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): February 9, 2018
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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 February 9, 2018, the registrant issued a press release regarding the registrant’s results of operations for the year ended December 31, 2017. 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 February 9, 2018 |
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: February 12, 2018 |
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 INCREASED
2017 EARNINGS AND 2018 DIVIDEND
Eau Claire, Wisconsin (February 9, 2018) -- National Presto Industries, Inc. (NYSE: NPK) announced today 2017 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 commenting on the results, Maryjo Cohen, President, stated, “Net 2017 consolidated sales decreased from 2016’s levels by $8.3 million or 2.4% to $333.6 million due to a reduction in shipments of $10.8 million at the Housewares/Small Appliance segment, offset in part by a $2.6 million increase in the Defense segment’s volume. The Defense segment increase largely reflected shipments from its backlog. The reduced Housewares/Small Appliance’s volume was primarily a function of continuing changes in the retail landscape, which in turn affected customer store counts, purchases, product assortments, and promotions.
Net consolidated earnings improved by $8.4 million or 18.8% to $53 million ($7.58 per share) from 2016’s $44.6 million ($6.39 per share). The discontinued absorbent product business that was sold in early 2017 contributed an additional $7.0 million ($1.00 per share) over 2016’s levels. Operating earnings from Continuing Operations declined slightly from 2016 by $800,000 or 1.3%. The 4.9% increase in operating earnings at the Defense segment did not quite offset the Housewares/Small Appliance segment’s decline. The latter was largely attributable to the sales drop mentioned above. Defense operating earnings would have been 3.5% higher but for the impact of an accounting adjustment stemming from year-to-year differences in the amortization and write-off of defense intangible assets.”
The Board of Directors of National Presto Industries, Inc. announced today the 2018 dividend, which consists of the regular dividend of $1.00 per share, plus an extra of $5.00. The 2018 dividend is the most recent in an unbroken history of seventy-four years. The record date for the dividend will be March 1, 2018, and the payment date, March 15, 2018. In addition, the Board confirmed May 15, 2018, as the date of the Company’s 2018 annual meeting of shareholders. The record date for the annual meeting will be March 15, 2018.
National Presto Industries, Inc. operates in two business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name. It also designs and markets the first self-service fire extinguisher: the Rusoh® Eliminator® fire extinguisher. The segment is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, less-lethal munitions, and less-lethal accessory equipment.
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YEAR ENDED DECEMBER 31 |
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2017 |
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2016 |
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Net Sales* |
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$ |
333,633,000 |
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$ |
341,905,000 |
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Net Earnings |
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$ |
52,959,000 |
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$ |
44,564,000 |
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Net Earnings Per Share |
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$ |
7.58 |
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$ |
6.39 |
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Weighted Shares Outstanding |
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6,989,000 |
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6,970,000 |
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*Sales for both years exclude those of the Absorbent Products segment.
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.