Business
The Eastern Company Further Reduces Its Debt and Strengthens Its Balance Sheet as Its Business Performance Recovers
NAUGATUCK, CT / ACCESSWIRE / December 22, 2020 / The Eastern Company ("Eastern" or the "Company") (NASDAQ:EML), an industrial manufacturer of unique
About this update from Eastern Company (the)
[{"type":"text","content":"NAUGATUCK, CT / ACCESSWIRE / December 22, 2020 / The Eastern Company (\"Eastern\" or the \"Company\") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving industrial markets, today announced it reduced its debt obligations by an additional $5.0 million.August Vlak, Eastern's President & CEO, said \"We have allocated an additional $5.0 million to reduce our long term debt obligation. As of October 3, 2020, our long-term debt stood at $94.9 million, and our leverage ratio was 2.90x.\" Mr. Vlak added \"This reduction will further strengthen our balance sheet.\"Mr. Vlak continued \"Our debt repayment reflects the many actions we took to sustain performance throughout the economic fallout from the COVID-19 pandemic as well as the subsequent recovery of our businesses in the third quarter of this year. Eastern's net sales in the third quarter of 2020 posted a sequential increase of 35% compared to the second quarter of 2020, and we generated $16.7 million in cash from operations in the first nine months of this year.\"About The Eastern CompanyThe Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to industrial markets, focusing on industries that offer long-term macroeconomic growth opportunities. The Company operates across three reporting segments -- Industrial Hardware, Security Products and Metal Products -- from locations in the U.S., Canada, Mexico, U.K., Taiwan and China. More information on the Company can be found at www.easterncompany.com.Safe Harbor for Forward-Looking StatementsStatements in this document about our future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the rules, regulations and releases of the Securities and Exchange Commission. Any statements that are not statements of historical fact, including statements containing the words \"believes,\" \"intends\", \"continues,\" \"reflects,\" \"plans,\" \"anticipates,\" \"expects,\" and similar expressions, should also be considered to be forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which are based upon management's current beliefs and expectations. These forward-looking stateme...