8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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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): April 29, 2022

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National Presto Industries, Inc.

(Exact name of registrant as specified in this chapter)

Registrant’s telephone number, including area code: 715-839-2121

N/A

(Former name or former address, if changed since last report)

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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))

Securities registered pursuant to Section 12(b) of the Act:

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 2.02  Results of Operations and Financial Condition

On April 29, 2022, the Registrant issued a press release regarding the registrant’s results of operations for the fiscal quarter ended April 3, 2022. 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

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.

ex_368736.htm

Exhibit 99.1

NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES

FIRST QUARTER 2022 SALES AND EARNINGS

Eau Claire, Wisconsin (April 29, 2022) — National Presto Industries, Inc. (NYSE: NPK) announced today first quarter 2022 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 for the quarter, Maryjo Cohen, President, stated, “As anticipated, issues identified in the 2021 Annual Report impacted the first quarter. Defense segment sales for the quarter were down $14.1 million or 25.9% from those reported in the comparable 2021 quarter, reflecting reduced shipments from backlog in part due to supply chain issues. Sales for the Housewares/Small Appliances segment declined $6.2 million or 23.4% primarily due to the inability to ship to customers who failed to implement January 1, 2022, price increases on a timely basis. By the end of the quarter, all customers had confirmed their acceptance of the bulk of those increases. Safety segment sales were nominal. Operating earnings largely followed sales. As a result of the sales decline and a less favorable mix, the Defense segment’s operating earnings were down $5.2 million or 46.3% from first quarter 2021. Logistical costs, in particular ocean freight increases, when combined with the sales decline led to an operating loss at the Housewares/Small Appliance segment. The Safety segment likewise reported a loss.”

After a two-year hiatus resulting from the COVID-19 pandemic, the international home and housewares trade show (now called the Inspired Home Show) was held in March 2022. During the show, the Housewares/Small Appliance segment introduced several new products. Those products include two additions to its hot air popper line. The first is a new PopLite® that makes 18 cups of popcorn. The popper features a patent pending design for worry-free popping and a butter melter with a metal cup for increased melting efficiency. The second is the PopLite® MyMunch™ popper that pops up to nine-cups of corn, perfect for dieters or for snacking. It has a see-through cover that doubles as a serving bowl. The base nests in the cover for compact storage. Both poppers have all of the other great attributes of PRESTO® PopLite® poppers – ultra fast popping with hot air rather than oil, virtually no unpopped kernels, and the convenience of built-in cord storage. The segment also showed a new line of Tuxedo™ digital skillets. Each takes skillet cooking to a whole new level. A precise heat control enables the user to set temperatures as low as 100 degrees up to 204 degrees in one-degree increments and temperatures from 205 to 400 degrees in increments of 5 degrees. The lower temperatures make the skillets ideal for such tasks as sous vide cooking, preparing delicate sauces, poaching fish and chicken, making yogurt, proofing frozen or fresh bread dough, and simmering soups and stews for up to 24 hours. The higher temperatures provide the means to sear a sous vide steak to perfection, steam vegetables, bake, and perform all of the traditional skillet functions like pan frying, sautéing, and braising. The skillets are available in 12” and 16” sizes, are handsomely styled with a white exterior and black interior, are coated with stick-free ceramic, and are accompanied by a glass cover and a rack for steaming, baking, and sous vide cooking. A restyled GranPappy® deep fryer was the final electric product introduced. It features the contemporary styling incorporated into the FryDaddy® deep fryer the prior year. In addition to these electric appliances, two new non-electric appliances were shown. The first is the PRESTO® nitro coffee dispenser that enables consumers to make nitrogen-infused cold brew at home. The brew is a coffee shop favorite known for its smooth texture, delicate flavor, and rich, creamy head. The PRESTO® dispenser includes a two-liter stainless steel keg that fits in most refrigerators and an exclusive rotating spout that swings up for drip-free storage. The dispenser is filled with up to 48-ounces of cold brew coffee and charged using nitrogen or nitrous oxide. A gentle push-down tap provides nitro coffee on demand. The entire product is fully immersible and includes a storage cap, collapsible funnel, and nylon cleaning brushes. The final new product shown was the PRESTO® premium canning kit, an 8-function deluxe set of the most desired accessories for successful home canning.

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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. The segment 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, and cartridge cases. The Safety Segment currently consists of two startup companies. The first is Rusoh, Inc., which designs and markets the Rusoh® Eliminator® fire extinguisher, the first owner-maintained fire extinguisher. The second is OneEvent Technologies, Inc. It offers systems that provide early warning of conditions that if not corrected, could ultimately lead to significant losses.

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.