NAUGATUCK, Conn.--(BUSINESS WIRE)--Oct. 2, 2000--The Eastern
Company (AMEX:EML) indicated today that it expects both sales and
earnings to reflect record levels.
Commenting on the Company's third quarter, Leonard F. Leganza,
President and Chief Executive Officer, said, "We expect our third
quarter performance to reflect very positive results. Our most recent
acquisition of Greenwald Industries, Inc. and Greenwald Intellicard,
Inc. has, with little disruption, been successfully integrated into
the Company's operations. The Industrial Hardware group continues to
show strong increases in sales and earnings as the result of new
product introductions as well as the robust effects of the vehicular
hardware markets. In addition, the earlier acquisitions of Ashtabula
Industrial Hardware and the product lines from Hansen International
Inc. have enhanced our sales as these lines are integrated into our
facilities in Cleveland, Ohio and Tillsonburg, Ontario. The
anticipated results are being achieved despite some softness in our
metal casting and lock operations."
Mr. Leganza continued, "We anticipate that Eastern will report
third quarter earnings in the range of $1.8 to $2.0 million or $0.51
to $0.55 per basic share which will represent a 10% to 20% increase
over the earnings reported in the previous year's third quarter. Sales
for the third quarter are expected to be in the range of $23 to $25
million or an increase of approximately 30% as compared to the same
period in 1999.
Eastern expects to announce its third quarter earnings during the
week of October 9, 2000.
The Eastern Company manufactures and markets a broad range of
locks, latches, fasteners, coin meter products, smart card products
and systems and other security hardware that meets diverse security
and safety needs of industrial and commercial customers. Headquartered
in Naugatuck, CT, the Company has eight manufacturing locations in the
U.S.A., Canada, Mexico and the Pacific Rim.
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 result
are 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.
||The Eastern Company
||Leonard F. Leganza, President/C.E.O.
||203/729-2255, Ext. 105
||John L. Sullivan III, Vice President/Treasurer
||203/729-2255. Ext. 110