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National Presto Industries Inc. Message Board

  • biblioguy biblioguy Jul 30, 2001 6:39 PM Flag

    dismal 2nd quarter earnings release

    NEWS RELEASE CONTACT: Randy Lieble
    FOR IMMEDIATE RELEASE (715) 839-2164

    NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
    SECOND QUARTER 2001 SALES AND EARNINGS

    Eau Claire, Wisconsin (July 27, 2001) -- National Presto Industries, Inc. (NYSE: NPK) announced today second 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 first quarter, the sizable decline in second quarter earnings that was expected, indeed materialized. The decline was caused by essentially the same factors which adversely influenced the first quarter. Among these factors were unabsorbed plant burden stemming from the loss of previously identified Wal-Mart and Target business; continual increases in costs which cannot be passed through; and the clamor by retailers for additional discounts. As forecast in both the annual report and the first quarter release, sales declined as well.�

    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.



    THREE MONTHS ENDED

    July 1, 2001 July 2, 2000
    Net Sales $17,251,000 $20,399,000
    Net Earnings $1,379,000 $2,848,000
    Net Earnings Per Share $.20 $.40
    Weighted Shares Outstanding 6,862,000 7,039,000




    SIX MONTHS ENDED

    July 1, 2001 July 2, 2000
    Net Sales $36,896,000 $38,906,000
    Net Earnings $2,629,000 $5,866,000
    Net Earnings Per Share $.38 $.83
    Weighted Shares Outstanding 6,870,000 7,098,000

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    • FROM THE PRESS RELEASE:
      "The Company is widely recognized as an
      innovator of new products."
      Now if only they were widely recognized as an innovator of new profits.
      I must say at least management does not pay themselves exorbitant salaries-deservedly so.

    • Pro-forma earnings for the second quarter were $10/share. Multiply this by 4 to get earnings of $40/share per year. Multiply this by 100 to get a realistic new era PE, and you come to $4000/share.

      Step right up! Buy NPK for $4000/share! It's a better deal than amazon.com! Why wait for pro-forma earnings when you can have SPECTACULAR pro-forma earnings today?

 
NPK
70.62-1.11(-1.55%)Jul 11 4:02 PMEDT

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