(Source: Business Wire)The Eastern Company (NYSE Amex-EML) today announced the results of its operations for the third quarter and nine months of 2009. Sales for the quarter were $28.1 million, compared to $34.6 million for the same period in 2008, a 19% decrease. Net income for the third quarter was $907,000 or $0.15 per diluted share compared to the $875,000 or $0.14 per diluted share that was reported in the third quarter of 2008.

Net sales for the nine months of 2009 were $84.7 million compared to $103.6 million, an 18% decrease. Year to date earnings for the nine month period ended October 3, 2009 were $667,000 or $0.11 per diluted share, compared to $3.4 million or $0.56 per diluted share for the same period in 2008.

Leonard F. Leganza, Chairman, President and CEO stated, "Sales in the third quarter were comparable to the sales in the second and first quarters of 2009 a general indication that the markets we serve have leveled off and are not deteriorating any further. Cost and expense reductions put into effect in the first and second quarters of 2009 continue to benefit the company's earnings. Lower costs of metals, which we use a great deal of, as well as other raw materials and energy, all had a positive impact on our operating earnings."

Mr. Leganza also stated, "Although the general economy continues to remain soft there are indications that some of the markets we serve are beginning to show signs of recovery. In the Industrial Hardware Group our Canadian Commercial Vehicles subsidiary has been advised that they will be receiving orders for its lightweight composite Sleeper Cabs for both commercial and military Class 8 heavy trucks commencing in the fourth quarter of 2009. The Eberhard Division has been awarded another $4.7 million contract for military latching systems and continues to work closely with all the major manufacturers of military vehicles requiring latching systems. Our Mexican subsidiary, Sesamee Mexicana, has received orders to produce lightweight composite panels to be used on delivery trucks, with sales to begin in the fourth quarter of 2009.

In the Metals Products Group, The Frazer & Jones Division continues to experience strong demand for its proprietary mine roof products and those demands are expected to continue strong in the foreseeable future. The Security Products Group has been severely impacted by the economy with decreased sales across all its markets. Especially hard hit were sales of our luggage locks for the travel industry, industrial hardware products and sales of locks to the computer industry."

Mr.