Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 03, 2021 | Nov. 12, 2021 | |
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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 3, 2021 | |
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, $1 par value | |
Trading Symbol | NPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,039,950 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 91,013 | $ 86,036 |
Marketable securities | 33,313 | 68,981 |
Accounts receivable, net | 51,110 | 53,667 |
Inventories: | ||
Finished goods | 47,352 | 31,440 |
Work in process | 94,990 | 96,463 |
Raw materials | 8,243 | 7,585 |
Total inventory | 150,585 | 135,488 |
Notes receivable, current | 2,486 | 2,869 |
Other current assets | 16,679 | 10,199 |
Total current assets | 345,186 | 357,240 |
PROPERTY, PLANT AND EQUIPMENT | 98,880 | 96,488 |
Less allowance for depreciation | 61,364 | 59,375 |
PROPERTY, PLANT AND EQUIPMENT, NET | 37,516 | 37,113 |
GOODWILL | 15,317 | 15,317 |
INTANGIBLE ASSETS, net | 2,678 | 2,838 |
NOTES RECEIVABLE | 7,563 | 7,399 |
RIGHT-OF-USE LEASE ASSETS | 10,277 | 3,363 |
DEFERRED INCOME TAXES | 3,022 | 2,994 |
OTHER ASSETS | 4,350 | 6,906 |
Assets, Total | 425,909 | 433,170 |
CURRENT LIABILITIES: | ||
Accounts payable | 41,814 | 33,474 |
Federal and state income taxes | 2,212 | 4,777 |
Lease liabilities | 537 | 573 |
Accrued liabilities | 16,595 | 16,268 |
Total current liabilities | 61,158 | 55,092 |
LEASE LIABILITIES - NON-CURRENT | 9,740 | 2,790 |
OTHER NON-CURRENT LIABILITIES | 940 | 940 |
Total liabilities | 71,838 | 58,822 |
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value: Authorized: 12,000,000 shares Issued: 7,440,518 shares | 7,441 | 7,441 |
Paid-in capital | 13,468 | 12,438 |
Retained earnings | 345,959 | 367,627 |
Accumulated other comprehensive income | 48 | 154 |
Stockholders' Equity before Treasury Stock | 366,916 | 387,660 |
Treasury stock, at cost | 12,845 | 13,312 |
Total stockholders' equity | 354,071 | 374,348 |
Liabilities and Equity, Total | $ 425,909 | $ 433,170 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 03, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, issued (in shares) | 7,440,518 | 7,440,518 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Net sales | $ 87,225 | $ 93,937 | $ 255,370 | $ 246,705 |
Cost of sales | 75,995 | 73,219 | 208,104 | 188,127 |
Gross profit | 11,230 | 20,718 | 47,266 | 58,578 |
Selling and general expenses | 6,541 | 6,212 | 20,196 | 19,366 |
Intangibles amortization | 54 | 54 | 162 | 168 |
Operating profit | 4,635 | 14,452 | 26,908 | 39,044 |
Other income | 645 | 812 | 1,910 | 3,032 |
Earnings before provision for income taxes | 5,280 | 15,264 | 28,818 | 42,076 |
Provision for income taxes | 1,151 | 3,126 | 6,404 | 9,059 |
Net earnings | $ 4,129 | $ 12,138 | $ 22,414 | $ 33,017 |
Weighted average shares outstanding: | ||||
Basic and diluted (in shares) | 7,062 | 7,041 | 7,059 | 7,036 |
us-gaap_EarningsPerShareAbstract | ||||
Basic and diluted (in dollars per share) | $ 0.58 | $ 1.72 | $ 3.18 | $ 4.69 |
Comprehensive income: | ||||
Net earnings | $ 4,129 | $ 12,138 | $ 22,414 | $ 33,017 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized (loss) gain on available-for-sale securities | (22) | (64) | (105) | 94 |
Comprehensive income | $ 4,107 | $ 12,074 | $ 22,309 | $ 33,111 |
Cash dividends declared and paid per common share (in dollars per share) | $ 0 | $ 0 | $ 6.25 | $ 6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Oct. 03, 2021 | Sep. 27, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 22,414,000 | $ 33,017,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Provision for depreciation | 2,066,000 | 2,070,000 |
Intangibles amortization | 162,000 | 168,000 |
Non-cash retirement plan expense | 563,000 | 379,000 |
Loss on sale of property, plant, and equipment | 0 | 2,000 |
Other | 226,000 | 558,000 |
Changes in operating accounts: | ||
Accounts receivable, net | 2,557,000 | (21,699,000) |
Inventories | (15,097,000) | (7,566,000) |
Other assets and current assets | (3,924,000) | (6,684,000) |
Accounts payable and accrued liabilities | 8,167,000 | 10,030,000 |
Federal and state income taxes | (2,565,000) | (2,011,000) |
Net cash provided by operating activities | 14,569,000 | 8,264,000 |
Cash flows from investing activities: | ||
Marketable securities purchased | (4,000) | (42,105,000) |
Marketable securities - maturities and sales | 35,537,000 | 41,859,000 |
Proceeds from note receivable | 386,000 | 0 |
Proceeds from insurance settlement | 500,000 | 0 |
Purchase of property, plant and equipment | (2,469,000) | (1,498,000) |
Net cash provided by (used in) investing activities | 33,950,000 | (1,744,000) |
Cash flows from financing activities: | ||
Dividends paid | (44,083,000) | (42,172,000) |
Proceeds from sale of treasury stock | 571,000 | 528,000 |
Other | (30,000) | (27,000) |
Net cash used in financing activities | (43,542,000) | (41,671,000) |
Net increase (decrease) in cash and cash equivalents | 4,977,000 | (35,151,000) |
Cash and cash equivalents at beginning of period | 86,036,000 | 79,579,000 |
Cash and cash equivalents at end of period | $ 91,013,000 | $ 44,428,000 |
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, 2019 | 7,006 | |||||
Balance at Dec. 31, 2019 | $ 7,441 | $ 11,447 | $ 362,842 | $ 136 | $ (13,909) | $ 367,957 |
Net earnings | 33,017 | 33,017 | ||||
Unrealized (loss) on available-for-sale securities, net of tax | 94 | 94 | ||||
Other (in shares) | 15 | |||||
Other | 684 | 467 | 1,151 | |||
Dividends paid | (42,172) | (42,172) | ||||
Balance (in shares) at Sep. 27, 2020 | 7,021 | |||||
Balance at Sep. 27, 2020 | $ 7,441 | 12,131 | 353,687 | 230 | (13,442) | 360,047 |
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 |
Net earnings | 12,138 | 12,138 | ||||
Unrealized (loss) on available-for-sale securities, net of tax | (64) | (64) | ||||
Other (in shares) | 2 | |||||
Other | 208 | 70 | 278 | |||
Balance (in shares) at Sep. 27, 2020 | 7,021 | |||||
Balance at Sep. 27, 2020 | $ 7,441 | 12,131 | 353,687 | 230 | (13,442) | 360,047 |
Balance (in shares) at Dec. 31, 2020 | 7,025 | |||||
Balance at Dec. 31, 2020 | $ 7,441 | 12,438 | 367,627 | 154 | (13,312) | 374,348 |
Net earnings | 22,414 | 22,414 | ||||
Unrealized (loss) on available-for-sale securities, net of tax | (105) | (105) | ||||
Other (in shares) | 15 | |||||
Other | 1,030 | 467 | 1,497 | |||
Dividends paid | (44,083) | (44,083) | ||||
Balance (in shares) at Oct. 03, 2021 | 7,040 | |||||
Balance at Oct. 03, 2021 | $ 7,441 | 13,468 | 345,959 | 48 | (12,845) | 354,071 |
Balance (in shares) at Jul. 04, 2021 | 7,038 | |||||
Balance at Jul. 04, 2021 | $ 7,441 | 13,256 | 341,831 | 71 | (12,909) | 349,690 |
Net earnings | 4,129 | 4,129 | ||||
Unrealized (loss) on available-for-sale securities, net of tax | (22) | (22) | ||||
Other (in shares) | 2 | |||||
Other | 212 | (1) | 64 | 274 | ||
Balance (in shares) at Oct. 03, 2021 | 7,040 | |||||
Balance at Oct. 03, 2021 | $ 7,441 | $ 13,468 | $ 345,959 | $ 48 | $ (12,845) | $ 354,071 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Oct. 03, 2021 | Sep. 27, 2020 | |
Regular dividends per share (in dollars per share) | $ 1 | $ 1 |
Extra dividends per share (in dollars per share) | $ 5.25 | $ 5 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Oct. 03, 2021 | |
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, 2020 not 2020 10 not |
Note B - General
Note B - General | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE B – GENERAL Government responses to the COVID- 19 19 19 2021 In response to the government mandated COVID- 19 March 27, 2020. not three nine October 3, 2021. |
Note C - Revenues
Note C - Revenues | 9 Months Ended |
Oct. 03, 2021 | |
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 October 3, 2021 December 31, 2020 nine October 3, 2021 nine October 3, 2021 September 27, 2020 no three no no October 3, 2021 December 31, 2020 one The Company’s principal sources of revenue are derived from three |
Note D - Earnings Per Share
Note D - Earnings Per Share | 9 Months Ended |
Oct. 03, 2021 | |
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 | 9 Months Ended |
Oct. 03, 2021 | |
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 (in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended October 3, 2021 External net sales $ 27,732 $ 59,338 $ 155 $ 87,225 Gross profit (loss) (3,180 ) 14,620 (210 ) 11,230 Operating profit (loss) (6,277 ) 12,099 (1,187 ) 4,635 Total assets 233,680 169,124 23,105 425,909 Depreciation and amortization 318 386 59 763 Capital expenditures 241 262 10 513 Quarter ended September 27, 2020 External net sales $ 27,169 $ 66,679 $ 89 $ 93,937 Gross profit (loss) 5,259 15,718 (259 ) 20,718 Operating profit (loss) 2,385 13,416 (1,349 ) 14,452 Total assets 218,464 171,105 21,109 410,678 Depreciation and amortization 243 434 61 738 Capital expenditures 130 624 10 764 (in thousands) Housewares / Small Appliances Defense Safety Total Nine Months Ended October 3, 2021 External net sales $ 77,437 $ 177,592 $ 341 $ 255,370 Gross profit (loss) 2,911 45,131 (776 ) 47,266 Operating profit (loss) (6,909 ) 37,455 (3,638 ) 26,908 Total assets 233,680 169,124 23,105 425,909 Depreciation and amortization 911 1,141 176 2,228 Capital expenditures 581 1,772 116 2,469 Nine Months Ended September 27, 2020 External net sales $ 73,025 $ 173,489 191 $ 246,705 Gross profit (loss) 13,982 45,631 (1,035 ) 58,578 Operating profit (loss) 4,739 38,341 (4,036 ) 39,044 Total assets 218,464 171,105 21,109 410,678 Depreciation and amortization 722 1,295 221 2,238 Capital expenditures 456 945 97 1,498 |
Note F - Fair Value of Financia
Note F - Fair Value of Financial Instruments | 9 Months Ended |
Oct. 03, 2021 | |
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 | 9 Months Ended |
Oct. 03, 2021 | |
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 October 3, 2021 December 31, 2020 2, FASB ASC 820, not (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses October 3, 2021 Tax-exempt Municipal Bonds $ 7,827 $ 7,888 $ 61 $ - Variable Rate Demand Notes 25,425 25,425 - - Total Marketable Securities $ 33,252 $ 33,313 $ 61 $ - December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ - Proceeds from maturities and sales of available-for-sale securities totaled $9,127,000 and $23,224,000 for the three October 3, 2021 September 27, 2020 nine no three October 3, 2021 September 27, 2020 nine No The contractual maturities of the marketable securities held at October 3, 2021 one one five five ten ten five seven not |
Note H - Other Assets
Note H - Other Assets | 9 Months Ended |
Oct. 03, 2021 | |
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 October 3, 2021 December 31, 2020 October 3, 2021 December 31, 2020 twelve |
Note I - Leases
Note I - Leases | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE I – LEASES The Company accounts for leases under ASC Topic 842, 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 include options for extensions and early terminations. The majority of lease terms of the Company’s lease contracts recognized on the balance sheet 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 9 Months Ending 9 Months Ending Summary of Lease Cost (in thousands) October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Operating lease cost $ 254 $ 183 $ 688 $ 544 Short-term and variable lease cost 46 131 206 337 Total lease cost $ 300 $ 314 $ 894 $ 881 Operating cash used for operating leases was $300,000 and $894,000 for the three nine October 3, 2021 October 3, 2021 Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2021 (remaining three months) $ 196 2022 805 2023 679 2024 629 2025 621 Thereafter 14,631 Total lease payments $ 17,561 Less: future interest expense 7,284 Lease liabilities $ 10,277 Lease income from operating lease payments was $464,000 and $463,000 for the quarters ended October 3, 2021 September 27, 2020 nine Years ending December 31: (In thousands) 2021 (remaining three months) $ 464 2022 1,843 2023 1,837 2024 1,837 2025 1,837 Thereafter 14,696 Total lease payments $ 22,514 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 | 9 Months Ended |
Oct. 03, 2021 | |
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 In the state of Mississippi, inventory that is shipped out of state that is held in a licensed Free Port Warehouse is exempt from personal property taxes. One of the Company's subsidiaries operates in Hinds County, Mississippi. That subsidiary has submitted its Hinds County Free Port Warehouse tax filing for approximately 40 June 2020, no seven not 450 Contingencies no October 3, 2021. |
Note K - Recently Issued Accoun
Note K - Recently Issued Accounting Pronouncements | 9 Months Ended |
Oct. 03, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE K – 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 |
Note E - Business Segments (Tab
Note E - Business Segments (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended October 3, 2021 External net sales $ 27,732 $ 59,338 $ 155 $ 87,225 Gross profit (loss) (3,180 ) 14,620 (210 ) 11,230 Operating profit (loss) (6,277 ) 12,099 (1,187 ) 4,635 Total assets 233,680 169,124 23,105 425,909 Depreciation and amortization 318 386 59 763 Capital expenditures 241 262 10 513 Quarter ended September 27, 2020 External net sales $ 27,169 $ 66,679 $ 89 $ 93,937 Gross profit (loss) 5,259 15,718 (259 ) 20,718 Operating profit (loss) 2,385 13,416 (1,349 ) 14,452 Total assets 218,464 171,105 21,109 410,678 Depreciation and amortization 243 434 61 738 Capital expenditures 130 624 10 764 (in thousands) Housewares / Small Appliances Defense Safety Total Nine Months Ended October 3, 2021 External net sales $ 77,437 $ 177,592 $ 341 $ 255,370 Gross profit (loss) 2,911 45,131 (776 ) 47,266 Operating profit (loss) (6,909 ) 37,455 (3,638 ) 26,908 Total assets 233,680 169,124 23,105 425,909 Depreciation and amortization 911 1,141 176 2,228 Capital expenditures 581 1,772 116 2,469 Nine Months Ended September 27, 2020 External net sales $ 73,025 $ 173,489 191 $ 246,705 Gross profit (loss) 13,982 45,631 (1,035 ) 58,578 Operating profit (loss) 4,739 38,341 (4,036 ) 39,044 Total assets 218,464 171,105 21,109 410,678 Depreciation and amortization 722 1,295 221 2,238 Capital expenditures 456 945 97 1,498 |
Note G - Cash, Cash Equivalen_2
Note G - Cash, Cash Equivalents And Marketable Securities (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
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 October 3, 2021 Tax-exempt Municipal Bonds $ 7,827 $ 7,888 $ 61 $ - Variable Rate Demand Notes 25,425 25,425 - - Total Marketable Securities $ 33,252 $ 33,313 $ 61 $ - December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ - |
Note I - Leases (Tables)
Note I - Leases (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 3 Months Ending 3 Months Ending 9 Months Ending 9 Months Ending Summary of Lease Cost (in thousands) October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Operating lease cost $ 254 $ 183 $ 688 $ 544 Short-term and variable lease cost 46 131 206 337 Total lease cost $ 300 $ 314 $ 894 $ 881 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31: (In thousands) 2021 (remaining three months) $ 196 2022 805 2023 679 2024 629 2025 621 Thereafter 14,631 Total lease payments $ 17,561 Less: future interest expense 7,284 Lease liabilities $ 10,277 |
Operating Lease, Lease Income [Table Text Block] | Years ending December 31: (In thousands) 2021 (remaining three months) $ 464 2022 1,843 2023 1,837 2024 1,837 2025 1,837 Thereafter 14,696 Total lease payments $ 22,514 |
Note C - Revenues 1 (Details Te
Note C - Revenues 1 (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020USD ($) | Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 3 | |||
Defense [Member] | ||||
Contract with Customer, Liability, Current | $ 2,068,000 | $ 4,723,000 | ||
Contract with Customer, Liability, Revenue Recognized | $ 0 | 3,222,000 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | 474,752,000 | $ 320,214,000 | ||
Housewares/Small Appliances [Member] | Seasonal and Newly Introduced Product [Member] | ||||
Contract with Customer, Liability, Increase (Decrease) in Estimates for Contract Liability | $ (138,000) | $ (421,000) | ||
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]: 2021-10-04 | Oct. 03, 2021 |
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 | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2020 | |
External net sales | $ 87,225 | $ 93,937 | $ 255,370 | $ 246,705 | |
Gross profit (loss) | 11,230 | 20,718 | 47,266 | 58,578 | |
Operating profit (loss) | 4,635 | 14,452 | 26,908 | 39,044 | |
Total assets | 425,909 | 410,678 | 425,909 | 410,678 | $ 433,170 |
Depreciation and amortization | 763 | 738 | 2,228 | 2,238 | |
Capital expenditures | 513 | 764 | 2,469 | 1,498 | |
Housewares/Small Appliances [Member] | Operating Segments [Member] | |||||
External net sales | 27,732 | 27,169 | 77,437 | 73,025 | |
Gross profit (loss) | (3,180) | 5,259 | 2,911 | 13,982 | |
Operating profit (loss) | (6,277) | 2,385 | (6,909) | 4,739 | |
Total assets | 233,680 | 218,464 | 233,680 | 218,464 | |
Depreciation and amortization | 318 | 243 | 911 | 722 | |
Capital expenditures | 241 | 130 | 581 | 456 | |
Defense [Member] | Operating Segments [Member] | |||||
External net sales | 59,338 | 66,679 | 177,592 | 173,489 | |
Gross profit (loss) | 14,620 | 15,718 | 45,131 | 45,631 | |
Operating profit (loss) | 12,099 | 13,416 | 37,455 | 38,341 | |
Total assets | 169,124 | 171,105 | 169,124 | 171,105 | |
Depreciation and amortization | 386 | 434 | 1,141 | 1,295 | |
Capital expenditures | 262 | 624 | 1,772 | 945 | |
Safety [Member] | Operating Segments [Member] | |||||
External net sales | 155 | 89 | 341 | 191 | |
Gross profit (loss) | (210) | (259) | (776) | (1,035) | |
Operating profit (loss) | (1,187) | (1,349) | (3,638) | (4,036) | |
Total assets | 23,105 | 21,109 | 23,105 | 21,109 | |
Depreciation and amortization | 59 | 61 | 176 | 221 | |
Capital expenditures | $ 10 | $ 10 | $ 116 | $ 97 |
Note G - Cash, Cash Equivalen_3
Note G - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | $ 9,127,000 | $ 23,224,000 | $ 35,537,000 | $ 41,859,000 | |
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 | $ (28,000) | (81,000) | (134,000) | 119,000 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 6,403,000 | 6,403,000 | 6,403,000 | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 1,485,000 | 1,485,000 | 1,485,000 | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 4,175,000 | 4,175,000 | 4,175,000 | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 21,250,000 | $ 21,250,000 | 21,250,000 | ||
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 | Oct. 03, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 33,252 | $ 68,785 |
Fair Value | 33,313 | 68,981 |
Gross Unrealized Gains | 61 | 196 |
Gross Unrealized Losses | 0 | 0 |
Nontaxable Municipal Bonds [Member] | ||
Amortized Cost | 7,827 | 42,817 |
Fair Value | 7,888 | 43,013 |
Gross Unrealized Gains | 61 | 196 |
Gross Unrealized Losses | 0 | 0 |
Variable Rate Demand Obligation [Member] | ||
Amortized Cost | 25,425 | 25,968 |
Fair Value | 25,425 | 25,968 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Note H - Other Assets (Details
Note H - Other Assets (Details Textual) - USD ($) | 9 Months Ended | |
Oct. 03, 2021 | Dec. 31, 2020 | |
Expected Prepayment Utilization Period (Year) | 2 years | |
Other Current Assets [Member] | ||
Materials, Supplies, and Other | $ 4,361,000 | $ 4,311,000 |
Housewares/Small Appliances [Member] | ||
Materials, Supplies, and Other | $ 8,711,000 | $ 11,217,000 |
Note I - Leases (Details Textua
Note I - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Operating Lease, Payments | $ 300,000 | $ 894,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 22 years 8 months 12 days | 22 years 8 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% | 4.60% | ||
Operating Lease, Lease Income, Lease Payments | $ 464,000 | $ 463,000 | $ 1,392,000 | $ 1,389,000 |
Note I - Leases - Lease Cost (D
Note I - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Operating lease cost | $ 254 | $ 183 | $ 688 | $ 544 |
Short-term and variable lease cost | 46 | 131 | 206 | 337 |
Total lease cost | $ 300 | $ 314 | $ 894 | $ 881 |
Note I - Leases - Lease Maturit
Note I - Leases - Lease Maturities (Details) $ in Thousands | Oct. 03, 2021USD ($) |
2021 (remaining three months) | $ 196 |
2022 | 805 |
2023 | 679 |
2024 | 629 |
2025 | 621 |
Thereafter | 14,631 |
Total lease payments | 17,561 |
Less: future interest expense | 7,284 |
Lease liabilities | $ 10,277 |
Note I - Leases - Operating Lea
Note I - Leases - Operating Lease Income (Details) $ in Thousands | Oct. 03, 2021USD ($) |
2021 (remaining three months) | $ 464 |
2022 | 1,843 |
2023 | 1,837 |
2024 | 1,837 |
2025 | 1,837 |
Thereafter | 14,696 |
Total lease payments | $ 22,514 |
Note J - Commitments and Cont_2
Note J - Commitments and Contingencies (Details Textual) - Property Tax Assessment [Member] - USD ($) | 1 Months Ended | |
Jun. 30, 2020 | Oct. 03, 2021 | |
Loss Contingency, Damages Sought, Value | $ 2,506,000 | |
Loss Contingency Accrual, Ending Balance | $ 0 |