EASTERN CO
For the period ended Sep 28, 2024. Filed Nov 5, 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.
Sep 28, 2024 · Filed Nov 5, 2024
EML$29.48+8.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine Months Ended | ||
|---|---|---|
| September 28, 2024 | September 30, 2023 | |
| Operating Activities | ||
| Net (loss) income | $(9,842,000) | $5,068,480 |
| Less: Loss from discontinued operations | (21,517,715) | (2,704,365) |
| Income from continuing operations | $11,675,715 | $7,772,845 |
| Adjustments to reconcile net income to net cash provided | ||
| by operating activities: | ||
| Depreciation and amortization | 4,266,038 | 3,914,160 |
| Reduction in carrying amount of ROU assets | 2,418,801 | 3,579,223 |
| Unrecognized pension and postretirement benefits | (353,257) | 635,677 |
| Loss on sale of equipment and other assets | 53,311 | 331,474 |
| Provision for doubtful accounts | (24,570) | (88,353) |
| Stock compensation expense | 913,775 | 151,300 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (11,739,823) | 1,069,630 |
| Inventories | 300,720 | 4,501,969 |
| Prepaid expenses and other | 2,874,825 | 1,108,094 |
| Other assets | (236,934) | (262,212) |
| Accounts payable | 693,653 | 1,821,223 |
| Accrued compensation | (190,904) | 353,773 |
| Change in operating lease liability | (2,418,801) | (3,579,223) |
| Other accrued expenses | 115,403 | (3,152,809) |
| Net cash provided by operating activities | 8,347,952 | 18,156,771 |
| Investing Activities | ||
| Marketable securities | (999,960) | - |
| Business acquisition | - | (547,638) |
| Payments received from notes receivable | 470,937 | 2,265,730 |
| Proceeds from sale of equipment | 18,925 | - |
| Purchases of property, plant, and equipment | (7,634,265) | (4,089,705) |
| Net cash used in investing activities | (8,144,363) | (2,371,613) |
| Financing Activities | ||
| Proceeds from new long-term debt financing | - | 60,000,000 |
| Principal payments on long-term debt | (2,365,500) | (74,919,004) |
| Proceeds (payments) on short term borrowings (revolver) | 3,000,000 | (300,029) |
| Financing leases, net | 2,819,262 | 674,558 |
| Purchase common stock for treasury | (1,916,130) | (245,546) |
| Dividends paid | (2,050,933) | (2,069,043) |
| Net cash used in financing activities | (513,301) | (16,859,064) |
| Discontinued Operations | ||
| Cash provided by operating activities | 411,778 | 1,092,876 |
| Cash used in investing activities | (217,101) | (628,968) |
| Cash provided by discontinued operations | 194,677 | 463,908 |
| Effect of exchange rate changes on cash | (67,874) | (36,737) |
| Net change in cash and cash equivalents | (182,909) | (646,735) |
| Cash and cash equivalents at beginning of period | 8,299,453 | 10,187,521 |
| Cash and cash equivalents at end of period ¹ | $8,116,544 | $9,540,786 |
| Supplemental disclosure of cash flow information | ||
| Interest | $2,443,448 | $2,574,890 |
| Income taxes | 3,945,295 | 1,321,170 |
| Non-cash investing and financing activities | ||
| Right of use asset | 2,418,801 | 3,579,222 |
| Lease liability | (462,004) | (4,484,838) |
| ¹ includes cash from assets held for sale of $0.4 million as of September 28, 2024 and $0.7 million as of September 30, 2023 | ||
| See accompanying notes | ||
THE EASTERN COMPANY
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