EASTERN CO

Listed Company

EMLCIK 0000031107NasdaqAcceleratedSmaller ReportingCutlery, Handtools & General HardwareConnecticutFY ends Jan 3

Period

FY 2025

Revenue

$248.97M

Net Income

$7.13M

Total Assets

$216.68M

Equity

$124.65M

Shares Out

6.04M

Op. Cash Flow

$8.87M

Business

EASTERN CO designs, manufactures, and sells engineered solutions for industrial markets. It offers custom and standard vehicular and industrial hardware, including turnkey returnable packaging, blow mold tools and change parts, injection and stretch blow molds, access and security hardware (latches, hinges, locks), mirrors and mirror-cameras, and tractor-trailer electrical cable assemblies. The company operates one reportable Engineered Solutions segment comprised of Big 3 Precision, Hallink Moulds, Eberhard, and Velvac businesses. It serves OEMs and aftermarket customers across North America and Asia and distributes products globally.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	249	273	259	279	247
Cost of products sold	−192	−205	−197	−221	−190
Gross margin	57	67	62	59	57
Product development expense	−4	−5	−6	−4	−4
Selling and administrative expenses	−42	−42	−39	−40	−35
Operating profit	11	20	17	14	17
Interest expense	−3	−3	−3	−2	−2
Other expense	−499,257	−353,366	855,151	3	—
Income from continuing operations before income taxes	7	17	15	14	19
Income taxes	−2	−4	−3	−3	2
Net income from continuing operations	6	13	—	—	—
Loss from operations of discontinued units	−520,006	−3	4	—	—
Gain (loss) on classification as held for sale	2	−23	0	—	—
Income tax (expense) benefit	−331,009	4	895,806	—	—
Net income (loss) on discontinued operations	1	−22	—	—	−7
Net income (loss)	7	−9	9	12	9
Earnings per share from continuing operations: Basic	0.98	2.13	1.89	1.78	2.58
Earnings per share from continuing operations: Diluted	0.98	2.13	1.88	1.77	2.58
Earning (loss) per share from discontinued operations: Basic	0.19	−3.5	−0.51	0.2	−1.09
Earning (loss) per share from discontinued operations: Diluted	0.19	−3.5	−0.51	0.2	−1.09
Total earning (loss) per share: Basic	1.17	−1.37	1.38	1.98	1.49
Total earning (loss) per share: Diluted	1.17	−1.37	1.37	1.97	1.49
Cash dividends per share:	0.44	0.44	0.44	0.44	0.44

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	7	14	8	10	6
Marketable Securities	0	2	986,477	0	—
Accounts receivable, less allowances: 2025-$633,891; 2023-$530,560	30	36	34	43	43
Raw materials and component parts	22	21	24	26	25
Work in process	7	7	9	9	10
Finished goods	28	27	25	29	28
Inventories net	56	55	58	65	63
Current portion of note receivable	33,844	286,287	573,269	1	1
Prepaid expenses and other assets	5	3	5	7	7
Current assets held for sale	0	5	5	0	4
Total Current Assets	99	116	112	125	124
Land	664,344	579,344	739,344	824,344	1
Buildings	10	7	12	14	16
Machinery and equipment	50	48	40	41	39
Accumulated depreciation	−33	−29	−29	−30	−29
Property, Plant and Equipment, net	27	28	24	26	28
Goodwill	59	59	59	71	72
Trademarks	5	4	4	6	5
Patents, technology and other intangibles net of accumulated amortization	5	9	11	—	—
Long term note receivable, less current portion	—	162,102	374,932	2	3
Deferred income taxes	6	7	2	488,989	—
Right of Use Assets	16	14	17	12	11
Total Other Assets	90	92	116	110	114
TOTAL ASSETS	217	235	252	262	266
Accounts payable	16	20	25	28	30
Accrued compensation	4	5	5	3	4
Other accrued expenses	2	10	4	4	5
Current portion of operating lease liability	4	3	4	3	3
Current portion of financing lease liability	908,332	761,669	175,231	0	—
Current portion of long-term debt	0	4	3	9	8
Other current liabilities	0	505,376	0	—	—
Current liabilities held for sale	0	2	2	0	580,990
Total Current Liabilities	28	45	43	47	50
Other long-term liabilities	464,902	546,395	730,970	754,762	668,354
Operating lease liability, less current portion	12	11	13	9	9
Financing lease liability, less current portion	3	3	715,669	0	—
Long-term debt, less current portion	34	39	41	55	64
Accrued postretirement benefits	332,165	410,476	554,758	666,222	—
Accrued pension cost	14	16	21	22	27
Long-term liabilities held for sale	0	0	6,920	—	0
Total Liabilities	92	115	120	135	152
Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares	0	0	—	—	—
Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares	0	0	—	—	—
Common Stock, no par value, Authorized: 50,000,000 shares Issued: 9,179,288 shares in 2025 and 9,146,996 shares in 2024 Outstanding: 6,041,767 shares in 2025 and 6,163,138 shares in 2024	36	35	34	34	33
Treasury Stock: 3,137,521 shares in 2025 and 2,983,858 shares in 2024	−30	−26	−23	−23	−21
Retained earnings	138	134	145	139	129
Foreign currency translation	−1	−2	−866,599	−1	818,446
Unrealized gain (loss) on foreign currency swap, net of tax	570,097	−505,376	0	1	−355,988
Unrecognized net pension and postretirement benefit costs, net of tax	−19	−19	−22	−24	−27
Accumulated other comprehensive loss	−20	−22	−23	−23	−27
Total Shareholders' Equity	125	121	132	127	115
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	217	235	252	262	266

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	7	−9	9	12	9
Less: Loss from discontinued operations	1	−22	−3	—	—
Income from continuing operations	6	13	—	—	—
Depreciation and amortization	7	6	5	—	—
Reduction in carrying amount of ROU assets	−3	−3	−3	−3	—
Unrecognized pension and postretirement benefits	−1	−2	47,550	−4	−4
Loss on refinancing of credit agreement	526,602	0	—	—	—
Loss on sale of equipment and other assets	365,257	162,918	—	—	—
Provision for doubtful accounts	95,767	2,430	62,893	207,040	73,097
Stock compensation expense	894,091	1	364,694	966,157	1
Deferred taxes	1	−5	—	—	—
Accounts receivable	8	−1	7	−1	−11
Inventories	−268,522	3	6	−5	−20
Prepaid expenses and other	−466,822	2	300,549	−293,348	−4
Other assets	−209,825	−236,304	—	—	—
Accounts payable	−5	−4	−2	−2	9
Accrued compensation	−1	244,229	569,247	−923,146	947,171
Change in operating lease liability	3	3	3	3	—
Other accrued expenses	−7	5	−4	4	2
Net cash provided by operating activities	9	19	26	7	−8
Marketable securities	2	−956,728	—	—	—
Business acquisition	−421,039	0	−444,840	—	—
Payments received from notes receivable	14,545	499,811	2	870,771	—
Proceeds from sale of business	2	0	—	—	—
Proceeds from sale of building and equipment	51,727	2	0	2	2
Purchases of property, plant and equipment	−4	−10	−6	−3	−4
Net cash used in investing activities	−508,922	−8	−5	5	14
Proceeds from short term borrowings (revolver)	0	3	0	—	—
Principal payments on short-term borrowings (revolver)	0	−2	−300,029	—	—
Financing fees paid	−299,521	0	—	—	—
Proceeds from new long-term debt refinancing	36	0	60	260,793	0
Principal payments on long-term debt	−45	−3	−80	−18	−17
Financing leases, net	−853,224	3	636,927	—	—
Purchase common stock for treasury	−4	−3	−735,783	−2	−369,651
Dividends paid	−3	−3	−3	—	—
Net cash used in financing activities	−16	−5	−23	−12	−20
Cash provided by operating activities	0	1	938,204	—	—
Cash used in investing activities	0	−583,242	−788,918	—	—
Cash provided by discontinued operations	0	581,815	149,286	3	5
Effect of exchange rate changes on cash	509,421	−711,844	−37,555	−193,540	174,756
Net change in cash and cash equivalents	−7	7	−2	4	−9
Interest	3	3	3	—	—
Income taxes	2	5	7	—	—
Right of use asset	2	3	—	—	—
Lease liability	1	36,569	—	—	—

Filings

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