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The Eastern Company (NASDAQ-EML) today announced the results of its operations for the third quarter and nine months of 2012. Net sales for the quarter were $39.6 million, compared to $36.1 million for the same period in 2011, a 10% increase. Net income for the third quarter was $2.2 million or $0.36 per diluted share compared to $1.5 million or $0.24 per diluted share that was reported in the third quarter of 2011, a 52% increase.
Net sales for the nine months of 2012 were $121.7 million compared to $104.8 million, a 16% increase. Year to date earnings for the nine month period ended September 29, 2012 were $6.9 million or $1.11 per diluted share, compared to $4.0 million or $0.65 per diluted share for the same period in 2011, a 71% increase.
Leonard F. Leganza, Chairman, President and CEO stated, “All three of our business segments experienced continued increases in sales and operating earnings in the third quarter and nine months of 2012 as compared to 2011. The Industrial Hardware segment benefited from greater than anticipated sales of hardware for military use and continues to work with military contractors toward the development of hardware for use on future generations of military vehicles. The Industrial Hardware segment’s results also reflect continued demand from the Class 8 truck market for our highly engineered hardware products as well as our lightweight composite products used in the manufacture of sleeper cabs and truck bodies. Earlier this year, we also launched a new and improved line of air vents used on Class 8 trucks. We believe such product developments will continue to enhance additional opportunities for future sales of hardware into that market.”
Mr. Leganza added, “In the Metals Products segment, The Frazer & Jones division has continued to experience strong demand for its mine roof support products used in the coal industry. We have also increased our contract casting business providing products for various industrial markets which provided additional revenues when compared to a year ago. These increases in contract castings were driven primarily by sales of newly developed products for the railroad and solar panel industries.”