EXHIBIT 99.1





 

NEWS RELEASE

CONTACT: Randy Lieble

FOR IMMEDIATE RELEASE

(715) 839-2164



NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES INCREASED

2016 EARNINGS AND 2017 DIVIDEND



Eau Claire, Wisconsin (February 10, 2017) -- National Presto Industries, Inc. (NYSE: NPK) announced today 2016 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 commenting on the results, Maryjo Cohen, President, stated, “The January 3, 2017 sale of the assets of the Company’s Absorbent Product segment has had a significant effect on both the 2016 net sales and earnings lines as the segment’s business has been reclassified as discontinued. Sales and expenses are netted as ’earnings (losses) from a discontinued business.’” Parent intercompany charges have also been reclassified as earnings of the discontinued business. Net 2016 consolidated sales as restated decreased from 2015’s levels by $13.7 million or 4.0% to $341.9 million due to a $17.8 million decline at the Housewares/Small Appliance segment, offset in part by a $4.1 million or 1.8% increase in the Defense segment’s volume. The Defense segment’s increase largely reflected shipments from its backlog. The Housewares/Small Appliance’s decline was due to a “perfect storm” of events that included a struggling retail environment, changes in customers’ product assortments and promotions, as well as sourcing issues.”



Net consolidated earnings improved by $4.1 million or 10% to $44.6 million ($6.39 per share) from 2015’s $40.5 million ($5.83 per share). The portions that were reclassified as discontinued were: $2.6 million or $0.38 per share in 2016 versus -$1.7 million or -$0.24 per share in 2015. Earnings from Continuing Operations were essentially flat at $41.9 million for 2016 versus $42.1 million in 2015. Due to a change in the number of outstanding shares, earnings per share from continuing earnings were $6.01 compared to $6.07 in the prior year. Increases in operating earnings at the Defense Segment were offset by a comparable decline at the Housewares/Small Appliance segment. The latter were largely attributable to the sales drop mentioned above. Accounting adjustments stemming from year-to-year differences in the amortization and write-off of defense intangible assets accounted for about 69% of the Defense segment’s year over year operating improvement.



The Board of Directors of National Presto Industries, Inc. announced today the 2017 dividend, which consists of the regular dividend of $1.00 per share, plus an extra of $4.50. The 2017 dividend is the most recent in an unbroken history of seventy-three years. The record date for the dividend will be March 1, 2017, and the payment date, March 15, 2017. In addition, the Board confirmed May 16, 2017 as the date of the Company’s 2017 annual meeting of shareholders. The record date for the annual meeting will be March 16, 2017.



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, 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.





 

 

 

 

 

 

 

 

 

 

 

 YEAR ENDED DECEMBER 31

 

 

 

 

2016

 

 

 

2015

 

Net Sales*

 

$

341,905,000 

 

 

$

355,649,000 

 

Net Earnings

 

$

44,564,000 

 

 

$

40,496,000 

 

Net Earnings Per Share

 

$

6.39 

 

 

$

5.83 

 

Weighted Shares Outstanding

 

 

6,970,000 

 

 

 

6,951,000 

 



*Sales for both years exclude those of the Absorbent Products segment.



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.


The following information was filed by National Presto Industries Inc (NPK) on Monday, February 13, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate National Presto Industries Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by National Presto Industries Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account