Eastern Company (EML) has reported a 52.19 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.65 million, or $0.42 a share in the quarter, compared with $1.74 million, or $0.28 a share for the same period last year.

Revenue during the quarter went down marginally by 0.78 percent to $34.14 million from $34.41 million in the previous year period.

Mr. Vlak, president and chief executive officer, stated that "results from our businesses varied in the fourth quarter and the year. In the fourth quarter, our Composite Panels business showed solid improvement in both sales and earnings compared to the fourth quarter 2015. Earnings from our Metal Products segment also improved in the fourth quarter as a result of cost reductions implemented earlier in the year. In addition, we benefitted from a stronger dollar in the fourth quarter and year. Our decision to freeze our Salaried Employees Retirement Plan in May 2016 not only strengthened our balance sheet but also contributed $0.21 per diluted share in the fiscal year 2016, compared to the prior year." Mr. Vlak also said that, "Fourth quarter net sales in the Metal Products segment were 15% below the same period last year, and for the fiscal year 2016 28% below net sales in fiscal year 2015. The segment generated $747 thousand in earnings in the fourth quarter, benefitting from a lean cost structure.  This is the second quarter of positive earnings for the Metal Products segment this year." Mr. Vlak continued, "the Company generated $12.4 million of cash from its operations during fiscal year 2016 as a result of our continued disciplined expense and capital management."