-----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, Qm/UJ98/YO2QCRo4hpO0Hvdk5DLEgwqmvBQkD+UVSS9ITwPbMesz7JoxAVpd8wAV mepaAl78VJesyxf19Y33KQ== 0000031107-09-000060.txt : 20090722 0000031107-09-000060.hdr.sgml : 20090722 20090722094611 ACCESSION NUMBER: 0000031107-09-000060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090704 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090722 DATE AS OF CHANGE: 20090722 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: 09956256 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 form8k2ndqtr2009.htm FORM 8-K 2ND QTR 2009

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 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 July 22, 2009 announcing the second quarter earnings for 2009 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

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

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated July 22, 2009 announcing the second 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:  July 22, 2009     

By:  /s/John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 form8k2ndqtr2009ex99.htm PRESS RELEASE 7/22/09

Exhibit 99

FOR IMMEDIATE RELEASE

 

July 22, 2009

 

THE EASTERN COMPANY REPORTS RESULTS

FOR THE SECOND QUARTER AND SIX MONTHS OF 2009

 

Naugatuck, CT–The Eastern Company (NYSE Amex-EML) today announced the results of its operations for the second quarter and six months of 2009. Sales for the quarter were $28.1 million, compared to $36.1 million for the same period in 2008, a 22% decrease, while net income was $842,000 or $0.13 per diluted share, compared to the $1.4 million, or $0.22 per diluted share, reported in the second quarter of 2008, a 38% decrease.

 

Net sales for the six months of 2009 were $56.5 million compared to $69.0 million for the first six months of 2008. For the six month period ended July 4, 2009 the year to date loss was ($240,000) or ($0.04) per diluted share, compared to income of $2.6 million or $.42 per diluted share for the same period in 2008.

 

Mr. Leganza Chairman, President and CEO stated, “The positive operating results for the second quarter were a result of cost and expense reduction initiatives implemented during the first quarter of 2009 and should continue to benefit our operating results as we move forward through the remainder of the year. Further initiatives will be instituted if necessary to respond to any further weaknesses in the economy. These actions will also make us more efficient when the economy improves.”

 

Leonard F. Leganza, added, “The continuing weak global economy has had a downward affect on most of the markets we serve, as reflected in the decreased sales volume in the second quarter and six months year to date. Our Industrial Hardware Group has been faced with significantly depressed vehicular markets especially in the Class 8 heavy truck markets as well as in the industrial markets requiring our various hardware products. The Metal Products Group also experienced a moderately weak demand for both mining and contract casting products. The Security Products Group, where our markets are very diversified, also experienced weak demand. The lower sales volumes have reduced plant utilization and gross margins.”

 

Leonard F. Leganza, continued, “However, notwithstanding the gloomy impact of the economy, as we look ahead at our operations, there are some very promising factors. The mining industry does remain strong and is anticipated to continue to be strong in the future, which should strengthen our Metal Products Group. The Industrial Hardware Group is continuing to benefit from increased orders for our military latching systems and we expect that orders for our lightweight composite Sleeper Cabs should improve in the fourth quarter of this year. Our Greenwald division, which serves the commercial laundry markets, recently unveiled several new products at the commercial laundry’s “Clean Show” in New Orleans and received very positive reviews particularly for their new contactless “Flash Cash” payment systems.”

 

Mr. Leganza concluded, “We are pleased to have been added to the Russell 3000, Russell Global and Russell Microcap Indexes when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 29, 2009. Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies. We are pleased to be included in these indexes, which reflect our continued positive momentum. Russell is an industry leader for stock indexes and we expect our participation will generate greater interest in our stock at the institutional investor level.”

 

The Eastern Company is a 151-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 (NYSE Amex - EML)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE Months Ended

 

SIX Months Ended

 

 

 

 

 

 

 

 

 

 

 

13 wks

 

13 wks

 

26 wks

 

26 wks

 

 

July 4, 2009

 

June 28, 2008

 

July 4, 2009

 

June 28, 2008

Net Sales

 

$ 28,087,629

 

$ 36,098,718

 

$ 56,520,102

 

$ 69,017,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$ 842,382

 

$ 1,354,700

 

$ (240,148)

 

$ 2,561,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share:

 

 

 

 

 

 

 

 

Basic

 

$ 0.14

 

$ 0.23

 

$ (0.04)

 

$ 0.44

Diluted

 

$ 0.13

 

$ 0.22

 

$ (0.04)

 

$ 0.42

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

 

 

 

 

 

shares outstandings:

 

 

 

 

 

 

 

 

Basic

 

5,967,826

 

5,835,601

 

5,966,787

 

5,823,781

Diluted

 

6,268,805

 

6,154,270

 

5,966,787

 

6,155,699

 

 

 

 

 

 

 

 

 

 

 

 

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