The Eastern Company Reports Results for the First Quarter of 2009
22 Avril 2009 - 10:55PM
Business Wire
The Eastern Company (NYSE Amex - EML) today announced the
results of its operations for the first quarter of 2009. Sales for
the quarter were $28.4 million, compared to $32.9 million for the
same period in 2008, a 14% decrease. The net loss for the first
quarter was $(1.1) million, or $(0.18) per diluted share, compared
to a profit of $1.2 million, or $0.20 per diluted share that was
reported in the same quarter of 2008.
Leonard F. Leganza, Chairman, President and CEO stated, �The
erosion in the global economy during 2008 continued to affect us in
the first quarter of 2009. We experienced sales decreases in all of
our primary markets except for military and mining markets where
sales were up 109% and 52%, respectively. Especially hard hit in
the quarter were the markets of vehicular accessories including
Class 8 trucks to which we provide a variety of latching and
locking products as well as sleeper cabs. Also hard hit were travel
related markets to which we supply luggage locks, the electronic
and gaming markets to which we supply various locks and the coin
metering and collection systems for the commercial laundry markets.
All of these sectors reflect the overall weakness in the general
economy. While there were some small positive signs of business
improvement in the latter part of the quarter, it is still too
early to anticipate when our markets will regain their
strength.�
Mr. Leganza continued, �In response to the reduced sales
activity and future economic uncertainty we have taken measures, as
painful as they may be, to best align our manufacturing costs and
expenses with the current production schedules and personnel
requirements. These measures included reductions of personnel,
shorter work schedules for some and where ever practical the
elimination of discretionary spending. Some of the cost impact of
those actions have affected the first quarter while the benefit of
these actions will be realized in future periods.�
Mr. Leganza continued further, �Our liquidity and cash flow
requirements are adequate with no expected impairment of our
dividend payments, debt service requirements or important and
necessary capital expenditures. We will take whatever measures
necessary to enhance that liquidity position, as well as whatever
further action may be necessary to improve our operating results
and pursue our strategic initiatives.�
Mr. Leganza concluded, �We cannot predict when or how the
economy�s problems will be resolved, but until then we will make
every effort to put ourselves in a strong strategic position to
enjoy the benefits of that recovery when it occurs. It will be
important for us to be able to take advantage of the opportunities
that we believe will be available to us. We continue to actively
seek opportunities available to us utilizing our strong financial
position along with the assistance of Morgan Joseph & Co.
Inc.�
The Eastern Company is a 151-year-old leading manufacturer of
vehicular and industrial hardware, locks, metal castings, coin
collection and smart card products. It operates from nine locations
in the U.S., Canada, Mexico, Taiwan and China. The diversity of the
Company�s products enables 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.
� � � � � � Consolidated Statement of Operations (unaudited) � THE
EASTERN COMPANY (NYSE Amex - EML) � � THREE Months Ended �
April 4, 2009 March 29, 2008 Net Sales $
28,432,473 $ 32,918,911 � � Net (Loss) Income (1,082,530 )
1,206,678 � � Net (Loss) Income Per Share: Basic $ (0.18 ) $ 0.21
Diluted $ (0.18 ) $ 0.20 �
Weighted average shares
outstandings:
Basic 5,965,751 5,811,962 Diluted 5,965,751 6,157,130
Eastern (AMEX:EML)
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