-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MD3kJXZmC6LKWhQTdpmWCKRcRh2t11XovhB7LPeM6ba2w1T5/7F52D8GZHgnzyLF 12x5oqNeEENAO7LNPnct/A== 0000897101-96-000205.txt : 19960513 0000897101-96-000205.hdr.sgml : 19960513 ACCESSION NUMBER: 0000897101-96-000205 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960510 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL PRESTO INDUSTRIES INC CENTRAL INDEX KEY: 0000080172 STANDARD INDUSTRIAL CLASSIFICATION: NONFERROUS FOUNDRIES (CASTINGS) [3360] IRS NUMBER: 390494170 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-02451 FILM NUMBER: 96559011 BUSINESS ADDRESS: STREET 1: 3925 N HASTINGS WAY CITY: EAU CLAIRE STATE: WI ZIP: 54703 BUSINESS PHONE: 7158392121 MAIL ADDRESS: STREET 1: 3925 N HASTINGS WAY CITY: EAU CLAIRE STATE: WI ZIP: 54703 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL PRESSURE COOKER CO DATE OF NAME CHANGE: 19710509 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended . . .March 31, 1996 . . .Commission file number . . . 1-.2451 . . . . . . . . . . . NATIONAL PRESTO INDUSTRIES, INC. . . . . . . . . . . . (Exact name of registrant as specified in its charter) . . . . WISCONSIN . . . . . . . . . . . . . . . . . . 39-0494170 . . . . . (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3925 NORTH HASTINGS WAY . . . . EAU CLAIRE, WISCONSIN . . . . . . . . . . . . . . 54703-3703 . . . (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code . . . 715-839-2121 . . . There were 7,351,759 shares of the Issuer's Common Stock outstanding as the close of the period covered by this report. * Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes . X . No . . .
NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 1996 and December 31, 1995 (Unaudited) (Dollars in thousands) 1996 1995 - ------------------------------------------------------------------------------------------------------------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 85,308 $ 91,448 Marketable securities 112,428 112,583 Accounts receivable, net 20,539 38,116 Inventories: Finished goods $ 14,397 $ 14,787 Work in process 3,155 2,397 Raw materials 6,411 7,359 Supplies 1,345 25,308 1,062 25,605 -------------- ------------- Prepaid expenses 1,445 1,753 ------------- ------------- Total current assets 245,028 269,505 PROPERTY, PLANT AND EQUIPMENT: 17,916 16,646 Less allowance for depreciation 9,744 8,172 9,337 7,309 -------------- ------------- OTHER ASSETS 8,114 8,113 ------------- ------------- $261,314 $284,927 ============= =============
The accompanying notes are an integral part of the financial statements.
NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 1996 and December 31, 1995 (Unaudited) (Dollars in thousands) 1996 1995 - ------------------------------------------------------------------------------------------------------------------- LIABILITIES CURRENT LIABILITIES: Accounts payable 7,752 $ 13,717 Federal and state income taxes 912 5,224 Accrued liabilities 18,640 19,245 ------------- ------------- Total current liabilities 27,304 38,186 COMMITMENTS AND CONTINGENCIES - - STOCKHOLDERS' EQUITY Common stock, $1 par value: Authorized: 12,000,000 shares Issued: 7,440,518 shares $ 7,441 $ 7,441 Paid-in capital 862 848 Retained earnings 228,026 240,797 -------------- ------------- 236,329 249,086 Treasury Stock, at cost 2,319 2,345 -------------- ------------- Total stockholders' equity 234,010 246,741 ------------- ------------- $261,314 $284,927 ============= =============
The accompanying notes are an integral part of the financial statements.
National Presto Industries, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS Three Months ended March 31, 1996 and April 2, 1995 (Unaudited) (In thousands except per share data) THREE MONTHS ENDED 1996 1995 - ----------------------------------------------------------------------------------------- Net Sales $ 17,109 $ 17,962 Cost of Sales 13,472 12,755 --------------------------- Gross profit 3,637 5,207 Selling and general expenses 4,274 4,778 --------------------------- Operating profit (loss) (637) 429 Other income, principally interest 2,533 2,382 Interest expense -- (137) --------------------------- Earnings before provision for income taxes 1,896 2,674 Provision for income taxes: Federal (35) 111 State 1 16 --------------------------- Net earnings $ 1,930 $ 2,547 =========================== Weighted average common and common equivalent shares outstanding 7,351 7,462 =========================== Net earnings per common and common equivalent shares outstanding $ 0.26 $ 0.35 =========================== Cash dividends declared and paid per common share: Regular $ 2.00 $ 1.95 Extra $ -- $ 0.20 --------------------------- $ 2.00 $ 2.15 ===========================
The accompanying notes are an integral part of the financial statements.
NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months ended March 31, 1996 and April 2, 1995 (Unaudited) (In thousands) 1996 1995 - ------------------------------------------------------------------------------------------------------------------- Cash flows from operating activities: Net earnings $ 1,930 $ 2,547 Adjustments to reconcile net earnings to cash flows from operating activities: Provision for depreciation 420 332 Stock compensation expense 401(k) 14 28 Changes in: Accounts receivable 17,577 20,079 Inventories 297 (2,067) Prepaid expenses 308 328 Accounts payable and accrued liabilities (6,570) (7,262) Federal and state income taxes (4,312) (5,506) ------------- ------------- Total 9,664 8,479 ------------- ------------- Cash flows from investing activities: Marketable securities purchased (26,465) (10,764) Marketable securities - maturities and sales 26,620 8,799 Acquisition of property, plant and equipment (1,287) (906) Change in other assets 3 2 ------------- ------------- Total (1,129) (2,869) ------------- ------------- Cash flows from financing activities: Treasury stock transactions 26 24 Dividends paid (14,701) (15,777) ------------- ------------- Total (14,675) (15,753) ------------- ------------- Change in cash and cash equivalents (6,140) (10,143) Cash and cash equivalents at beginning of period 91,448 109,444 ------------- ------------- Cash and cash equivalents at end of period $ 85,308 $ 99,301 ============= =============
The accompanying notes are an integral part of the financial statements. NATIONAL PRESTO INDUSTRIES, INC., AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE A Earnings per share are computed using the weighted average common shares outstanding during each period, and in 1995 included common equivalent shares assuming conversion of the convertible debenture. In 1995 earnings for calculation of the per share data are adjusted to reflect addback of interest expense on the convertible debenture. - ------------------------------------------------------------------------ The foregoing information for the periods ended March 31, 1996, and April 2, 1995, is unaudited; however, in the opinion of management of the Registrant, it reflects all the adjustments, which were of a normal recurring nature, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet as of December 31, 1995, is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 1995 Annual Report. Interim results for the period are not indicative of those for the year. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Comparison First Quarter 1996 and 1995 Net sales decreased by $853,000 from $17,962,000 to $17,109,000. Gross margins as a percentage of sales decreased from 29% to 21%, primarily due to a combination of a less favorable product mix and less favorable manufacturing variances. The Company accrues unexpended advertising costs budgeted for the year against each quarter's sales. Major advertising commitments are incurred in advance of the expenditures, and the timing of sales through dealers and distributors to the ultimate customer does not permit specific identification of the customers' purchase to the actual time an advertisement appears. Advertising charges included in selling expense in each quarter represent that percentage of the annual advertising budget associated with that quarter's shipments. Revisions to this budget result in periodic changes to the accrued liability for committed advertising expenditures. Other income increased from the 1995 level primarily as a result of the recognition of income from concluded legal matters ($476,000), offset in part by lower interest income stemming from reduced yields on a lower level of invested funds. Earnings before provision for income taxes decreased $778,000 from $2,674,000 to $1,896,000. The provision for income taxes decreased from $127,000 to ($34,000), and the effective income tax rate decreased from 5% to (2%), as a result of negative earnings subject to tax. Net earnings decreased $617,000 from $2,547,000 to $1,930,000, or 24%. The Company maintains adequate liquidity for all of its anticipated capital requirements. As of quarter-end, there were no material capital commitments outstanding. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibit 11 - Statement Regarding Computation of Per Share Earnings (b) There were no reports on Form 8-K filed during the quarter for which this report is filed. (C) Exhibit 27 - Financial Data Schedule SIGNATURES 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 thereunto duly authorized. NATIONAL PRESTO INDUSTRIES, INC. Date: April 30, 1996 _____________________/S/ M. J. COHEN M. J. Cohen, President (Chief Executive, Operating and Financial Officer) Date: April 30, 1996 _____________________/S/ R. F. LIEBLE R. F. Lieble, Treasurer EX-11 2 COMPUTATION OF PER SHARE EARNINGS
NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Three Months Ended March 31, 1996 and April 2, 1995 (Unaudited) (In thousands except per share data) THREE MONTHS ENDED -------------------------------------------- 1996 1995 Net Earnings $ 1,930 $ 2,547 Add interest expense related to convertible debenture, net of income taxes -- 80 ------------- ------------- Adjusted net earnings (1) $ 1,930 $ 2,627 ============= ============= Weighted average common shares outstanding 7,351 7,338 Common equivalent shares from the assumed debenture conversion -- 124 ============= ============= Adjusted common and common equivalent shares (2) 7,351 7,462 ============= ============= Net earnings per common and common equivalent $0.26 $0.35 ============= =============
EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1996 MAR-31-1996 85,308 112,428 20,539 0 25,308 245,028 17,916 9,744 261,314 27,304 0 0 0 7,441 226,569 261,314 17,109 17,109 13,472 13,472 0 0 0 1,896 (34) 1,930 0 0 0 1,930 .26 0
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