-----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, CNfVBWlVNR/lvHb06V3UDN6ME8Pu/hV+oAIWpCfWpRYuZZkxlxUA2n0915I1Nf0J B3uXUKoLVVNK2OUryMXC2w== 0000031107-09-000019.txt : 20090211 0000031107-09-000019.hdr.sgml : 20090211 20090211093627 ACCESSION NUMBER: 0000031107-09-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090103 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090211 DATE AS OF CHANGE: 20090211 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: 09587707 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 form8k4thqtr2008.htm 4TH 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: February 11, 2009

(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 11, 2009 announcing the full year and fourth quarter earnings for 2008 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

On February 11, 2009, The Eastern Company released the full year and fourth quarter earnings of 2008. A copy of the Press Release dated February 11, 2009 announcing the full year and fourth quarter earnings for 2008 is attached hereto.

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated February 11, 2009 announcing the full year and fourth 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:  February 11, 2009     

By:  John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 ex994thqtr2008.htm PRESS RELEASE 2/11/09

Exhibit 99

 

 

FOR IMMEDIATE RELEASE

 

February 11, 2009

 

THE EASTERN COMPANY REPORTS RESULTS

FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2008

 

Naugatuck, CT–The Eastern Company (AMEX-EML) today announced the results of its operations for the fourth quarter and twelve months of 2008. Sales for the quarter were $32.3 million, compared to $33.8 million for the same period in 2008, a 4% decrease. Net income for the fourth quarter was $1.1 million or $0.17 per diluted share compared to the $887 thousand, or $0.15 per diluted share that was reported in the fourth quarter of 2007.

 

Net sales for the twelve months of 2008 were $135.9 million compared to $156.3 million for the twelve months of the previous year. Sales in the 2007 period included $18.1 million of latching system sales for use in the military’s up-armored Humvee program under a one-time limited contract. Year to date earnings for the twelve month period ended January 3, 2009 were $4.5 million or $0.73 per diluted share, compared to $10.1 million or $1.68 per diluted share for the same period in 2007.

 

Leonard F. Leganza, Chairman, President and CEO stated, “Sales in our “Core” businesses were approximately 2% lower than the previous year which included a significant one time military contract referred to above. The reduced sales activity affected most of our diversified markets and was brought on by the recessionary trends experienced during the latter part of 2008. The year proved to be a very challenging one as the economy began to erode.”

 

Mr. Leganza also stated, “Our Security Products group was affected by the economic slowdown in the many markets they serve. Airline check in and its impact on leisure travelers affected the luggage industry which we serve, while the housing crisis and difficult consumer credit conditions had a negative effect on the products we offer to the appliance industry. Operating margins were also reduced because of price increases from Asian suppliers.”

 

Mr. Leganza continued, “In our Industrial Hardware group, we had to contend with the downturn in the Class 8 truck market as well as the declines in most of the commercial vehicular accessories markets. Our Canadian Commercial Vehicle subsidiary continues however to introduce lightweight honeycomb composite technology into other than vehicle markets. At our Eberhard division, hardware used in military vehicles will offset, to some extent, declines in the vehicles accessory markets.”

 

Mr. Leganza continued further, “In our metal castings operation we experienced a 48% increase in sales compared to 2007. Much of the increase was attributable to sales of our proprietary mine roof products. Driving the growth of

 

the mining market is the increase in the worldwide demand for coal. While we experienced operational issues which hurt our operating profits, we are focused on correcting those issues.

 

Mr. Leganza concluded, “Despite the current economic environment, which has necessitated taking the common sense measures required with respect to costs and expenses, we will continue to balance, where we can, near term results with our long term strategic initiatives. We believe we can overcome these economic challenges we are facing and will use all of our efforts to enhance shareholder value.”

 

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

 

TWELVE Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

14 wks

 

13 wks

 

53 wks

 

52 wks

 

 

 

Jan 3, 2009

 

Dec. 29, 2007

 

Jan 3, 2009

 

Dec. 29, 2007

Net Sales

 

 

$ 32,309,962

 

$ 33,760,726

 

$135,878,490

 

$156,281,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income After Tax

 

1,068,204

 

887,457

 

4,504,623

 

10,080,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share:

 

 

 

 

 

 

 

 

Basic

 

$ 0.18

 

$ 0.15

 

$ 0.77

 

$ 1.79

 

Diluted

 

$ 0.17

 

$ 0.15

 

$ 0.73

 

$ 1.68

 

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

 

 

shares outstandings:

 

 

 

 

 

 

 

 

Basic

 

5,964,813

 

5,754,584

 

5,875,140

 

5,631,073

 

Diluted

 

6,130,805

 

6,036,320

 

6,159,563

 

5,989,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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