National Presto Industries : Award of New Defense Contract
September 01, 2017 at 04:23 pm EDT
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NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES DEFENSE CONTRACT AWARD
Eau Claire, Wisconsin (Septempber 1, 2017) -National Presto Industries, Inc. (NYSE: NPK) announced today that on August 30, 2017, the U.S. Army awarded AMTEC Corporation, National Presto Industries' wholly-owned subsidiary, a new 40mm systems contract for the Government's Fiscal Year (FY) 2017 through 2021 requirements of traditional practice and tactical ammunition rounds. The systems contract does not include the next generation of high- and low-velocity training rounds. These rounds, recently awarded to two competitors, are expected to be rebid in a couple of years. The award marks AMTEC's fourth consecutive 40mm systems contract, representing 17 consecutive Government fiscal years (FY05 - FY21). The initial award is for $77.7 million, with deliveries scheduled to commence in late 2018. The actual annual and cumulative dollar volume with the Army over the balance of the contract will be dependent upon military requirements and funding, as well as government procurement regulations and other factors controlled by the Army and the Department of Defense.
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 fire extinguisher Rusoh® Eliminator® fire extinguisher. The segment is recognized as an innovator of new products. The Defense segment, operating under the aegis of National Defense Corp., manufactures a variety of products, including medium caliber training and tactical ammunition, other military energetic devices and materials, detonators, fuzes, cartridge cases, less-lethal munitions, and less-lethal accessory equipment.
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.
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National Presto Industries Inc. published this content on 01 September 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 September 2017 20:22:04 UTC.
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National Presto Industries, Inc. is engaged in various business segments, which includes Housewares/Small Appliance, Defense and Safety. The Housewares/Small Appliance segment designs, markets and distributes housewares and small electrical appliances, including pressure cookers and canners, kitchen electrics, and comfort appliances. The Defense segment manufactures 40-millimeter (mm) ammunition, precision mechanical and electro-mechanical assemblies, medium caliber cartridge cases and metal parts; performs Load, Assemble and Pack (LAP) operations on ordnance-related products primarily for the United States Government and prime contractors, and manufactures detonators, booster pellets, release cartridges, lead azide and others. The Safety segment offers systems that provide early warning of conditions that could ultimately lead to significant losses and also offers carbon monoxide alarms with large digital displays and an array of voice messages that clearly inform of incipient danger.
NATIONAL PRESTO INDUSTRIES, INC. 
