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The Eastern Co. Reports Results for the First Quarter of 2002
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Business New Haven
4/29/2002
By: BNH
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NAUGATUCK - The Eastern Company (AMEX:EML) announced that sales for the first quarter of 2002 were $20.3 million, compared to $22.7 for the same period in 2001. First quarter net income was $677,000, or $.19 per basic share compared to the $1,152,000 or $.32 per basic share reported in the first quarter of 2001.
The net income decline of 4.1 percent from the previous year was a direct result of lower sales volume, reflecting less than fully utilized production facilities.
The Eastern Company is a 144-year-old manufacturer of industrial hardware, security products and metal castings. It operates from nine locations in the U.S., Canada, Mexico, Taiwan and China.
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