-----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, BC+8ykS5XAXnfQPuWB5NC8WBlQT0Cz2PGhgfTUMKMbGUIjKL/oENUpjMSG1+eXZl 4CPZeADn//yZYK+lv99XqA== 0000031107-08-000039.txt : 20080422 0000031107-08-000039.hdr.sgml : 20080422 20080422170249 ACCESSION NUMBER: 0000031107-08-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080422 DATE AS OF CHANGE: 20080422 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: 08769788 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 form8k1stqtr2008.htm FORM 8-K 1ST QTR 2008

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: April 22, 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 April 22, 2008 announcing the first quarter earnings for 2008 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

On April 22, 2008, The Eastern Company released the first quarter earnings of 2008. A copy of the Press Release dated April 22, 2008 announcing the first quarter earnings for 2008 is attached hereto.

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated April 22, 2008 announcing the first quarter earnings for 2008.

 

 

 

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:  April 22, 2008     

By:  /s/John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 ex991stqtr2008.htm 1ST QTR 2008 PRESS RELEASE

Exhibit 99

 

FOR IMMEDIATE RELEASE

                

 

April 22, 2008

 

THE EASTERN COMPANY REPORTS RESULTS

FOR THE FIRST QUARTER OF 2008

 

Naugatuck, CT–The Eastern Company (AMEX-EML) today announced the results of its operations for the first quarter of 2008. Sales for the quarter were $32.9 million, compared to $52.3 million in 2007, which in the first quarter of 2007 included sales of $18.1 million of latching systems for the military’s up-armored Humvee program under a one time limited contract. Excluding those sales in the 2007 quarter, sales at our “core” business units decreased 4% in the first quarter of 2008. Net income for the first quarter was $1.2 million, or $0.20 per diluted share, compared to the $6.8 million, or $1.14 per diluted share, reported in the first quarter of 2007.

 

Leonard F. Leganza, Chairman, President and CEO stated, “Despite the fact that the first quarter of 2008 did not reflect any military business as significant as the Humvee program, as was the case in 2007, the Eberhard Division of the Industrial Hardware Group has continued to work very closely with several military vehicle contractors in the development and testing of latching systems and other hardware for the next generation of military vehicles. At the Canadian Commercial Vehicle subsidiary, also a part of the Industrial Hardware group, we are applying our lightweight honeycomb composite technology toward developing and manufacturing ultra-flat panels for a variety of non-vehicular markets, in addition to our production of Sleeper Cabs in the Class 8 truck market. We anticipate positive results from these initiatives in 2008.”

 

Mr. Leganza continued, “During the last several years our Metal Products segment has been a particular challenge. This was due to lower demand generally for Malleable Iron products as well as changes in coal mining methods which caused lower demand, in the domestic market, for our proprietary mine roof anchor products. We approached those challenges by making the investment required to produce and market Ductile Iron products in addition to Malleable Iron. Our efforts are beginning to pay off, as we begin converting more products to Ductile Iron. The project has taken longer than we anticipated and will be ongoing. Our marketing efforts in the general contract casting of other than mining products has shown very positive results as foreign competition becomes less of a factor because of exchange rate changes in Europe and China. We expect favorable results in the Metal segment in 2008.”

 

Mr. Leganza concluded, “The year 2008 marks the 150th year The Eastern Company has been in existence, a historical milestone. We intend to build on our past successes. In addition to facing the ever increasing operating challenges in our core businesses, the Company will intensify its growth objectives both organically and through acquisitions of complementary businesses and product lines. As to the very important objective of increasing shareholder value, the Company intends to examine carefully all the strategic alternatives available towards achieving that goal.”

 

 

 

Mr. Leganza commented further, “It is still too early in the year to anticipate what, if any, recessionary trends will affect our core businesses in 2008. Nevertheless, we know the Company will have to contend with future increases in energy, health care and raw material costs. It will be necessary for us to continue to overcome these increases as we have in the past by finding new ways to improve our productivity, finding more cost reduction opportunities and increasing prices in order to maintain acceptable profit margins. This will not be an easy task in today’s manufacturing environment. However, despite current economic pessimism, the status of our backlog continues to be strong and all of our business units are on track for positive results in 2008.”

 

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 is 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

 

 

 

 

March 29, 2008

 

 

March 31, 2007

Net Sales

 

 

$

32,918,911

 

$

52,317,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income After Tax

 

 

1,206,678

 

 

6,758,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share:

 

 

 

 

 

 

Basic

 

 

$

0.21

 

$

1.23

Diluted

 

 

$

0.20

 

$

1.14

 

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

shares outstandings:

 

 

 

 

 

 

Basic

 

 

 

5,811,962

 

 

5,507,372

Diluted

 

 

 

6,157,130

 

 

5,932,044

 

 

 

 

 

 

 

 

 

 

 

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