EASTERN CO
For the period ended Mar 29, 2025. Filed May 6, 2025.
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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.
Mar 29, 2025 · Filed May 6, 2025
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 Balance Sheets
CONSOLIDATED BALANCE SHEETS
| March 29,2025 | December 28,2024 | |
|---|---|---|
| (unaudited) | ||
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $7,902,956 | $14,010,388 |
| Marketable Securities | 2,333,000 | 2,051,301 |
| Accounts receivable, less allowances: 2025 - $535,583; 2024 - $530,560 | 33,489,814 | 35,515,632 |
| Inventories | 55,360,286 | 55,209,598 |
| Current portion of notes receivable | 19,621 | 286,287 |
| Prepaid expenses and other assets | 4,172,486 | 3,477,717 |
| Current assets held for sale | 6,346,332 | 5,071,828 |
| Total Current Assets | 109,624,495 | 115,622,751 |
| Property, Plant and Equipment | 57,319,191 | 56,320,688 |
| Accumulated depreciation | (29,642,523) | (28,810,628) |
| Property, Plant and Equipment, Net | 27,676,668 | 27,510,060 |
| Goodwill | 58,615,176 | 58,509,384 |
| Trademarks | 3,769,036 | 3,946,455 |
| Patents and other intangibles net of accumulated amortization | 8,357,673 | 8,765,612 |
| Long term notes receivable, less current portion | 114,223 | 162,102 |
| Deferred income taxes | 6,207,128 | 6,611,518 |
| Right of use assets | 17,965,279 | 14,180,865 |
| Total Other Assets | 95,028,515 | 92,175,936 |
| TOTAL ASSETS | $232,329,678 | $235,308,747 |
| See accompanying notes. | ||
THE EASTERN COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 29,2025 | December 28,2024 | |
|---|---|---|
| (unaudited) | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities | ||
| Accounts payable | $20,432,183 | $19,650,970 |
| Accrued compensation | 4,158,549 | 5,478,581 |
| Other accrued expenses | 3,732,614 | 9,577,019 |
| Current portion of operating lease liability | 3,840,835 | 3,072,668 |
| Current portion of finance lease liability | 757,403 | 761,669 |
| Current portion of long-term debt | 3,978,246 | 3,603,935 |
| Other current liabilities | 308,204 | 505,376 |
| Current liabilities held for sale | 2,368,166 | 2,144,573 |
| Total Current Liabilities | 39,576,200 | 44,794,791 |
| Other long-term liabilities | 550,099 | 546,395 |
| Operating lease liability, less current portion | 14,119,143 | 11,108,197 |
| Finance lease liability, less current portion | 2,929,287 | 3,052,073 |
| Long-term debt, less current portion | 37,553,030 | 38,640,576 |
| Accrued postretirement benefits | 409,404 | 410,476 |
| Accrued pension cost | 16,192,871 | 16,064,840 |
| Total Liabilities | 111,330,034 | 114,617,348 |
| Shareholders’ Equity | ||
| Voting Preferred Stock, no par value: | ||
| Authorized and unissued: 1,000,000 shares | ||
| Nonvoting Preferred Stock, no par value: | ||
| Authorized and unissued: 1,000,000 shares | ||
| Common Stock, no par value, Authorized: 50,000,000 shares | 35,419,931 | 35,443,009 |
| Treasury Stock: 3,034,445 shares as of 2025 and 2,983,858 shares as of 2024 | (27,739,112) | (26,338,309) |
| Retained earnings | 134,159,324 | 133,545,670 |
| Accumulated other comprehensive loss: | ||
| Foreign currency translation | (1,561,015) | (2,276,590) |
| Unrealized gain on foreign currency swap, net of tax | (308,204) | (505,376) |
| Unrecognized net pension and postretirement benefit costs, net of tax | (18,971,280) | (19,177,005) |
| Accumulated other comprehensive loss | (20,840,499) | (21,958,971) |
| Total Shareholders’ Equity | 120,999,644 | 120,691,399 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $232,329,678 | $235,308,747 |
See accompanying notes.
| THE EASTERN COMPANY AND SUBSIDIARIES | ||
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||
| Three Months Ended | ||
| March 29, 2025 | March 30, 2024 | |
| Operating Activities | ||
| Net income | $1,943,689 | $1,947,572 |
| Less: Income (Loss) from discontinued operations | 36,878 | (187,845) |
| Income from continuing operations | $1,906,811 | $2,135,417 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 1,513,054 | 1,876,125 |
| Acquisition related expenses | 21,039 | - |
| Reduction in carrying amount of ROU assets | 3,784,982 | (775,502) |
| Unrecognized pension and postretirement (benefit) expense | (13,898) | 445,218 |
| Loss on sale of equipment and other assets | - | 37,330 |
| Provision for doubtful accounts | 11,000 | (23,000) |
| Stock compensation (benefit) expense | (23,078) | 513,737 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 2,015,269 | (6,383,857) |
| Inventories | (137,403) | 3,262,289 |
| Prepaid expenses and other | (695,563) | (8,763) |
| Other assets | 171,271 | 21,711 |
| Accounts payable | 560,951 | 2,278,476 |
| Accrued compensation | (1,256,224) | (803,709) |
| Change in operating lease liability | (3,784,982) | 775,502 |
| Other accrued expenses | (5,921,413) | (568,247) |
| Net cash (used in) provided by operating activities | (1,848,184) | 2,782,727 |
| Investing Activities | ||
| Marketable securities | (309,385) | (999,960) |
| Acquisition | (421,039) | - |
| Payments received from notes receivable | 14,545 | - |
| Proceeds from sale of equipment | - | 18,000 |
| Purchases of property, plant, and equipment | (849,396) | (1,711,560) |
| Net cash used in investing activities | (1,565,275) | (2,693,520) |
| Financing Activities | ||
| Payments on short term borrowings (revolver) | - | (7,662) |
| Principal payments on long-term debt | (750,000) | (792,467) |
| Financing leases, net | (126,990) | (26,618) |
| Purchase common stock for treasury | (1,400,804) | (234,800) |
| Dividends paid | (675,053) | (683,065) |
| Net cash used in financing activities | (2,952,847) | (1,744,612) |
| Discontinued Operations | ||
| Cash provided by operating activities | 389,947 | 803,130 |
| Cash used in investing activities | - | (65,395) |
| Cash used in financing activities | (6,347) | (4,619) |
| Cash provided by discontinued operations | 383,600 | 733,116 |
| Effect of exchange rate changes on cash | 218,620 | (20,720) |
| Net change in cash and cash equivalents | (5,764,086) | (943,009) |
| Cash and cash equivalents at beginning of period | 14,843,530 | 8,299,453 |
| Cash and cash equivalents at end of period 1 | $9,079,444 | $7,356,444 |
| Supplemental disclosure of cash flow information: | ||
| Interest | $671,762 | $831,462 |
| Income taxes | 427,318 | 230,523 |
| Non-cash investing and financing activities | ||
| Right of use asset | 3,784,982 | (715,323) |
| Lease liability | 224,769 | 215,690 |
| See accompanying notes | ||
1 includes cash from assets held for sale of $1.2 million as of March 29, 2025 and $0.4 million as of March 30, 2024
See accompanying notes
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