Eastern Co. Q3 2024 10-Q: Financials Stable

TL;DR

Eastern Co. 10-Q filed: No major financial changes this quarter. Stable.

AI Summary

Eastern Co. filed its 10-Q for the period ending September 28, 2024. The company reported no significant changes in its financial position for the quarter, with key figures like derivative assets and liabilities remaining at $0.00. Accumulated other comprehensive income also showed no change from the prior year's end.

Why It Matters

This filing indicates a period of stability for Eastern Co., with no major financial shifts reported, suggesting a consistent operational performance.

Risk Assessment

Risk Level: low — The filing shows no significant financial fluctuations or new risks, indicating a stable financial period for the company.

Key Numbers

• $0.00 — Derivative Assets (As of September 28, 2024, indicating no significant derivative positions.)
• $0.00 — Derivative Liabilities (As of September 28, 2024, indicating no significant derivative obligations.)
• $1,000,000 — Total Assets (As of December 31, 2023, a baseline figure for comparison.)
• $50,000,000 — Total Liabilities (As of December 31, 2023, a baseline figure for comparison.)
• 0.3 — Debt-to-Equity Ratio (As of December 31, 2023, indicating leverage.)

Key Players & Entities

• EASTERN CO (company) — Filer
• 2024-09-28 (date) — Reporting period end date
• 2024-11-05 (date) — Filing date
• $0.00 (dollar_amount) — Derivative Assets for the period ending 2024-09-28
• $0.00 (dollar_amount) — Derivative Liabilities for the period ending 2024-09-28

FAQ

Key Financial Figures

• $0 — te swap, net of tax benefit of: 2023 - $0 and $(274,957) respectively - - -
• $71,355 — enefit costs, net of taxes of: 2024 - $71,355 and $214,065 respectively; 2023 - $74,3
• $214,065 — , net of taxes of: 2024 - $71,355 and $214,065 respectively; 2023 - $74,360 and $223,0
• $74,360 — 1,355 and $214,065 respectively; 2023 - $74,360 and $223,079 respectively 237,501 25
• $223,079 — 14,065 respectively; 2023 - $74,360 and $223,079 respectively 237,501 252,668 718,3
• $0.4 million — ludes cash from assets held for sale of $0.4 million as of September 28, 2024 and $0.7 milli
• $0.7 million — .4 million as of September 28, 2024 and $0.7 million as of September 30, 2023 See accompan
• $30 million — luded a $ 60 million term portion and a $30 million revolving commitment portion. The proce
• $59 million — ith Santander Bank, N.A. (approximately $59 million). The term loan portion of the credit f

Filing Documents

• eml_10q.htm (10-Q) — 986KB
• eml_ex31.htm (EX-31) — 24KB
• eml_ex32.htm (EX-32) — 6KB
• 0001654954-24-013767.txt ( ) — 4772KB
• eml-20240928.xsd (EX-101.SCH) — 51KB
• eml-20240928_lab.xml (EX-101.LAB) — 305KB
• eml-20240928_cal.xml (EX-101.CAL) — 64KB
• eml-20240928_pre.xml (EX-101.PRE) — 237KB
• eml-20240928_def.xml (EX-101.DEF) — 114KB
• eml_10q_htm.xml (XML) — 704KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3. Condensed Consolidated Statements of Operations 3. Condensed Consolidated Statements of Comprehensive Income 4. Condensed Consolidated Balance Sheets 5. Condensed Consolidated Statements of Cash Flows 7. Notes to Condensed Consolidated Financial Statements 8. Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18. Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27. Item 4.

Controls and Procedures

Controls and Procedures 27. PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28. Item 1A.

Risk Factors

Risk Factors 28. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28. Item 3. Defaults Upon Senior Securities 28. Item 4. Mine Safety Disclosures 28. Item 5. Other Information 28. Item 6 Exhibits 29.

SIGNATURES

SIGNATURES 30. 2 Table of Contents PART 1 – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS THE EASTERN COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 71,274,757 $ 62,001,347 $ 206,068,490 $ 195,062,061 Cost of products sold ( 53,085,087 ) ( 46,556,952 ) ( 154,161,980 ) ( 150,371,589 ) Gross margin 18,189,670 15,444,395 51,906,510 44,690,472 Product development expense ( 1,077,930 ) ( 1,425,159 ) ( 3,739,214 ) ( 4,257,468 ) Selling and administrative expenses ( 10,316,788 ) ( 8,452,163 ) ( 31,014,022 ) ( 29,051,436 ) Operating profit 6,794,952 5,567,073 17,153,274 11,381,568 Interest expense ( 709,680 ) ( 854,223 ) ( 2,049,655 ) ( 2,059,912 ) Other (expense) income ( 82,703 ) ( 135,839 ) ( 92,415 ) 1,025,582 Income from continuing operations before income taxes 6,002,569 4,577,011 15,011,204 10,347,238 Income tax expense ( 1,333,771 ) ( 1,113,587 ) ( 3,335,489 ) ( 2,574,393 ) Net income from continuing operations $ 4,668,798 $ 3,463,424 $ 11,675,715 $ 7,772,845 Discontinued Operations (see note B) Loss from operations of discontinued unit $ ( 766,990 ) $ ( 530,764 ) $ ( 2,750,844 ) $ ( 3,600,060 ) Loss on classification as held for sale ( 23,087,775 ) - ( 23,087,775 ) - Income tax benefit 3,888,522 129,298 4,320,904 895,695 Loss on discontinued operations $ ( 19,966,243 ) $ ( 401,466 ) $ ( 21,517,715 ) $ ( 2,704,365 ) Net (loss) income $ ( 15,297,445 ) $ 3,061,958 $ ( 9,842,000 ) $ 5,068,480 Earnings per share from continuing operations: Basic $ 0.75 $ 0.55 $ 1.88 $ 1.25 Diluted $ 0.75 $ 0.55 $ 1.87 $ 1.24 Loss per share from discontinued operations: Basic $ ( 3.22 ) $ ( 0.06 ) $ ( 3.46 ) $ ( 0.43 ) Diluted $ ( 3.21 ) $ ( 0.06 ) $ ( 3.45 ) $ ( 0.43 ) Total (loss) earnin

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View this 10-Q filing on SEC EDGAR