-----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, IQlr4grIaSjY0e319eaxxTzC+UVm4vm83kLFldLA3CDpw/m4cg9iNqEPvMBrbCgk oGTla4Y/Ec8XeP6OLKdPDg== 0000031107-08-000058.txt : 20080723 0000031107-08-000058.hdr.sgml : 20080723 20080723171315 ACCESSION NUMBER: 0000031107-08-000058 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080723 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080723 DATE AS OF CHANGE: 20080723 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: 08966373 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 form8k2ndqtr2008.htm FORM 8-K 2ND 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: July 23, 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 July 23, 2008 announcing the second quarter earnings for 2008 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

On July 23, 2008, The Eastern Company released the second quarter earnings of 2008. A copy of the Press Release dated July 23, 2008 announcing the second quarter earnings for 2008 is attached hereto.

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated July 23, 2008 announcing the second 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:  July 23, 2008     

By:  /s/John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 ex992ndqtr2008.htm PRESS RELEASE 7/23/08

Exhibit 99

FOR IMMEDIATE RELEASE

 

July 23, 2008

 

THE EASTERN COMPANY REPORTS RESULTS

FOR THE SECOND QUARTER AND SIX MONTHS OF 2008

 

Naugatuck, CT–The Eastern Company (AMEX-EML) today announced the results of its operations for the second quarter and six months of 2008. Sales for the quarter were $36.1 million, compared to $34.2 million for the same period in 2007, a 6% increase, while net income was $1.4 million or $0.22 per diluted share, compared to the $728,000, or $0.12 per diluted share, reported in the second quarter of 2007, an 86% increase.

 

Net sales for the six months of 2008 were $69.0 million compared to $86.5 million for the first six months of 2007. Sales in the 2007 period included $18.1 million to produce latching systems for the military’s up-armored Humvee program under a one-time limited contract. “Core” business sales for the six months of 2007 were $68.4 million. Year to date earnings for the six month period ended June 28, 2008 were $2.6 million or $0.42 per diluted share, compared to $7.5 million or $1.25 per diluted share for the same period in 2007.

 

Leonard F. Leganza, Chairman, President and CEO stated, “Despite the poor general state of the economy including record high prices for fuel and steel the Company fared well in the second quarter and first half of the year. The Eberhard Division in our 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. Those efforts are beginning to show results as we recently received initial orders worth over $8 million for military latching systems. While those orders will begin to be shipped in 2008 the majority of the current efforts will result in shipments in 2009.”

 

Mr. Leganza also stated, “The Canadian Commercial Vehicle subsidiary which services the Class 8 truck market with its lightweight honeycomb Sleeper Cabs has experienced a significant downturn in that market in 2008. Although earlier we were optimistic the trucking market would begin to recover in the latter part of 2008 current forecasts are now estimating that the Class 8 truck market will remain soft through the remainder of the year but we are optimistic that the truck industry will pickup in the first half of 2009. Notwithstanding, we are continuing to develop our lightweight honeycomb composite technology toward the development and manufacture of ultra-flat panels for a variety of non-vehicular markets and are already experiencing very positive results in that endeavor. This will eventually reduce our dependence on the truck markets.”

 

Mr. Leganza continued, “Also contributing to our favorable operating results for the second quarter and first half of 2008 has been the improved sales and earnings from our Metal Products segment. Although the operating results have not reached the levels we had planned through the first half, we are optimistic that with the continued strong demand for our proprietary mine roof anchors and our marketing efforts in general contract casting products we will generate positive results in 2008.”

 

The Eastern Company is a 150-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 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 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE EASTERN COMPANY (AMEX - EML)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE Months Ended

 

SIX Months Ended

 

 

 

 

 

 

 

 

 

 

 

13 wks

 

13 wks

 

26 wks

 

26 wks

 

 

June 28, 2008

 

June 30, 2007

 

June 28, 2008

 

June 30, 2007

Net Sales

 

$ 36,098,718

 

$ 34,175,471

 

$69,017,629

 

$86,492,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$ 1,354,700

 

$ 728,356

 

$ 2,561,378

 

$ 7,486,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share:

 

 

 

 

 

 

 

 

Basic

 

$ 0.23

 

$ 0.13

 

$ 0.44

 

$ 1.35

Diluted

 

$ 0.22

 

$ 0.12

 

$ 0.42

 

$ 1.25

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

 

 

shares outstandings:

 

 

 

 

 

 

 

 

Basic

 

5,835,601

 

5,593,073

 

5,823,781

 

5,550,219

Diluted

 

6,154,270

 

6,048,133

 

6,155,699

 

5,990,085

 

 

 

 

 

 

 

 

 

 

 

 

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