<SEC-DOCUMENT>0000031107-17-000028.txt : 20170803
<SEC-HEADER>0000031107-17-000028.hdr.sgml : 20170803
<ACCEPTANCE-DATETIME>20170803120305
ACCESSION NUMBER:		0000031107-17-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170803
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170803
DATE AS OF CHANGE:		20170803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EASTERN CO
		CENTRAL INDEX KEY:			0000031107
		STANDARD INDUSTRIAL CLASSIFICATION:	CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420]
		IRS NUMBER:				060330020
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			0102

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35383
		FILM NUMBER:		171003927

	BUSINESS ADDRESS:	
		STREET 1:		112 BRIDGE ST
		STREET 2:		P O BOX 460
		CITY:			NAUGATUCK
		STATE:			CT
		ZIP:			06770
		BUSINESS PHONE:		2037292255

	MAIL ADDRESS:	
		STREET 1:		112 BRIDGE STREET
		STREET 2:		P O BOX 460
		CITY:			NAUGATUCK
		STATE:			CT
		ZIP:			06770
</SEC-HEADER>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Date of earliest event reported)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">identification No.)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2)</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 2.02 - Results of Operations and Financial Condition</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">On August 3, 2017, The Eastern Company issued a press release announcing financial results for its second quarter ended July 1, 2017.&#160;&#160;A copy of the press release is furnished herewith as Exhibit 99.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 9.01 - (d) Exhibits</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Press Release dated August 3, 2017.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934, The Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date: August 3, 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">John L. Sullivan III</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Vice President and Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99press.htm
<DESCRIPTION>8/3/17 PRESS RELEASE
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Exhibit 99</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">August 3, 2017</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Naugatuck, CT</font>&#8211;The Eastern Company (NASDAQ-EML) today announced the results of its operations for the second quarter of 2017.&#160;&#160;Sales for the quarter were $58.0 million, compared to $36.9 million for the same period in 2016. Net income for the second quarter of 2017 was $1.5 million, or $0.23 per diluted share, compared to $2.1 million, or $0.33 per diluted share, in the second quarter of 2016, a decrease of 30%.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mr. Vlak, President and CEO, stated &#8220;The increase in second quarter sales, compared to the first quarter of 2017 and the second quarter of 2016, is primarily the result of the acquisition of Velvac Holdings, which closed on April 3, 2017.&#160;&#160;Similarly, the $0.6 million, or 30%, decline in second quarter earnings compared to the same period last year is primarily attributable to a cost of $0.7 million in transaction-related expenses, and a $1.2 million charge to cost of goods sold, as a result of the impact of purchase accounting in connection with our acquisition of Velvac in the second quarter of 2017. In addition, we incurred approximately $0.5 million in costs related to environmental remediation efforts in our Metal Products segment and personnel changes in our Security Products segment in the second quarter.&#160;&#160;Together, these costs reduced after-tax net income by $1.6 million, or $0.25 per share, in the second quarter, resulting in adjusted net income of $3.1 million, or $0.48 per diluted share, for the second quarter of 2017.&#8221;&#160;&#160;A reconciliation of these non-GAAP measures to their most directly comparable GAAP measures is appended to this release.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mr. Vlak continued, &#8220;Second quarter 2017 results from most of our businesses improved when compared to the same period last year, benefiting from a better than expected class 8 truck market, a rebound in coal mining and stronger execution in our core businesses.&#160;&#160;Sales in the Industrial Hardware segment increased by $19.2 million, or 121%, in the second quarter of 2017 compared to the same period in 2016.&#160;&#160;Sales growth in this segment was primarily the result of the acquisition of Velvac, which contributed $15.9 million in additional sales and 21% growth in our existing businesses. Segment earnings were down in the 2017 second quarter compared to the same period in 2016. An increase in earnings from our existing businesses was offset due to transaction costs related to the purchase of Velvac.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mr. Vlak stated, &#8220;In our Security Products segment, second quarter 2017 sales were 2% above the same period last year while earnings were 19% below the same period last year. Second quarter earnings were adversely affected by personnel changes at our Illinois Lock business.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mr. Vlak also said, &#8220;Second quarter 2017 net sales and earnings in the Metal Products segment were 32% and 262% above the same period last year, respectively. Segment performance is approaching historical levels, benefiting from a rapid rebound in sales to mining customers and diversification to other industrial markets.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mr. Vlak continued, &#8220;The Company generated $6 million of cash from its operations during the first six months of 2017 as a result of our continued disciplined expense and capital management.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#8220;We are making solid progress with our three-part strategy, including optimizing our portfolio, improving execution in each of our businesses, and building our balance sheet,&#8221; said Mr. Vlak. &#8220;We believe the acquisition of Velvac strengthens our portfolio by building scale in attractive end-markets, including trucks, motorhomes and specialty vehicles.&#160;&#160;Velvac is a leader in many of these markets, which is anticipated to expand opportunities for some of our other businesses.&#160;&#160;Further, we plan to continue to invest in building our sales, marketing and engineering capabilities in our core businesses to drive growth.&#160;&#160;Finally, by taking advantage of our solid balance sheet and with strong operating cash flows, we added $36 million in debt to our balance sheet to fund the acquisition of Velvac.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The Eastern Company is a 159-year-old manufacturer of industrial hardware, security products and metal castings.&#160;&#160;It operates from 16 locations in the U.S., Canada, Mexico, Taiwan and China.&#160;&#160;The diversity of the Company&#8217;s products is designed to help it to respond to the changing requirements of a broad array of markets. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Statements in this document about the Company&#8217;s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words &#8220;believes,&#8221; &#8220;plans,&#8221; &#8220;anticipates,&#8221; &#8220;expects,&#8221; &#8220;estimates&#8221; and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including those set forth in the Company&#8217;s reports and filings with the U.S. Securities and Exchange Commission. The Company is not obligated to update or revise any forward-looking statements as a result of developments occurring after the date of this document.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE EASTERN COMPANY (NASDAQ - EML)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">July 1,2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">July 2,2016</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$ 58,044,743</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$ 36,883,312</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$94,088,038</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$69,984,969</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Income</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$&#160;&#160;&#160;1,466,402</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$&#160;&#160;2,087,837</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$&#160;&#160;2,983,543</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$&#160;&#160;2,735,910</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 38%" valign="bottom" colspan="2" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Income Per Share:</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="WIDTH: 14%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.23</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.33</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.48</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.44</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="WIDTH: 14%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.23</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.33</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.47</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.44</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 38%" valign="bottom" colspan="2" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Weighted average</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 38%" valign="bottom" colspan="2" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;shares outstandings:</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="WIDTH: 14%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;6,258,467</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;6,250,326</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;6,257,482</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;6,249,042</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="WIDTH: 14%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;6,285,339</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;6,250,326</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="WIDTH: 10%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;6,270,918</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 9%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;6,249,042</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 14%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 12%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 6%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 10%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 9%" valign="bottom">&#160; </td>
</tr>
</table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 100%; TEXT-ALIGN: left"></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 100%; TEXT-ALIGN: center"></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" size="2" noshade="noshade">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 100%; TEXT-ALIGN: right"></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table id="z24590b9746b74f12a3efc051ad192675" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><a id="RANGE!A1:G55" name="RANGE!A1:G55"></a>The Eastern Company</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Reconciliation of GAAP - Net Income and Earnings Per Diluted Share to</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjusted Earnings Per Diluted Share Non-GAAP financial measures</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">For the Three and Six Months ended July 1, 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Three Months Ended</div>
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<td style="WIDTH: 11%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Six Months Ended</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; BORDER-BOTTOM: black 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">July 1, 2017</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; BORDER-BOTTOM: black 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">July 1, 2017</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Income as reported per generally accepted accounting principles (GAAP)</div>
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<td style="WIDTH: 11%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;1,466,402</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,983,543</div>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Earnings Per Share as reported under generally accepted accounting principles (GAAP):</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.23</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.48</div>
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<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.23</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.47</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%; BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjustments for expenses</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%; BORDER-BOTTOM: black 2px solid" valign="bottom" align="left">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%; BORDER-BOTTOM: black 2px solid" valign="bottom" align="left">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
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<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Charge to cost of goods sold relating to purchase accounting for the Velvac acquisition.</div>
</td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;(1,187,668)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;(1,187,668)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Transaction expenses related to the Velvac acquisition</div>
</td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;(691,000)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;(869,000)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Environmental remediation expense related to the Metal Products Segment</div>
</td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;(290,000)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;(290,000)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Personnel expenses related to the Security Products Segment</div>
</td>
<td style="WIDTH: 11%; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;(205,000)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;(205,000)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;(2,373,668)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;(2,551,668)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 32%" valign="bottom" colspan="2" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Income Taxes</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;(799,214)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;(864,760)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total Expenses Net of Tax</div>
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<td style="WIDTH: 11%; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;(1,574,454)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;(1,686,908)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Earnings per share (related to expenses):</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">($0.25)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">($0.27)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">($0.25)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">($0.27)</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjusted Net Income (Non-GAAP)</div>
</td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;3,040,856</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,670,451</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjusted Earnings Per Share: (Non-GAAP):</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.48</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.75</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="WIDTH: 24%" valign="bottom" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.48</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="WIDTH: 11%; TEXT-ALIGN: center" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.74</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 35%" valign="bottom" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Use of Non-GAAP Financial Measures</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom" align="left">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 100%" valign="bottom" colspan="7" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;), we disclose certain non-GAAP financial measures including adjusted net income and adjusted earnings per diluted share. Adjusted net income and adjusted earnings per diluted share exclude transaction-related expenses, a charge to costs of goods sold as a result of the impact of purchase accounting and environmental remediation costs. Non-GAAP measures such as adjusted net income and adjusted earnings per diluted share are not in accordance with GAAP.</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 8%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 24%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 3%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 2%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 11%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 100%" valign="bottom" colspan="7" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Management uses adjusted net income and adjusted earnings per diluted share to evaluate performance period over period, to analyze the underlying trends in our business, to assess its performance relative to its competitors, and to establish operational goals and forecasts that are used in allocating resources. Non-GAAP financial measures, including adjusted net income and adjusted earnings per diluted share, should not be considered in isolation from or as a replacement for GAAP financial measures. We believe that presenting non-GAAP financial measures in addition to GAAP financial measures provides investors greater transparency to the information used by our management for its financial and operational decision-making. We further believe that providing this information better enables our investors to understand our operating performance and to evaluate the methodology used by management to evaluate and measure such performance.</div>
</td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 60%" valign="bottom" colspan="6">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 40%" valign="bottom">&#160; </td>
</tr>
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