The Eastern Company Reports Results for the Second Quarter and Six Months of 2009
22 Julio 2009 - 9:23AM
Business Wire
The Eastern Company (NYSE Amex-EML) today announced the results
of its operations for the second quarter and six months of 2009.
Sales for the quarter were $28.1 million, compared to $36.1 million
for the same period in 2008, a 22% decrease, while net income was
$842,000 or $0.13 per diluted share, compared to the $1.4 million,
or $0.22 per diluted share, reported in the second quarter of 2008,
a 38% decrease.
Net sales for the six months of 2009 were $56.5 million compared
to $69.0 million for the first six months of 2008. For the six
month period ended July 4, 2009 the year to date loss was
($240,000) or ($0.04) per diluted share, compared to income of $2.6
million or $.42 per diluted share for the same period in 2008.
Mr. Leganza Chairman, President and CEO stated, �The positive
operating results for the second quarter were a result of cost and
expense reduction initiatives implemented during the first quarter
of 2009 and should continue to benefit our operating results as we
move forward through the remainder of the year. Further initiatives
will be instituted if necessary to respond to any further
weaknesses in the economy. These actions will also make us more
efficient when the economy improves.�
Leonard F. Leganza, added, �The continuing weak global economy
has had a downward affect on most of the markets we serve, as
reflected in the decreased sales volume in the second quarter and
six months year to date. Our Industrial Hardware Group has been
faced with significantly depressed vehicular markets especially in
the Class 8 heavy truck markets as well as in the industrial
markets requiring our various hardware products. The Metal Products
Group also experienced a moderately weak demand for both mining and
contract casting products. The Security Products Group, where our
markets are very diversified, also experienced weak demand. The
lower sales volumes have reduced plant utilization and gross
margins.�
Leonard F. Leganza, continued, �However, notwithstanding the
gloomy impact of the economy, as we look ahead at our operations,
there are some very promising factors. The mining industry does
remain strong and is anticipated to continue to be strong in the
future, which should strengthen our Metal Products Group. The
Industrial Hardware Group is continuing to benefit from increased
orders for our military latching systems and we expect that orders
for our lightweight composite Sleeper Cabs should improve in the
fourth quarter of this year. Our Greenwald division, which serves
the commercial laundry markets, recently unveiled several new
products at the commercial laundry�s �Clean Show� in New Orleans
and received very positive reviews particularly for their new
contactless �Flash Cash� payment systems.�
Mr. Leganza concluded, �We are pleased to have been added to the
Russell 3000, Russell Global and Russell Microcap Indexes when
Russell Investments reconstituted its comprehensive set of U.S. and
global equity indexes on June 29, 2009. Russell indexes are widely
used by investment managers and institutional investors for both
index funds and as benchmarks for passive and active investment
strategies. We are pleased to be included in these indexes, which
reflect our continued positive momentum. Russell is an industry
leader for stock indexes and we expect our participation will
generate greater interest in our stock at the institutional
investor level.�
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 SIX Months Ended
� 13 wks 13 wks 26 wks 26 wks
July 4, 2009 June
28, 2008 July 4, 2009 June 28,
2008 Net Sales $ 28,087,629 $ 36,098,718 $ 56,520,102 $
69,017,629 � � Net Income $ 842,382 $ 1,354,700 $ (240,148 ) $
2,561,378 � � Net Income Per Share: Basic $ 0.14 $ 0.23 $ (0.04 ) $
0.44 Diluted $ 0.13 $ 0.22 $ (0.04 ) $ 0.42 � Weighted average
shares outstandings: Basic 5,967,826 5,835,601 5,966,787 5,823,781
Diluted 6,268,805 6,154,270 5,966,787 6,155,699
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