The Eastern Company (NYSE:EML) has declared its regular quarterly cash dividend of $0.09 per share. This will be the company’s 278th consecutive quarterly dividend. It will be payable on March 15, 2010. The record date is February 26, 2010.
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The company recently released its fourth quarter earnings, showing a net income of $369,000, or $0.06 per share. The comparable period of the previous year earned $1.1 million in net income, or $0.17 per share. Net sales for the quarter were also reported to have decreased from $32.3 million to $28.0 million.
The Eastern Company is in the business of manufacturing and selling of industrial hardware, security products and metal products from four United States operations and six wholly owned foreign subsidiaries. The Company maintains nine physical locations. Effective January 11, 2008, the Company acquired certain assets from Auto-Vehicle Parts Company that included a certain product line owned by one of its divisions, the F.A. Neider Company (Neider). Neider produces the footman loop products, or strap fasteners, which are used to fasten straps, traps, tools, and cargo to a vehicle, container, or trailer. Neider manufactures footman loops used in various markets, which include military, aerospace, service body, and trailer. The footman loop product line was integrated into the Company’s industrial hardware segment.
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