0000031107-12-000019.txt : 20120725 0000031107-12-000019.hdr.sgml : 20120725 20120725112827 ACCESSION NUMBER: 0000031107-12-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120725 DATE AS OF CHANGE: 20120725 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: 12978279 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 fm8k2nd2012.htm SECOND QUARTER EARNINGS fm8k2nd2012.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: July 25, 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 July 25, 2012 announcing the second quarter earnings for 2012 is attached hereto.


Section 7 – Regulation FD

ITEM 7.01 - Regulation FD Disclosure

On July 25, 2012, The Eastern Company released the second quarter earnings of 2012.  A copy of the Press Release dated July 25, 2012 announcing the second quarter earnings for 2012 is attached hereto.


Section 9 – Financial Statements and Exhibits

ITEM 9.01 - (d) Exhibits

(99)  
Press Release dated July 25, 2012 announcing the second quarter earnings for 2012.






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 25, 2012                                                                
By: /s/John L. Sullivan III
 
John L. Sullivan III
Vice President and Chief Financial Officer

EX-99 2 ex99pressrelease7_25.htm PRESS RELEASE 7/25/12 ex99pressrelease7_25.htm
Exhibit 99






FOR IMMEDIATE RELEASE

July 25, 2012


THE EASTERN COMPANY REPORTS RESULTS
FOR THE SECOND QUARTER AND SIX MONTHS OF 2012


Naugatuck, CT–The Eastern Company (NASDAQ-EML) today announced the results of its operations for the second quarter and six months of 2012. Sales for the quarter were $41.6 million, compared to $35.5 million for the same period in 2011, a 17% increase, while net income was $2.6 million or $0.42 per diluted share, compared to the $1.5 million or $0.24 per diluted share, reported in the second quarter of 2011, a 78% increase.

Net sales for the six months of 2012 were $82.1 million compared to $68.7 million for the first six months of 2011, a 19% increase. For the six month period ended June 30, 2012 net income was $4.7 million or $0.75 per diluted share, compared to $2.6 million or $0.42 per diluted share for the same period in 2011.

Leonard F. Leganza, Chairman, President and CEO, stated, “All three of our business segments experienced increased sales and operating earnings compared to the second quarter and six months of 2011.  The Metal Products segment continued to benefit from the strong demand for our proprietary products serving the coal industry.  As a result, sales of several of our proprietary mining products increased in both the second quarter and first six months of 2012 as compared to the 2011 periods.  In addition, our contract casting business which provides products for various industrial markets also benefited from increased revenues compared to a year ago.  These increases in contract castings were driven primarily by sales of new products for the railroad and solar panel industries.”

Mr. Leganza continued, “The Industrial Hardware segment benefited from stronger military sales in the first half of 2012 on increased orders for latching hardware used in the military’s Family of Medium Tactical Vehicles program.  The military Humvee program which we had participated in providing our latching systems, will be discontinued in 2012.  A new program which is now in the design phase will be for a new Joint Light Tactical Vehicle and we expect to participate in that program.  The Industrial Hardware segment’s strong 2012 results were also affected positively by a robust Class 8 truck market where the demand for our engineered hardware products and our lightweight composite panels used in the manufacture of sleeper cabs and truck bodies increased over prior year levels.  We have currently launched a new product line of two-way air vents used on Class 8 trucks which has opened up additional opportunities for sales of related hardware into that market.”

Mr. Leganza added, “The Security Products segment experienced some increases in business in both our traditional commercial laundry products and our locking products compared to 2011.  Sales to the commercial laundry markets were driven by increased orders for meter cases installed on commercial washers and dryers.  Increased sales of locks to the cash management and computer markets in the second quarter and first half of the year offset some of the softness in several of the many markets we serve.”

Mr. Leganza concluded, “We are pleased with the progress the Company is experiencing as we recover from the current recession. The focus and emphasis we have placed and are continuing to place on cash flow control during the current economic uncertainties have positioned the Company in solid financial condition.  We expect our current liquidity position to be sufficient to support our dividend policy, debt service requirements and replace and upgrade capital projects where needed.”

The Eastern Company is a 154-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
  
SIX Months Ended
                   
     
13 wks
  
13 wks
  
26 wks
  
26 wks
     
June 30, 2012
  
July 2, 2011
  
June 30, 2012
  
July 2, 2011
Net Sales
    
 $ 41,559,589
  
 $  35,520,182
  
 $82,055,483
  
 $68,708,794
                   
                   
Net Income
    
 $   2,632,346
  
 $   1,482,799
  
 $  4,677,954
  
 $  2,580,973
                   
                   
Net Income Per Share:
                
 
Basic
  
 $           0.42
  
 $           0.24
  
 $          0.75
  
 $          0.42
 
Diluted
  
 $           0.42
  
 $           0.24
  
 $          0.75
  
 $          0.42
                   
Weighted average
                
   shares outstandings:
                
 
Basic
  
      6,217,198
  
      6,166,883
  
     6,214,644
  
     6,164,798
 
Diluted
  
      6,231,335
  
      6,218,492
  
     6,230,625
  
     6,215,782