Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 02, 2023 | May 12, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 02, 2023 | |
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, $1 par value | |
Trading Symbol | NPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,076,727 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 02, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 75,625 | $ 70,711 |
Marketable securities | 29,013 | 24,863 |
Accounts receivable, net | 42,179 | 71,024 |
Inventories: | ||
Finished goods | 34,754 | 36,249 |
Work in process | 107,957 | 105,564 |
Raw materials | 12,280 | 10,324 |
Inventory, net | 154,991 | 152,137 |
Notes receivable, current | 2,251 | 2,226 |
Other current assets | 7,987 | 5,671 |
Total current assets | 312,046 | 326,632 |
PROPERTY, PLANT AND EQUIPMENT | 105,802 | 105,425 |
Less allowance for depreciation | 64,842 | 63,634 |
Property, plant and equipment, net | 40,960 | 41,791 |
GOODWILL | 19,433 | 18,573 |
INTANGIBLE ASSETS, net | 6,548 | 6,926 |
RIGHT-OF-USE LEASE ASSETS | 10,562 | 10,731 |
DEFERRED INCOME TAXES | 4,642 | 5,506 |
OTHER ASSETS | 1,688 | 1,688 |
Assets | 395,879 | 411,847 |
CURRENT LIABILITIES: | ||
Accounts payable | 35,882 | 34,604 |
Federal and state income taxes | 4,946 | 2,552 |
Lease liabilities | 540 | 577 |
Accrued liabilities | 15,008 | 15,908 |
Total current liabilities | 56,376 | 53,641 |
LEASE LIABILITIES - NON-CURRENT | 10,021 | 10,154 |
Total liabilities | 66,397 | 63,795 |
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 | 15,308 | 14,799 |
Retained earnings | 318,564 | 338,071 |
Accumulated other comprehensive loss | (88) | (103) |
Stockholders' Equity before Treasury Stock | 341,225 | 360,208 |
Treasury stock, at cost | 11,743 | 12,156 |
Total stockholders' equity | 329,482 | 348,052 |
Liabilities and Equity | $ 395,879 | $ 411,847 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 02, 2023 | Dec. 31, 2022 |
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. 02, 2023 | Apr. 03, 2022 | |
Net sales | $ 80,409 | $ 60,754 |
Cost of sales | 62,389 | 51,043 |
Gross profit | 18,020 | 9,711 |
Selling and general expenses | 8,221 | 6,570 |
Intangibles amortization | 379 | 54 |
Operating profit | 9,420 | 3,087 |
Other income | 1,853 | 669 |
Earnings before provision for income taxes | 11,273 | 3,756 |
Provision for income taxes | 2,395 | 841 |
Net earnings | $ 8,878 | $ 2,915 |
Weighted average shares outstanding: | ||
Basic and diluted (in shares) | 7,097 | 7,073 |
Net Earnings per share: | ||
Basic and diluted (in dollars per share) | $ 1.25 | $ 0.41 |
Comprehensive income: | ||
Net earnings | $ 8,878 | $ 2,915 |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain on available-for-sale securities, net of tax | 15 | (62) |
Comprehensive income | $ 8,893 | $ 2,853 |
Cash dividends declared and paid per common share (in dollars per share) | $ 4 | $ 4.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 8,878,000 | $ 2,915,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Provision for depreciation | 1,328,000 | 658,000 |
Intangibles amortization | 379,000 | 54,000 |
Non-cash retirement plan expense | 259,000 | 212,000 |
Proceeds from insurance claim | 0 | 90,000 |
Other | 246,000 | 128,000 |
Changes in operating accounts: | ||
Accounts receivable, net | 29,050,000 | 17,606,000 |
Inventories | (3,081,000) | (7,689,000) |
Other assets and current assets | (2,317,000) | (5,019,000) |
Accounts payable and accrued liabilities | 378,000 | (4,358,000) |
Federal and state income taxes | 2,351,000 | 841,000 |
Net cash provided by operating activities | 37,471,000 | 5,438,000 |
Cash flows from investing activities: | ||
Marketable securities purchased | (5,385,000) | (3,640,000) |
Marketable securities - maturities and sales | 1,253,000 | 2,454,000 |
Proceeds from note receivable | 6,000 | 78,000 |
Purchase of property, plant and equipment | (498,000) | (172,000) |
Proceeds from insurance claim | 23,000 | 0 |
Net used in investing activities | (4,601,000) | (1,280,000) |
Cash flows from financing activities: | ||
Dividends paid | (28,385,000) | (31,827,000) |
Proceeds from sale of treasury stock | 429,000 | 436,000 |
Other | 0 | (41,000) |
Net cash used in financing activities | (27,956,000) | (31,432,000) |
Net decrease in cash and cash equivalents | 4,914,000 | (27,274,000) |
Cash and cash equivalents at beginning of period | 70,711,000 | 109,805,000 |
Cash and cash equivalents at end of period | $ 75,625,000 | $ 82,531,000 |
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, Common [Member] | Total |
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 loss on available-for-sale securities, net of tax | (62) | (62) | ||||
Dividends | (31,827) | (31,827) | ||||
Other (in shares) | 12 | |||||
Other | 413 | 0 | 329 | 742 | ||
Unrealized gain 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 |
Balance (in shares) at Dec. 31, 2022 | 7,063 | |||||
Balance at Dec. 31, 2022 | $ 7,441 | 14,799 | 338,071 | (103) | (12,156) | 348,052 |
Net earnings | 8,878 | 8,878 | ||||
Unrealized loss on available-for-sale securities, net of tax | 15 | 15 | ||||
Dividends | (28,385) | (28,385) | ||||
Other (in shares) | 13 | |||||
Other | 509 | 0 | 413 | 922 | ||
Unrealized gain on available-for-sale securities, net of tax | 15 | 15 | ||||
Balance (in shares) at Apr. 02, 2023 | 7,076 | |||||
Balance at Apr. 02, 2023 | $ 7,441 | $ 15,308 | $ 318,564 | $ (88) | $ (11,743) | $ 329,482 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Regular dividends per share (in dollars per share) | $ 1 | $ 1 |
Extra dividends per share (in dollars per share) | $ 3 | $ 3.50 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A – BASIS OF PRESENTATION The condensed 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, 2022 not 2022 10 not |
Note B - General
Note B - General | 3 Months Ended |
Apr. 02, 2023 | |
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 2023 |
Note C - Revenues
Note C - Revenues | 3 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 December 31, 2022 not three April 2, 2023 three April 2, 2023 April 3, 2022 no no April 2, 2023 December 31, 2022 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. 02, 2023 | |
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. 02, 2023 | |
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 2, 2023 External net sales $ 21,052 $ 58,858 $ 499 $ 80,409 Gross profit (loss) 4,706 14,059 (745 ) 18,020 Operating profit (loss) 1,345 10,519 (2,444 ) 9,420 Total assets 182,139 207,151 6,589 395,879 Depreciation and amortization 252 1,342 113 1,707 Capital expenditures 66 166 266 498 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 |
Note F - Fair Value of Financia
Note F - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 02, 2023 | |
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. 02, 2023 | |
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 2, 2023 December 31, 2022 2, 820, not (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses April 2, 2023 Fixed Rate Municipal Bonds $ 10,471 $ 10,453 $ - $ 18 Certificates of Deposit 14,250 14,156 8 101 Variable Rate Demand Notes 4,404 4,404 - - Total Marketable Securities $ 29,125 $ 29,013 $ 8 $ 119 December 31, 2022 Fixed Rate Municipal Bonds $ 11,460 $ 11,405 $ - $ 58 Certificates of Deposit 9,895 9,820 22 94 Variable Rate Demand Notes 3,638 3,638 - - Total Marketable Securities $ 24,993 $ 24,863 $ 22 $ 152 Proceeds from maturities and sales of available-for-sale securities totaled $1,253,000 and $2,454,000 for the three April 2, 2023 April 3, 2022 three April 2, 2023 April 3, 2022 The contractual maturities of the marketable securities held at April 2, 2023 one one five five ten five seven not |
Note H - Other Assets
Note H - Other Assets | 3 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 December 31, 2022 April 2, 2023 December 31, 2022 twelve |
Note I - Leases
Note I - Leases | 3 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 April 3, 2022 Operating lease cost $ 295 $ 250 Short-term and variable lease cost 55 35 Total lease cost $ 350 $ 285 Operating cash used for operating leases was $349,000 and $285,000 for the three April 2, 2023 April 2, 2023 Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2023 (remaining nine months) $ 629 2024 808 2025 796 2026 782 2027 782 Thereafter 13,576 Total lease payments $ 17,373 Less: future interest expense 6,812 Lease liabilities $ 10,561 Lease income from operating lease payments was $551,000 and $519,000 for the quarters ended April 2, 2023 April 3, 2022 Years ending December 31: (In thousands) 2023 (remaining nine months) $ 1,654 2024 2,186 2025 2,186 2026 2,186 2027 2,186 Thereafter 15,302 Total lease payments $ 25,700 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. 02, 2023 | |
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 2, 2023. |
Note K - Recently Issued Or Ado
Note K - Recently Issued Or Adopted Accounting Pronouncements | 3 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE K – RECENTLY ISSUED OR ADOPTED 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, 2022. no April 2, 2023 |
Note L - Business Acquisitions
Note L - Business Acquisitions | 3 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE L – BUSINESS ACQUISITIONS On July 29, 2022, 2019 first 2023, 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) Accounts receivable 1,832 Inventories 1,274 Other current assets 7 Property, plant and equipment 868 Intangible assets 290 Right-of-Use Lease Assets 1,126 Total assets acquired 5,397 Less: Current liabilities assumed (776) Less: Lease Liability - Noncurrent (1,004) Net assets acquired $ 3,617 The acquired intangibles primarily included trademarks and safety certifications that will be amortized over a period of two October 2, 2022. no On October 26, 2022, 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. The fair value estimates are pending completion of several elements, including the final review by the Company. Accordingly, until the fair values are final, there could be material adjustments to the Company’s consolidated financial statements, including changes to depreciation and amortization expense related to the valuation of property and equipment and intangible assets acquired and their respective useful lives, among other adjustments. During the quarter ended April 2, 2023, (in thousands) Accounts receivable 2,136 Inventories 2,309 Other current assets 130 Property, plant and equipment 6,400 Intangible assets 6,058 Goodwill 7,948 Total assets acquired 24,981 Less: Current liabilities assumed (1,084 ) Less: Deferred tax liability (2,339 ) Net assets acquired $ 21,558 The acquired intangible assets primarily include customer contracts and will be amortized over a period of four not The following pro forma condensed consolidated results of operations has been prepared as if the acquisitions had occurred as of January 1, 2022. (unaudited) (in thousands, except per share data) Quarter Ended 4/3/2022 Net sales $ 65,069 Net earnings 2,113 Net earnings per share (basic and diluted) $ 0.41 Weighted average shares outstanding (basic and diluted) 7,073 The unaudited pro forma financial information presented above is not not one not not |
Note M - Subsequent Event
Note M - Subsequent Event | 3 Months Ended |
Apr. 02, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE M - SUBSEQUENT EVENT The Company has evaluated subsequent events through the filing of this Form 10 no |
Note E - Business Segments (Tab
Note E - Business Segments (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended April 2, 2023 External net sales $ 21,052 $ 58,858 $ 499 $ 80,409 Gross profit (loss) 4,706 14,059 (745 ) 18,020 Operating profit (loss) 1,345 10,519 (2,444 ) 9,420 Total assets 182,139 207,151 6,589 395,879 Depreciation and amortization 252 1,342 113 1,707 Capital expenditures 66 166 266 498 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 |
Note G - Cash, Cash Equivalen_2
Note G - Cash, Cash Equivalents And Marketable Securities (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
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 2, 2023 Fixed Rate Municipal Bonds $ 10,471 $ 10,453 $ - $ 18 Certificates of Deposit 14,250 14,156 8 101 Variable Rate Demand Notes 4,404 4,404 - - Total Marketable Securities $ 29,125 $ 29,013 $ 8 $ 119 December 31, 2022 Fixed Rate Municipal Bonds $ 11,460 $ 11,405 $ - $ 58 Certificates of Deposit 9,895 9,820 22 94 Variable Rate Demand Notes 3,638 3,638 - - Total Marketable Securities $ 24,993 $ 24,863 $ 22 $ 152 |
Note I - Leases (Tables)
Note I - Leases (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 3 Months Ending 3 Months Ending Summary of Lease Cost (in thousands) April 2, 2023 April 3, 2022 Operating lease cost $ 295 $ 250 Short-term and variable lease cost 55 35 Total lease cost $ 350 $ 285 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years ending December 31: (In thousands) 2023 (remaining nine months) $ 629 2024 808 2025 796 2026 782 2027 782 Thereafter 13,576 Total lease payments $ 17,373 Less: future interest expense 6,812 Lease liabilities $ 10,561 |
Operating Lease, Lease Income [Table Text Block] | Years ending December 31: (In thousands) 2023 (remaining nine months) $ 1,654 2024 2,186 2025 2,186 2026 2,186 2027 2,186 Thereafter 15,302 Total lease payments $ 25,700 |
Note L - Business Acquisitions
Note L - Business Acquisitions (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Accounts receivable 1,832 Inventories 1,274 Other current assets 7 Property, plant and equipment 868 Intangible assets 290 Right-of-Use Lease Assets 1,126 Total assets acquired 5,397 Less: Current liabilities assumed (776) Less: Lease Liability - Noncurrent (1,004) Net assets acquired $ 3,617 (in thousands) Accounts receivable 2,136 Inventories 2,309 Other current assets 130 Property, plant and equipment 6,400 Intangible assets 6,058 Goodwill 7,948 Total assets acquired 24,981 Less: Current liabilities assumed (1,084 ) Less: Deferred tax liability (2,339 ) Net assets acquired $ 21,558 |
Business Acquisition, Pro Forma Information [Table Text Block] | (unaudited) (in thousands, except per share data) Quarter Ended 4/3/2022 Net sales $ 65,069 Net earnings 2,113 Net earnings per share (basic and diluted) $ 0.41 Weighted average shares outstanding (basic and diluted) 7,073 |
Note C - Revenues 1 (Details Te
Note C - Revenues 1 (Details Textual) | 3 Months Ended | ||
Apr. 02, 2023 USD ($) | Apr. 03, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Operating Segments | 3 | ||
Defense [Member] | |||
Contract with Customer, Liability, Current | $ 11,460,000 | $ 4,434,000 | |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 544,448,000 | $ 505,069,000 | |
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]: 2023-04-03 | Apr. 02, 2023 |
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. 02, 2023 | Apr. 03, 2022 | Dec. 31, 2022 | |
External net sales | $ 80,409 | $ 60,754 | |
Gross profit (loss) | 18,020 | 9,711 | |
Operating profit (loss) | 9,420 | 3,087 | |
Total assets | 395,879 | 388,514 | $ 411,847 |
Depreciation and amortization | 1,707 | 712 | |
Capital expenditures | 498 | 172 | |
Housewares/Small Appliances [Member] | Operating Segments [Member] | |||
External net sales | 21,052 | 20,306 | |
Gross profit (loss) | 4,706 | 1,195 | |
Operating profit (loss) | 1,345 | (1,539) | |
Total assets | 182,139 | 208,455 | |
Depreciation and amortization | 252 | 262 | |
Capital expenditures | 66 | 77 | |
Defense [Member] | Operating Segments [Member] | |||
External net sales | 58,858 | 40,355 | |
Gross profit (loss) | 14,059 | 8,867 | |
Operating profit (loss) | 10,519 | 6,038 | |
Total assets | 207,151 | 170,154 | |
Depreciation and amortization | 1,342 | 389 | |
Capital expenditures | 166 | 92 | |
Safety [Member] | Operating Segments [Member] | |||
External net sales | 499 | 93 | |
Gross profit (loss) | (745) | (351) | |
Operating profit (loss) | (2,444) | (1,412) | |
Total assets | 6,589 | 9,905 | |
Depreciation and amortization | 113 | 61 | |
Capital expenditures | $ 266 | $ 3 |
Note G - Cash, Cash Equivalen_3
Note G - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | $ 1,253,000 | $ 2,454,000 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | 0 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 88,000 | 78,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 19,269,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 6,959,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 2,897,000 | |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $ 0 | $ 0 |
Note G - Cash, Cash Equivalen_4
Note G - Cash, Cash Equivalents And Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Apr. 02, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 29,125 | $ 24,993 |
Fair Value | 29,013 | 24,863 |
Gross Unrealized Gains | 8 | 22 |
Gross Unrealized Losses | 119 | 152 |
Fixed Rate Municipal Bonds [Member] | ||
Amortized Cost | 10,471 | 11,460 |
Fair Value | 10,453 | 11,405 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 18 | 58 |
Certificates of Deposit [Member] | ||
Amortized Cost | 14,250 | 9,895 |
Fair Value | 14,156 | 9,820 |
Gross Unrealized Gains | 8 | 22 |
Gross Unrealized Losses | 101 | 94 |
Variable Rate Demand Obligation [Member] | ||
Amortized Cost | 4,404 | 3,638 |
Fair Value | 4,404 | 3,638 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Note H - Other Assets (Details
Note H - Other Assets (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 02, 2023 | Dec. 31, 2022 | |
Expected Prepayment Utilization Period (Year) | 2 years | |
Other Current Assets [Member] | ||
Materials, Supplies, and Other | $ 4,643,000 | $ 5,377,000 |
Housewares/Small Appliances [Member] | ||
Materials, Supplies, and Other | $ 6,331,000 | $ 7,065,000 |
Note I - Leases (Details Textua
Note I - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Operating Lease, Payments | $ 349,000 | $ 285,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 20 years 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% | |
Operating Lease, Lease Income, Lease Payments | $ 551,000 | $ 519,000 |
Note L - Leases - Lease Cost (D
Note L - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
Operating lease cost | $ 295 | $ 250 |
Short-term and variable lease cost | 55 | 35 |
Total lease cost | $ 350 | $ 285 |
Note L - Leases - Lease Maturit
Note L - Leases - Lease Maturities (Details) $ in Thousands | Apr. 02, 2023 USD ($) |
2023 (remaining nine months) | $ 629 |
2024 | 808 |
2025 | 796 |
2026 | 782 |
2027 | 782 |
Thereafter | 13,576 |
Total lease payments | 17,373 |
Less: future interest expense | 6,812 |
Lease liabilities | $ 10,561 |
Note L - Leases - Operating Lea
Note L - Leases - Operating Lease Income (Details) $ in Thousands | Apr. 02, 2023 USD ($) |
2023 (remaining nine months) | $ 1,654 |
2024 | 2,186 |
2025 | 2,186 |
2026 | 2,186 |
2027 | 2,186 |
Thereafter | 15,302 |
Total lease payments | $ 25,700 |
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. 02, 2023 | |
Loss Contingency, Damages Sought, Value | $ 2,506,000 | |
Loss Contingency Accrual, Ending Balance | $ 0 |
Note L - Business Acquisition_2
Note L - Business Acquisitions (Details Textual) - USD ($) | 3 Months Ended | ||
Oct. 26, 2022 | Jul. 29, 2022 | Apr. 02, 2023 | |
Knox Safety, Inc [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3,125,000 | ||
Deposits, Business Acquisition | 500,000 | $ 1,000,000 | |
Knox Safety, Inc [Member] | Selling, General and Administrative Expenses [Member] | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 492,000 | ||
Knox Safety, Inc [Member] | Trademarks and Safety Certifications [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 2 years | ||
Woodlawn Manufacturing, Ltd [Member] | |||
Payments to Acquire Businesses, Gross | $ 21,558,000 | ||
Deferred Tax Liabilities, Net | $ 860,000 | ||
Woodlawn Manufacturing, Ltd [Member] | Trademarks and Safety Certifications [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 4 years |
Note L - Business Acquisition -
Note L - Business Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 02, 2023 | Dec. 31, 2022 | Oct. 26, 2022 | Jul. 29, 2022 |
Accounts receivable | $ 2,136 | |||
Inventories | 2,309 | |||
Intangible assets | 6,058 | |||
GOODWILL | $ 19,433 | $ 18,573 | ||
Less: Deferred tax liability | (2,339) | |||
Knox Safety, Inc [Member] | ||||
Accounts receivable | $ 1,832 | |||
Inventories | 1,274 | |||
Intangible assets | 290 | |||
Right-of-Use Lease Assets | 1,126 | |||
Less: Lease Liability - Noncurrent | (1,004) | |||
OneEvent Technologies, Inc. [Member] | ||||
Other current assets | 130 | 7 | ||
Property, plant and equipment | 6,400 | 868 | ||
Total assets acquired | 24,981 | 5,397 | ||
Less: Current liabilities assumed | (1,084) | (776) | ||
Net assets acquired | 21,558 | $ 3,617 | ||
GOODWILL | $ 7,948 |
Note L - Business Combination -
Note L - Business Combination - Schedule of Pro Forma Results of Operations (Details) - Knox Safety, Inc [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Apr. 03, 2022 USD ($) $ / shares shares | |
Net sales | $ 65,069 |
Net earnings | $ 2,113 |
Net earnings per share (basic and diluted) (in dollars per share) | $ / shares | $ 0.41 |
Weighted average shares outstanding (basic and diluted) (in shares) | shares | 7,073 |