secwatch.observer — SEC 8-K summary
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Issuer:     EASTERN CO (EML)
CIK:        0000031107
Form:       8-K
Filed at:   2023-08-07T23:59:59+00:00
Accession:  0001654954-23-010218
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Eastern Company reports Q1 GAAP net income of $0.6M, down 78% YoY despite 5% sales growth
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- Net sales rose 5% to $72.5M; GAAP diluted EPS $0.10 vs $0.43; adjusted EPS $0.36 vs $0.46.
- Inventory down 11% vs Dec 2022; operating cash flow improved $10.4M to $6.9M source.
- Selling/admin expenses up 21% driven by $1.8M severance for CEO/COO departures.
- Backlog $72M vs $85.8M prior year; new product launches include electric vehicle components.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31107/000165495423010218/0001654954-23-010218-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31107/000165495423010218/eml_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-010218

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