8-K

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): July28, 2017

_______________

National Presto Industries, Inc.

(Exact name of registrant as specified in this chapter)

Wisconsin	1-2451	39-0494170
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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:

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

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

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition

On July  28, 2017, the registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended July2, 2017. 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 July28, 2017

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)
Date: July31, 2017	By:	/s/ Maryjo Cohen
		(Signature) Maryjo Cohen, President
		and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

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

NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES

INCREASED SECOND QUARTER 2017 SALES & EARNINGS

Eau Claire, Wisconsin (July 28, 2017) -- 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, “As with first quarter, the January 3, 2017, sale of the Absorbent Product segment’s assets required a change in the presentation of the quarter’s sales and earnings. The segment has been classified as a discontinued business in both years. Net after tax earnings from the sale of the Absorbent Product segment’s assets are reflected in 2017’s results, while 2016’s includes last year’s earnings augmented by the reversal of intercompany charges, primarily the lease of the Eau Claire manufacturing facility and the allocation of corporate services. Under accounting rules, these intercompany charges cannot be applied to a discontinued business and, in the case of 2016, are presented as costs retroactively borne by the parent company.

“For the continuing business, second quarter 2017 net sales increased $5 million or 7.3% from 2016 levels, due to a 14.8% increase in Defense segment shipments, largely from shipments from its backlog. That increase was offset in part by a 12.3% comparative reduction at the Housewares/Small Appliance segment. The reduction was not unexpected and stemmed from many of the same elements that affected the prior year and first quarter, i.e., a struggling retail environment and changes in customer product assortments that occurred in the latter part of second quarter 2016. The quarter’s comparative net earnings increased by 17.4%, reflecting the volume changes in each segment as well as the recognition of additional earnings from the sale of the Absorbent Product assets. The Defense segment’s operating profit was up 20.6%, while the Housewares/Small Appliances segment experienced a loss.”

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, 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.

		THREE MONTHS ENDED
		July 2, 2017		July 3, 2016
Net Sales	$	74,561,000	$	69,516,000
Earnings from Continuing Operations	$	8,941,000	$	7,936,000
Earnings from Discontinued Operations	$	771,000	$	338,000
Net Earnings	$	9,712,000	$	8,274,000
Net Earnings Per Share	$	1.39	$	1.19
Weighted Shares Outstanding		6,990,000		6,970,000

		SIX MONTHS ENDED
		July 2, 2017		July 3, 2016
Net Sales	$	147,415,000	$	135,458,000
Earnings from Continuing Operations	$	18,914,000	$	14,446,000
Earnings from Discontinued Operations	$	8,953,000	$	1,039,000
Net Earnings	$	27,867,000	$	15,485,000
Net Earnings Per Share	$	3.99	$	2.22
Weighted Shares Outstanding		6,985,000		6,967,000

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.