National Presto Industries Inc. (NPK, Financial) filed Quarterly Report for the period ended 2010-04-04.
National Presto Industries Inc. has a market cap of $746.1 million; its shares were traded at around $108.79 with and P/S ratio of 1.6. The dividend yield of National Presto Industries Inc. stocks is 0.9%.NPK is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management.
Housewares/Small Appliance net sales increased by $4,888,000 from $24,120,000 to $29,008,000, or 20%, primarily as a result of an increase in unit shipments. Defense net sales decreased by $8,363,000 from $65,171,000 to $56,808,000, or 13%, primarily reflecting a decrease in shipments under the 40mm Systems program with the Army. Absorbent Products net sales increased by $1,949,000 from $18,635,000 to $20,584,000, or 11%, 57% of which stemmed from an increase in unit shipments, with the remainder attributable to the absence of unfavorable price adjustments from the prior period.
Housewares/Small Appliance gross profits increased $3,010,000 from $3,870,000 (16% of sales) to $6,880,000 (24% of sales), or 78%, approximately one quarter of which reflected the sales increase mentioned above, with the remaining increase attributable to reductions in commodity and freight costs. Defense gross profits decreased $403,000 from $15,047,000 (23% of sales) from the prior year's quarter to $14,644,000 (26% of sales), primarily reflecting reduced 40mm System shipments. Absorbent Products gross profits increased $2,322,000 from $741,000 (4% of sales) to $3,063,000 (15% of sales), or 313%, approximately 60% of which reflected decreased commodity costs and higher production levels/improved efficiency, with the remainder primarily attributable to the price adjustments mentioned above.
Earnings before provision for income taxes increased $4,132,000 from $16,686,000 to $20,818,000. The provision for income taxes increased from $5,832,000 to $7,619,000, which resulted in an effective income tax rate increase from 35% to 37%, primarily reflecting an increase in earnings subject to tax. Net earnings increased $2,345,000 from $10,854,000 to $13,199,000, or 22%.
Net cash provided by operating activities was $35,806,000 and $40,935,000 for the three months ended April 4, 2010 and April 5, 2009, respectively. The principal factors contributing to the decrease can be found in the changes in the components of working capital within the Consolidated Statements of Cash Flows. Of particular note during the first three months of 2010 were net earnings of $13,199,000, a decrease in accounts receivable levels stemming from cash collections on customer sales, partially offset by an increase in inventory levels and deposits with suppliers. Of particular note during the first three months of 2009 were net earnings of $10,854,000 and lower accounts receivable levels stemming from cash collections on customer sales.
Net cash used in investing activities during the first three months of 2010 was $6,337,000, as compared to $8,515,000 used in investing activities during the first three months of 2009. The change in investing activity cash flow is attributable to a decrease in net purchases of marketable securities, partially offset by an increase in acquisition of property, plant and equipment.
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National Presto Industries Inc. has a market cap of $746.1 million; its shares were traded at around $108.79 with and P/S ratio of 1.6. The dividend yield of National Presto Industries Inc. stocks is 0.9%.NPK is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management.
Highlight of Business Operations:
On a consolidated basis, sales decreased by $1,526,000 (1%), gross profit increased by $4,929,000 (25%), selling and general expense increased by $441,000 (11%), and other income decreased by $356,000 (32%). Earnings before the provision for income taxes increased by $4,132,000 (25%), as did net earnings by $2,345,000 (22%). Details concerning these changes can be found in the comments by segment below.Housewares/Small Appliance net sales increased by $4,888,000 from $24,120,000 to $29,008,000, or 20%, primarily as a result of an increase in unit shipments. Defense net sales decreased by $8,363,000 from $65,171,000 to $56,808,000, or 13%, primarily reflecting a decrease in shipments under the 40mm Systems program with the Army. Absorbent Products net sales increased by $1,949,000 from $18,635,000 to $20,584,000, or 11%, 57% of which stemmed from an increase in unit shipments, with the remainder attributable to the absence of unfavorable price adjustments from the prior period.
Housewares/Small Appliance gross profits increased $3,010,000 from $3,870,000 (16% of sales) to $6,880,000 (24% of sales), or 78%, approximately one quarter of which reflected the sales increase mentioned above, with the remaining increase attributable to reductions in commodity and freight costs. Defense gross profits decreased $403,000 from $15,047,000 (23% of sales) from the prior year's quarter to $14,644,000 (26% of sales), primarily reflecting reduced 40mm System shipments. Absorbent Products gross profits increased $2,322,000 from $741,000 (4% of sales) to $3,063,000 (15% of sales), or 313%, approximately 60% of which reflected decreased commodity costs and higher production levels/improved efficiency, with the remainder primarily attributable to the price adjustments mentioned above.
Earnings before provision for income taxes increased $4,132,000 from $16,686,000 to $20,818,000. The provision for income taxes increased from $5,832,000 to $7,619,000, which resulted in an effective income tax rate increase from 35% to 37%, primarily reflecting an increase in earnings subject to tax. Net earnings increased $2,345,000 from $10,854,000 to $13,199,000, or 22%.
Net cash provided by operating activities was $35,806,000 and $40,935,000 for the three months ended April 4, 2010 and April 5, 2009, respectively. The principal factors contributing to the decrease can be found in the changes in the components of working capital within the Consolidated Statements of Cash Flows. Of particular note during the first three months of 2010 were net earnings of $13,199,000, a decrease in accounts receivable levels stemming from cash collections on customer sales, partially offset by an increase in inventory levels and deposits with suppliers. Of particular note during the first three months of 2009 were net earnings of $10,854,000 and lower accounts receivable levels stemming from cash collections on customer sales.
Net cash used in investing activities during the first three months of 2010 was $6,337,000, as compared to $8,515,000 used in investing activities during the first three months of 2009. The change in investing activity cash flow is attributable to a decrease in net purchases of marketable securities, partially offset by an increase in acquisition of property, plant and equipment.
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