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): October 26, 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 October 26, 2018, the registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended September 30, 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 October 26, 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: October 29, 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
THIRD QUARTER 2018 SALES & EARNINGS
Eau Claire, Wisconsin (October 26, 2018) -- National Presto Industries, Inc. (NYSE: NPK) announced today third 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, third quarter 2018 net sales increased by $11.0 million or 15.6% from 2017 levels, reflecting a $1.78 million or 8.5% increase in Housewares/Small Appliance volume and an increase of $9.26 million or 18.6% in Defense segment shipments. Like the second quarter, the Housewares/Small Appliance segment’s top line improvement was largely a function of shipment timing, while the Defense segment’s resulted from augmented shipments from its backlog. The quarter’s comparative net earnings for the continuing business decreased by $2.10 million or 25.2% due to a variety of factors. Those factors included the asset impairment charge that was recognized in connection with the sale of the Defense segment’s less lethal subsidiary. That sale was announced earlier this month. Additional factors for both segments were less favorable sales mixes and the incurrence of increased materials costs during the review quarter. These factors were offset in part by lower federal tax rates resulting from last year’s tax reform and by an enhanced portfolio with higher yields stemming from the Federal Reserve’s ongoing rate increases.”
National Presto Industries, Inc. operates in two business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name. It also designs and markets the first self-service/self-reloadable fire extinguisher: the Rusoh® Eliminator® fire extinguisher. The segment is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, and cartridge cases.
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THREE MONTHS ENDED |
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September 30, 2018 |
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October 1, 2017 |
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Net Sales |
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$ |
81,653,000 |
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$ |
70,614,000 |
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Earnings from Continuing Operations |
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$ |
6,240,000 |
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$ |
8,338,000 |
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Earnings (Loss) from Discontinued Operations |
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$ |
131,000 |
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$ |
(6,000) |
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Net Earnings |
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$ |
6,371,000 |
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$ |
8,332,000 |
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Net Earnings Per Share |
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$ |
.91 |
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$ |
1.19 |
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Weighted Shares Outstanding |
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7,007,000 |
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6,991,000 |
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NINE MONTHS ENDED |
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September 30, 2018 |
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October 1, 2017 |
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Net Sales |
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$ |
237,706,000 |
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$ |
218,029,000 |
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Earnings from Continuing Operations |
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$ |
28,010,000 |
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$ |
27,252,000 |
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Earnings from Discontinued Operations |
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$ |
122,000 |
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$ |
8,947,000 |
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Net Earnings |
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$ |
28,132,000 |
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$ |
36,199,000 |
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Net Earnings Per Share |
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$ |
4.02 |
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$ |
5.18 |
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Weighted Shares Outstanding |
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7,004,000 |
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6,987,000 |
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.