Eau Claire, Wisconsin (February 14, 2003) -- National Presto Industries, Inc. (NYSE: NPK) announced today 2002 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 commenting on 2002’s results, Maryjo Cohen, President stated, "2002 marked the completion of production of small appliances and pressure cookers in all U.S. plants and the successful transfer of the bulk of the manufacturing obligations to the Orient.

Parent company sales and earnings, prior to adjustment for items of a nonrecurring nature, were strikingly similar in 2001 and 2002. In largest part, the ostensibly improved 2002 earnings reflect a lesser net impact from such items. Earnings for 2002 were further augmented by the heightened sales and profitability of the defense business the company purchased during the prior year. As expected, comparative yields on financial instruments, currently at 40 year lows, were a severe earnings depressant.

The accomplishments of 2002 should provide a perceptible “legs up” in future years. Realism requires forecasting restraint, however. Over and above currently unforeseeable contingencies that may arise in 2003, measurable profitability in that year can be threatened by continuing recessionary influences in the economy, generally, as well as the never relenting pressure for reduced appliance pricing from leading retailers. Nonetheless, 2003 will hopefully be the first in a series of relatively rewarding periods, with each twelve months thereafter, helping to build a stronger foundation for those that follow.”

The Board of Directors of National Presto Industries, Inc. also announced today a dividend of $ .92 per share. The 2003 dividend is the most recent in an unbroken history of fifty-nine years. The record date for the dividend will be February 25, 2003. The full dividend will be paid on March 12, 2003.

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.

Year Ended December 31
Net Sales
$ 133,729,000
Net Earnings
$ 8,690,000
$ 6,286,000
Net Earnings Per Share
$ 1.27
$ .92
Weighted Shares Outstanding
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 SEC reports, including Form 10-Q for the quarterly period ended September 29, 2002.

*2002 includes $2,843,000 -- $.42 per share versus 2001’s $4,771,000 -- $.70 per share for after tax expenses relating to plant closings. 2002 earnings also reflect a $1,040,000 or $.15 per- share pension cost charge primarily related to the early retirement of long term employees. The 2002 expenses were largely offset ($3,259,000 or $.48 per share) by the partial reversal of the LIFO reserve stemming from the shutdown of the domestic manufacturing plants.

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