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National Presto Industries Inc. Message Board

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  • pmlljl pmlljl Mar 18, 2003 5:56 PM Flag


    no slapps: My head is starting to hurt and the internal pressure is building so I must reply before it explodes. I think you and I and beanbean and maybe roadkill ken should form a group therapy association. Maybe we can get bob newhart to be our shrink. Perhaps we could invite that bigot mike hunt in for treatment and beat some sense into his head and some prejudice out of it. Seriously, I think we should talk about something else. I would like you to look at the balance sheets of NPK and AMZN. Yahoo's last balance sheet for NPK is dated June 30, 2002 and it shows cash and short term investments totaling $191,000,000. This is cash accumulated in prior years and retained in the business as a cushion for hard times or for growth opportunities or to be paid as dividends or what-ever. The credit side of the balance sheet shows retained earnings of $239,000,000. This means that the company has been profitable for a long time and has not wasted the money and it was accomplished under the administration of the Cohens. Now look at the balancesheet of AMZN at December 31, 2002. It shows an accumulated deficit of $3,000,000,000 in the short time that Amazon has been around. Amazon is one of those companies that would not be around without the kindness of strangers and its paid friends on Wall Street. I hope I don't need to tell you that Amazon has never paid a dividend. Also, Amazon omits all kinds of expenses in large amounts in calculating its pro forma profits and it does not expense its option costs. If they can not make some money soon, they are doomed. In other words, I predict that they are the next Worldcom or Enron. The people who unquestioningly trust the "new economy" companies and the people who refuse to look at financial statements or can't understand them just don't realize it yet. So, I beg you to never mention Amazon again as a favorable comparison to NPK. As a shareholder of NPK, I feel insulted. The fact that the stock market is populated by many morons who do not know what they are doing is no excuse for anyone to think that Amazon and NPK are in any way comparable. It is like favorably comparing the worst con-man to Warren Buffet. Just don't do it. Nothing personal. I think your posts are interesting but you appear to think we shareholders should be trying to make a quick buck. I readily admit that things haven't gone well for NPK in recent years. And I repeat that I am very interested to see what the change in sourcing does for the company. But I wish you would quit beating up on Mr. Cohen who has been running this company profitably for many, many years.

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