Document And Entity Information
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Document And Entity Information
3 Months Ended
Mar. 30, 2014
May 01, 2014
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 30, 2014  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2014  
Entity Registrant Name NATIONAL PRESTO INDUSTRIES INC  
Entity Central Index Key 0000080172  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   6,909,333
Entity Current Reporting Status Yes  

Condensed Consolidated Balance Sheets
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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 7,970 $ 22,953
Marketable securities 27,707 36,404
Accounts receivable, net 62,754 84,322
Inventories:    
Finished goods 36,119 36,078
Work in process 50,084 49,690
Raw materials 9,396 6,746
Supplies 15  
Total inventory 95,614 92,514
Deferred tax assets 8,083 8,083
Income tax receivable 1,504 213
Other current assets 19,609 19,584
Total current assets 223,241 264,073
Property, Plant and equipment, gross 164,193 155,872
Less allowance for depreciation 68,574 66,283
PROPERTY, PLANT AND EQUIPMENT, NET 95,619 89,589
GOODWILL 11,485 11,485
INTANGIBLE ASSETS, net 22,254 24,698
NOTE RECEIVABLE 3,725 3,695
Total assets 356,324 393,540
CURRENT LIABILITIES:    
Accounts payable 31,573 38,323
Accrued liabilities 15,266 15,907
Total current liabilities 46,839 54,230
DEFERRED INCOME TAX 6,761 6,759
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock, $1 par value: Authorized: 12,000,000 Issued: 7,440,518 7,441 7,441
Paid-in capital 5,287 4,998
Retained earnings 306,631 336,895
Accumulated other comprehensive income 12 8
Stockholders' Equity before Treasury Stock 319,371 349,342
Treasury stock, at cost 16,647 16,791
Total stockholders' equity 302,724 332,551
Total liabilities and stockholders' equity $ 356,324 $ 393,540

Condensed Consolidated Balance Sheets (Parenthetical)
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Mar. 30, 2014
Dec. 31, 2013
Consolidated Balance Sheets [Abstract]    
Common stock, par value $ 1 $ 1
Common stock, shares authorized 12,000,000 12,000,000
Common stock, shares issued 7,440,518 7,440,518

Consolidated Statements Of Comprehensive Income
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Consolidated Statements Of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Consolidated Statements Of Comprehensive Income [Abstract]    
Net sales $ 86,554 $ 83,190
Cost of sales 70,834 66,981
Gross profit 15,720 16,209
Selling and general expenses 6,295 5,684
Intangibles amortization 2,443 167
Operating profit 6,982 10,358
Other income 164 208
Earnings before provision for income taxes 7,146 10,566
Income tax provision 2,456 3,712
Net earnings 4,690 6,854
Weighted average common shares outstanding:    
Basic and diluted 6,921 6,903
Net earnings per share:    
Basic and diluted $ 0.68 $ 0.99
Other comprehensive income, net of tax:    
Unrealized gain on available-for-sale securities 4 8
Comprehensive income $ 4,694 $ 6,862
Cash dividends declared and paid per common share $ 5.05 [1] $ 0.00 [1]
[1] An accelerated payment was made in late December 2012 of the annual 2013 dividend. The acceleration was occasioned by the uncertainty over the federal income tax rates that would be in effect for 2013. In contrast, the annual 2014 dividend payment was made during the first quarter of 2014.

Consolidated Statements Of Cash Flows
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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net earnings $ 4,690 $ 6,854
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for depreciation 2,337 2,114
Intangibles amortization 2,443 167
Provision for doubtful accounts 180 56
Other 32 109
Changes in:    
Accounts receivable 22,886 25,914
Inventories 1,597 (13,513)
Other current assets 3 (6,835)
Accounts payable and accrued liabilities (8,402) (5,088)
Federal and state income taxes (1,293) 1,043
Net cash provided by operating activities 24,473 10,821
Cash flows from investing activities:    
Marketable securities purchased (1,208) (1,709)
Marketable securities - maturities and sales 9,912 2,264
Acquisition of property, plant and equipment (3,868) (5,769)
Acquisition of businesses, net of cash acquired (10,000)  
Sale of property, plant and equipment 300 3
Net cash used in investing activities (4,864) (5,211)
Cash flows from financing activities:    
Dividends paid (34,954)  
Other 362  
Net cash used in financing activities (34,592)  
Net increase (decrease) in cash and cash equivalents (14,983) 5,610
Cash and cash equivalents at beginning of period 22,953 37,437
Cash and cash equivalents at end of period $ 7,970 $ 43,047

Business Segments (Tables)
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Business Segments (Tables)
3 Months Ended
Mar. 30, 2014
Business Segments [Abstract]  
Summary Of Business Segments Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Quarter ended March 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

19,363 

 

$

48,289 

 

$

18,902 

 

$

86,554 

Gross profit

 

 

3,789 

 

 

11,305 

 

 

626 

 

 

15,720 

Operating profit

 

 

944 

 

 

6,027 

 

 

11 

 

 

6,982 

Total assets

 

 

125,828 

 

 

164,334 

 

 

66,162 

 

 

356,324 

Depreciation and amortization

 

 

242 

 

 

3,108 

 

 

1,431 

 

 

4,781 

Capital expenditures

 

 

164 

 

 

602 

 

 

3,102 

 

 

3,868 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

24,889 

 

$

38,951 

 

$

19,350 

 

$

83,190 

Gross profit

 

 

4,457 

 

 

10,066 

 

 

1,686 

 

 

16,209 

Operating profit

 

 

1,558 

 

 

7,665 

 

 

1,135 

 

 

10,358 

Total assets

 

 

188,776 

 

 

108,200 

 

 

59,955 

 

 

356,931 

Depreciation and amortization

 

 

282 

 

 

681 

 

 

1,318 

 

 

2,281 

Capital expenditures

 

 

114 

 

 

1,583 

 

 

4,072 

 

 

5,769 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Business Segments (Schedule Of Segment Information) (Details)
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Business Segments (Schedule Of Segment Information) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Dec. 31, 2013
Segment Reporting Information [Line Items]      
External net sales $ 86,554 $ 83,190  
Gross profit 15,720 16,209  
Operating profit 6,982 10,358  
Total assets 356,324 356,931 393,540
Depreciation and amortization 4,781 2,281  
Capital expenditures 3,868 5,769  
Housewares/ Small Appliances [Member]
     
Segment Reporting Information [Line Items]      
External net sales 19,363 24,889  
Gross profit 3,789 4,457  
Operating profit 944 1,558  
Total assets 125,828 188,776  
Depreciation and amortization 242 282  
Capital expenditures 164 114  
Defense Products [Member]
     
Segment Reporting Information [Line Items]      
External net sales 48,289 38,951  
Gross profit 11,305 10,066  
Operating profit 6,027 7,665  
Total assets 164,334 108,200  
Depreciation and amortization 3,108 681  
Capital expenditures 602 1,583  
Absorbent Products [Member]
     
Segment Reporting Information [Line Items]      
External net sales 18,902 19,350  
Gross profit 626 1,686  
Operating profit 11 1,135  
Total assets 66,162 59,955  
Depreciation and amortization 1,431 1,318  
Capital expenditures $ 3,102 $ 4,072  

Cash, Cash Equivalents And Marketable Securities (Tables)
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Cash, Cash Equivalents And Marketable Securities (Tables)
3 Months Ended
Mar. 30, 2014
Cash, Cash Equivalents And Marketable Securities [Abstract]  
Summary Of The Amortized Costs And Fair Values Of Marketable Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

 

 

MARKETABLE SECURITIES

 

 

Amortized Cost

 

Fair Value

 

Gross Unrealized Gains

 

Gross Unrealized Losses

March 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

15,000 

 

$

15,018 

 

$

21 

 

$

Variable Rate Demand Notes

 

 

12,689 

 

 

12,689 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

27,689 

 

$

27,707 

 

$

21 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

20,813 

 

$

20,825 

 

$

18 

 

$

Variable Rate Demand Notes

 

 

15,579 

 

 

15,579 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

36,392 

 

$

36,404 

 

$

18 

 

$

 


Cash, Cash Equivalents and Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details)
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Cash, Cash Equivalents and Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2014
Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost $ 27,689 $ 36,392
MARKETABLE SECURITIES, Fair Value 27,707 36,404
MARKETABLE SECURITIES, Gross Unrealized Gains 21 18
MARKETABLE SECURITIES - Gross Unrealized Losses 3 6
Tax-Exempt Municipal Bonds [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 15,000 20,813
MARKETABLE SECURITIES, Fair Value 15,018 20,825
MARKETABLE SECURITIES, Gross Unrealized Gains 21 18
MARKETABLE SECURITIES - Gross Unrealized Losses 3 6
Variable Rate Demand Notes [Member]
   
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 12,689 15,579
MARKETABLE SECURITIES, Fair Value $ 12,689 $ 15,579

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details)
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Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) (USD $)
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Transfers into Level 2 $ 0  
Transfers out of Level 2 0  
Proceeds from sales of available-for-sale securities 9,912,000 2,264,000
Gross gains or losses related to sales of marketable securities 0 0
Net unrealized losses included in accumulated other comprehensive income, before taxes 7,000 12,000
Contractual maturities of marketable securities within 1 year 12,773,000  
Contractual maturities of marketable securities, years 2-5 3,330,000  
Contractual maturities of marketable securities, years 6-10 4,822,000  
Contractual maturities of marketable securities, after 10 years 6,782,000  
Marketable securities liquidation period 7 days  
Accumulated Net Unrealized Investment Gain (Loss) [Member]
   
Reclassification out of AOCI $ 0 $ 0

Business Acquisition (Tables)
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Business Acquisition (Tables)
3 Months Ended
Mar. 30, 2014
Business Acquisition [Abstract]  
Summary of Assets Acquired and Liabilities Assumed in a Business Combination

 

 

 

 

 

 

 

(in thousands)

 

 

 

Receivables

$

1,498 

Inventory

 

4,697 

Other current assets

 

28 

Property, plant and equipment

 

4,800 

  Total assets acquired

 

11,023 

Less: Current liabilities assumed

 

489 

Net assets acquired

$

10,534 

 

Summary Pro Forma Results of Operations for a Material Business Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

(in thousands, except per share data)

 

Quarter Ended

 

Quarter Ended

 

March 30, 2014

 

March 31, 2013

 

 

 

 

 

 

Net sales

$

87,189 

 

$

87,321 

Net earnings

 

4,410 

 

 

6,982 

 

 

 

 

 

 

Net earnings per share (basic and diluted)

$

0.64 

 

$

1.01 

Weighted average shares outstanding (basic and diluted)

 

6,921 

 

 

6,903 

 

 

 

 

 

 

 


Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details)
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Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (Tech Ord [Member], USD $)
In Thousands, unless otherwise specified
Jan. 24, 2014
Tech Ord [Member]
 
Business Acquisition [Line Items]  
Receivables $ 1,498
Inventory 4,697
Other Current Assets 28
Property, Plant and Equipment 4,800
Total Assets Acquired 11,023
Less: Current Liabilities Assumed 489
Net Assets Acquired $ 10,534

Business Acquisition (Schedule of Pro Forma Results of Operatiaons) (Details)
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Business Acquisition (Schedule of Pro Forma Results of Operatiaons) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Business Acquisition [Line Items]    
Basic and diluted 6,921 6,903
Tech Ord [Member]
   
Business Acquisition [Line Items]    
Pro Forma Net Sales $ 87,189 $ 87,321
Pro Forma Net Earnings $ 4,410 $ 6,982
Net earnings per share (basic and diluted) $ 0.64 $ 1.01
Basic and diluted 6,921 6,903

Business Acquisition (Narrative) (Details)
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Business Acquisition (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 1 Months Ended 3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Jan. 24, 2014
Tech Ord [Member]
Mar. 30, 2014
Tech Ord [Member]
Jun. 29, 2014
Tech Ord [Member]
Scenario, Forecast [Member]
Business Acquisition [Line Items]          
Net sales $ 86,554 $ 83,190      
Business Combination, Consideration Transferred     10,534    
Cash Paid to Acquire Business     10,000   534
Estimated Amount of Acquired Receivable Uncollectible     20    
Revenue of Acquiree Included in Conolidated Income Statement Since Acquisition Date       2,015  
Earnings (Loss) of Acquiree Included in Conolidated Income Statement Since Acquisition Date       $ 155