EASTERN CO
For the period ended Jun 29, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 29, 2024 · Filed Aug 6, 2024
EML$29.48+8.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Six Months Ended | ||
|---|---|---|
| June 29, 2024 | July 1, 2023 | |
| Operating Activities | ||
| Net income | $5,455,445 | $2,006,521 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 3,741,969 | 3,621,126 |
| Reduction in carrying amount of ROU assets | 1,553,455 | 4,404,043 |
| Unrecognized pension and postretirement benefits | 10,219 | 656,655 |
| Loss on sale of equipment and other assets | 40,801 | 318,775 |
| Provision for doubtful accounts | 4,000 | (16,731) |
| Stock compensation expense | 624,320 | 10,185 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (5,266,258) | 918,871 |
| Inventories | 2,365,449 | 7,711,536 |
| Prepaid expenses and other | 1,006,407 | 562,548 |
| Other assets | 28,721 | 163,077 |
| Accounts payable | 2,939,089 | (953,660) |
| Accrued compensation | 96,109 | (165,590) |
| Operating lease liability | (1,553,455) | (4,395,424) |
| Other accrued expenses | (784,960) | (1,283,477) |
| Net cash provided by operating activities | 10,261,311 | 13,558,455 |
| Investing Activities | ||
| Marketable securities | (999,960) | - |
| Business acquisition | - | (547,638) |
| Payments received from notes receivable | 470,937 | 2,309,236 |
| Proceeds from sale of equipment | 18,000 | - |
| Purchases of property, plant, and equipment | (2,834,977) | (1,978,784) |
| Net cash used in investing activities | (3,346,000) | (217,186) |
| Financing Activities | ||
| Proceeds from new long-term debt financing | - | 60,000,000 |
| Principal payments on long-term debt | (1,505,952) | (69,248,743) |
| Payments on short term borrowings (revolver) | - | (252,025) |
| Financing leases, net | (62,674) | 674,558 |
| Purchase common stock for treasury | (482,120) | - |
| Dividends paid | (1,368,924) | (1,369,941) |
| Net cash used in financing activities | (3,419,670) | (10,196,151) |
| Effect of exchange rate changes on cash | (88,597) | (127,966) |
| Net change in cash and cash equivalents | 3,407,044 | 3,017,152 |
| Cash and cash equivalents at beginning of period | 8,299,453 | 10,187,522 |
| Cash and cash equivalents at end of period | $11,706,497 | $13,204,674 |
| Supplemental disclosure of cash flow information: | ||
| Interest | $1,639,713 | $1,364,527 |
| Income taxes | 1,599,765 | 315,120 |
| Non-cash investing and financing activities | ||
| Right of use asset | 144,445 | 4,404,043 |
| Lease liability | (144,445) | (5,355,510) |
| See accompanying notes | ||
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Table of Contents
THE EASTERN COMPANY AND SUBSIDIARIES
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