-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UcrUO+V+K1QnkFsoU8wv8QG76qFGSHE6bVRkpPjA8HnbsJ/uJ6JNrjls6OIi2rBJ kPgef5f1aJ0NHEwhTxR2pg== 0000031107-04-000030.txt : 20040428 0000031107-04-000030.hdr.sgml : 20040428 20040428100103 ACCESSION NUMBER: 0000031107-04-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040428 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTERN CO CENTRAL INDEX KEY: 0000031107 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 060330020 STATE OF INCORPORATION: CT FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00599 FILM NUMBER: 04758824 BUSINESS ADDRESS: STREET 1: 112 BRIDGE ST STREET 2: P O BOX 460 CITY: NAUGATUCK STATE: CT ZIP: 06770 BUSINESS PHONE: 2037292255 MAIL ADDRESS: STREET 1: 112 BRIDGE STREET STREET 2: P O BOX 460 CITY: NAUGATUCK STATE: CT ZIP: 06770 8-K 1 first8k2004.txt FIRST QTR 2004 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 28, 2004 ------------------------------ (Date of earliest event reported) The Eastern Company ------------------- (Exact name of Registrant as specified in its charter) Connecticut 0-599 06-0330020 - ----------- ----- ---------- (State of (Commission File Number) (IRS Employer incorporation) Identification No.) 112 Bridge Street, Naugatuck, Connecticut 06770 - ----------------------------------------- ----- (Address of principal executive offices) (Zip Code) (203) 729-2255 -------------- (Registrant's telephone number, including area code) ITEM 7 Financial Statements and Exhibits (c) Exhibits The following exhibit is filed herewith: 99 Press Release dated April 28, 2004 announcing the first quarter earnings for 2004. ITEM 9 Regulation FD Disclosure On April 28, 2004, The Eastern Company released the first quarter of 2004 quarterly earnings. ITEM 12 Results of Operations and Financial Condition On April 28, 2004 The Eastern Company released the first quarter of 2004 quarterly earnings. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, The Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. The Eastern Company Date: April 28, 2004 By: /s/John L. Sullivan III --------------- --------------------------- John L. Sullivan III Vice President, Secretary & Treasurer EX-99 2 ex99-8q1st04.txt 1ST QTR 2004 PRESS RELEASE Exhibit 99 FOR IMMEDIATE RELEASE April 28, 2004 THE EASTERN COMPANY REPORTS RESULTS FOR THE FIRST QUARTER OF 2004 Naugatuck, CT-The Eastern Company (AMEX-EML) today announced the results of its operations for the first quarter of 2004. Sales for the quarter were $24.6 million, compared to $21.6 for the same period in 2003 a 14% increase, while net income was $1,076,400, or $0.29 per diluted share compared to the $953,400 or $0.26 per diluted share reported in the first quarter of 2003, a 13% increase. Leonard F. Leganza, President and CEO stated, "We are quite pleased with the operating results of the Company in the first quarter of 2004. The manufacturing sector of the U.S. economy appears to be improving and the Company has now experienced two positive quarters of improved sales. We are optimistic that sales will continue to improve as we go through the year and the Company anticipates that net sales could exceed $100 million in 2004, which would be a historical sales record for The Eastern Company." Mr. Leganza commented further, "The initial operations of our recently organized manufacturing plant in Shanghai, China have shown strong potential. In addition to supporting the requirements of our U.S. divisions, the Company has had several very successful visits and inquiries from other U.S. manufacturers interested in sourcing products from China. The process of developing these new business relationships is proceeding at a quick pace resulting in numerous requests for both fabricated metal products and molded parts from our new capability of plastic injection molding." Mr. Leganza continued, "Our new line of luggage locks for the travel industry, first introduced in December of 2003, has been very successful in the first quarter. The lock, "SearchAlert"(TM), offered by our Illinois Lock/CCL Security Products division is one which is approved by Travel Sentry for use in the Transportation Security Administration's new initiative which allows passengers to lock their checked baggage at airports." Mr. Leganza also stated, "Our Metal Products Segment continues to experience reduced use of its proprietary mine roof anchors as the result of different mining technology and techniques which require fewer of the Company's mine roof products. To offset this erosion in sales of our traditional products we have continued to expand the development of our ductile iron capabilities. In addition, the Company recently signed a technical development contract with China University of Mining and Technology. The contract calls for the testing and appraisal of our proprietary mine roof anchors for use in underground coal mining in China. If initial laboratory test results prove positive, the second phase calls for field testing in one of China's largest coal mines. The tests are expected to continue through the fourth quarter of 2004 and, if successful, we may benefit from the new market opportunities." The Eastern Company is a 146-year-old manufacturer of industrial hardware, security products and metal castings. It operates from nine locations in the U.S., Canada, Mexico, Taiwan and China. The diversity of the Company's products helps it to respond to the changing requirements of a broad array of markets. Forward-Looking Statements: Information in this news release contains statements which reflect the Company's current expectations regarding its future operating performance and achievements. Actual results may differ due to the many economic uncertainties that affect the Company's business environment. Further information about the potential factors which could affect the Company's financial results are included in the Company's reports and filings with the Securities and Exchange Commission. The Company is not obligated to update or revise the aforementioned statements for those new developments. Contact: Leonard F. Leganza or John L. Sullivan III (203) 729-2255 Statement of Consolidated Income THE EASTERN COMPANY (AMEX - EML) THREE Months Ended 13 wks 13 wks April 3, 2004 March 29, 2003 ------------- -------------- Net Sales $ 24,565,208 $ 21,590,714 Net Income After Tax 1,076,373 953,377 Net Income Per Share: Basic $ 0.30 $ 0.26 Diluted $ 0.29 $ 0.26 Weighted average shares outstandings: Basic 3,617,034 3,630,303 Diluted 3,713,736 3,630,303 -----END PRIVACY-ENHANCED MESSAGE-----