Feb. 12--The earnings season continued Wednesday with two area companies reporting year-end and fourth-quarter financial results for 2008.

Bic Group, the French parent company of Shelton-based Bic Corp., said it earned $186.5 million last year, down 16 percent from $222.5 million in 2007.

Bic saw sales in two of its three product categories grow slightly last year. Stationery sales dipped 0.4 percent from 2007, while sales of the company's lighters and shavers managed to grow 0.8 percent and 3.9 percent, respectively.

In the fourth quarter alone, Bic had net income of $41 million, down 29 percent from the $57.8 million it earned in the fourth quarter of 2007.

In its outlook for 2009, the company said in a statement that the economy likely will continue to affect financial results.

"In a challenging and unprecedented environment, we anticipate a slowdown in our key markets," the statement said. Therefore, Bic's main objectives will be to "leverage our strengths in order to increase our market shares," company officials said.

As a foreign company, Bic Group does not trade on American stock exchanges, but rather on the Euronext Paris, SBF 100 and CAC Mid 100 indexes.

Also Wednesday, The Eastern Co., a Naugatuck-based manufacturer of industrial hardware and security products, reported earnings of $4.5 million, or 73 cents per diluted share, for 2008, down 55 percent from $10.1 million, or $1.68 per share, in 2007.

Leonard F. Leganza, the company's chairman, president and chief executive officer, said in a statement that various company product lines were affected by the weak economy.

"Our security products group was affected by the economic slowdown in the many markets they serve," he said. "Airline check-in and its impact on leisure travelers affected the luggage industry, which we serve, while the housing crisis and difficult consumer credit conditions had a negative effect on the products we offer to the appliance industry."

In the fourth quarter alone, the company earned $1.1 million, or 17 cents per diluted share, up 24 percent from the $887,000, or 15 cents per share, it earned in 2007's fourth quarter.

Moving forward, the company is taking "commons sense measures" to cut costs and expenses, Leganza said.

"We believe we can overcome these economic challenges we are facing and will use all of our efforts to enhance shareholder value," he said.

C o m p a n y s h a r e s c l o s e d Wednesday at $11.90, up 46 cents.

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