Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - NATIONAL PRESTO INDUSTRIES INC | npk_8k.htm |
Exhibit 99.1
| PRESTO® | Tel. 715-839-2164 | |
| National Presto Industries, Inc. | Fax. 715-839-2148 | |
| Eau Claire, WI 54703-3703 | 715-839-2122 | |
| 715-839-2242 | ||
| NEWS RELEASE | CONTACT: Randy Lieble | |
| FOR IMMEDIATE RELEASE | (715) 839-2164 |
NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
INCREASED FIRST QUARTER EARNINGS
Eau
Claire, Wisconsin (April 30, 2010) -- National Presto Industries, Inc. (NYSE:
NPK)
announced today first 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,
“Both Housewares/Small Appliances and Absorbent Products segments enjoyed strong
sales during the quarter, with increases respectively of 20.3% and 10.5% over
the comparable 2009 quarter. Housewares/Small Appliance shipments
were boosted by a deluge of retail orders triggered by the low level of post
2009 Christmas store inventory balances. The Absorbent Products
segment benefited from its enhanced customer base. These sales
increases were more than offset by a decline in Defense shipments, reflecting
year-to-year 40mm systems shipment timing differences. The increased
profitability over the comparable 2009 quarter likewise stemmed from
Housewares/Small Appliances and Absorbent Products contributions, reflecting the
benefits of increased sales and comparatively lower costs vis a vis those
incurred during first quarter 2009. In particular, Housewares/Small
Appliance segment products have long lead-times from the Orient. Products
shipped during the 2010 quarter were those ordered or carried over from 2009
when commodity costs were relatively low, while those shipped during first
quarter 2009 consisted largely of products produced when commodity costs were at
high 2008 levels. The increased profitability from these two segments more than
offset a nominal decline in Defense segment profitability stemming from the
reduced 40mm system shipments. Decreased yields from the company’s
portfolio, had a negative, comparative impact on earnings as well.”
The
Housewares/Small Appliance segment introduced six new products at the March 2010
International Housewares Show: (1) A new stirring popper, endorsed by Orville
Redenbacher’s®, is a wonderful addition to the PRESTO® line of hot air and
microwave poppers. The popper uses a special scalloped stirring arm to evenly
distribute kernels, assuring superb popping performance. It makes
delicious classic and kettle corn, quickly, easily and automatically with
virtually no unpopped kernels. (2) The Heat ‘n Steep™ electric tea
kettle, a five-cup vessel, both heats the water and steeps the
tea. It provides the means to properly brew the teas popularized by
specialty tea shops, which include white, green, black, oolong, and
herbal. Each tea has its own specific temperature for brewing and a
precise steeping period. A built in thermometer, complete with
a color coded temperature guide on the kettle ensures that water is at the
perfect temperature for brewing each tea. The kettle comes with a
special infuser for loose tea or tea bags which locks on to the tea kettle lid
when the water is at the correct temperature or alternatively can be used in a
cup to brew an individual serving of tea. The kettle’s built in
electronic timer is then set to the exact steeping time required for the
specific tea being brewed. The result – a perfect pot or cup of tea
every time. (3) The Professional EverSharp® three stage knife
sharpener features a unique blade thickness selector which adjusts the
appliance’s sharpening slots to the optimum angle required for sharpening thick,
thin, and medium blades. The result is no-guess sharpening that assures a razor
sharp blade at the completion of each sharpening. (4) The Cool
Touch Electric Indoor Grill is the perfect size for grilling a sizzling platter
of burgers, steaks or sandwiches, yet is small enough to fit into most any
dishwasher for fast and easy cleaning. (5) The new Pizzazz® Plus convenience
food cooker/pizza oven uses dual elements to not only bake the perfect pizza,
but also provide the ultimate in convenience for preparing delectable appetizers
(fresh or frozen), sandwiches, and favorite frozen foods like chicken wings,
jalapeño poppers, fish fillets and much, much more. It even bakes cookies and
cinnamon rolls using the ready-to-use doughs found in grocers’ frozen food and
refrigerator cases. (6) The GranPappy® Elite electric deep fryer is a six-cup
version of the four-cup FryDaddy® Elite fryer introduced last
year. The deep fryer has all of the features of the classic
GranPappy® (perfect pre-set frying temperature, ability to fry six cups of food
in only six cups of oil, a handy, easy to clean scoop, rather than a messy
basket, and the ability to act as a convenient vessel for oil storage) combined
with attractive new styling complete with a brushed stainless steel
surround.
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. The Absorbent Products segment
primarily engages in the manufacture of private label adult incontinence
products.
| THREE MONTHS ENDED | ||||||||
| April 4, 2010 | April 5, 2009 | |||||||
|
Net
Sales
|
$ | 106,400,000 | $ | 107,926,000 | ||||
|
Net
Earnings
|
$ | 13,199,000 | $ | 10,854,000 | ||||
|
Net
Earnings Per Share
|
$ | 1.92 | $ | 1.58 | ||||
|
Weighted
Shares Outstanding
|
6,858,000 | 6,849,000 | ||||||
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.