National Presto Industries Inc. (NPK, Financial) filed Quarterly Report for the period ended 2009-07-05.
National Presto Industries manufactures and distributes small electrical appliances and housewares including comfort appliances pressure cookers and canners private label and premium sales products. Electrical appliances and housewares sold by the company include pressure cookers and canners; the Presto Control Master heat control single thermostatic control line of fry pans in several sizes griddles and combination griddle/warmers and multi-purpose cookers; deep fryers of various sizes; can openers slicer/shredders; electric heaters; corn poppers. National Presto Industries Inc. has a market cap of $581.1 million; its shares were traded at around $84.77 with and P/S ratio of 1.3. The dividend yield of National Presto Industries Inc. stocks is 1.2%. National Presto Industries Inc. had an annual average earning growth of 14.6% over the past 10 years.
Housewares/small appliance gross profits increased $3,020,000 from $3,458,000 (15% of sales) to $6,478,000 (26% of sales), or 87%, reflecting reductions in commodity costs, augmented by the increased sales mentioned above. Defense gross profits increased $671,000 from $14,450,000 (21%) from the prior year\'s quarter to $15,121,000 (25%) stemming from an improved mix of products shipped. Absorbent products gross profits were $2,765,000 in the current quarter versus a loss of $207,000 in the prior period, a favorable change of $2,972,000, primarily reflecting decreased commodity costs, augmented by higher production levels/improved efficiency.
Earnings before provision for income taxes increased $5,778,000 from $14,575,000 to $20,353,000. The provision for income taxes increased from $4,993,000 to $7,007,000, resulting in an effective income tax rate of 34% for both periods. Net earnings increased $3,764,000 from $9,582,000 to $13,346,000, or 39%.
Housewares/small appliance net sales increased by $6,002,000 from $42,704,000 to $48,706,000, or 14%, 44% of which was attributable to an increase in units shipped, with the remaining increase attributable to higher unit prices secured in the first half of 2009 versus those in effect during the comparable prior year period. Defense net sales increased by $13,272,000 from $111,544,000 to $124,816,000, or 12%, stemming primarily from an increase in sales related to the US Department of the Army 40mm Systems program. Absorbent products net sales increased by $4,666,000 from $32,899,000 to $37,565,000, or 14%, stemming primarily from an increase in unit shipments.
Housewares/small appliance gross profits increased $3,036,000 from $7,312,000 (17% of sales) to $10,348,000 (21% of sales), or 42%, reflecting lower commodity costs, augmented by the increased sales mentioned above. Defense gross profits increased $6,783,000 from $23,385,000 (21%) from the prior year\'s quarter to $30,168,000 (24%). The dollar increase reflected the sales increase noted above, while the percent increase related to a more favorable mix of product shipped. Absorbent products gross profits were $3,506,000 in the current quarter versus a loss of $58,000 in the prior period, a favorable change of $3,564,000, primarily reflecting decreased commodity costs, augmented by higher production levels/improved efficiency.
Earnings before provision for income taxes increased $12,334,000 from $24,705,000 to $37,039,000. The provision for income taxes increased from $8,873,000 to $12,839,000, which resulted in an effective income tax rate decrease from 36% to 35%, reflecting the increase in the FIN 48 tax reserve made in the prior period that was not repeated in the current period. Net earnings increased $8,368,000 from $15,832,000 to $24,200,000, or 53%.
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National Presto Industries manufactures and distributes small electrical appliances and housewares including comfort appliances pressure cookers and canners private label and premium sales products. Electrical appliances and housewares sold by the company include pressure cookers and canners; the Presto Control Master heat control single thermostatic control line of fry pans in several sizes griddles and combination griddle/warmers and multi-purpose cookers; deep fryers of various sizes; can openers slicer/shredders; electric heaters; corn poppers. National Presto Industries Inc. has a market cap of $581.1 million; its shares were traded at around $84.77 with and P/S ratio of 1.3. The dividend yield of National Presto Industries Inc. stocks is 1.2%. National Presto Industries Inc. had an annual average earning growth of 14.6% over the past 10 years.
Highlight of Business Operations:
Housewares/small appliance net sales increased by $1,255,000 from $23,331,000 to $24,586,000, or 5%, as a result of higher unit prices secured in second quarter 2009 versus those in effect during the comparable prior year quarter, offset in part (20%) by a decrease in units shipped due in largest part to promotional timing differences between the two quarters. Defense net sales decreased by $9,005,000 from $68,650,000 to $59,645,000, or 13%, stemming primarily from a decrease in sales related to the US Department of the Army 40mm Systems program. Absorbent products net sales increased by $909,000 from $18,021,000 to $18,930,000, or 5%, approximately 40% of which stemmed from an increase in unit shipments, with the balance attributable to a one-time negotiated adjustment.Housewares/small appliance gross profits increased $3,020,000 from $3,458,000 (15% of sales) to $6,478,000 (26% of sales), or 87%, reflecting reductions in commodity costs, augmented by the increased sales mentioned above. Defense gross profits increased $671,000 from $14,450,000 (21%) from the prior year\'s quarter to $15,121,000 (25%) stemming from an improved mix of products shipped. Absorbent products gross profits were $2,765,000 in the current quarter versus a loss of $207,000 in the prior period, a favorable change of $2,972,000, primarily reflecting decreased commodity costs, augmented by higher production levels/improved efficiency.
Earnings before provision for income taxes increased $5,778,000 from $14,575,000 to $20,353,000. The provision for income taxes increased from $4,993,000 to $7,007,000, resulting in an effective income tax rate of 34% for both periods. Net earnings increased $3,764,000 from $9,582,000 to $13,346,000, or 39%.
Housewares/small appliance net sales increased by $6,002,000 from $42,704,000 to $48,706,000, or 14%, 44% of which was attributable to an increase in units shipped, with the remaining increase attributable to higher unit prices secured in the first half of 2009 versus those in effect during the comparable prior year period. Defense net sales increased by $13,272,000 from $111,544,000 to $124,816,000, or 12%, stemming primarily from an increase in sales related to the US Department of the Army 40mm Systems program. Absorbent products net sales increased by $4,666,000 from $32,899,000 to $37,565,000, or 14%, stemming primarily from an increase in unit shipments.
Housewares/small appliance gross profits increased $3,036,000 from $7,312,000 (17% of sales) to $10,348,000 (21% of sales), or 42%, reflecting lower commodity costs, augmented by the increased sales mentioned above. Defense gross profits increased $6,783,000 from $23,385,000 (21%) from the prior year\'s quarter to $30,168,000 (24%). The dollar increase reflected the sales increase noted above, while the percent increase related to a more favorable mix of product shipped. Absorbent products gross profits were $3,506,000 in the current quarter versus a loss of $58,000 in the prior period, a favorable change of $3,564,000, primarily reflecting decreased commodity costs, augmented by higher production levels/improved efficiency.
Earnings before provision for income taxes increased $12,334,000 from $24,705,000 to $37,039,000. The provision for income taxes increased from $8,873,000 to $12,839,000, which resulted in an effective income tax rate decrease from 36% to 35%, reflecting the increase in the FIN 48 tax reserve made in the prior period that was not repeated in the current period. Net earnings increased $8,368,000 from $15,832,000 to $24,200,000, or 53%.
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