0000031107-14-000002.txt : 20140206 0000031107-14-000002.hdr.sgml : 20140206 20140206113302 ACCESSION NUMBER: 0000031107-14-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140206 DATE AS OF CHANGE: 20140206 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: 14578678 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 fm8k4th2013.htm fm8k4th2013.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 6, 2014
(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 6, 2014 announcing the fourth quarter and full year earnings for 2013 is attached hereto.


Section 7 – Regulation FD

ITEM 7.01 - Regulation FD Disclosure

On February 6, 2014, The Eastern Company released the fourth quarter and full year earnings of 2013.  A copy of the Press Release dated February 6, 2014 announcing the full year and fourth quarter earnings for 2013 is attached hereto.


Section 9 – Financial Statements and Exhibits

 
ITEM 9.01 - (d) Exhibits

(99)  
Press Release dated February 6, 2014 announcing the fourth quarter and full year earnings for 2013.






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 6, 2014                                                               
By: /s/John L. Sullivan III
 
John L. Sullivan III
Vice President and Chief Financial Officer

EX-99 2 ex99_4th2013.htm ex99_4th2013.htm
Exhibit 99




FOR IMMEDIATE RELEASE

February 6, 2014


THE EASTERN COMPANY REPORTS RESULTS
FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2013


Naugatuck, CT–The Eastern Company (NASDAQ-EML) today announced the results of its operations for the fourth quarter and twelve months of 2013. Sales for the quarter were $34.3 million, compared to $35.8 million for the same period in 2012, a 4% decrease. Net income for the fourth quarter was $1.9 million, or $0.31 per diluted share compared to the $1.7 million, or $0.28 per diluted share that was reported in the fourth quarter of 2012, a 12% increase.

For the twelve months of 2013 net sales were $142.5 million compared to $157.5 million in 2012, a 10% decrease. Net income for the year 2013 was $6.9 million or $1.11 per diluted share, compared to $8.6 million or $1.38 per diluted share for the same period in 2012, a 20% decrease.

Leonard F. Leganza, Chairman, President and CEO stated, “All of our business segments which serve diverse markets experienced decreases in their sales resulting in an overall 10% decrease in sales for the year 2013.  Our sales and earnings did improve during the year after a bit of softness in the first quarter.  While remaining stable in the manufacturing sector we did not experience the stronger economy generally predicted to occur in the fourth quarter of 2013.  These uncertain general economic conditions seem to continue.”

Mr. Leganza added, “During 2013, despite the uncertain general economic conditions, we continued to invest in our product development efforts and to support the growth we have experienced particularly in the Class 8 truck market.  Investments in our infrastructure included an addition to the facility at our Eberhard Manufacturing Division and structural upgrades at our Frazer & Jones operation which primarily produces products for the mining markets.”

Mr. Leganza concluded, “The focus and emphasis we have placed on cash flow during the recent years of economic uncertainty have maintained the Company in solid financial position and we are confident our current liquidity will be sufficient and strong enough to support our dividend policy, meet our debt service requirements and replace and upgrade our capital equipment programs as needed.”

 
 
 


The Eastern Company is a 155-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. 28, 2013
  
Dec. 29, 2012
  
Dec. 28, 2013
  
Dec. 29, 2012
Net Sales
    
 $ 34,262,039
  
 $  35,809,652
  
 $142,458,279
  
 $157,509,185
                   
                   
Net Income After Tax
  
      1,923,596
  
      1,723,871
  
      6,901,921
  
      8,625,800
                   
                   
Net Income Per Share:
              
 
Basic
  
 $           0.31
  
 $           0.28
  
 $           1.11
  
 $           1.39
 
Diluted
  
 $           0.31
  
 $           0.28
  
 $           1.11
  
 $           1.38
                   
Weighted average
                
   shares outstandings:
              
 
Basic
  
      6,221,851
  
      6,219,384
  
      6,220,928
  
      6,216,931
 
Diluted
  
      6,238,089
  
      6,237,709
  
      6,237,758
  
      6,233,375