npk_8k.htm

0001354488-14-005260.txt : 20141027 0001354488-14-005260.hdr.sgml : 20141027 20141027161154 ACCESSION NUMBER: 0001354488-14-005260 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141027 DATE AS OF CHANGE: 20141027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL PRESTO INDUSTRIES INC CENTRAL INDEX KEY: 0000080172 STANDARD INDUSTRIAL CLASSIFICATION: ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480] IRS NUMBER: 390494170 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02451 FILM NUMBER: 141174682 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 8-K 1 npk_8k.htm CURRENT REPORT npk_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________

FORM 8-K

__________

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 24, 2014

_______________

National Presto Industries, Inc.

(Exact name of registrant as specified in this chapter)

Wisconsin	1-2451	39-0494170
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

	3925 North Hastings Way
	Eau Claire, Wisconsin	54703-3703
	(Address of principal executive office)	(Zip Code)

Registrant’s telephone number, including area code: 715-839-2121

N/A

(Former name or former address, if changed since last report)

______________

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

o 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 October 24, 2014, the registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended September 28, 2014. 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

Exhibit No. Description

99.1	Press Release of National Presto Industries, Inc. dated October 24, 2014.

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.

	National Presto Industries, Inc.
	(Registrant)

	By:	/s/ Maryjo Cohen
		(Signature) Maryjo Cohen, President
		and Chief Executive Officer

Date: October 27, 2014

EX-99.1 2 npk_ex991.htm PRESS RELEASE npk_ex991.htm

EXHIBIT 99.1

NEWS RELEASE	CONTACT: Randy Lieble
FOR IMMEDIATE RELEASE	(715) 839-2164

NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES

THIRD QUARTER 2014 SALES & EARNINGS

Eau Claire, Wisconsin (October 24, 2014) -- 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, “Third quarter 2014 net sales were up nominally in the Defense, down 3.8% in the Housewares/Small Appliance, and off 22.5% in the Absorbent Product segments. The latter reflected the ongoing shifts in the Absorbent Product customer base referenced during the second quarter release. Comparative third quarter operating earnings were down in all segments. Housewares/Small Appliances declined 30.8% in largest part due to timing differences. As in the prior two quarters, Defense segment comparative third quarter operating earnings were down (26%) primarily due to the accounting impact that occurs with shipments from the DSE backlog. As explained in the 2013 Annual Report, a significant portion of the purchase price of the DSE assets was allocated to the order backlog that accompanied the acquisition. As a result, shipments from the DSE backlog during the quarter did not enjoy profitability in keeping with historical levels, as the segment wrote off (and will continue to write off) part of the purchase price with the shipment of product from that backlog. The Absorbent Products segment experienced an operating loss principally stemming from the reduced volume.”

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, and 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.

		THREE MONTHS ENDED
		September 28, 2014		September 29, 2013

Net Sales	$	95,463,000	$	100,612,000
Net Earnings	$	5,123,000	$	9,015,000
Net Earnings Per Share*	$	.74	$	1.31
Weighted Shares Outstanding		6,932,000		6,907,000

		NINE MONTHS ENDED
		September 28, 2014		September 29, 2013
Net Sales	$	270,329,000	$	285,198,000
Net Earnings	$	13,984,000	$	24,170,000
Net Earnings Per Share*	$	2.02	$	3.50
Weighted Shares Outstanding		6,927,000		6,905,000

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.

*Net Earnings Per Share is calculated based on net income attributable to common shareholders.