Mr. Leganza added, “The Security Products segment experienced some increases in business in both our traditional commercial laundry products and our locking products compared to 2011. Sales to the commercial laundry markets were driven by increased orders for meter cases installed on commercial washers and dryers. Increased sales of locks to the cash management and computer markets in the second quarter and first half of the year offset some of the softness in several of the many markets we serve.”Mr. Leganza concluded, “We are pleased with the progress the Company is experiencing as we recover from the current recession. The focus and emphasis we have placed and are continuing to place on cash flow control during the current economic uncertainties have positioned the Company in solid financial condition. We expect our current liquidity position to be sufficient to support our dividend policy, debt service requirements and replace and upgrade capital projects where needed.” The Eastern Company is a 154-year-old manufacturer of industrial hardware, security products and metal castings. It operates from ten locations in the U.S., Canada, Mexico, Taiwan and China. The diversity of the Company’s products helps 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.
|Statement of Consolidated Income (unaudited)|
|THE EASTERN COMPANY (NASDAQ - EML)|
|THREE Months Ended||SIX Months Ended|
|13 wks||13 wks||26 wks||26 wks|
|June 30, 2012||July 2, 2011||June 30, 2012||July 2, 2011|
|Net Income Per Share:|