National Presto : Second Quarter 2016 Sales and Earnings
July 29, 2016 at 04:23 pm EDT
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NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
SECOND QUARTER 2016 SALES & EARNINGS
Eau Claire, Wisconsin (July 29, 2016) -- National Presto Industries, Inc. (NYSE: NPK) announced today second 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, 'Second quarter 2016 net sales dropped $14.4 million or 14.1% from 2015 levels, primarily due to timing of Defense segment shipments, which were off 19.8% from those reported in the comparable 2015 quarter. While Absorbent Product Segment shipments increased by 4%, the Housewares/Small Appliance segment experienced a 12.2% comparative reduction, reflecting a slow retail environment, as well as changes in customers' product assortments. The quarter's comparative net earnings dropped 9.3%, largely due to the decrease in volume. The Defense segment's operating profit was off 17.2%, while the Housewares/Small Appliances segment's operating profit decreased 38.8%. Largely as a result of enhanced volume, the Absorbent Products segment experienced a small operating profit in contrast to the prior year's second quarter loss.'
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, 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
July 3, 2016
July 5, 2015
Net Sales
$87,985,000
$102,371,000
Net Earnings
$8,274,000
$9,120,000
Net Earnings Per Share
$1.19
$1.31
Weighted Shares Outstanding
6,970,000
6,951,000
Six Months Ended
July 3, 2016
July 5, 2015
Net Sales
$174,482,000
$203,370,000
Net Earnings
$15,485,000
$17,229,000
Net Earnings Per Share
$2.22
$2.48
Weighted Shares Outstanding
6,967,000
6,947,000
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.
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National Presto Industries Inc. published this content on 29 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 July 2016 20:23:05 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. 
