Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 03, 2022 | May 13, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 3, 2022 | |
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, $1 par value | |
Trading Symbol | NPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,053,726 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 82,531 | $ 109,805 |
Marketable securities | 35,298 | 34,190 |
Accounts receivable, net | 35,760 | 53,377 |
Inventories: | ||
Finished goods | 40,000 | 40,624 |
Work in process | 100,024 | 92,437 |
Inventory, net | 11,448 | 10,800 |
Raw materials | 151,472 | 143,861 |
Notes receivable, current | 2,256 | 2,330 |
Other current assets | 10,128 | 4,490 |
Total current assets | 317,445 | 348,053 |
PROPERTY, PLANT AND EQUIPMENT | 98,744 | 98,573 |
Less allowance for depreciation | 62,507 | 61,850 |
Property, plant and equipment, net | 36,237 | 36,723 |
GOODWILL | 15,317 | 15,317 |
INTANGIBLE ASSETS, net | 2,571 | 2,624 |
RIGHT-OF-USE LEASE ASSETS | 10,027 | 10,161 |
DEFERRED INCOME TAXES | 4,658 | 4,642 |
OTHER ASSETS | 2,259 | 2,878 |
Assets, Total | 388,514 | 420,398 |
CURRENT LIABILITIES: | ||
Accounts payable | 29,653 | 32,759 |
Federal and state income taxes | 4,004 | 3,163 |
Lease liabilities | 550 | 546 |
Accrued liabilities | 15,439 | 16,691 |
Total current liabilities | 49,646 | 53,159 |
LEASE LIABILITIES - NON-CURRENT | 9,477 | 9,616 |
Total liabilities | 59,123 | 62,775 |
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 | 14,156 | 13,743 |
Retained earnings | 320,286 | 349,198 |
Accumulated other comprehensive income (loss) | (42) | 20 |
Stockholders' Equity before Treasury Stock | 341,841 | 370,402 |
Treasury stock, at cost | 12,450 | 12,779 |
Total stockholders' equity | 329,391 | 357,623 |
Liabilities and Equity, Total | $ 388,514 | $ 420,398 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 03, 2022 | Dec. 31, 2021 |
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 | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Net sales | $ 60,754 | $ 81,027 |
Cost of sales | 51,043 | 62,666 |
Gross profit | 9,711 | 18,361 |
Selling and general expenses | 6,570 | 7,364 |
Intangibles amortization | 54 | 54 |
Operating profit | 3,087 | 10,943 |
Other income | 669 | 700 |
Earnings before provision for income taxes | 3,756 | 11,643 |
Provision for income taxes | 841 | 2,650 |
Net earnings | $ 2,915 | $ 8,993 |
Weighted average shares outstanding: | ||
Basic and diluted (in shares) | 7,073 | 7,053 |
us-gaap_EarningsPerShareBasicAbstract | ||
Basic and diluted (in dollars per share) | $ 0.41 | $ 1.28 |
Comprehensive income: | ||
Net earnings | $ 2,915 | $ 8,993 |
Other comprehensive income, net of tax: | ||
Unrealized (loss) gain on available-for-sale securities | (62) | (49) |
Comprehensive income | $ 2,853 | $ 8,944 |
Cash dividends declared and paid per common share (in dollars per share) | $ 4.50 | $ 6.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 2,915,000 | $ 8,993,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Provision for depreciation | 658,000 | 677,000 |
Intangibles amortization | 54,000 | 54,000 |
Non-cash retirement plan expense | 212,000 | 206,000 |
Proceeds from insurance claim | 90,000 | |
Other | 128,000 | 211,000 |
Changes in operating accounts: | ||
Accounts receivable, net | 17,606,000 | 5,550,000 |
Inventories | (7,689,000) | (5,622,000) |
Other assets and current assets | (5,019,000) | 530,000 |
Accounts payable and accrued liabilities | (4,358,000) | (6,228,000) |
Federal and state income taxes | 841,000 | 2,428,000 |
Net cash provided by operating activities | 5,438,000 | 6,799,000 |
Cash flows from investing activities: | ||
Marketable securities purchased | (3,640,000) | 0 |
Marketable securities - maturities and sales | 2,454,000 | 16,951,000 |
Proceeds from note receivable | 78,000 | 0 |
Purchase of property, plant and equipment | (172,000) | (1,124,000) |
Net cash (used in) provided by investing activities | (1,280,000) | 15,827,000 |
Cash flows from financing activities: | ||
Dividends paid | (31,827,000) | (44,083,000) |
Proceeds from sale of treasury stock | 436,000 | 572,000 |
Other | (41,000) | (30,000) |
Net cash used in financing activities | (31,432,000) | (43,541,000) |
Net (decrease) increase in cash and cash equivalents | (27,274,000) | (20,915,000) |
Cash and cash equivalents at beginning of period | 109,805,000 | 86,036,000 |
Cash and cash equivalents at end of period | $ 82,531,000 | $ 65,121,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($) $ 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, 2020 | 7,025 | |||||
Balance at Dec. 31, 2020 | $ 7,441 | $ 12,438 | $ 367,627 | $ 154 | $ (13,312) | $ 374,348 |
Net earnings | 8,993 | 8,993 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (49) | (49) | ||||
Dividends paid | (44,083) | (44,083) | ||||
Other (in shares) | 11 | |||||
Other | 568 | 341 | 910 | |||
Unrealized (loss) on available-for-sale securities, net of tax | (49) | (49) | ||||
Balance (in shares) at Apr. 04, 2021 | 7,036 | |||||
Balance at Apr. 04, 2021 | $ 7,441 | 13,006 | 332,538 | 105 | (12,971) | 340,119 |
Balance (in shares) at Dec. 31, 2021 | 7,042 | |||||
Balance at Dec. 31, 2021 | $ 7,441 | 13,743 | 349,198 | 20 | (12,779) | 357,623 |
Net earnings | 2,915 | 2,915 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (62) | (62) | ||||
Dividends paid | (31,827) | (31,827) | ||||
Other (in shares) | 12 | |||||
Other | 413 | 0 | 329 | 742 | ||
Unrealized (loss) on available-for-sale securities, net of tax | (62) | (62) | ||||
Balance (in shares) at Apr. 03, 2022 | 7,054 | |||||
Balance at Apr. 03, 2022 | $ 7,441 | $ 14,156 | $ 320,286 | $ (42) | $ (12,450) | $ 329,391 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
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 | 3 Months Ended |
Apr. 03, 2022 | |
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, 2021 not 2021 10 not |
Note B - General
Note B - General | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE B – GENERAL The after-effects of the government responses to the COVID- 19 19 19 2022 |
Note C - Revenues
Note C - Revenues | 3 Months Ended |
Apr. 03, 2022 | |
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 36 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 usually 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 April 3, 2022 December 31, 2021 three April 3, 2022 three April 3, 2022 April 4, 2021 no no April 3, 2022 December 31, 2021 one The Company’s principal sources of revenue are derived from three |
Note D - Earnings Per Share
Note D - Earnings Per Share | 3 Months Ended |
Apr. 03, 2022 | |
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 | 3 Months Ended |
Apr. 03, 2022 | |
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 April 3, 2022 External net sales $ 20,306 $ 40,355 $ 93 $ 60,754 Gross profit (loss) 1,195 8,867 (351 ) 9,711 Operating profit (loss) (1,539 ) 6,038 (1,412 ) 3,087 Total assets 208,455 170,154 9,905 388,514 Depreciation and amortization 262 389 61 712 Capital expenditures 77 92 3 172 Quarter ended April 4, 2021 External net sales $ 26,505 $ 54,455 $ 67 $ 81,027 Gross profit (loss) 4,791 13,904 (334 ) 18,361 Operating profit (loss) 961 11,245 (1,263 ) 10,943 Total assets 203,865 168,502 22,864 395,231 Depreciation and amortization 292 381 58 731 Capital expenditures 130 899 95 1,124 |
Note F - Fair Value of Financia
Note F - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 03, 2022 | |
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 | 3 Months Ended |
Apr. 03, 2022 | |
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 April 3, 2022 December 31, 2021 2, 820, not (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses April 3, 2022 Fixed Rate Municipal Bonds $ 10,135 $ 10,082 $ 5 $ (58 ) Variable Rate Demand Notes 25,216 25,216 - - Total Marketable Securities $ 35,351 $ 35,298 $ 5 $ (58 ) December 31, 2021 Fixed Rate Municipal Bonds $ 8,737 $ 8,763 $ 31 $ 5 Variable Rate Demand Notes 25,427 25,427 - - Total Marketable Securities $ 34,164 $ 34,190 $ 31 $ 5 Proceeds from maturities and sales of available-for-sale securities totaled $2,454,000 and $16,951,000 for the three April 3, 2022 April 4, 2021 no three April 3, 2022 April 4, 2021 No The contractual maturities of the marketable securities held at April 3, 2022 one one five five ten ten five seven not |
Note H - Other Assets
Note H - Other Assets | 3 Months Ended |
Apr. 03, 2022 | |
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 April 3, 2022 December 31, 2021 April 3, 2022 December 31, 2021 twelve |
Note I - Leases
Note I - Leases | 3 Months Ended |
Apr. 03, 2022 | |
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 Summary of Lease Cost (in thousands) April 3, 2022 April 4, 2021 Operating lease cost $ 250 $ 185 Short-term and variable lease cost 35 110 Total lease cost $ 285 $ 295 Operating cash used for operating leases was $285,000 and $295,000 for the three April 3, 2022 April 4, 2021, April 3, 2022 Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2022 (remaining nine months) $ 607 2023 682 2024 631 2025 625 2026 605 Thereafter 13,922 Total lease payments $ 17,072 Less: future interest expense 7,045 Lease liabilities $ 10,027 Lease income from operating lease payments was $519,000 and $464,000 for the quarters ended April 3, 2022 April 4, 2021 Years ending December 31: (In thousands) 2022 (remaining nine months) $ 1,543 2023 2,055 2024 2,055 2025 2,055 2026 2,055 Thereafter 16,440 Total lease payments $ 26,203 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 | 3 Months Ended |
Apr. 03, 2022 | |
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 April 3, 2022. |
Note K - Recently Issued Accoun
Note K - Recently Issued Accounting Pronouncements | 3 Months Ended |
Apr. 03, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE K – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The Company assesses the impacts of adopting recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements, and updates previous assessments, as necessary, from the Company's Annual Report on Form 10 December 31, 2021. no April 3, 2022 |
Note E - Business Segments (Tab
Note E - Business Segments (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended April 3, 2022 External net sales $ 20,306 $ 40,355 $ 93 $ 60,754 Gross profit (loss) 1,195 8,867 (351 ) 9,711 Operating profit (loss) (1,539 ) 6,038 (1,412 ) 3,087 Total assets 208,455 170,154 9,905 388,514 Depreciation and amortization 262 389 61 712 Capital expenditures 77 92 3 172 Quarter ended April 4, 2021 External net sales $ 26,505 $ 54,455 $ 67 $ 81,027 Gross profit (loss) 4,791 13,904 (334 ) 18,361 Operating profit (loss) 961 11,245 (1,263 ) 10,943 Total assets 203,865 168,502 22,864 395,231 Depreciation and amortization 292 381 58 731 Capital expenditures 130 899 95 1,124 |
Note G - Cash, Cash Equivalen_2
Note G - Cash, Cash Equivalents And Marketable Securities (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
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 April 3, 2022 Fixed Rate Municipal Bonds $ 10,135 $ 10,082 $ 5 $ (58 ) Variable Rate Demand Notes 25,216 25,216 - - Total Marketable Securities $ 35,351 $ 35,298 $ 5 $ (58 ) December 31, 2021 Fixed Rate Municipal Bonds $ 8,737 $ 8,763 $ 31 $ 5 Variable Rate Demand Notes 25,427 25,427 - - Total Marketable Securities $ 34,164 $ 34,190 $ 31 $ 5 |
Note I - Leases (Tables)
Note I - Leases (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 3 Months Ending 3 Months Ending Summary of Lease Cost (in thousands) April 3, 2022 April 4, 2021 Operating lease cost $ 250 $ 185 Short-term and variable lease cost 35 110 Total lease cost $ 285 $ 295 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31: (In thousands) 2022 (remaining nine months) $ 607 2023 682 2024 631 2025 625 2026 605 Thereafter 13,922 Total lease payments $ 17,072 Less: future interest expense 7,045 Lease liabilities $ 10,027 |
Operating Lease, Lease Income [Table Text Block] | Years ending December 31: (In thousands) 2022 (remaining nine months) $ 1,543 2023 2,055 2024 2,055 2025 2,055 2026 2,055 Thereafter 16,440 Total lease payments $ 26,203 |
Note C - Revenues 1 (Details Te
Note C - Revenues 1 (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Apr. 03, 2022USD ($) | Sep. 27, 2020USD ($) | Sep. 27, 2020USD ($) | Dec. 31, 2021USD ($) | |
Number of Operating Segments | 3 | |||
Defense [Member] | ||||
Contract with Customer, Liability, Current | $ 2,366,000 | $ 2,211,000 | ||
Contract with Customer, Liability, Revenue Recognized | 74,000 | $ 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 447,364,000 | $ 460,800,000 | ||
Minimum [Member] | ||||
Revenue Contract Period (Month) | 3 months | |||
Maximum [Member] | ||||
Revenue Contract Period (Month) | 36 years |
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]: 2022-04-04 | Apr. 03, 2022 |
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) | 36 years |
Note E - Business Segments - Se
Note E - Business Segments - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 03, 2022 | Apr. 04, 2021 | Dec. 31, 2021 | |
External net sales | $ 60,754 | $ 81,027 | |
Gross profit (loss) | 9,711 | 18,361 | |
Operating profit (loss) | 3,087 | 10,943 | |
Total assets | 388,514 | 395,231 | $ 420,398 |
Depreciation and amortization | 712 | 731 | |
Capital expenditures | 172 | 1,124 | |
Housewares/Small Appliances [Member] | Operating Segments [Member] | |||
External net sales | 20,306 | 26,505 | |
Gross profit (loss) | 1,195 | 4,791 | |
Operating profit (loss) | (1,539) | 961 | |
Total assets | 208,455 | 203,865 | |
Depreciation and amortization | 262 | 292 | |
Capital expenditures | 77 | 130 | |
Defense [Member] | Operating Segments [Member] | |||
External net sales | 40,355 | 54,455 | |
Gross profit (loss) | 8,867 | 13,904 | |
Operating profit (loss) | 6,038 | 11,245 | |
Total assets | 170,154 | 168,502 | |
Depreciation and amortization | 389 | 381 | |
Capital expenditures | 92 | 899 | |
Safety [Member] | Operating Segments [Member] | |||
External net sales | 93 | 67 | |
Gross profit (loss) | (351) | (334) | |
Operating profit (loss) | (1,412) | (1,263) | |
Total assets | 9,905 | 22,864 | |
Depreciation and amortization | 61 | 58 | |
Capital expenditures | $ 3 | $ 95 |
Note G - Cash, Cash Equivalen_3
Note G - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale, Total | $ 2,454,000 | $ 16,951,000 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 0 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | (78,000) | $ (62,000) |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 5,121,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 4,961,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 3,965,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 21,251,000 | |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax, Total | $ 0 |
Note G - Cash, Cash Equivalen_4
Note G - Cash, Cash Equivalents And Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 35,351 | $ 34,164 |
Fair Value | 35,298 | 34,190 |
Gross Unrealized Gains | 5 | 31 |
Gross Unrealized Losses | (58) | (5) |
Gross Unrealized Losses | 58 | 5 |
Fixed Rate Municipal Bonds [Member] | ||
Amortized Cost | 10,135 | 8,737 |
Fair Value | 10,082 | 8,763 |
Gross Unrealized Gains | 5 | 31 |
Gross Unrealized Losses | (58) | (5) |
Gross Unrealized Losses | 58 | 5 |
Variable Rate Demand Obligation [Member] | ||
Amortized Cost | 25,216 | 25,427 |
Fair Value | 25,216 | 25,427 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Note H - Other Assets (Details
Note H - Other Assets (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Expected Prepayment Utilization Period (Year) | 2 years | |
Other Current Assets [Member] | ||
Materials, Supplies, and Other | $ 7,241,000 | $ 4,746,000 |
Housewares/Small Appliances [Member] | ||
Materials, Supplies, and Other | $ 9,500,000 | $ 7,624,000 |
Note I - Leases (Details Textua
Note I - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Operating Lease, Payments | $ 285,000 | $ 295,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 22 years 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% | |
Operating Lease, Lease Income, Lease Payments | $ 519,000 | $ 464,000 |
Note I - Leases - Lease Cost (D
Note I - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Operating lease cost | $ 250 | $ 185 |
Short-term and variable lease cost | 35 | 110 |
Total lease cost | $ 285 | $ 295 |
Note I - Leases - Lease Maturit
Note I - Leases - Lease Maturities (Details) $ in Thousands | Apr. 03, 2022USD ($) |
2022 (remaining nine months) | $ 607 |
2023 | 682 |
2024 | 631 |
2025 | 625 |
2026 | 605 |
Thereafter | 13,922 |
Total lease payments | 17,072 |
Less: future interest expense | 7,045 |
Lease liabilities | $ 10,027 |
Note I - Leases - Operating Lea
Note I - Leases - Operating Lease Income (Details) $ in Thousands | Apr. 03, 2022USD ($) |
2022 (remaining nine months) | $ 1,543 |
2023 | 2,055 |
2024 | 2,055 |
2025 | 2,055 |
2026 | 2,055 |
Thereafter | 16,440 |
Total lease payments | $ 26,203 |
Note J - Commitments and Cont_2
Note J - Commitments and Contingencies (Details Textual) - Property Tax Assessment [Member] - USD ($) | 1 Months Ended | |
Jun. 30, 2020 | Apr. 03, 2022 | |
Loss Contingency, Damages Sought, Value | $ 2,506,000 | |
Loss Contingency Accrual, Ending Balance | $ 0 |