The Eastern Company Reports Results for the Third Quarter and Nine Months of 2009
21 Octobre 2009 - 4:08PM
Business Wire
The Eastern Company (NYSE Amex-EML) today announced the results
of its operations for the third quarter and nine months of 2009.
Sales for the quarter were $28.1 million, compared to $34.6 million
for the same period in 2008, a 19% decrease. Net income for the
third quarter was $907,000 or $0.15 per diluted share compared to
the $875,000 or $0.14 per diluted share that was reported in the
third quarter of 2008.
Net sales for the nine months of 2009 were $84.7 million
compared to $103.6 million, an 18% decrease. Year to date earnings
for the nine month period ended October 3, 2009 were $667,000 or
$0.11 per diluted share, compared to $3.4 million or $0.56 per
diluted share for the same period in 2008.
Leonard F. Leganza, Chairman, President and CEO stated, “Sales
in the third quarter were comparable to the sales in the second and
first quarters of 2009 a general indication that the markets we
serve have leveled off and are not deteriorating any further. Cost
and expense reductions put into effect in the first and second
quarters of 2009 continue to benefit the company’s earnings. Lower
costs of metals, which we use a great deal of, as well as other raw
materials and energy, all had a positive impact on our operating
earnings.”
Mr. Leganza also stated, “Although the general economy continues
to remain soft there are indications that some of the markets we
serve are beginning to show signs of recovery. In the Industrial
Hardware Group our Canadian Commercial Vehicles subsidiary has been
advised that they will be receiving orders for its lightweight
composite Sleeper Cabs for both commercial and military Class 8
heavy trucks commencing in the fourth quarter of 2009. The Eberhard
Division has been awarded another $4.7 million contract for
military latching systems and continues to work closely with all
the major manufacturers of military vehicles requiring latching
systems. Our Mexican subsidiary, Sesamee Mexicana, has received
orders to produce lightweight composite panels to be used on
delivery trucks, with sales to begin in the fourth quarter of
2009.
In the Metals Products Group, The Frazer & Jones Division
continues to experience strong demand for its proprietary mine roof
products and those demands are expected to continue strong in the
foreseeable future. The Security Products Group has been severely
impacted by the economy with decreased sales across all its
markets. Especially hard hit were sales of our luggage locks for
the travel industry, industrial hardware products and sales of
locks to the computer industry.”
Mr. Leganza concluded, “Despite the current economic environment
we continue to invest in the development of new products and
reinvest in our companies to maintain our competitive edge in the
markets we serve.”
The Eastern Company is a 151-year-old manufacturer of industrial
hardware, security products and metal castings. It operates from
nine 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.
Statement of Consolidated Income (unaudited)
THE EASTERN COMPANY (NYSE Amex -
EML) THREE Months Ended NINE Months Ended
13 wks 13 wks 39 wks 39 wks
Oct. 3, 2009
Sept. 27, 2008 Oct. 3, 2009 Sept.
27, 2008 Net Sales $ 28,131,092 $ 34,550,899 $ 84,651,194 $
103,568,528 Net Income After Tax $ 907,377 $ 875,041
$ 667,229 $ 3,436,419 Net Income Per Share: Basic $
0.15 $ 0.15 $ 0.11 $ 0.59 Diluted $ 0.15 $ 0.14 $ 0.11 $ 0.56
Weighted average shares outstandings: Basic 5,991,345
5,881,284 5,974,974 5,842,948 Diluted 6,206,823 6,189,149 6,263,333
6,166,849
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