$NPK
NATIONAL PRESTO INDUSTRIES INC

2018 Q4 Form 10-Q Financial Statement

#000008017218000046 Filed on November 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $85.61M $79.23M $115.6M
YoY Change -25.94% 6.26% 55.17%
Cost Of Revenue $65.10M $65.96M $51.72M
YoY Change 25.87% 15.71% -9.89%
Gross Profit $20.46M $19.45M $30.66M
YoY Change -33.25% 10.73% 79.27%
Gross Profit Margin 23.9% 24.54% 26.52%
Selling, General & Admin $5.700M $5.829M $5.729M
YoY Change -0.51% 7.94% 0.51%
% of Gross Profit 27.85% 29.98% 18.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $970.0K $1.027M $2.778M
YoY Change -65.08% -52.67% -20.4%
% of Gross Profit 4.74% 5.28% 9.06%
Operating Expenses $5.700M $5.829M $5.729M
YoY Change -0.51% 7.94% 0.51%
Operating Profit $14.76M $6.842M $11.68M
YoY Change 26.36% -43.73% 2.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.400M $1.189M $792.0K
YoY Change 76.77% 18.9% 296.0%
Pretax Income $16.60M $8.031M $12.48M
YoY Change 33.06% -38.69% 6.63%
Income Tax $4.800M $1.791M $4.138M
% Of Pretax Income 28.92% 22.3% 33.17%
Net Earnings $11.81M $10.78M $16.76M
YoY Change -29.55% 10.95% 101.93%
Net Earnings / Revenue 13.79% 13.6% 14.5%
Basic Earnings Per Share
Diluted Earnings Per Share $1.686M $1.543M $1.186M
COMMON SHARES
Basic Shares Outstanding 6.980M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $191.4M $183.1M $155.5M
YoY Change 23.14% 31.98% 110.67%
Cash & Equivalents $56.85M $80.54M $11.22M
Short-Term Investments $134.6M $102.5M $144.3M
Other Short-Term Assets $6.869M $6.649M $7.186M
YoY Change -4.41% -46.38% -10.18%
Inventory $93.99M $97.62M $104.4M
Prepaid Expenses
Receivables $52.37M $43.77M $65.22M
Other Receivables $7.200M $600.0K $0.00
Total Short-Term Assets $352.3M $333.7M $338.5M
YoY Change 4.06% 9.01% 24.63%
LONG-TERM ASSETS
Property, Plant & Equipment $39.14M $46.22M $45.17M
YoY Change -13.34% -3.9% -47.11%
Goodwill $11.49M $11.49M $11.49M
YoY Change 0.0%
Intangibles $1.000M $1.118M $3.330M
YoY Change -69.97%
Long-Term Investments
YoY Change
Other Assets $1.674M $3.966M $5.637M
YoY Change -70.3% -69.49% -13.28%
Total Long-Term Assets $61.36M $70.69M $73.37M
YoY Change -16.37% -15.64% -49.75%
TOTAL ASSETS
Total Short-Term Assets $352.3M $333.7M $338.5M
Total Long-Term Assets $61.36M $70.69M $73.37M
Total Assets $413.6M $404.4M $411.9M
YoY Change 0.42% 3.71% -1.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.10M $36.61M $28.45M
YoY Change 19.88% 17.35% -30.11%
Accrued Expenses $12.01M $13.80M $13.09M
YoY Change -8.26% 12.2% -12.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.50M $50.41M $45.50M
YoY Change 4.39% 2.67% -18.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $47.50M $50.41M $45.50M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $47.50M $42.20M $44.20M
YoY Change 7.45% -14.05% -23.0%
SHAREHOLDERS EQUITY
Retained Earnings $362.7M $350.9M $364.8M
YoY Change -0.56%
Common Stock $17.80M $17.56M $16.52M
YoY Change 7.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.41M $14.45M $14.81M
YoY Change -2.71%
Treasury Stock Shares $459.4K $472.4K
Shareholders Equity $366.1M $354.0M $366.4M
YoY Change
Total Liabilities & Shareholders Equity $413.6M $404.4M $411.9M
YoY Change 0.42% 3.71% 6.54%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $11.81M $10.78M $16.76M
YoY Change -29.55% 10.95% 101.93%
Depreciation, Depletion And Amortization $970.0K $1.027M $2.778M
YoY Change -65.08% -52.67% -20.4%
Cash From Operating Activities $6.270M $7.860M -$11.13M
YoY Change -156.33% -139.86% -10218.18%
INVESTING ACTIVITIES
Capital Expenditures -$1.580M -$2.210M -$2.200M
YoY Change -28.18% -1.78% 40.13%
Acquisitions
YoY Change
Other Investing Activities -$28.38M $7.370M $9.430M
YoY Change -400.95% -52.05% -198.85%
Cash From Investing Activities -$29.96M $5.160M $7.230M
YoY Change -514.38% -60.67% -165.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 6.270M 7.860M -11.13M
Cash From Investing Activities -29.96M 5.160M 7.230M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -23.69M 13.02M -3.900M
YoY Change 507.44% -297.27% -64.55%
FREE CASH FLOW
Cash From Operating Activities $6.270M $7.860M -$11.13M
Capital Expenditures -$1.580M -$2.210M -$2.200M
Free Cash Flow $7.850M $10.07M -$8.930M
YoY Change -187.91% -157.64% -631.55%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">NOTE L &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In January 2017, the FASB issued ASU No. 2017-04, </font><font style="display: inline;font-style:italic;">Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</font><font style="display: inline;">, which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit&#x2019;s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019.&nbsp;&nbsp;Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In June 2016, the FASB issued ASU No. 2016-13,</font><font style="display: inline;font-style:italic;"> Financial Instruments&#x2014;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font><font style="display: inline;">.&nbsp;&nbsp;ASU 2016-13 provides</font><font style="display: inline;"> guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration.&nbsp;&nbsp;The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance requires a modified retrospective transition method and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="display: inline;font-style:italic;">Leases (Topic 842)</font><font style="display: inline;">, which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months.&nbsp;&nbsp;Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement.&nbsp;&nbsp;The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required.&nbsp;&nbsp;The Company continues to evaluate the impact of the ad</font><font style="display: inline;">option of ASU 2016-02 on its consolidated financial statements</font><font style="display: inline;">.&nbsp;&nbsp;The evaluation includes identifying, cataloging, and categorizing its current leasing arrangements and evaluating new disclosure requirements and certain practical expedients.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Other Nonoperating Income Expense
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Treasury Stock
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us-gaap Provision For Doubtful Accounts
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us-gaap Reclassifications
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">NOTE B &#x2013; RECLASSIFICATIONS</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">C</font><font style="display: inline;">ertain reclassifications have been made to the prior periods&#x2019; financial statements to conform to the current period&#x2019;s financial statement presentation.&nbsp;&nbsp;These reclassifications did not affect net earnings or stockholders&#x2019; equity as previously reported.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
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CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
14454000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6987000

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