Eastern Company (EML) has reported an 134.10 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $1.52 million, or $0.24 a share in the quarter, compared with $0.65 million, or $0.10 a share for the same period last year.

Revenue during the quarter grew 8.89 percent to $36.04 million from $33.10 million in the previous year period.

Mr. Vlak, president and chief executive officer, stated that "together, our businesses performed well in the first quarter of the year. Several of our businesses are significantly outperforming last year." Mr. Vlak continued that "The Company generated $2.4 million of cash from its operations during the first quarter 2017, compared to $0.7 million in the first quarter of 2016, as a result of our continued disciplined expense and capital management. The transaction is expected to be breakeven including purchase accounting expenses but before one-time transaction costs, in the current fiscal year. The transaction is projected to be accretive to Eastern's earnings in fiscal 2018. At the same time, we remain committed to growing our businesses through ongoing investment in sales and engineering capabilities." Mr. Vlak added that "the Company is taking advantage of its strong cash flow and balance sheet by entering into a $31.0 million term loan and $10.0 million revolving credit agreement to finance the acquisition of Velvac."