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NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
THIRD QUARTER 2001 SALES AND EARNINGS
Eau Claire, Wisconsin (October 26, 2001) -- National Presto Industries, Inc. (NYSE: NPK) announced today third 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, "Like the prior two quarters, sizable declines in third quarter sales and earnings were expected. Such expectations, however, did not include the recessionary influences which beset the economy on an increasing scale throughout the year, exacerbated by the economic consequences of the September 11 terrorist attack on the Pentagon and the Twin Trade Towers. Many of the factors which adversely influenced the earlier periods again burdened the third quarter. Those factors include demands for increased discounts by important retailers combined with unwillingness on their part to accept cost increases. In addition, the 2001 quarter did not enjoy the boost provided in 2000 by the introduction of the Pizzazz® pizza oven (a product which was enthusiastically endorsed by the retail trade, but which ultimately did not enjoy the anticipated sell through). Yields on the company’s investment portfolio were likewise depressed, reflecting the ongoing efforts of the Federal Reserve Board to stimulate the economy through frequent and significant rate reductions. Most of these difficulties were predicted in the Company’s 2000 annual report, which stated that their materialization ‘could jeopardize the Company’s dividend record, in whole or in part’.”
National Presto manufactures and sells small household electric appliances and pressure cookers under the PRESTO® brand name. The Company is widely recognized as an innovator of new products.
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THREE MONTHS ENDED
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September 30, 2001
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October 1, 2000
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Net Sales |
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$ 26,616,000
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$30,668,000
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Net Earnings |
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$ 2,137,000
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$ 3,600,000
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Net Earnings Per Share |
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$ .31
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$ .52
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Weighted Shares |
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6,849,000
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6,980,000
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NINE MONTHS ENDED
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September 30, 2001
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October 1, 2000
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Net Sales |
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$ 63,512,000
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$ 69,574,000
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Net Earnings |
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$ 4,766,000
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$ 9,466,000
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Net Earnings Per Share |
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$ .69
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$ 1.34
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Weighted Shares |
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6,863,000
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7,059,000
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