The Eastern Company (NASDAQ:EML) today announced the results of its
operations for the first quarter of 2014. Sales for the quarter were
$35.8 million, compared to $34.7 million for the same period in 2013, a
3% increase. Net Income for the first quarter was $1.5 million, or $0.24
per diluted share, compared to $1.0 million, or $0.16 per diluted share
in the first quarter of 2013, a 50% increase.
Leonard F. Leganza, Chairman, President and CEO stated, “The Company’s
sales growth of 3% in the first quarter of 2014 was a slight improvement
compared to last year and is an encouraging sign for the year ahead.
Most of our operating units are suppliers of product to original
equipment manufacturers whose activities were slowed down during the
past few years. We are well positioned to meet any future demand and
growth in the many markets we serve.”
Mr. Leganza continued, “The Company was recently selected as the
supplier of a lightweight honeycomb composite sleeper for a new line of
Class 8 trucks to be produced in North Carolina. The truck design is
based on a vehicle used in the upcoming movie ‘Transformers: Age of
Extinction’ for which our CCV Subsidiary supplied the sleeper cab.”
Mr. Leganza concluded, “To whatever degree general economic conditions
might not improve, the Company will continue as in the past few years to
invest in new product development and our infrastructure in anticipation
of stronger future business conditions. The focus and emphasis we have
placed on cash flow during these recent years of economic uncertainties
have maintained the Company in solid financial position and we continue
to be confident that our current liquidity position will be sufficient
and strong enough to meet our debt service requirements, replace and
upgrade our capital equipment programs as needed and support our
dividend policy.”
The Eastern Company is a 156-year-old manufacturer of industrial
hardware, security products and metal castings. It operates from eleven
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.
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Consolidated Statement of Operations (unaudited)
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THE EASTERN COMPANY (NASDAQ - EML)
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THREE Months Ended
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March 29, 2014
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March 30, 2013
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Net Sales
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$
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35,849,126
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$
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34,692,174
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Net Income After Tax
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1,502,885
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1,005,248
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Net Income Per Share:
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Basic
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$
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0.24
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$
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0.16
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Diluted
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$
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0.24
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$
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0.16
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Weighted average
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shares outstandings:
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Basic
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6,222,213
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6,219,775
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Diluted
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6,239,149
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6,236,842
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Copyright Business Wire 2014