National Presto Industries (NPK) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 28, 2020	Aug. 07, 2020
Document Information [Line Items]
Entity Central Index Key	0000080172
Entity Registrant Name	NATIONAL PRESTO INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2020
Document Transition Report	false
Entity File Number	1-2451
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0494170
Entity Address, Address Line One	3925 North Hastings Way
Entity Address, City or Town	Eau Claire
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54703-3703
City Area Code	715
Local Phone Number	839-2121
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	NPK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,021,388

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 32,359	$ 79,579
Marketable securities	98,382	78,733
Accounts receivable, net	52,379	41,464
Inventories:
Finished goods	23,968	33,495
Work in process	100,889	87,805
Raw materials	7,487	7,236
Total inventory	132,344	128,536
Notes receivable, current	2,867	2,853
Other current assets	11,183	6,668
Total current assets	329,514	337,833
PROPERTY, PLANT AND EQUIPMENT	94,691	93,982
Less allowance for depreciation	58,066	56,704
PROPERTY, PLANT AND EQUIPMENT, NET	36,625	37,278
GOODWILL	15,317	15,317
INTANGIBLE ASSETS, net	2,945	3,059
NOTES RECEIVABLE	7,289	7,182
RIGHT-OF-USE LEASE ASSETS	3,466	3,521
DEFERRED INCOME TAXES	1,015	1,281
OTHER ASSETS	10,149	4,782
Assets, Total	406,320	410,253
CURRENT LIABILITIES:
Accounts payable	32,356	21,652
Federal and state income taxes	8,890	3,799
Lease liabilities	542	520
Accrued liabilities	13,378	13,324
Total current liabilities	55,166	39,295
LEASE LIABILITIES - NON-CURRENT	2,924	3,001
OTHER NON-CURRENT LIABILITIES	535	0
Total liabilities	58,625	42,296
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $1 par value: Authorized: 12,000,000 shares Issued: 7,440,518 shares	7,441	7,441
Paid-in capital	11,923	11,447
Retained earnings	341,549	362,842
Accumulated other comprehensive income	294	136
Stockholders' Equity before Treasury Stock	361,207	381,866
Treasury stock, at cost	13,512	13,909
Total stockholders' equity	347,695	367,957
Liabilities and Equity, Total	$ 406,320	$ 410,253

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)	Dec. 31, 2019$ / sharesshares
Common stock, par value (in dollars per share) | $ / shares	$ 1
Common stock, authorized (in shares)	12,000,000
Common stock, issued (in shares)	7,440,518

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Net sales	$ 87,132	$ 71,745	$ 152,768	$ 135,595
Cost of sales	65,389	57,069	114,908	108,427
Gross profit	21,743	14,676	37,860	27,168
Selling and general expenses	6,360	6,039	13,154	12,483
Intangibles amortization	54	0	114	0
Operating profit	15,329	8,637	24,592	14,685
Other income	953	1,638	2,220	3,270
Earnings from continuing operations before provision for income taxes	16,282	10,275	26,812	17,955
Provision for income taxes from continuing operations	3,625	2,122	5,933	3,851
Earnings from continuing operations	12,657	8,153	20,879	14,104
Earnings from discontinued operations, net of tax	0	3	0	3
Net earnings	$ 12,657	$ 8,156	$ 20,879	$ 14,107
Weighted average shares outstanding:
Basic and diluted (in shares)	7,039	7,019	7,034	7,016
Net Earnings per share, basic and diluted:
From continuing operations (in dollars per share)	$ 1.80	$ 1.16	$ 2.97	$ 2.01
From discontinued operations (in dollars per share)	0	0	0	0
Net earnings per share (in dollars per share)	$ 1.80	$ 1.16	$ 2.97	$ 2.01
Comprehensive income:
Net earnings	$ 12,657	$ 8,156	$ 20,879	$ 14,107
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities	65	89	158	158
Comprehensive income	$ 12,722	$ 8,245	$ 21,037	$ 14,265
Cash dividends declared and paid per common share (in dollars per share)	$ 0	$ 0	$ 6	$ 6

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net earnings	$ 20,879,000	$ 14,107,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	1,386,000	1,899,000
Intangibles amortization	114,000	0
Non-cash retirement plan expense	193,000	359,000
Other	350,000	65,000
Changes in operating accounts:
Accounts receivable, net	(10,915,000)	15,626,000
Inventories	(3,808,000)	(20,486,000)
Other assets and current assets	(9,882,000)	2,273,000
Accounts payable and accrued liabilities	11,293,000	(5,406,000)
Federal and state income taxes	5,023,000	(577,000)
Net cash provided by operating activities	14,633,000	7,860,000
Cash flows from investing activities:
Marketable securities purchased	(38,084,000)	(95,301,000)
Marketable securities - maturities and sales	18,635,000	138,583,000
Purchase of property, plant and equipment	(733,000)	(3,566,000)
Proceeds from insurance settlement	0	807,000
Net cash (used in) provided by investing activities	(20,182,000)	40,523,000
Cash flows from financing activities:
Dividends paid	(42,172,000)	(42,087,000)
Proceeds from sale of treasury stock	528,000	518,000
Other	(27,000)	(223,000)
Net cash used in financing activities	(41,671,000)	(41,792,000)
Net (decrease) increase in cash and cash equivalents	(47,220,000)	6,591,000
Cash and cash equivalents at beginning of period	79,579,000	56,847,000
Cash and cash equivalents at end of period	$ 32,359,000	$ 63,438,000

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2018	6,981
Balance at Dec. 31, 2018	$ 7,441	$ 10,360	$ 362,709	$ 21	$ (14,408)	$ 366,123
Net earnings			14,107			14,107
Unrealized gain on available-for-sale securities, net of tax				158		158
Other (in shares)	16
Other		554	1		342	898
Dividends paid			(42,087)			(42,087)
Balance (in shares) at Jun. 30, 2019	6,997
Balance at Jun. 30, 2019	$ 7,441	10,914	334,730	180	(14,066)	339,199
Balance (in shares) at Mar. 31, 2019	6,995
Balance at Mar. 31, 2019	$ 7,441	10,692	326,574	90	(14,128)	330,669
Net earnings			8,156			8,156
Unrealized gain on available-for-sale securities, net of tax				89		89
Other (in shares)	2
Other		222			62	285
Balance (in shares) at Jun. 30, 2019	6,997
Balance at Jun. 30, 2019	$ 7,441	10,914	334,730	180	(14,066)	339,199
Balance (in shares) at Dec. 31, 2019	7,006
Balance at Dec. 31, 2019	$ 7,441	11,447	362,842	136	(13,909)	367,957
Net earnings			20,879			20,879
Unrealized gain on available-for-sale securities, net of tax				158		158
Other (in shares)	13
Other				397	476	873
Dividends paid			(42,172)			(42,172)
Balance (in shares) at Jun. 28, 2020	7,019
Balance at Jun. 28, 2020	$ 7,441	11,923	341,549	294	(13,512)	347,695
Balance (in shares) at Mar. 29, 2020	7,016
Balance at Mar. 29, 2020	$ 7,441	11,728	328,892	229	(13,600)	334,690
Net earnings			12,657			12,657
Unrealized gain on available-for-sale securities, net of tax				65		65
Other (in shares)	3
Other		195			88	283
Balance (in shares) at Jun. 28, 2020	7,019
Balance at Jun. 28, 2020	$ 7,441	$ 11,923	$ 341,549	$ 294	$ (13,512)	$ 347,695

Consolidated Statements Of St_2

Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Regular dividends per share (in dollars per share)	$ 1	$ 1
Extra dividends per share (in dollars per share)	$ 5	$ 5

Note A - Basis of Presentation

Note A - Basis of Presentation	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A – BASIS OF PRESENTATION The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all of the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2019 not 2019 10 not

Note B - General

Note B - General	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Unusual or Infrequent Items, or Both, Disclosure [Text Block]	NOTE B – GENERAL Government responses to the COVID- 19 19 no 19 2020  In response to the government mandated COVID- 19 March 27, 2020. not three six June 28, 2020 May 1, 2020,

Note C - Revenues

Note C - Revenues	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE C – REVENUES The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 24 months and are recognized in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers one  The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not  For the Housewares/Small Appliance segment, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the relatively few situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. There are also certain termination clauses in Defense segment contracts that may may one four not no The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not June 28, 2020 December 31, 2019 six June 28, 2020 three six June 28, 2020 June 30, 2019 no June 28, 2020 December 31, 2019 one  The Company’s principal sources of revenue are derived from three segments: Housewares/Small Appliance, Defense, and Safety, as shown in Note E. Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company.

Note D - Earnings Per Share

Note D - Earnings Per Share	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE D – EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.

Note E - Business Segments

Note E - Business Segments	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE E – BUSINESS SEGMENTS In the following summary, operating profit represents earnings before other income and income taxes. The Company's segments operate discretely from each other with no  On July 23, 2019, 2014.  (in thousands) Housewares / Small Appliances Defense Products Safety Total Quarter ended June 28, 2020 External net sales $ 26,044 $ 61,030 $ 58 $ 87,132 Gross profit (loss) 5,459 16,666 (382 ) 21,743 Operating profit (loss) 2,408 14,256 (1,335 ) 15,329 Total assets 213,866 172,314 20,140 406,320 Depreciation and amortization 242 430 74 746 Capital expenditures 119 170 87 376 Quarter ended June 30, 2019 External net sales $ 19,135 $ 52,597 $ 13 $ 71,745 Gross profit (loss) 2,107 12,621 (52 ) 14,676 Operating profit (loss) (824 ) 9,970 (509 ) 8,637 Total assets 227,905 143,799 12,854 384,558 Depreciation and amortization 313 581 57 951 Capital expenditures (100 ) 817 0 717  (in thousands) Housewares / Small Appliances Defense Products Safety Total Six Months Ended June 28, 2020 External net sales $ 45,856 $ 106,810 $ 102 $ 152,768 Gross profit (loss) 8,723 29,913 (776 ) 37,860 Operating profit (loss) 2,354 24,925 (2,687 ) 24,592 Total assets 213,866 172,314 20,140 406,320 Depreciation and amortization 479 861 160 1,500 Capital expenditures 325 321 87 733 Six Months Ended June 30, 2019 External net sales $ 38,819 $ 96,738 38 $ 135,595 Gross profit (loss) 4,546 22,929 (307 ) 27,168 Operating profit (loss) (1,758 ) 17,547 (1,104 ) 14,685 Total assets 227,905 143,799 12,854 384,558 Depreciation and amortization 623 1,163 113 1,899 Capital expenditures (48 ) 3,095 177 3,224

Note F - Fair Value of Financia

Note F - Fair Value of Financial Instruments	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of fair value as described in FASB ASC 820, Fair Value Measurements and Disclosures, 820 three 1, 2, 3, no  The carrying amounts for cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and accrued liabilities approximate fair value due to the immediate or short-term maturity of these financial instruments. See Note G for fair value information on marketable securities.

Note G - Cash, Cash Equivalents

Note G - Cash, Cash Equivalents And Marketable Securities	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	NOTE G - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The Company considers all highly liquid marketable securities with an original maturity of three may 1, 820  The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated 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  At June 28, 2020 December 31, 2019 2, FASB ASC 820, not  (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses June 28, 2020 Tax-exempt Municipal Bonds $ 60,035 $ 60,407 $ 372 $ - Variable Rate Demand Notes 37,975 37,975 - - Total Marketable Securities $ 98,010 $ 98,382 $ 372 $ - December 31, 2019 Tax-exempt Municipal Bonds $ 39,313 $ 39,484 $ 176 $ 5 Variable Rate Demand Notes 39,249 39,249 - - Total Marketable Securities $ 78,562 $ 78,733 $ 176 $ 5  Proceeds from maturities and sales of available-for-sale securities totaled $9,524,000 and $55,319,000 for the three June 28, 2020 June 30, 2019 six three June 28, 2020 June 30, 2019 six  The contractual maturities of the marketable securities held at June 28, 2020 one one five five ten ten five seven not

Note H - Other Assets

Note H - Other Assets	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Other Assets Disclosure [Text Block]	NOTE H – OTHER ASSETS Other Assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances segment. The Company expects to utilize the prepayments and related materials over an estimated period of two June 28, 2020 December 31, 2019 June 28, 2020 December 31, 2019 twelve

Note I - Leases

Note I - Leases	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE I – LEASES The Company accounts for leases under ASC Topic 842, January 1, 2019. one  The Company’s leases as lessee in its Defense segment provide for variable lease payments that are based on changes in the Consumer Price Index. As lessor, the Company’s primary lease also provides for variable lease payments that are based on changes in the Consumer Price Index, as well as on increases in costs of insurance, real estate taxes, and utilities related to the leased space. Generally, all of the Company’s lease contracts provide for options to extend and terminate them. The majority of lease terms of the Company’s lease contracts reflect extension options, while none  The Company has determined that the rates implicit in its leases are not 12 Topic 842 3 Months Ending 3 Months Ending 6 Months Ending 6 Months Ending Summary of Lease Cost (in thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Operating lease cost $ 183 $ 168 $ 361 $ 336 Short-term and variable lease cost 108 57 206 80 Total lease cost $ 291 $ 225 $ 567 $ 416  Operating cash used for operating leases was $291,000 and $567,000 for the three six June 28, 2020 June 28, 2020  Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2020 (remaining six months) $ 359 2021 716 2022 719 2023 574 2024 468 Thereafter 1,386 Total lease payments $ 4,222 Less: future interest expense 756 Lease liabilities $ 3,466   Lease income from operating lease payments was $463,000 and $444,000 for the quarters ended June 28, 2020 June 30, 2019  Years ending December 31: (In thousands) 2020 (remaining six months) $ 926 2021 1,839 2022 1,832 2023 1,832 2024 1,832 Thereafter 14,656 Total lease payments $ 22,917  The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee. The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

Note J - Commitments And Contin

Note J - Commitments And Contingencies	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE J – COMMITMENTS AND CONTINGENCIES The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not One of the Company's subsidiaries operates in Hinds County, Mississippi. That subsidiary has submitted its Hinds County Free Port Warehouse tax filing for nearly 40 June 2020, no seven not ASC450 Contingencies June 28, 2020.

Note K - Business Acquisition

Note K - Business Acquisition	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE K – BUSINESS ACQUISITION On July 23, 2019, 2014 seven seven The acquisition was accounted for under the acquisition method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. The following table shows the amounts recorded as of their acquisition date.  (in thousands) Cash $ 287 Receivables 14 Inventory 307 Other current assets 105 Property, plant and equipment 35 Intangibles 2,141 Goodwill 3,831 Right-of-Use Lease Assets 59 Total assets acquired 6,779 Less: Current liabilities assumed 255 Lease Liability - Noncurrent 23 Net assets acquired $ 6,501  The acquired intangibles primarily include technology software and patents that will be amortized over a period of 10-15 years. The amount of goodwill recorded reflects expected earning potential of the acquired technology software and patents. The recorded goodwill is deductible for income tax purposes over a fifteen second 2019 not January 1, 2019.  (unaudited) (in thousands, except per share data) Quarter Ended Six Months Ended June 30, 2019 June 30, 2019 Net sales $ 71,786 $ 135,642 Net earnings 7,632 12,898 Net earnings per share (basic and diluted) $ 1.09 $ 1.84 Weighted average shares outstanding (basic and diluted) 7,019 7,016  The unaudited pro forma financial information presented above is not not one not not

Note L - Recently Issued Accoun

Note L - Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 28, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE L – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, Income Taxes December 15, 2020. 2019 12 not  In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13 January 1, 2020 2016 13 not 

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	6 Months Ended
	Jun. 28, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Housewares / Small Appliances Defense Products Safety Total Quarter ended June 28, 2020 External net sales $ 26,044 $ 61,030 $ 58 $ 87,132 Gross profit (loss) 5,459 16,666 (382 ) 21,743 Operating profit (loss) 2,408 14,256 (1,335 ) 15,329 Total assets 213,866 172,314 20,140 406,320 Depreciation and amortization 242 430 74 746 Capital expenditures 119 170 87 376 Quarter ended June 30, 2019 External net sales $ 19,135 $ 52,597 $ 13 $ 71,745 Gross profit (loss) 2,107 12,621 (52 ) 14,676 Operating profit (loss) (824 ) 9,970 (509 ) 8,637 Total assets 227,905 143,799 12,854 384,558 Depreciation and amortization 313 581 57 951 Capital expenditures (100 ) 817 0 717 (in thousands) Housewares / Small Appliances Defense Products Safety Total Six Months Ended June 28, 2020 External net sales $ 45,856 $ 106,810 $ 102 $ 152,768 Gross profit (loss) 8,723 29,913 (776 ) 37,860 Operating profit (loss) 2,354 24,925 (2,687 ) 24,592 Total assets 213,866 172,314 20,140 406,320 Depreciation and amortization 479 861 160 1,500 Capital expenditures 325 321 87 733 Six Months Ended June 30, 2019 External net sales $ 38,819 $ 96,738 38 $ 135,595 Gross profit (loss) 4,546 22,929 (307 ) 27,168 Operating profit (loss) (1,758 ) 17,547 (1,104 ) 14,685 Total assets 227,905 143,799 12,854 384,558 Depreciation and amortization 623 1,163 113 1,899 Capital expenditures (48 ) 3,095 177 3,224

Note G - Cash, Cash Equivalen_2

Note G - Cash, Cash Equivalents And Marketable Securities (Tables)	6 Months Ended
	Jun. 28, 2020
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	(In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses June 28, 2020 Tax-exempt Municipal Bonds $ 60,035 $ 60,407 $ 372 $ - Variable Rate Demand Notes 37,975 37,975 - - Total Marketable Securities $ 98,010 $ 98,382 $ 372 $ - December 31, 2019 Tax-exempt Municipal Bonds $ 39,313 $ 39,484 $ 176 $ 5 Variable Rate Demand Notes 39,249 39,249 - - Total Marketable Securities $ 78,562 $ 78,733 $ 176 $ 5

Note I - Leases (Tables)

Note I - Leases (Tables)	6 Months Ended
	Jun. 28, 2020
Notes Tables
Lease, Cost [Table Text Block]	3 Months Ending 3 Months Ending 6 Months Ending 6 Months Ending Summary of Lease Cost (in thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Operating lease cost $ 183 $ 168 $ 361 $ 336 Short-term and variable lease cost 108 57 206 80 Total lease cost $ 291 $ 225 $ 567 $ 416
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31: (In thousands) 2020 (remaining six months) $ 359 2021 716 2022 719 2023 574 2024 468 Thereafter 1,386 Total lease payments $ 4,222 Less: future interest expense 756 Lease liabilities $ 3,466
Operating Lease, Lease Income [Table Text Block]	Years ending December 31: (In thousands) 2020 (remaining six months) $ 926 2021 1,839 2022 1,832 2023 1,832 2024 1,832 Thereafter 14,656 Total lease payments $ 22,917

Note K - Business Acquisition (

Note K - Business Acquisition (Tables)	6 Months Ended
	Jun. 28, 2020
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	(in thousands) Cash $ 287 Receivables 14 Inventory 307 Other current assets 105 Property, plant and equipment 35 Intangibles 2,141 Goodwill 3,831 Right-of-Use Lease Assets 59 Total assets acquired 6,779 Less: Current liabilities assumed 255 Lease Liability - Noncurrent 23 Net assets acquired $ 6,501
Business Acquisition, Pro Forma Information [Table Text Block]	(unaudited) (in thousands, except per share data) Quarter Ended Six Months Ended June 30, 2019 June 30, 2019 Net sales $ 71,786 $ 135,642 Net earnings 7,632 12,898 Net earnings per share (basic and diluted) $ 1.09 $ 1.84 Weighted average shares outstanding (basic and diluted) 7,019 7,016

Note C - Revenues 1 (Details Te

Note C - Revenues 1 (Details Textual)	3 Months Ended			6 Months Ended
	Jun. 28, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 28, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Number of Operating Segments				3
Defense [Member]
Contract with Customer, Liability, Current	$ 1,650,000			$ 1,650,000		$ 1,847,000
Contract with Customer, Liability, Revenue Recognized			$ 0	212,000
Revenue, Remaining Performance Obligation, Amount	356,131,000			356,131,000		$ 310,385,000
Housewares/Small Appliances [Member] | Seasonal and Newly Introduced Product [Member]
Contract with Customer, Liability, Increase (Decrease) in Estimates for Contract Liability	$ (421,000)	$ (265,000)		$ (421,000)	$ (265,000)
Minimum [Member]
Revenue Contract Period (Month)				3 months
Maximum [Member]
Revenue Contract Period (Month)				24 months

Note C - Revenues 2 (Details Te

Note C - Revenues 2 (Details Textual) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-29	Jun. 28, 2020
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	18 months
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	24 months

Note E - Business Segments - Se

Note E - Business Segments - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019	Dec. 31, 2019
External net sales	$ 87,132	$ 71,745	$ 152,768	$ 135,595
Gross profit (loss)	21,743	14,676	37,860	27,168
Operating profit (loss)	15,329	8,637	24,592	14,685
Total assets	406,320	384,558	406,320	384,558	$ 410,253
Depreciation and amortization	746	951	1,500	1,899
Capital expenditures	376		733
Capital expenditures, net		717		3,224
Housewares/Small Appliances [Member]
External net sales	26,044	19,135	45,856	38,819
Gross profit (loss)	5,459	2,107	8,723	4,546
Operating profit (loss)	2,408	(824)	2,354	(1,758)
Total assets	213,866	227,905	213,866	227,905
Depreciation and amortization	242	313	479	623
Capital expenditures	119		325
Capital expenditures, net		(100)		(48)
Defense [Member]
External net sales	61,030	52,597	106,810	96,738
Gross profit (loss)	16,666	12,621	29,913	22,929
Operating profit (loss)	14,256	9,970	24,925	17,547
Total assets	172,314	143,799	172,314	143,799
Depreciation and amortization	430	581	861	1,163
Capital expenditures	170		321
Capital expenditures, net		817		3,095
Safety [Member]
External net sales	58	13	102	38
Gross profit (loss)	(382)	(52)	(776)	(307)
Operating profit (loss)	(1,335)	(509)	(2,687)	(1,104)
Total assets	20,140	12,854	20,140	12,854
Depreciation and amortization	74	57	160	113
Capital expenditures	$ 87		$ 87
Capital expenditures, net		$ 0		$ 177

Note G - Cash, Cash Equivalen_3

Note G - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total	$ 9,524,000	$ 55,319,000	$ 18,635,000	$ 138,583,000
Debt Securities, Available-for-sale, Realized Gain (Loss), Total	0	0	0	0
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	82,000	112,000	200,000	201,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	49,326,000		49,326,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	11,080,000		11,080,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	3,591,000		3,591,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value	34,385,000		34,385,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax, Total	$ 0	$ 0	$ 0	$ 0

Note G - Cash, Cash Equivalen_4

Note G - Cash, Cash Equivalents And Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 31, 2019
Amortized Cost	$ 98,010	$ 78,562
Fair Value	98,382	78,733
Gross Unrealized Gains	372	176
Gross Unrealized Losses	0	5
Nontaxable Municipal Bonds [Member]
Amortized Cost	60,035	39,313
Fair Value	60,407	39,484
Gross Unrealized Gains	372	176
Gross Unrealized Losses	0	5
Variable Rate Demand Obligation [Member]
Amortized Cost	37,975	39,249
Fair Value	37,975	39,249
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ 0	$ 0

Note H - Other Assets (Details

Note H - Other Assets (Details Textual) - USD ($)	6 Months Ended
	Jun. 28, 2020	Dec. 31, 2019
Expected Prepayment Utilization Period (Year)	2 years
Other Current Assets [Member]
Materials, Supplies, and Other	$ 4,614,000
Housewares/Small Appliances [Member]
Materials, Supplies, and Other	$ 14,763,000	$ 9,396,000

Note I - Leases (Details Textua

Note I - Leases (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020
Operating Lease, Payments	$ 291,000		$ 567,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	7 years		7 years
Operating Lease, Weighted Average Discount Rate, Percent	5.60%		5.60%
Operating Lease, Lease Income, Lease Payments	$ 463,000	$ 444,000

Note I - Leases - Lease Cost (D

Note I - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Operating lease cost	$ 183	$ 168	$ 361	$ 336
Short-term and variable lease cost	108	57	206	80
Total lease cost	$ 291	$ 225	$ 567	$ 416

Note I - Leases - Lease Maturit

Note I - Leases - Lease Maturities (Details) $ in Thousands	Jun. 28, 2020USD ($)
2020 (remaining six months)	$ 359
2021	716
2022	719
2023	574
2024	468
Thereafter	1,386
Total lease payments	4,222
Less: future interest expense	756
Lease liabilities	$ 3,466

Note I - Leases - Operating Lea

Note I - Leases - Operating Lease Income (Details) $ in Thousands	Jun. 28, 2020USD ($)
2020 (remaining six months)	$ 926
2021	1,839
2022	1,832
2023	1,832
2024	1,832
Thereafter	14,656
Total lease payments	$ 22,917

Note J - Commitments And Cont_2

Note J - Commitments And Contingencies (Details Textual) - Property Tax Assessment [Member]	1 Months Ended
	Jun. 30, 2020USD ($)
Loss Contingency, Damages Sought, Value	$ 2,506,000
Loss Contingency Accrual, Ending Balance	$ 0

Note K - Business Acquisition_2

Note K - Business Acquisition (Details Textual) - OneEvent Technologies, Inc. [Member]	Jul. 23, 2019USD ($)
Business Combination, Consideration Transferred, Total	$ 6,501,000
Payments to Acquire Businesses, Gross	4,020,000
Business Combination, Consideration Transferred, Other	$ 2,364,000
Business Combination, Earn Out Evaluation Period (Year)	7 years
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 117,000
Technology Software and Patent [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Technology Software and Patent [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	15 years

Note K - Business Acquisition -

Note K - Business Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 31, 2019	Jul. 23, 2019
GOODWILL	$ 15,317	$ 15,317
OneEvent Technologies, Inc. [Member]
Cash			$ 287
Receivables			14
Inventory			307
Other current assets			105
Property, plant and equipment			35
Intangibles			2,141
GOODWILL			3,831
Right-of-Use Lease Assets			59
Total assets acquired			6,779
Less: Current liabilities assumed			255
Lease Liability - Noncurrent			23
Net assets acquired			$ 6,501

Note K - Business Acquisition_3

Note K - Business Acquisition - Pro Forma Information (Details) - OneEvent Technologies, Inc. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Net sales	$ 71,786	$ 135,642
Net earnings	$ 7,632	$ 12,898
Net earnings per share (basic and diluted) (in dollars per share)	$ 1.09	$ 1.84
Weighted average shares outstanding (basic and diluted) (in shares)	7,019	7,016