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The Eastern Company (NYSE Amex-EML) today announced the results of its operations for the second quarter and six months of 2011. Sales for the quarter were $35.5 million, compared to $32.6 million for the same period in 2010, a 9% increase, while net income was $1.5 million or $0.24 per diluted share, compared to the $1.4 million or $0.23 per diluted share, reported in the second quarter of 2010, a 5% increase.
Net sales for the six months of 2011 were $68.7 million compared to $63.5 million for the first six months of 2010, an 8% increase. For the six month period ended July 2, 2011 net income was $2.6 million or $0.42 per diluted share, compared to $2.4 million or $0.39 per diluted share for the same period in 2010.
Mr. Leganza Chairman, President and CEO stated, “All three of our business segments experienced increased sales compared to the second quarter and six months of 2010. Earnings increased in our Security and Metal Product segments for both the second quarter and six months of 2011 compared to the comparable periods in 2010. However, the Industrial Hardware segment’s earnings were less than prior year levels in both the second quarter and six month period. This was primarily a result of startup costs associated with establishing a new manufacturing facility in Ontario Canada for the production of lightweight composite panels for use in the electronic white board industry. These startup costs are now completed and we anticipate stronger earnings in the Industrial Hardware segment over the balance of the year.”
Leonard F. Leganza, added, “The Metal Products Group continues to benefit from the strong demand for coal. As a result sales of our proprietary mining products increased 13% in the second quarter and 10% for the first six months of 2011 as compared to the comparable periods of 2010. We expect demand for our products to remain robust in the foreseeable future. In addition, our contract casting business which services various industrial markets realized a 34% gain in revenues in the second quarter and a 3% increase in the first six months compared to the same periods a year ago. To support this current and future growth we have provided for further equipment and facility improvements.”