0000031107-12-000002.txt : 20120208 0000031107-12-000002.hdr.sgml : 20120208 20120208104117 ACCESSION NUMBER: 0000031107-12-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120208 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120208 DATE AS OF CHANGE: 20120208 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: 001-35383 FILM NUMBER: 12580256 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 form8k4th2011.htm FORM 8-K 4TH QTR EARNINGS form8k4th2011.htm
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 8, 2012
(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)

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]  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 8, 2012 announcing the fourth quarter and full year earnings for 2011 is attached hereto.


Section 7 – Regulation FD

ITEM 7.01 - Regulation FD Disclosure

On February 8, 2012, The Eastern Company released the fourth quarter and full year earnings of 2011.  A copy of the Press Release dated February 8, 2012 announcing the full year and fourth quarter earnings for 2011 is attached hereto.


Section 9 – Financial Statements and Exhibits

 
ITEM 9.01 - (d) Exhibits

(99)  
Press Release dated February 8, 2012 announcing the fourth quarter and full year earnings for 2011.






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 8, 2012                                                                
By: /s/John L. Sullivan III
 
John L. Sullivan III
Vice President and Chief Financial Officer

EX-99 2 ex994thqtr2011.htm PRESS RELEASE 2/8/12 ex994thqtr2011.htm
 
 
Exhibit 99



FOR IMMEDIATE RELEASE

February 8, 2012


THE EASTERN COMPANY REPORTS RESULTS
FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2011


Naugatuck, CT–The Eastern Company (NASDAQ-EML) today announced the results of its operations for the fourth quarter and twelve months of 2011. Sales for the quarter were $38.1 million, compared to $32.6 million for the same period in 2010, a 17% increase. Net income for the fourth quarter was $1.5 million or $0.24 per diluted share compared to the $1.6 million or $0.26 per diluted share that was reported in the fourth quarter of 2010.

For the twelve months of 2011 net sales were $142.9 million compared to $130.1 million in 2010, a 10% increase. Net income for the year 2011 was $5.5 million or $0.89 per diluted share, compared to $5.5 million or $0.90 per diluted share for the same period in 2010.

Leonard F. Leganza, Chairman, President and CEO stated, “As we had noted in our earlier reports, 2011 earnings results were impacted by several factors such as the lower than expected sales to the military market as a result of reduced government defense spending, the start-up costs we incurred to establish our new composite panel manufacturing facility in Ontario, Canada, slower than we anticipated sales of new products for the commercial laundry industry as well as overall pressure on our margins caused by cost increases. In addition, in December of 2011, we made what we believe was a prudent decision to make a discretionary contribution to the company’s pension plan in order to take advantage of the current low interest rate environment and improve the funding of the plan. This decision, which will favorably impact future periods, had a negative impact on the Company’s net income in the fourth quarter and twelve month periods when compared to 2010.”

Mr. Leganza continued, “Sales in both the fourth quarter and twelve month periods improved over sales in the comparable periods in 2010. We are, however, continuing to experience softness in some of the many diverse markets we serve. Overall, however, we are pleased with the financial results for 2011 and are optimistic that our operations will continue to grow throughout 2012. We anticipate growth in the Industrial Hardware segment as a result of our sales of lightweight composite panels for use in the electronic white board industry, a line of vent products for use in the Class 8 truck and other potential markets as well as increased sales of hardware products for the military market. The Security Products segment should improve through increased marketing efforts for new products, such as Flashcash, Digicoin and Pinmate, focused on the commercial laundry market; and in the Metal Products segment as a result of sales of malleable and ductile iron products for the mining and jobbing markets.
 
Despite the current uncertain state of worldwide economic conditions that continue to impact some of our market segments, we remain very positive about our future. Our strong financial condition provides us the resources we need to invest in our product development initiatives, provide for capital expenditures where needed and to continue our dividend policy.”

Mr. Leganza concluded, “As an indication of our confidence in our future performance, this morning the Board of Directors voted to increase the quarterly dividend by 11% to 0.10 cents per share effective in the first quarter of 2012.”

The Eastern Company is a 153-year-old manufacturer of industrial hardware, security products and metal castings.  It operates from ten 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 (NASDAQ - EML)
          
                   
                   
                   
     
THREE Months Ended
  
TWELVE Months Ended
                   
     
13 wks
  
13 wks
  
52 wks
  
52 wks
     
Dec. 31, 2011
  
Jan. 1, 2011
  
Dec. 31, 2011
  
Jan. 1, 2011
Net Sales
    
 $ 38,057,309
  
 $ 32,639,459
  
 $142,856,049
  
 $130,130,360
                   
                   
Net Income After Tax
  
      1,464,016
  
     1,632,728
  
      5,504,930
  
      5,543,005
                   
                   
Net Income Per Share:
              
 
   Basic
  
 $           0.24
  
 $           0.27
  
 $           0.89
  
 $           0.91
 
   Diluted
  
 $           0.24
  
 $           0.26
  
 $           0.89
  
 $           0.90
                   
Weighted average
                
   shares outstandings:
              
 
Basic
  
      6,212,875
  
      6,147,473
  
      6,178,664
  
      6,104,711
 
Diluted
  
      6,230,722
  
      6,204,147
  
      6,216,193
  
      6,192,019