The Eastern Company Reports Results for the First Quarter of 2011
27 April 2011 - 11:52PM
Business Wire
The Eastern Company (NYSE Amex - EML) today announced the
results of its operations for the first quarter of 2011. Sales for
the quarter were $33.2 million, compared to $31.0 million for the
same period in 2010, a 7% increase. Net Income for the first
quarter was $1.1 million, or $0.18 per diluted share, compared to
$1.0 million, or $0.16 per diluted share that was reported in the
first quarter of 2010.
Leonard F. Leganza, Chairman, President and CEO stated, “We are
encouraged with what appears to be continuing economic improvement
and pleased with the results we were able to achieve in the first
quarter of 2011. All three of our business segments experienced
increased sales compared to the first quarter of 2010. We continue
to have confidence in our 2011 business plans and anticipate
overall improvements in sales and earnings in the current
year.”
Mr. Leganza continued, “Our new composite panel facility in
Tillsonburg, Ontario, Canada is nearing completion and we expect to
begin shipping product during the second quarter of 2011. The
initial product to be manufactured at this new location will be a
newly developed lightweight panel which will be a component used as
part of an interactive electronic board product.”
Mr. Leganza further stated, “Our Greenwald division has recently
completed the first installation of its new FlashCash contactless
and wireless cash payment system in a laundromat located in
Connecticut. We are very optimistic about the potential of this new
system.”
Mr. Leganza continued, “As the economy continues to improve, the
Company is well positioned to grow in the many markets we serve. In
addition, we have continued to develop new products and innovate
new applications for existing products wherever possible.”
Mr. Leganza concluded, “The focus and emphasis we have placed on
liquidity and cash flow during the recent economic uncertainties
have kept the Company in solid financial position, with a strong
current ratio at the end of the first quarter of 2011. We expect
our current liquidity plans to be sufficient to support our
dividend policy, meet our debt service requirements and replace or
upgrade capital equipment as needed.”
The Eastern Company is a 153-year-old leading manufacturer of
vehicular and industrial hardware, locks, metal castings, coin
collection and smart card products. It operates from eleven
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 2, 2011 April 3, 2010
Net Sales $ 33,188,612 $ 30,954,555 Net (Loss) Income
After Tax 1,098,174 1,009,660 Net (Loss) Income Per
Share: Basic $ 0.18 $ 0.17 Diluted $ 0.18 $ 0.16
Weighted average shares outstandings:
Basic 6,162,711 6,065,256 Diluted 6,213,069 6,190,327
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