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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
 
FORM 8-K
__________
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 26, 2024
_______________
 
National Presto Industries, Inc.
(Exact name of registrant as specified in this chapter)
 
Wisconsin
 
1-2451
 
39-0494170
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
3925 North Hastings Way
Eau Claire, Wisconsin
 
54703-3703
(Address of principal executive office)
 
(Zip Code)
 
Registrant’s telephone number, including area code: 715-839-2121
 
N/A
(Former name or former address, if changed since last report)
______________
 
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:
 
☐         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value
NPK
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 






 
Item 2.02 Results of Operations and Financial Condition
 
On April 26, 2024, the Registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended March 31, 2024. The full text of the press release is filed as Exhibit 99.1 to this Form 8-K. Such Exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
Exhibit No.
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
Forward looking statements in this Form 8-K are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward looking statements involve risks and uncertainty. In addition to the factors discussed above, among the other factors that could cause actual results to differ materially are the following: government defense spending and defense requirements; termination for the convenience of the government; interest rates; continuity of relationships with and purchases by the United States Government and other major customers; unexpected problems or events experienced by subcontractors, team members, or their respective suppliers or subcontractors; product mix; competitive pressure on pricing; increases in material, freight/shipping, labor or other production costs that cannot be recouped through pricing; and such other factors as may be described from time to time in the Registrant’s SEC filings.
 
SIGNATURE
 
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.
 
 
National Presto Industries, Inc.
 
(Registrant)
       
Date: April 30, 2023
By:
/s/ Maryjo Cohen, President  
   
(Signature) Maryjo Cohen, President
 
   
and Chief Executive Officer
 
       
 
 
EX-99.1 2 ex_663953.htm EXHIBIT 99.1 ex_663953.htm

Exhibit 99.1

 

 

NEWS RELEASE

CONTACT: David Peuse

FOR IMMEDIATE RELEASE

 (715) 839-2146

 

NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES

INCREASED FIRST QUARTER 2024 SALES AND EARNINGS

 

Eau Claire, Wisconsin (April 26, 2024) — National Presto Industries, Inc. (NYSE: NPK) announced today first quarter 2024 sales and earnings as shown in the table below. Net earnings per share have been computed on the basis of the weighted average number of common shares outstanding for the respective periods.

 

In response to questions about sales and earnings for the quarter, Maryjo Cohen, President, stated, “Overall, net sales for the quarter were down from those enjoyed in the comparable period for the prior year. The nominal ($215,000 or 1%) increase at the Housewares/Small Appliance segment was more than offset by a decrease in the Defense segment sales of $3.8 million or 6.5%, reflecting reduced shipments from backlog. The Safety segment shipments were down as well, due largely to the absence of shipments of Rusoh® fire extinguishers as a result of the sale of Rusoh in fourth quarter of the prior year. Net operating earnings for the quarter were also down from those enjoyed in first quarter 2023. The Housewares/Small Appliance segment’s net operating earnings decreased $896,000 or 66.6%, largely due to differences in the sales mix, as well as a sizable maintenance repair at its main facility. The Defense segment’s operating earnings dropped $2.2 million or 21% primarily due to the reduced volume referenced above as well as a less favorable product mix. The Safety segment reported a loss as anticipated.”

 

During the March 2024 Inspired Home Show, the Housewares/Small Appliance segment introduced several new products most of which enhance existing lines of product. Offerings include a new Presto Precise® 17-quart digital canner which, like the existing 12-quart unit, largely automates and simplifies pressure and water bath canning. The larger unit provides additional capacity, enabling the homemaker to process significantly more jars in each batch. Its increased height also makes it possible to use the water bath method to preserve food in quart jars. This new Presto Precise® canner, like its 12-quart counterpart, is a handsome product encased in a stylish black stainless steel housing. Two new flip waffle makers were introduced: a basic 5” Belgian waffle maker, and a 7” FlipSide® model featuring a digital timer. Like the other Presto® waffle irons, each performs superbly, making a perfectly browned waffle in about four minutes. Both also feature built-in cord storage and stainless steel accents. The segment rounded out its line of nesting poppers that offer compact and convenient storage with two poppers: the PopLite® Our Munch™ and Showtime™ poppers. The Our Munch™ is a larger version of the My Munch® single serve popper introduced the prior year. It air pops double the quantity for family-sized portions. The Show Time™ popper uses oil to make delicious popcorn. Both are fast and produce large fluffy kernels. Each features a cover that doubles as a serving bowl after popping. When the popcorn is consumed, the cover becomes a handy storage vessel for the popping unit. Finally, the Company introduced a line of green and gold products that will be used to support a regional promotional program with the Green Bay Packers. Each produces food typically eaten during “homegate” or “tailgate” parties. The line includes the Pizzazz® plus rotating pizza oven, the FryDaddy® deep fryer, the PopLite® air popper and the Nomad® slow cooker.

 

National Presto Industries, Inc. operates in three business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name. The segment is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, and metal parts. The Safety segment offers carbon monoxide detectors, and systems that provide early warning of conditions that, if not corrected, would cause significant losses.

 

   

THREE MONTHS ENDED

 
   

March 31, 2024

   

April 2, 2023

 

Net Sales

  $ 76,653,000     $ 80,409,000  

Net Earnings

  $ 6,568,000     $ 8,878,000  

Net Earnings Per Share

  $ .92     $ 1.25  

Weighted Average Shares Outstanding

    7,117,000       7,097,000  

 

This release contains “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. In addition to the factors discussed above, other important risk factors are delineated in the Company’s various SEC filings.