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0000031107-12-000032.txt : 20121024 0000031107-12-000032.hdr.sgml : 20121024 20121024103012 ACCESSION NUMBER: 0000031107-12-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121024 DATE AS OF CHANGE: 20121024 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: 121157745 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 fm8k3rdqtr12.htm fm8k3rdqtr12.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: October 24, 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 October 24, 2012 announcing the third quarter earnings for 2012 is attached hereto.

Section 7 – Regulation FD

ITEM 7.01 - Regulation FD Disclosure

On October 24, 2012, The Eastern Company released the third quarter earnings of 2012. A copy of the Press Release dated October 24, 2012 announcing the third quarter earnings for 2012 is attached hereto.

Section 9 – Financial Statements and Exhibits

ITEM 9.01 - (d) Exhibits

(99)	Press Release dated October 24, 2012 announcing the third 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: October 24, 2012	By: /s/John L. Sullivan III
	John L. Sullivan III Vice President and Chief Financial Officer

EX-99 2 release10_24.htm PRESS RELEASE 10/24/12 release10_24.htm

Exhibit 99

FOR IMMEDIATE RELEASE

October 24, 2012

THE EASTERN COMPANY REPORTS RESULTS

FOR THE THIRD QUARTER AND NINE MONTHS OF 2012

Naugatuck, CT–The Eastern Company (NASDAQ-EML) today announced the results of its operations for the third quarter and nine months of 2012. Net sales for the quarter were $39.6 million, compared to $36.1 million for the same period in 2011, a 10% increase. Net income for the third quarter was $2.2 million or $0.36 per diluted share compared to $1.5 million or $0.24 per diluted share that was reported in the third quarter of 2011, a 52% increase.

Net sales for the nine months of 2012 were $121.7 million compared to $104.8 million, a 16% increase. Year to date earnings for the nine month period ended September 29, 2012 were $6.9 million or $1.11 per diluted share, compared to $4.0 million or $0.65 per diluted share for the same period in 2011, a 71% increase.

Leonard F. Leganza, Chairman, President and CEO stated, “All three of our business segments experienced continued increases in sales and operating earnings in the third quarter and nine months of 2012 as compared to 2011. The Industrial Hardware segment benefited from greater than anticipated sales of hardware for military use and continues to work with military contractors toward the development of hardware for use on future generations of military vehicles. The Industrial Hardware segment’s results also reflect continued demand from the Class 8 truck market for our highly engineered hardware products as well as our lightweight composite products used in the manufacture of sleeper cabs and truck bodies. Earlier this year, we also launched a new and improved line of air vents used on Class 8 trucks. We believe such product developments will continue to enhance additional opportunities for future sales of hardware into that market.”

Mr. Leganza added, “In the Metals Products segment, The Frazer & Jones division has continued to experience strong demand for its mine roof support products used in the coal industry. We have also increased our contract casting business providing products for various industrial markets which provided additional revenues when compared to a year ago. These increases in contract castings were driven primarily by sales of newly developed products for the railroad and solar panel industries.”

Mr. Leganza also stated, “Following a long-term corporate policy of making dividend payments, after considering our improved earnings and our corporate requirements, the 289th consecutive regular quarterly dividend which is $0.10 per common share will also include an extra one time $0.10 per share. This extra payment is being made in view of our favorable operating results and strong cash flow. We are optimistic that our operating results will continue to improve throughout 2012. The dividend payment will be payable in December of this year.

Mr. Leganza concluded, “Considering the economic uncertainty still lingering in the marketplace, we are pleased with the progress the Company is experiencing as we continue to recover from the recession. The focus and emphasis we have placed on cash flow control during this time of economic uncertainty have positioned the Company to be in solid financial condition. We expect our current liquidity position to be sufficient to support our dividend policy, debt service requirements and to 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