The Eastern Company Anticipates Strong First-Quarter
3/30/1999 10:49:00 AM
NAUGATUCK, Conn.--(BUSINESS WIRE)--March 30, 1999--The Eastern
Company (AMEX:EML) indicated today that it expects increased first
quarter sales and earnings over the same period in 1998.
Commenting on Eastern's first quarter, Leonard F. Leganza,
President and Chief Executive Officer, said, "We expect our first
quarter performance to continue to reflect positive results. Several
new products which were introduced during the past year have enabled
us to increase our business with existing customers and have also made
new and related markets available to us. In addition, incoming orders
and backlogs remain strong in all of our business segments."
Mr. Leganza continued, "We anticipate that Eastern will report
first quarter earnings of approximately $1,400,000 or $0.55 to $0.57
per basic share which will represent about a 10% increase over the
earnings reported in the previous year's first quarter. Sales for this
same period are also expected to increase by about 5% compared to the
same quarter in 1998. I believe the company is well positioned in its
markets to increase sales and earnings 10% for the year 1999."
"The recently announced decision to institute a three-for-two
stock split and raise the quarterly dividend by 10% reaffirms our
confidence in the future." This dividend action is the third payout
increase since December 1997 and will be effective June 15th of this
Eastern expects to announce its first quarter earnings during the
week of April 11, 1999.
The Eastern Company manufactures and markets a broad range of
locks, latches, fasteners and other security hardware that meets
diverse security and safety needs of industrial and commercial
customers. Headquartered in Naugatuck, CT, the Company has seven
manufacturing locations in the U.S.A., Canada, Mexico and the Pacific
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.
CONTACT: The Eastern Company
203-729-2255 (ext. 241)