Eastern Company (EML) has reported a 5.05 percent fall in profit for the quarter ended Oct. 01, 2016. The company has earned $2.40 million, or $0.38 a share in the quarter, compared with $2.53 million, or $0.41 a share for the same period last year.

Revenue during the quarter dropped 7.62 percent to $33.48 million from $36.24 million in the previous year period.

"The Company continues to make steady progress on three parts of its strategy, including optimizing its portfolio, strengthening execution in each of its businesses, and building its balance sheet," said August Vlak, president and chief executive officer. He stated that "our team has built a solid pipeline of M&A opportunities and we have been evaluating potential transactions that can improve returns and accelerate growth of our business", Mr. Vlak concluded, "Our businesses are preparing plans for 2017 and beyond. As part of our efforts to strengthen execution, we have asked our each of our businesses to identify multi-year growth opportunities ��" leveraging their presence with customers, finding new end-markets for our products, or identifying ways to re-invent our core offerings. We are encouraged by the work that is being completed by our businesses and look forward to sharing our plans."