Connecticut
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001-35383
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06-0330020
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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112 Bridge Street, Naugatuck, Connecticut
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06770
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|
(Address of principal executive offices)
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(Zip Code)
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The Eastern Company
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|
Date: February 28, 2020
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/s/John L. Sullivan III
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John L. Sullivan III
Vice President and Chief Financial Officer |
Statement of Consolidated Income (unaudited)
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||||||||||||||||
THE EASTERN COMPANY (NASDAQ - EML)
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||||||||||||||||
THREE Months Ended
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TWELVE Months Ended
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|||||||||||||||
13 weeks
|
13 weeks
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52 weeks
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52 weeks
|
|||||||||||||
Dec 28, 2019
|
Dec 29, 2018
|
Dec 28, 2019
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Dec 29, 2018
|
|||||||||||||
Net Sales
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$
|
68,726,896
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$
|
56,612,172
|
$
|
251,742,619
|
$
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234,275,463
|
||||||||
Net Income After Tax
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4,972,327
|
4,380,604
|
13,266,142
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14,505,937
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||||||||||||
Net Income Per Share
|
||||||||||||||||
Basic
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$
|
0.80
|
$
|
0.70
|
$
|
2.13
|
$
|
2.32
|
||||||||
Diluted
|
$
|
0.79
|
$
|
0.70
|
$
|
2.12
|
$
|
2.31
|
||||||||
Weighted average
|
||||||||||||||||
shares outstanding:
|
||||||||||||||||
Basic
|
6,238,787
|
6,240,808
|
6,235,098
|
6,258,277
|
||||||||||||
Diluted
|
6,273,697
|
6,256,365
|
6,270,008
|
6,273,974
|
Consolidated Balance Sheets (unaudited)
|
||||||||
THE EASTERN COMPANY (NASDAQ - EML)
|
||||||||
December 28, 2019
|
December 29, 2018
|
|||||||
Cash and marketable securities
|
$
|
18,030,810
|
$
|
13,925,765
|
||||
Accounts Receivable
|
37,941,900
|
30,285,316
|
||||||
Inventories
|
54,599,266
|
52,773,209
|
||||||
Other assets
|
4,343,507
|
4,205,735
|
||||||
Current Assets
|
114,915,483
|
101,190,025
|
||||||
Net property, plant and equipment
|
42,022,613
|
29,853,377
|
||||||
Other intangible assets
|
111,382,405
|
48,808,159
|
||||||
Right of use assets
|
12,342,475
|
-
|
||||||
Deferred income taxes
|
-
|
1,396,006
|
||||||
Total Assets
|
$
|
280,662,976
|
$
|
181,247,567
|
||||
Accounts payable
|
$
|
19,960,507
|
$
|
18,497,626
|
||||
Accrued compensation
|
3,815,186
|
4,159,808
|
||||||
Other accrued expenses
|
2,967,961
|
5,165,666
|
||||||
Current portion of long-term debt
|
5,187,689
|
2,325,000
|
||||||
Current Liabilities
|
31,931,343
|
30,148,100
|
||||||
Deferred income tax
|
5,270,465
|
1,516,012
|
||||||
Other long-term liabilities
|
2,465,261
|
353,856
|
||||||
Lease liability
|
12,342,475
|
-
|
||||||
Long-term debt
|
93,577,544
|
26,350,000
|
||||||
Accrued postretirement benefits
|
1,007,146
|
648,635
|
||||||
Accrued pension costs
|
28,631,485
|
25,362,325
|
||||||
Shareholders' equity
|
105,437,257
|
96,868,639
|
||||||
Total Liabilities and Shareholders' equity
|
$
|
280,662,976
|
$
|
181,247,567
|