The Eastern Company Reports Results for the Fourth Quarter and Twelve Months of 2010
09 Febbraio 2011 - 5:05PM
Business Wire
The Eastern Company (NYSE Amex-EML) today announced the results
of its operations for the fourth quarter and twelve months of 2010.
Sales for the quarter were $32.6 million, compared to $28.0 million
for the same period in 2009, a 16% increase. Net income for the
fourth quarter was $1.6 million or $0.26 per diluted share compared
to the $369,000 or $0.06 per diluted share that was reported in the
fourth quarter of 2009.
For the twelve months of 2010 net sales were $130.1 million
compared to $112.7 million in 2009, also a 16% increase. Net income
for the year 2010 was $5.5 million or $0.90 per diluted share,
compared to $1.0 million or $0.17 per diluted share for the same
period in 2009.
Leonard F. Leganza, Chairman, President and CEO stated, “We are
pleased with the financial results for the year 2010 and are
optimistic that our operations will continue to improve throughout
2011. Fourth quarter sales in 2010 were stronger when compared to
the much weaker sales activity we experienced in the same quarter
of 2009. Although we are still experiencing softness in some of our
markets there are signs of general economic recovery. As an
indication of our confidence in our continued future performance
and our desire to share the past year’s results with our
shareholders, on December 15, 2010 the Company paid its 281st
consecutive quarterly dividend of $0.09 per share and a one-time
extra dividend of $0.16 per share.”
Mr. Leganza, continued, “In the Industrial Products Group, the
Company is currently in the process of establishing a new location
in Ontario, Canada for the fabrication of panels for products using
our lightweight composite technology. This plant will compliment
our present facilities located in British Columbia, Canada and
Lerma, Mexico. The first product to be manufactured at this new
location will be a newly developed panel which will be used in an
interactive electronic board product. The panel will be produced on
newly designed automated equipment developed internally by
employees of the Company. This new more highly technical business
opportunity offers us some exceptional growth opportunities for our
Canadian subsidiaries.”
Mr. Leganza also stated, “Our Greenwald Industries division will
be completing the first installation using its new “Flash Cash”
system at several commercial laundry locations in Connecticut. The
use of this advanced, contactless and wireless cash payment system
will open several new market sectors in the coin vending and
metering industry for the Company.”
Mr. Leganza continued, “In the Metals Products Group, the Frazer
& Jones division has continued to experience strong demand for
its proprietary mine roof products and we anticipate such demand to
continue in the foreseeable future. In addition, the division
continues to look into new markets where Malleable and Ductile iron
products are needed. The $2.5 million capital improvement program
that was successfully implemented during 2010 has significantly
improved our operating efficiencies leading to increased
productivity, as well as greater product quality, and helped
expedite the delivery demands of our customers.”
Mr. Leganza concluded, “Despite the difficulties of dealing with
the challenging economic environment which affected our markets in
recent years and the uncertainties which affected the entire
business community, we remain very positive about our future and
will continue to invest in the development of new products and
reinvest in our operations in order to maintain our competitive
edge in the global marketplace.”
The Eastern Company is a 152-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 TWELVE Months Ended
13
wksJan. 1, 2011 13 wksJan.
2, 2010 52 wksJan. 1, 2011
52 wksJan. 2, 2010 Net Sales
$
32,639,459 $ 28,014,270 $130,130,360
$112,665,464 Net Income After Tax
1,632,728 369,178 5,543,005 1,036,407
Net Income Per Share: Basic
$ 0.27 $
0.06 $ 0.91 $ 0.17 Diluted
$ 0.26 $
0.06 $ 0.90 $ 0.17
Weighted average shares outstandings:
Basic
6,147,473 6,017,708 6,104,711
5,985,640 Diluted
6,204,147 6,177,192
6,192,019 6,241,780
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