This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Eastern Company Reports Results For The Third Quarter And Nine Months Of 2010

The Eastern Company (NYSE Amex-EML) today announced the results of its operations for the third quarter and nine months of 2010. Sales for the quarter were $34.0 million, compared to $28.1 million for the same period in 2009, a 21% increase. Net income for the third quarter was $1.5 million or $0.24 per diluted share compared to the $907,000 or $0.15 per diluted share that was reported in the third quarter of 2009.

Net sales for the nine months of 2010 were $97.5 million compared to $84.7 million, a 15% increase. Year to date earnings for the nine month period ended October 2, 2010 were $3.9 million or $0.63 per diluted share, compared to $667,000 or $0.11 per diluted share for the same period in 2009.

Leonard F. Leganza, Chairman, President and CEO stated, “Sales in the third quarter were slightly improved over sales in the first and second quarters of 2010, an indication that we may be seeing some general improvement in the markets we serve. We are however, still experiencing softness in some of our markets. Overall though, we are pleased with the operating results this year.”

Mr. Leganza also stated, “Following a long-term corporate policy of dividend payments, considering earnings and corporate needs, the 281st consecutive quarterly dividend which is $0.09 per common share, payable in December, will include an extra $0.16 per share. This extra payment is being made in view of our favorable operating results and strong cash flow. We are optimistic that our operating results will continue to improve throughout 2011. Also note worthy, the Company repatriated $1.5 million in earnings from our foreign subsidiaries for reinvestment in our U.S. based operations.

Mr. Leganza continued, “In the Metals Products Group, The Frazer & Jones division has experienced strong demand for its proprietary mine roof products and that greater demand is expected to continue in the foreseeable future. Also, a significant portion of our $2.5 million capital improvement program was successfully implemented during the third quarter of this year with little disruption to our operation. It will significantly improve the operating efficiency and the product quality and delivery demands which our customers expect.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs