-----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, Wq2s/q5VOAjltd4GBT1JWhEc9pSPgEAXB55v7mKdSqkBG8V6vvrx8w8hmXNugAoV pfKcwcom3GmORVJZ5VFxfQ== 0000031107-05-000018.txt : 20050210 0000031107-05-000018.hdr.sgml : 20050210 20050210091933 ACCESSION NUMBER: 0000031107-05-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050210 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050210 DATE AS OF CHANGE: 20050210 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: 05590796 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 fourth8k2004.txt FOURTH QTR 2004 8K UNITED STATES 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: February 10, 2005 (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) Section 2 - Financial Information ITEM 2.02 - Results of Operations and Financial Condition Press Release dated February 10, 2005 announcing the full year and fourth quarter earnings for 2004 is attached here to. Section 7 - Regulation FD. ITEM 7.01 - Regulation FD Disclosure On February 10, 2005, The Eastern Company released the full year and fourth quarter of 2004 quarterly earnings. A copy of the Press Release dated February 10, 2005 announcing the full year and fourth quarter earnings for 2004 is attached hereto. Section 9 - Financial Statements and Exhibits ITEM 9.01 - (c) Exhibits (99) Press Release dated February 10, 2005 announcing the full year and fourth quarter earnings for 2004. 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, hereunto duly authorized. The Eastern Company Date: February 10, 2005 By: /s/John L. Sullivan III ----------------- ---------------------------- John L. Sullivan III Vice President, Secretary & Treasurer EX-99 2 ex99-8q4th04.txt PRESS RELEASE 2/10/05 Exhibit 99 FOR IMMEDIATE RELEASE February 10, 2005 THE EASTERN COMPANY REPORTS RESULTS FOR 2004 YEAR-END AND FOURTH QUARTER Naugatuck, CT-The Eastern Company (AMEX-EML) today announced the operating results for the full year and fourth quarter of 2004. Sales for the full year 2004 were $100.1 million, an increase of 13.4% when compared to sales of $88.3 million in 2003. Sales for the fourth quarter of 2004 were $24.8 million, compared to $23.3 million in 2003, an increase of 6.5%. The Industrial Hardware Group realized an increase in sales in the fourth quarter compared to the fourth quarter of 2003, while decreases were experienced in both the Security Products and Metal Products Groups in the comparable periods. For the full year 2004 net income increased 41.5% to $4.8 million or $1.27 per diluted share, compared to net income of $3.4 million or $.92 per diluted share in 2003. Fourth-quarter net income was $1.4 million or $0.37 per diluted share, compared to the $529,000 or $ .14 per diluted share reported in the fourth quarter of 2003. Leonard F. Leganza, President and CEO stated, "The business optimism we expressed earlier in the year as to the manufacturing sector of the economy and, in particular, the markets we serve, continued through the fourth quarter and full year. Fourth quarter sales represented the ninth quarter of improved sales when compared to the prior year quarter and for the full year the Company reached an historic record of $100,000,000 in sales. Our sales gains occurred primarily in the Industrial Hardware and Security segments of the Company, while Metal Casting sales were down approximately 14%." Mr. Leganza continued: "The year was a competitively challenging one in which we had to face the rising costs of steel, pricing competition from low cost Asian sources and the costs of settling an alleged patent infringement suit, all of which had a negative impact on earnings. However, notwithstanding these factors, earnings improved 41.5% over 2003." Mr. Leganza commented further, "Our manufacturing operation in Shanghai, which became operational in 2004, has become an important source of competitively priced product supporting our domestic divisions. In addition, we have begun marketing our manufacturing capabilities in industrial and transportation hardware into the Chinese market, providing new opportunities for us. Further, through a technical development partnership contract signed with China University of Mining and Technology, we have successfully completed testing our mechanical mine roof anchors in China's largest underground coal mine. Once we have received official government approval, we will begin to market our product throughout China's mining industry." The Eastern Company is a 147-year-old leading manufacturer of vehicular and industrial hardware, locks, metal castings, coin collection and smart card products. It operates from nine locations in the U.S., Canada, Mexico, Taiwan and China. The diversity of the Company's products enables 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 (unaudited) THE EASTERN COMPANY (AMEX - EML)
THREE Months Ended TWELVE Months Ended 13 wks 14 wks 52 wks 53 wks Jan. 1, 2005 Jan. 3, 2004 Jan. 1, 2005 Jan. 3, 2004 ------------ ------------ ------------ ------------ Net Sales $ 24,772,496 $23,260,651 $100,130,158 $88,306,581 Net Income After Tax 1,414,167 528,798 4,757,701 3,361,622 Net Income Per Share: Basic $ 0.39 $ 0.15 $ 1.31 $ 0.93 Diluted $ 0.37 $ 0.14 $ 1.27 $ 0.92 Weighted average shares outstandings: Basic 3,633,316 3,614,030 3,627,541 3,620,593 Diluted 3,797,826 3,687,052 3,745,701 3,658,965
-----END PRIVACY-ENHANCED MESSAGE-----