-----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, O9Vg85lzZB3rA0cYjyAMl42stXEXeNX+jnU4dNE/zken3VJocnmFe6xSgVIqYDdP evgPWZlh8HHpMU1q+wsgDg== 0000031107-08-000023.txt : 20080206 0000031107-08-000023.hdr.sgml : 20080206 20080206093157 ACCESSION NUMBER: 0000031107-08-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071229 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080206 DATE AS OF CHANGE: 20080206 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: 08579186 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 form8k4th2007.htm FORM 8K 4TH 2007

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 6, 2008

(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

 

of 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)

 

________________________________________________

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2)

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4( c) under the Exchange Act (17 CFR 240.13e-4( c))

 

 

Section 2 – Financial Information

 

 

ITEM 2.02 - Results of Operations and Financial Condition

 

Press Release dated February 6, 2008 announcing the full year and fourth quarter earnings for 2007 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

On February 6, 2008, The Eastern Company released the full year and fourth quarter earnings of 2007. A copy of the Press Release dated February 6, 2008 announcing the full year and fourth quarter earnings for 2007 is attached hereto.

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated February 6, 2008 announcing the full year and fourth quarter earnings for 2007.

 

 

 

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 6, 2008     

By:  /s/John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 fourthexhibit99.htm PRESS RELEASE DATED FEBRUARY 6, 2008

Exhibit 99

 

 

FOR IMMEDIATE RELEASE

 

February 6, 2008

 

THE EASTERN COMPANY REPORTS RECORD

RESULTS FOR 2007

 

Naugatuck, CT–The Eastern Company (AMEX-EML) today announced its operating results for the fourth quarter and full year of 2007.

 

Sales for the fourth quarter of 2007 were $33.8 million, a 32% decrease when compared to the $49.7 million in the fourth quarter of 2006. The 2006 fourth quarter, however, included $18.5 million of sales attributed to a military contract where we provided latching systems for the up-armored Humvee program. Sales of the Company’s “core” business units increased by 8% in the fourth quarter of 2007 compared to 2006.

 

Sales for the full year 2007 were $156.3 million compared to $138.5 in 2006, an increase of 13%. The year 2007 included $20.5 million of military sales while the year 2006 included $18.5 million of military sales. The Company’s “core” business unit sales in 2007 increased approximately 13% to $135.8 million from $119.9 million in 2006.

 

For the full year 2007, net income increased 4%, from $9.7 million or $1.67 per diluted share to $10.1 million or $1.68 per diluted share. Fourth quarter earnings of $887,500 or $.15 per diluted share compared to $5.6 million or $.96 per diluted share in the fourth quarter of 2006.

 

Leonard F. Leganza, Chairman and President stated, “While 2007 was a challenging year, we did set records in both sales and earnings for the full year. Notwithstanding the positive impact as a result of fulfilling our military contract shipments, the Company’s “core” business units did increase sales in both the fourth quarter and full year of 2007. Barring any major slow down in the economy, we are optimistic that this trend will continue through 2008.”

 

Mr. Leganza continued, “The full integration of the Royal Lock and Summit Corporation acquisitions were completed in 2007 and contributed over $11 million in sales for the year. They will continue to be a positive benefit to the Company in 2008. In addition, our Metal Castings Group is experiencing increasing order activity partially the result of the currently favorable exchange rate between the U.S. dollar and Euro as well as the slowly increasing Chinese Yuan making our pricing more competitive in this global economy.”

 

Mr. Leganza added, “Even though we had fulfilled the one-time military contract to deliver door latching components used in the retro fit program for up armored Humvees in the fourth quarter of 2006 and first quarter of 2007, our Eberhard Division continues to develop additional combat latching systems for newly designed military vehicles. Those activities will be positive factors toward increasing our revenue growth.”

 

 

Mr. Leganza concluded, “In 2008 The Eastern Company will have achieved a historical milestone – 150 years of continuous excellence and we intend to further build on our past successes through strategic acquisitions in addition to our internal growth and market development.”

 

The Eastern Company is a 150-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

 

13 wks

 

52 wks

 

52 wks

 

 

 

Dec. 29, 2007

 

Dec. 30, 2006

 

Dec. 29, 2007

 

Dec. 30, 2006

Net Sales

 

 

$ 33,760,726

 

$ 49,729,681

 

$156,281,083

 

$138,465,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income After Tax

 

887,457

 

5,635,259

 

10,080,693

 

9,658,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share:

 

 

 

 

 

 

 

 

Basic

 

$ 0.15

 

$ 1.03

 

$ 1.79

 

$ 1.76

 

Diluted

 

$ 0.15

 

$ 0.96

 

$ 1.68

 

$ 1.67

 

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

 

 

shares outstandings:

 

 

 

 

 

 

 

 

Basic

 

5,754,584

 

5,478,592

 

5,631,073

 

5,474,137

 

Diluted

 

6,036,320

 

5,854,147

 

5,989,754

 

5,768,108

 

 

 

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