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 281 st 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.”