-----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, QTkuMqoaS47mAlRLtPDkrtsUU4Os/h/h4YPso+aT/FKyXudxoQCzUJ44N64lF0Xk LdJ6KiGDud1FKj9oZMJhQg== 0000031107-10-000032.txt : 20100428 0000031107-10-000032.hdr.sgml : 20100428 20100428093528 ACCESSION NUMBER: 0000031107-10-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100403 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100428 DATE AS OF CHANGE: 20100428 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: 10775390 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 fm8k1stqtr2010.htm 1ST QTR 2010

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 28, 2010

(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 28, 2010 announcing the first quarter earnings for 2010 is attached hereto.

 

Section 7 – Regulation FD

 

 

ITEM 7.01 - Regulation FD Disclosure

 

On April 28, 2010, The Eastern Company released the first quarter earnings of 2010. A copy of the Press Release dated April 28, 2010 announcing the first quarter earnings for 2010 is attached hereto.

 

Section 9 – Financial Statements and Exhibits

 

ITEM 9.01 - (d) Exhibits

 

 

(99)

Press Release dated April 28, 2010 announcing the first quarter earnings for 2010.

 

 

 

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 28, 2010     

By:  /s/John L. Sullivan III

 

John L. Sullivan III
Vice President and Chief Financial Officer

 

 

 

 EX-99 2 fm8k1stqtr2010ex99.htm 1ST QTR PRESS RELEASE

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

April 28, 2010

 

THE EASTERN COMPANY REPORTS RESULTS

FOR THE FIRST QUARTER OF 2010

 

Naugatuck, CT–The Eastern Company (NYSE Amex - EML) today announced the results of its operations for the first quarter of 2010. Sales for the quarter were $31.0 million, compared to $28.4 million for the same period in 2009, a 9% increase. Net Income for the first quarter was $1.0 million, or $0.16 per diluted share, compared to a net loss of ($1.1) million, or ($0.18) per diluted share that was reported in the first quarter of 2009.

 

Leonard F. Leganza, Chairman, President and CEO stated, “We are very pleased with the results we achieved in the first quarter of this year. All three of our business segments reported increased sales and earnings as compared to the first quarter of 2009. Cost and expense reductions implemented during 2009 have helped to provide ongoing positive results across our business segments. While we have experienced increased sales in many of the markets we serve, it is still too early to conclude whether or not the economy will sustain itself and continue to get stronger. However, we feel very positive about our business plans for 2010 and anticipate an overall increase in sales and earnings for the year.”

 

Mr. Leganza continued, “Our Metal Products segment experienced a very significant operational improvement in the first quarter and recorded solid operating earnings. Continuing demand for our mining products is expected throughout the year as the demand for coal continues to be strong. To meet the anticipated production demand, quality and delivery requirements of our customers we are investing approximately $2.5 million in a capital improvement plan in the Metal Products segment to assure our response to those requirements.”

 

Mr. Leganza further stated, “In the Industrial Hardware segment, sales increased 15% compared to the first quarter of 2009. We experienced a general increase in sales in our primary market sectors which are distribution, vehicular, and industrial hardware. Sales of Sleeper Cabs, manufactured with our lightweight composite material, for both military and commercial Class 8 heavy trucks began ramping up in the first quarter of 2010 as a result of the upward projections in the trucking industry. Our first quarter results also included the shipment of over 350 kits of lightweight panels used in the assembly of local delivery vans in the Mexican market. We anticipate additional demand for those kits throughout the year. In addition, our Mexican facility is prepared to manufacture our lightweight composite panels for several other applications.”

 

Mr. Leganza continued, “The Security Products segment sales improved 4% compared to the first quarter of last year. Sales of our lock products improved in the majority of the markets we serve. We continued however, to experience softness in our commercial laundry market which we believe will improve when the economy

 

 

strengthens. We have developed several new advanced technology products for introduction into the commercial laundry and other markets which will be introduced beginning in the second quarter of 2010. These advanced coin recognition systems and contactless and wireless cash payment systems will open several new market opportunities in the coin vending and metering industry.”

 

Mr. Leganza concluded, “The emphasis we placed on liquidity and cash flow in 2009 made it possible for us to pay off approximately $7 million of our long-term debt and the company still ended the first quarter of 2010 with a strong cash position of $10.8 million. We expect our current liquidity plans to be sufficient to support our dividend policy, meet our debt service requirements and replace or upgrade capital equipment as needed. In addition, under our new loan agreement with People’s United Bank, we have a $10 million revolving credit facility available to us should the need for funds arise. We will continue to take whatever measures are necessary to enhance our liquidity position during 2010, and as always, we will take whatever further action may be necessary to improve our operating results and pursue our strategic initiatives.”

 

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 3, 2010

 

April 4, 2009

 

Net Sales

 

$ 30,954,555

 

$ 28,432,473

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income After Tax

 

1,009,660

 

(1,082,530

)

 

 

 

 

 

 

Net (Loss) Income Per Share:

 

 

 

 

 

Basic

 

$ 0.17

 

$(0.18

)

Diluted

 

$ 0.16

 

$(0.18

)

 

 

 

 

 

 

Weighted average

 

 

 

 

 

shares outstandings:

 

 

 

 

 

Basic

 

6,065,256

 

5,965,751

 

Diluted

 

6,190,327

 

5,965,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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