-----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, NsxCj/XaDDjwfXgo775KSmdYEdrcZ4k65ZVOq8cUoFa37E4X6Druaey2146QQ7jD HuJk6+ghkvXFfovkCmoMHw== 0000031107-09-000033.txt : 20090422 0000031107-09-000033.hdr.sgml : 20090422 20090422162149 ACCESSION NUMBER: 0000031107-09-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090404 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090422 DATE AS OF CHANGE: 20090422 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: 09764073 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 form8k1stqtr2009.htm FORM 8K 1ST QTR 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: April 22, 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 April 22, 2009 announcing the first quarter earnings for 2009 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

On April 22, 2009, The Eastern Company released the first quarter earnings of 2009. A copy of the Press Release dated April 22, 2009 announcing the first quarter earnings for 2009 is attached hereto.

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated April 22, 2009 announcing the first quarter earnings for 2009.

 

 

 

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, 2009     

By:  /s/John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 form8k1stqtr2009ex99.htm 1ST QTR PRESS RELEASE

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

April 22, 2009

 

THE EASTERN COMPANY REPORTS RESULTS

FOR THE FIRST QUARTER OF 2009

 

Naugatuck, CT–The Eastern Company (NYSE Amex - EML) today announced the results of its operations for the first quarter of 2009. Sales for the quarter were $28.4 million, compared to $32.9 million for the same period in 2008, a 14% decrease. The net loss for the first quarter was $(1.1) million, or $(0.18) per diluted share, compared to a profit of $1.2 million, or $0.20 per diluted share that was reported in the same quarter of 2008.

 

Leonard F. Leganza, Chairman, President and CEO stated, “The erosion in the global economy during 2008 continued to affect us in the first quarter of 2009. We experienced sales decreases in all of our primary markets except for military and mining markets where sales were up 109% and 52%, respectively. Especially hard hit in the quarter were the markets of vehicular accessories including Class 8 trucks to which we provide a variety of latching and locking products as well as sleeper cabs. Also hard hit were travel related markets to which we supply luggage locks, the electronic and gaming markets to which we supply various locks and the coin metering and collection systems for the commercial laundry markets. All of these sectors reflect the overall weakness in the general economy. While there were some small positive signs of business improvement in the latter part of the quarter, it is still too early to anticipate when our markets will regain their strength.”

 

Mr. Leganza continued, “In response to the reduced sales activity and future economic uncertainty we have taken measures, as painful as they may be, to best align our manufacturing costs and expenses with the current production schedules and personnel requirements. These measures included reductions of personnel, shorter work schedules for some and where ever practical the elimination of discretionary spending. Some of the cost impact of those actions have affected the first quarter while the benefit of these actions will be realized in future periods.”

 

Mr. Leganza continued further, “Our liquidity and cash flow requirements are adequate with no expected impairment of our dividend payments, debt service requirements or important and necessary capital expenditures. We will take whatever measures necessary to enhance that liquidity position, as well as whatever further action may be necessary to improve our operating results and pursue our strategic initiatives.”

 

Mr. Leganza concluded, “We cannot predict when or how the economy’s problems will be resolved, but until then we will make every effort to put ourselves in a strong strategic position to enjoy the benefits of that recovery when it occurs. It will be important for us to be able to take advantage of the opportunities that we believe will be available to us. We continue to actively seek opportunities available to us utilizing our strong financial position along with the assistance of Morgan Joseph & Co. Inc.”

 

The Eastern Company is a 151-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

 

 

 

Consolidated Statement of Operations (unaudited)

 

 

 

 

 

 

 

 

 

 

 

THE EASTERN COMPANY (NYSE Amex - EML)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE Months Ended

 

 

 

 

 

 

 

 

 

 

April 4, 2009

 

 

March 29, 2008

 

Net Sales

$

28,432,473

 

$

32,918,911

 

 

 

 

 

 

 

 

Net (Loss) Income

 

(1,082,530

)

 

1,206,678

 

 

 

 

 

 

 

 

Net (Loss) Income Per Share:

 

 

 

 

 

 

Basic

$

(0.18

)

$

0.21

 

Diluted

$

(0.18

)

$

0.20

 

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

shares outstandings:

 

 

 

 

 

 

Basic

 

5,965,751

 

 

5,811,962

 

Diluted

 

5,965,751

 

 

6,157,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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