UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2016
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National Presto Industries, Inc.
(Exact name of registrant as specified in this chapter)
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Wisconsin |
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1-2451 |
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39-0494170 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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3925 North Hastings Way Eau Claire, Wisconsin |
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54703-3703 |
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(Address of principal executive office) |
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(Zip Code) |
Registrant’s telephone number, including area code: 715-839-2121
N/A
(Former name or former address, if changed since last report)
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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))
Item 2.02 Results of Operations and Financial Condition
On July 29, 2016, the registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended July 3, 2016. 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
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Exhibit No. |
Description |
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99.1 |
Press Release of National Presto Industries, Inc. dated July 29, 2016 |
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.
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National Presto Industries, Inc. |
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(Registrant) |
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Date: August 1, 2016 |
By: |
/s/ Maryjo Cohen |
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(Signature) Maryjo Cohen, President |
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and Chief Executive Officer |
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EXHIBIT 99.1
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NEWS RELEASE |
CONTACT: Randy Lieble |
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FOR IMMEDIATE RELEASE |
(715) 839-2164 |
NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
SECOND QUARTER 2016 SALES & EARNINGS
Eau Claire, Wisconsin (July 29, 2016) -- National Presto Industries, Inc. (NYSE: NPK) announced today second quarter 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, Maryjo Cohen, President, stated, “Second quarter 2016 net sales dropped $14.4 million or 14.1% from 2015 levels, primarily due to timing of Defense segment shipments, which were off 19.8% from those reported in the comparable 2015 quarter. While Absorbent Product Segment shipments increased by 4%, the Housewares/Small Appliance segment experienced a 12.2% comparative reduction, reflecting a slow retail environment, as well as changes in customers’ product assortments. The quarter’s comparative net earnings dropped 9.3%, largely due to the decrease in volume. The Defense segment’s operating profit was off 17.2%, while the Housewares/Small Appliances segment’s operating profit decreased 38.8%. Largely as a result of enhanced volume, the Absorbent Products segment experienced a small operating profit in contrast to the prior year’s second quarter loss.”
National Presto Industries, Inc. operates in three business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name and is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, less-lethal munitions, and less-lethal accessory equipment. The Absorbent Products segment primarily engages in the manufacture of private label adult incontinence products.
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THREE MONTHS ENDED |
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July 3, 2016 |
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July 5, 2015 |
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Net Sales |
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$ |
87,985,000 |
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$ |
102,371,000 |
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Net Earnings |
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$ |
8,274,000 |
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$ |
9,120,000 |
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Net Earnings Per Share |
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$ |
1.19 |
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$ |
1.31 |
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Weighted Shares Outstanding |
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6,970,000 |
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6,951,000 |
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SIX MONTHS ENDED |
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July 3, 2016 |
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July 5, 2015 |
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Net Sales |
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$ |
174,482,000 |
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$ |
203,370,000 |
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Net Earnings |
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$ |
15,485,000 |
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$ |
17,229,000 |
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Net Earnings Per Share |
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$ |
2.22 |
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$ |
2.48 |
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Weighted Shares Outstanding |
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6,967,000 |
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6,947,000 |
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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.