0000080172
2011-04-03
0000080172
2010-12-31
0000080172
2012-04-01
0000080172
2011-12-31
0000080172
2011-01-01
2011-04-03
0000080172
2012-05-01
0000080172
2012-01-01
2012-04-01
iso4217:USD
iso4217:USD
xbrli:shares
xbrli:shares
false
--12-31
Q1
2012
2012-04-01
10-Q
0000080172
6882058
Accelerated Filer
NATIONAL PRESTO INDUSTRIES INC
<div> <p><font class="_mt" size="2">The foregoing information for the periods ended April 1, 2012, and April 3, 2011, is unaudited; however, in the opinion of management of the Registrant, it reflects all the adjustments, which were of a normal recurring nature, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet as of December 31, 2011 is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2011 annual report on Form 10-K. Interim results for the period are not indicative of those for the year. </font></p> </div>
8.25
6.00
-12000
4000
48344000
39392000
73634000
66830000
1567000
4786000
16035000
15146000
57340000
59767000
72000
76000
3539000
3902000
411641000
373660000
328905000
288865000
49719000
24725000
73995000
44980000
-24994000
-29015000
<div> <p><font class="_mt" size="2"><u><b>NOTE D - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES</b></u> <br /><br />The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. </font></p>
<p><font class="_mt" size="2">Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820).</font></p>
<p><font class="_mt" size="2">The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities. </font></p>
<p><font class="_mt" size="2">At April 1, 2012 and December 31, 2011, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company's marketable securities at the end of the periods presented is shown in the following table. All of the Company's marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable. There were no transfers into or out of Level 2 during the three months ended April 1, 2012. </font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="font-size: 1px;"><td valign="bottom" width="35%">
<p> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="1%">
<p> </p></td></tr>
<tr><td style="border-bottom: black 1px solid;" valign="bottom" colspan="14">
<p align="center"><font class="_mt" size="1"><b>(In Thousands)</b></font></p></td></tr>
<tr><td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="11">
<p align="center"><font class="_mt" size="1"><b>MARKETABLE SECURITIES</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td></tr>
<tr><td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Amortized <br />Cost</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Fair Value</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Gross <br />Unrealized <br />Gains</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Gross <br />Unrealized <br />Losses</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>April 1, 2012</b></font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Tax-exempt <br />Municipal Bonds</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">25,723</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">25,840</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">122</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">5</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Variable Rate <br />Demand Notes</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">28,776</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">28,776</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">0</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">0</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Total Marketable <br />Securities</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">54,499</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">54,616</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">122</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">5</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>December 31, 2011</b></font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Tax-exempt <br />Municipal Bonds</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">26,214</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">26,326</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">128</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">16</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Variable Rate <br />Demand Notes</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">33,034</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">33,034</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">0</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">0</font></p></td>
<td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Total Marketable <br />Securities</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">59,248</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">59,360</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">128</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">16</font></p></td>
<td valign="bottom">
<p> </p></td></tr></table>
<p><font class="_mt" size="2">Proceeds from sales of available-for-sale securities totaled $6,372,000 and $35,885,000 for the three month periods ended April 1, 2012 and April 3, 2011, respectively. There were no gross gains or losses related to sales of marketable securities during the same periods. Net unrealized gains, which are reported as a separate component of accumulated other comprehensive income, were $117,000 and $180,000 before taxes as of April 1, 2012 and April 3, 2011, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the three month periods ended April 1, 2012 and April 3, 2011.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">The contractual maturities of the marketable securities held at April 1, 2012 are as follows: $7,082,000 within one year; $18,510,000 beyond one year to five years; $7,850,000 beyond five years to ten years, and $21,174,000 beyond ten years. All of the instruments in the beyond five year ranges, with the exception of two tax-exempt municipal bonds with total fair values of $3,003,000 and maturities between five and six years, are variable rate demand notes which can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.</font></p> </div>
<div> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2"><u><b>NOTE E – COMMITMENTS AND CONTINGENCIES</b></u> </font><br /><br /><font class="_mt" size="2">The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.</font></p> </div>
1
1
12000000
12000000
7440518
7440518
7441000
7441000
11351000
9348000
86932000
76421000
6140000
6140000
9405000
9407000
2063000
2434000
<div> <p><font class="_mt" size="2"><u><b>NOTE F – ADOPTION OF NEW ACCOUNTING STANDARDS</b></u> </font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="font-size: 1px;"><td valign="top" width="5%">
<p> </p></td>
<td valign="top" width="95%">
<p> </p></td></tr>
<tr><td valign="top">
<p> </p></td>
<td valign="top">
<p><font class="_mt" size="2">In June 2011, the FASB issued ASU No. 2011-05, <i>Amendments to Topic 220, Comprehensive Income</i>. Under the amendments in this ASU, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments in this ASU should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted, because compliance with the amendments is already permitted. The amendments do not require any transition disclosures. In December 2011, the FASB deferred the requirement to present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income with the issuance of ASU 2011-12, <i>Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05</i>. Companies are required to either present amounts reclassified out of other comprehensive income on the face of the financial statements or disclose those amounts in the notes to the financial statements. During the deferral period, there is no requirement to separately present or disclose the reclassification adjustments into net income. The effective date of the deferral is consistent with the effective date of the ASU No. 2011-05. Except for the deferral of the presentation of reclassifications of items out of accumulated other comprehensive income, the Company adopted ASU 2011-5 retrospectively in the first quarter of 2012. The Company does not expect the adoption of the remaining deferred provisions of ASU 2011-05 to have a material impact on its consolidated financial statements. </font></p></td></tr></table> </div>
1.65
1.36
1.65
1.36
<div> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2"><u><b>NOTE A – EARNINGS PER SHARE</b></u><br /><br />Earnings per share was calculated using the two-class method, which is an earnings allocation formula that determines earnings per share for common shareholders and each participating security according to dividends declared and participation rights in undistributed earnings.</font></p> </div>
<div> <p><font class="_mt" size="2"><u><b>NOTE C - FAIR VALUE OF FINANCIAL INSTRUMENTS</b> <br /><br /></u>The Company utilizes the methods of fair value as described in Financial Accounting Standard Board ("FASB") Accounting Standard Codification ("ASC") 820, <i>Fair Value Measurements and Disclosures</i> to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments.</font></p> </div>
18468000
18468000
21954000
20352000
17679000
14751000
6316000
5407000
-6197000
-9829000
-26016000
-7104000
-274000
3142000
363000
812000
11104000
11000
32759000
27008000
94506000
95318000
11285000
10481000
50462000
57829000
411641000
373660000
65946000
59324000
59360000
54616000
-56226000
-40935000
9498000
256000
21734000
11664000
11363000
9344000
17139000
14638000
21270000
20981000
-230000
-292000
540000
113000
60000
56665000
41292000
23261000
1623000
3070000
4493000
439000
357000
35885000
6372000
4000
121608000
126094000
64268000
66327000
342873000
310925000
108886000
96773000
<div> <p><font class="_mt" size="2"><u><b>NOTE B – BUSINESS SEGMENTS</b></u> <br /><br />In the following summary, operating profit represents earnings before other income, principally interest income and income taxes. The Company's segments operate discretely from each other with no shared manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented. </font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="font-size: 1px;"><td valign="bottom" width="35%">
<p> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="3%">
<p> </p></td>
<td valign="bottom" width="1%">
<p> </p></td>
<td valign="bottom" width="12%">
<p align="right"> </p></td>
<td valign="bottom" width="1%">
<p> </p></td></tr>
<tr><td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="11">
<p align="center"><font class="_mt" size="1"><b>(in thousands)</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td></tr>
<tr><td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Housewares/ <br />Small <br />Appliances</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Defense <br />Products</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Absorbent <br />Products</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p align="center"><font class="_mt" size="1"><b>Total</b></font></p></td>
<td valign="bottom">
<p align="center"> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>Quarter ended April 1, 2012</b></font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">External net sales</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">24,692</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">49,681</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">22,400</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">96,773</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Gross profit</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">4,697</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">13,873</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">1,782</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">20,352</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Operating profit</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">1,735</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">11,690</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">1,213</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">14,638</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Total assets</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">183,219</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">122,723</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">67,718</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">373,660</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Depreciation</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">266</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">801</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">1,367</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">2,434</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Capital expenditures</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">248</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">21</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">4,224</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">4,493</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>Quarter ended April 3, 2011</b></font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"> </p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">External net sales</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">27,088</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">59,484</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">22,314</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p><font class="_mt" size="2">$</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">108,886</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Gross profit</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">5,434</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">15,363</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">1,157</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">21,954</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Operating profit</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">2,903</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">13,599</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">637</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">17,139</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Total assets</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">211,511</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">95,246</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">57,254</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">364,011</font></p></td>
<td valign="bottom">
<p> </p></td></tr>
<tr><td bgcolor="#d6f3e8" valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Depreciation</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">222</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">907</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">934</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p align="right"><font class="_mt" size="2">2,063</font></p></td>
<td bgcolor="#d6f3e8" valign="bottom">
<p> </p></td></tr>
<tr><td valign="bottom">
<p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Capital expenditures</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">943</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">408</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">1,719</font></p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p> </p></td>
<td valign="bottom">
<p align="right"><font class="_mt" size="2">3,070</font></p></td>
<td valign="bottom">
<p> </p></td></tr></table> </div>
4815000
5714000
336290000
304929000
353925000
322344000
17635000
17415000
6867000
6878000
6866000
6876000