 principal
amount, 11.75%, due
February 15, 2010 - - 29,662 39,839
$100,000 principal
amount, 8.75%, due
May 15, 2017 - - 99,891 122,016
Treasury Bills
$300,000 face amount,
due February 6, 1997 - - 294,550 298,560
$500,000 face amount,
due March 27, 1997 - - 493,385 494,215
$200,000 face amount,
due April 10, 1997 - - 196,228 197,256
$200,000 face amount,
due April 24, 1997 - - 196,497 196,796
Total United States Treasury
Notes and Bills - - 6,615,180 6,764,401
United States Agency Bond
$700,000 FNMA DEB, 5.45%,
due February 13, 1997 - - 699,888 700,000
Total United States
Government securities - - 7,315,068 7,464,401
CORPORATE BONDS
$25,000 Dayton-Hudson Corp.
debenture, 9.25%, due
November 15, 2016 - - 21,000 26,104
COMMON STOCKS:
Aerospace:
Raytheon Company
2,400 shares - - 34,605 115,500
Automotive:
Ford Motor Co.
4,000 shares - - 49,559 129,000
Ford Motor Co.
2,000 shares - - 43,170 64,500
Bank:
* Fleet/Norstar Financial Group
4,000 shares - - 102,955 199,500
J.P. Morgan & Co.
400 shares - - 22,511 39,050
Beverage:
Anheuser Busch Co., Inc.
4,000 shares - - 64,008 160,000
Pepsico, Inc.
10,800 shares - - 51,492 315,900
Pepsico, Inc.
2,600 shares - - 54,337 76,050
Chemical:
Automatic Data Processing
7,200 shares - - 66,137 308,700
Automatic Data Processing
1,800 shares - - 45,146 77,173
Dow Chemical Co.
2,000 shares - - 90,996 156,750
Dow Chemical Co.
700 shares - - 41,822 54,863
Drug:
American Home Products Corp.
2,400 shares - - 44,717 140,700
Bristol Myers Squibb Co.
2,000 shares - - 74,876 218,000
Bristol Myers Squibb Co.
600 shares - - 45,344 65,400
Pfizer Inc.
4,000 shares - - 54,526 332,000
Pfizer Inc.
1,200 shares - - 34,160 99,600
Entertainment:
Walt Disney Co.
2,400 shares - - 60,944 167,400
Walt Disney Co.
800 shares - - 39,346 55,800
Food:
Hershey Foods, Inc.
4,000 shares - - 36,542 175,000
Sara Lee Corp.
6,000 shares - - 56,318 223,500
Sara Lee Corp.
1,400 shares - - 32,831 52,150
McDonalds Corp.
6,000 shares - - 48,289 272,250
McDonalds Corp.
2,000 shares - - 57,733 90,750
Sysco Corp.
4,000 shares - - 30,280 130,500
Governmental Agency:
Federal National
Mortgage Assoc.
4,800 shares - - 40,339 180,600
Federal National
Mortgage Assoc.
2,400 shares - - 41,090 90,300
Hospital Supply:
Becton Dickinson & Co.
4,000 shares - - 59,377 173,500
Johnson & Johnson
4,800 shares - - 41,892 238,800
Johnson & Johnson
1,600 shares - - 43,609 79,600
Household Appliances:
Rubbermaid, Inc.
4,000 shares - - 50,665 90,500
Rubbermaid, Inc.
1,300 shares - - 36,567 29,413
Machinery:
Caterpillar, Inc.
3,000 shares - - 86,713 225,750
Caterpillar, Inc.
1,800 shares - - 64,650 135,450
Deere & Co., John
2,000 shares - - 57,220 81,000
Miscellaneous
AMR Corp.
500 shares - - 30,185 44,061
AMR Corp.
700 shares - - 44,022 61,688
American International
Group, Inc.
1,687 shares - - 56,402 182,618
American International
Group, Inc.
800 shares - - 39,393 86,600
Applied Materials, Inc.
1,500 shares - - 61,688 53,907
Applied Materials, Inc.
1,800 shares - - 74,138 64,688
* A.T. Cross Co.
6,000 shares - - 147,786 69,750
Barnett Banks, Inc.
1,200 shares - - 33,447 49,350
Barnett Banks, Inc.
1,200 shares - - 33,447 49,350
Citicorp
600 shares - - 42,322 61,800
General Electric Co.
800 shares - - 42,247 79,100
Georgia Pacific Corp.
2,000 shares - - 89,753 144,000
Georgia Pacific Corp.
1,000 shares - - 58,908 72,000
Gillette Co.
1,400 shares - - 44,296 108,850
Gillette Co.
1,200 shares - - 39,997 93,300
Halliburton Co.
1,000 shares - - 27,270 60,250
Hewlett Packard Co.
1,400 shares - - 63,118 70,350
Intel Corp.
1,200 shares - - 69,775 157,126
Intel Corp.
2,000 shares - - 29,175 261,876
Merck & Co., Inc.
2,000 shares - - 75,350 159,250
Merck & Co., Inc.
1,000 shares - - 41,595 79,625
Motorola, Inc.
1,200 shares - - 76,394 73,500
Motorola, Inc.
1,400 shares - - 80,831 85,750
PPG Industries, Inc.
900 shares - - 30,190 50,513
Sherwin Williams
1,200 shares - - 40,694 67,200
Thermo Electronics Corp.
1,500 shares - - 55,657 61,875
Multimarket:
Corning, Inc.
3,000 shares - - 56,923 138,750
Oil - Domestic:
Amoco Corp.
1,000 shares - - 40,677 80,625
Atlantic Richfield Co.
1,000 shares - - 78,716 132,500
Atlantic Richfield Co.
400 shares - - 42,897 53,000
Oil - International:
Mobil Corp.
1,000 shares - - 42,975 122,250
Oil - Service:
Schlumberger, Ltd.
1,500 shares - - 49,670 149,813
Schlumberger, Ltd.
600 shares - - 37,672 59,925
Paper:
Consolidated Papers Inc.
600 shares - - 27,599 29,475
Kimberly Clark Corp.
1,600 shares - - 29,000 152,400
Retail Trade:
Dayton-Hudson Corp.
3,000 shares - - 37,857 117,750
Dayton-Hudson Corp.
2,400 shares - - 52,214 94,200
Home Depot, Inc.
1,700 shares - - 73,191 85,213
Home Depot, Inc.
1,200 shares - - 49,632 60,150
Wal-Mart Stores, Inc.
5,000 shares - - 74,318 113,750
Wal-Mart Stores, Inc.
2,000 shares - - 52,785 45,500
Soaps and Household Products:
Procter & Gamble Co.
2,400 shares - - 43,933 258,300
Transportation - Air:
Boeing Co.
2,200 shares - - 98,502 234,300
Boeing Co.
800 shares - - 39,900 85,200
Utility - Telephone:
Bellsouth Corp.
3,100 shares - - 62,407 125,550
Bellsouth Corp.
800 shares - - 19,383 32,400
Total common stocks - - 4,243,097 9,564,377
* Galaxy Mutual Funds
Small Co. Equity Fund-Trust
195,809 shares - - 3,433,340 3,532,389
International Equity
Class G-Trust,
69,229 shares - - 937,552 953,972
High Quality Bond
Class J-Trust - - 837,992 816,695
Total mutual funds - - 5,208,884 5,303,057
TOTALS $ 1,132,704 $ 1,132,704 $20,271,364 $25,841,254
* Indicates party-in-interest to the Plan. (Concluded)
10 - 17
A.T. CROSS COMPANY SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
Single Transactions in Excess of 5% of Plan Assets
h)Current
a)Identity of Value of
Party Involved Asset on
b)Description c)Purchase d)Selling g)Cost of Transaction i)Net Gain
of Asset Price Price Asset Date or (Loss)
* Fleet National
Bank of Rhode
Island
$1,520,050 face
amount, Money
Market Deposit $ 1,520,050 $ - $ 1,520,050 $ 1,520,050 $ -
$1,525,000 face
amount, Money
Market Deposit - 1,525,000 1,525,000 1,525,000 -
$2,188,944 face
amount, Money
Market Deposit 2,188,944 - 2,188,944 2,188,944 -
$2,274,198 face
amount, Money
Market Deposit - 2,274,198 2,274,198 2,274,198 -
$1,483,056 face
amount, Money
Market Deposit - 1,483,056 1,483,056 1,483,056 -
$1,544,063 face
amount, Money
Market Deposit 1,544,063 - 1,544,063 1,544,063 -
$1,545,000 face
amount, Money
Market Deposit 1,545,000 - 1,545,000 1,545,000 -
$5,209,694 face
amount, Money
Market Deposit - 5,209,694 5,209,694 5,209,694 -
$1,421,268 face
amount, Money
Market Deposit - 1,421,268 1,421,268 1,421,268 -
$1,222,204 face
amount, Money
Market Deposit - 1,222,204 1,222,204 1,222,204 -
$2,237,554 face
amount, Money
Market Deposit - 2,237,554 2,237,554 2,237,554 -
* Galaxy
Government
Fund - Trust
$1,151,071 face
amount, Galaxy
Government Fund - 1,151,071 1,151,071 1,151,071 -
(Continued)
-18-
* Galaxy Small
Company Equity
Fund - Trust
$1,525,000 face
amount, Galaxy
Small Company
Equity Fund 1,525,000 - 1,525,000 1,525,000 -
United
States
Government
U.S. Treasury
Note, 5.875%,
$1,500,000 face
amount, due
May 31, 1996 - 1,500,000 1,502,930 1,500,000 (2,930)
U.S. Treasury
Note, 6.00%,
$1,500,000 face
amount, due
June 30, 1996 - 1,500,000 1,504,688 1,500,000 (4,688)
(Continued)
-19-
A.T. CROSS COMPANY SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
Series Transactions in Excess of 5% of Plan Assets
h)Current
a)Identity of Value of
Party Involved Asset on
b)Description c)Purchase d)Selling g)Cost of Transaction i)Net Gain
of Asset Price Price Asset Date or (Loss)
* Fleet National
Bank of Rhode
Island
$22,972,478 face
amount, Money
Market Deposit 22,972,478 - 22,972,478 22,972,478 -
$22,964,972 face
amount, Money
Market Deposit - 22,964,972 22,964,972 22,964,972 -
* Galaxy Small
Company Equity
Fund - Trust
197,651 shares
Galaxy Small
Company Equity
Fund 3,475,669 - 3,475,669 3,475,669 -
1,846 shares
Galaxy Small
Company Equity
Fund - 37,857 32,329 37,857 5,528
* Galaxy High
Quality Bond
Class J
96,146 shares
Galaxy High
Quality Bond
Class J 1,030,523 - 1,030,523 1,030,523 -
11,815 shares
Galaxy High
Quality Bond
Class J - 184,136 192,531 184,136 (8,395)
* Galaxy
Government Fund -
Trust
$2,600,833 shares
Galaxy Government
Fund - Trust,
purchased in 134
transactions 2,600,833 - 2,600,833 2,600,833 -
$2,889,486 shares
Galaxy Government
Fund -Trust, sold
in 134 transactions - 2,889,486 2,889,486 2,889,486 -
United States
Government
United States
Treasury Notes,
5.875%, due
5/31/96,sold
$1,500,000 face
amount in
1 transaction - 1,500,000 1,502,930 1,500,000 (2,930)
United States
Treasury Notes,
6.00%, due
6/30/96, sold
$1,500,000 face
amount in
1 transaction - 1,500,000 1,504,688 1,500,000 (4,688)
(Continued)
-20-
United States
Treasury Bill due
8/8/96: Purchased
$1,000,000 face
amount in
1 transaction 987,361 - 987,361 987,361 -
Sold $1,000,000
face amount in
1 transaction - 987,361 987,361 967,361 -
United States
Treasury Bill due
10/31/96:Purchased
$1,000,000 face
amount in
1 transaction 988,922 - 988,922 988,922 -
Sold $1,000,000
face amount in
1 transaction - 988,922 988,922 988,922 -
United States
Treasury Bill due
11/14/96:Purchased
$1,000,000 face
amount in
1 transaction 986,866 - 986,866 986,866 -
Sold $1,000,000
face amount in
1 transaction - 986,866 986,866 986,866 -
United States
Treasury Notes,
6.50%, due
11/30/96:Purchased
$1,000,000 face
amount in
1 transaction 1,003,047 - 1,003,047 1,003,047 -
Sold $1,000,000
face amount in
1 transaction - 1,000,000 1,003,047 1,000,000 (3,047)
United States
Treasury Bill due
12/05/96:Purchased
$700,000 face
amount in
1 transaction 688,904 - 688,904 688,904 -
Sold $700,000
face amount in
1 transaction - 688,904 688,904 688,904 -
(Continued)
-21-
United States
Treasury Bill,
6.00% due,
12/12/96:Purchased
$1,000,000 face
amount in
1 transaction 982,852 - 982,852 982,852 -
Sold $1,000,000
face amount in
1 transaction - 982,852 982,852 982,852 -
United States
Treasury Notes,
6.25%, due
1/31/97:Purchased
$1,700,000 face
amount in
2 transactions 1,705,383 - 1,705,383 1,705,383 -
* Indicates party-in-interest to the Plan. (Concluded)
-22-
ERNST & YOUNG, LLP
200 Clarendon Street Phone 617 266-2000
Boston, Massachusets 02116-5072 Fax 617-266-5843
Report of Independent Auditors
Retirement Plans Committee
A.T. Cross Company
We have audited the accompanying statements of net assets available for benefits
of the A.T. Cross Company Savings Plan (the "Plan") as of December 31, 1995 and
the related statement of changes in net assets available for benefits for the
year then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects the net assets available for plan benefits of the Plan at
December 31, 1995 and the changes in its net assets available for benefits for
the year then ended, in conformity with generally accepted accounting
principles.
June 26, 1996
ERNST & YOUNG LLP
Exhibits:
Consent of Deloitte & Touche LLP and Ernst & Young LLP to the incorporation
by reference of the Plan's financial statements into Registration Statement No.
333-42915 on Form S-8.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustee has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
A.T. CROSS COMPANY DEFINED
CONTRIBUTION RETIREMENT PLAN
By: Fleet National Bank, Trustee
By: JOHN J. BROSNAN
John J. Brosnan
Title: Assistant Vice President
Exhibit 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in the Form S-8 Registration
Statement relating to the A. T. Cross Company Defined Contribution Retirement
Plan of our reports dated June 20, 1997 appearing in this Annual Report on Form
11-K of the A. T. Cross Company Profit Sharing Plan and Trust and the A. T.
Cross Company 401(k) Savings Plan for the year ended December 31, 1996.
DELOITTE & TOUCHE LLP
Boston Massachusetts
December 19, 1997
Exhibit 23.2
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8) pertaining to the A. T. Cross Company Defined Contribution Retirement Plan
of our reports (a) dated January 30, 1996, with respect to the 1995 and 1994
consolidated financial statements and schedule of A. T. Cross Company
incorporated by reference in its Annual Report (Form 10-K) for the year ended
December 31,1996, and (b) dated June 26, 1996, with respect to the 1995
financial statements and schedules of A. T. Cross Company Profit Sharing Plan
and Trust and the A. T. Cross Company Savings Plan included in the Plan's
Annual Report (Form 11-K), for the year ended December 31, 1996, filed with the
Securities and Exchange Commission.
ERNST & YOUNG LLP
December 19, 1997
Providence, Rhode Island
