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 27, 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))
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 July 27, 2018, the registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended July 1, 2018. 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 27, 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: July 30, 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 SECOND QUARTER 2018 SALES & EARNINGS
Eau Claire, Wisconsin (July 27, 2018) -- 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, “For the continuing business, second quarter 2018 net sales increased $4.7 million or 6.3% from 2017 levels. Both segments enjoyed an increase in excess of 6% from the prior year. The Housewares/Small Appliance segment’s enhanced sales were primarily a function of customer order timing, while the Defense segment’s largely resulted from shipments from its backlog. Comparative continuing operating earnings increased slightly from the prior year. The positive impact from the volume changes in the Housewares/Small Appliance segment was partially offset by the Defense segment’s final write off of the purchase price of the 2013 DSE asset purchase. A significant portion of the purchase price of the DSE assets was allocated to the order backlog that accompanied that acquisition. The segment has been writing off part of the purchase price with the shipment of product from that backlog, resulting in reduced profitability when DSE backlog products were sold. Net after tax earnings for the quarter from the continuing business nonetheless increased by 20.5%, in large part due to the reduced federal tax rate resulting from last year’s tax reform. Second quarter 2017 earnings stemming from the sale of the absorbent product assets resulted in a non-recurring, unfavorable year-to-year impact of $771,000 or $0.11 per share.
National Presto Industries, Inc. operates in two business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name. It also designs and markets the first self-service/self-reloadable fire extinguisher: the Rusoh® Eliminator® fire extinguisher. The segment is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, less-lethal munitions, and less-lethal accessory equipment.
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THREE MONTHS ENDED |
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July 1, 2018 |
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July 2, 2017 |
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Net Sales |
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$ |
79,227,000 |
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$ |
74,561,000 |
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Earnings from Continuing Operations |
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$ |
10,776,000 |
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$ |
8,941,000 |
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Earnings (Loss) from Discontinued Operations |
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$ |
(1,000) |
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$ |
771,000 |
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Net Earnings |
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$ |
10,775,000 |
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$ |
9,712,000 |
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Net Earnings Per Share |
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$ |
1.54 |
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$ |
1.39 |
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Weighted Shares Outstanding |
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7,006,000 |
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6,990,000 |
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SIX MONTHS ENDED |
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July 1, 2018 |
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July 2, 2017 |
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Net Sales |
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$ |
156,053,000 |
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$ |
147,415,000 |
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Earnings from Continuing Operations |
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$ |
21,770,000 |
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$ |
18,914,000 |
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Earnings (Loss) from Discontinued Operations |
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$ |
(9,000) |
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$ |
8,953,000 |
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Net Earnings |
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$ |
21,761,000 |
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$ |
27,867,000 |
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Net Earnings Per Share |
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$ |
3.11 |
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$ |
3.99 |
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Weighted Shares Outstanding |
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7,002,000 |
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6,985,000 |
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.