-----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, N/6QthCWuVL5Pv1zfrxsxHVvBz8NbZNpNGRlTM3cCyqYXjTq5eCzxHNbboBNgAym YANyFuRIrv9mFiCbnrU+ag== 0000031107-05-000074.txt : 20051026 0000031107-05-000074.hdr.sgml : 20051026 20051026111604 ACCESSION NUMBER: 0000031107-05-000074 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051026 DATE AS OF CHANGE: 20051026 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: 051156060 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 third8k2005.txt 2005 3RD QTR PRESS RELEASE 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: October 26, 2005 -------------------------------- (Date of earliest event reported) The Eastern Company ------------------- (Exact name of Registrant as specified in its charter) Connecticut 0-599 06-0330020 ----------- ----- ---------- (State or other jurisdiction (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 October 26, 2005 announcing the third quarter earnings for 2005 is attached hereto. Section 7 - Regulation FD. ITEM 7.01 - Regulation FD Disclosure On October 26, 2005, The Eastern Company released the third quarter of 2005 quarterly earnings. A copy of the Press Release dated October 26, 2005 announcing the third quarter earnings for 2005 is attached hereto. Section 9 - Financial Statements and Exhibits ITEM 9.01 - (c) Exhibits (99) Press Release dated October 26, 2005 announcing the third quarter earnings for 2005. 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: October 26, 2005 By: /s/John L. Sullivan III ----------------- ---------------------------- John L. Sullivan III Vice President, Secretary & Treasurer EX-99 2 ex99-8k3rd05.txt 2005 3RD QTR PRESS RELEASE Exhibit 99 FOR IMMEDIATE RELEASE October 26, 2005 THE EASTERN COMPANY REPORTS RESULTS FOR THE THIRD QUARTER AND NINE MONTHS OF 2005 Naugatuck, CT-The Eastern Company (AMEX-EML) today announced the results of its operations for the third quarter and nine months of 2005. Sales for the quarter were $27.2 million compared to $25.5 million for the same period in 2004, a 7% increase, while net income was $1.3 million, or $0.32 per diluted share, compared to the $1.5 million, or $0.40 per diluted share, reported in the third quarter of 2004, a 17% decrease. Net sales for the nine months ended October 1, 2005 were $80.9 million compared to $75.4 million for the first nine months of the previous year, a 7% increase. Year to date earnings for the nine-month period were $3.1 million, or $0.79 per diluted share, compared to $3.3 million, or $0.90 per diluted share for the same period in 2004, an 8% decrease. Leonard F. Leganza, President and CEO stated, "All three segments of the Company's operations experienced sales increases in the third quarter compared to the prior year period. Several factors contributed to the strong sales performance. This included a continuing demand for the Sleeper Boxes we produce for Class 8 trailer trucks, increased demand for our Smart Card systems furnished to the commercial laundry market as well as the demand for our SearchAlertTM lock, a lock which has been approved by the T.S.A. for locking checked bags while traveling. We anticipate that sales in the fourth quarter and full year will continue to be strong." Mr. Leganza also stated, "Of particular note, was that we experienced higher demand in Canada for our mine roof anchors during the third quarter. In addition, we continued to make progress in our initiative to furnish our anchors to the China mining industry. Also of note is that after several months of start-up operations, Eastern Industrial, our Shanghai subsidiary, began shipping product to non-affiliated customers during the quarter as we continue to increase our capabilities. Mr. Leganza continued, "Our profit margins have been impacted by the pressure of both external factors as well as internal decisions. External factors such as increased costs of raw materials and energy and pricing pressure from foreign competition are part of the current business landscape, which require special efforts to overcome. In addition, we have made internal decisions, such as expanding our presence in China, which have had some negative impact on earnings. However, we believe those decisions will yield positive results for the future." Mr. Leganza concluded, "Our business backlogs and markets continue to be strong and we anticipate they will remain strong for the remainder of 2005 and into 2006." The Eastern Company is a 147-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 (unaudited) THE EASTERN COMPANY (AMEX - EML)
THREE Months Ended NINE Months Ended 13 wks 13 wks 39 wks 39 wks Oct. 1, 2005 Oct. 2, 2004 Oct. 1, 2005 Oct. 2, 2004 ------------ ------------ ------------ ------------ Net Sales $27,204,815 $25,494,490 $80,893,693 $ 75,357,662 Net Income After Tax 1,256,367 1,506,435 3,070,338 3,343,534 Net Income Per Share: Basic $ 0.35 $ 0.41 $ 0.84 $ 0.92 Diluted $ 0.32 $ 0.40 $ 0.79 $ 0.90 Weighted average shares outstandings: Basic 3,637,315 3,631,028 3,636,131 3,625,627 Diluted 3,918,767 3,732,969 3,890,409 3,728,337
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