National Presto Industries (NPK) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 02, 2023	Aug. 11, 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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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		7,079,391

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 73,362	$ 70,711
Marketable securities	26,345	24,863
Accounts receivable, net	43,784	71,024
Inventories:
Finished goods	42,483	36,249
Work in process	110,946	105,564
Raw materials	13,556	10,324
Inventory, net	166,985	152,137
Notes receivable, current	2,276	2,226
Other current assets	6,278	5,671
Total current assets	319,030	326,632
PROPERTY, PLANT AND EQUIPMENT	106,215	105,425
Less allowance for depreciation	65,613	63,634
Property, plant and equipment, net	40,602	41,791
GOODWILL	19,433	18,573
INTANGIBLE ASSETS, net	6,097	6,926
RIGHT-OF-USE LEASE ASSETS	10,717	10,731
DEFERRED INCOME TAXES	4,643	5,506
OTHER ASSETS	1,283	1,688
Assets	401,805	411,847
CURRENT LIABILITIES:
Accounts payable	38,239	34,604
Federal and state income taxes	1,493	2,552
Lease liabilities	679	577
Accrued liabilities	16,060	15,908
Total current liabilities	56,471	53,641
LEASE LIABILITIES - NON-CURRENT	10,038	10,154
Total liabilities	66,509	63,795
STOCKHOLDERS' EQUITY
Common stock, $1 par value: Authorized: 12,000,000 shares Issued: 7,440,518 shares (	7,441	7,441
Paid-in capital	15,540	14,799
Retained earnings	324,068	338,071
Accumulated other comprehensive loss	(95)	(103)
Stockholders' Equity before Treasury Stock	346,954	360,208
Treasury stock, at cost	11,658	12,156
Total stockholders' equity	335,296	348,052
Liabilities and Equity	$ 401,805	$ 411,847

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jul. 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		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Net sales	$ 78,946	$ 77,138	$ 159,355	$ 137,892
Cost of sales	65,566	62,100	127,955	113,143
Gross profit	13,380	15,038	31,400	24,749
Selling and general expenses	7,679	7,125	15,900	13,695
Intangibles amortization	451	54	830	108
Operating profit	5,250	7,859	14,670	10,946
Other income	1,874	775	3,727	1,444
Earnings before provision for income taxes	7,124	8,634	18,397	12,390
Provision for income taxes	1,621	1,950	4,016	2,791
Net earnings	$ 5,503	$ 6,684	$ 14,381	$ 9,599
Weighted average shares outstanding:
Basic and diluted (in shares)	7,106	7,081	7,101	7,077
Net Earnings per share:
Basic and diluted (in dollars per share)	$ 0.77	$ 0.94	$ 2.03	$ 1.36
Comprehensive income:
Net earnings	$ 5,503	$ 6,684	$ 14,381	$ 9,599
Other comprehensive income (loss), net of tax:
Unrealized gain on available-for-sale securities, net of tax	(7)	(25)	8	(87)
Comprehensive income	$ 5,496	$ 6,659	$ 14,389	$ 9,512
Cash dividends declared and paid per common share (in dollars per share)	$ 0	$ 0	$ 4	$ 4.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022
Cash flows from operating activities:
Net earnings	$ 14,381,000	$ 9,599,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	2,121,000	1,311,000
Intangibles amortization	830,000	108,000
Non-cash retirement plan expense	451,000	420,000
Proceeds from insurance claim	527,000	89,000
Other	383,000	328,000
Changes in operating accounts:
Accounts receivable, net	27,675,000	4,666,000
Inventories	(15,810,000)	(12,437,000)
Other assets and current assets	(201,000)	(1,168,000)
Accounts payable and accrued liabilities	3,787,000	(4,852,000)
Federal and state income taxes	(1,143,000)	(172,000)
Net cash provided by (used in) operating activities	33,001,000	(2,108,000)
Cash flows from investing activities:
Marketable securities purchased	(39,725,000)	(11,587,000)
Marketable securities - maturities and sales	38,253,000	2,637,000
Proceeds from note receivable	6,000	76,000
Purchase of property, plant and equipment	(928,000)	(302,000)
Net used in investing activities	(2,394,000)	(9,176,000)
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 increase (decrease) in cash and cash equivalents	2,651,000	(42,716,000)
Cash and cash equivalents at beginning of period	70,711,000	109,805,000
Cash and cash equivalents at end of period	$ 73,362,000	$ 67,089,000

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			9,599			9,599
Unrealized loss on available-for-sale securities, net of tax				(87)		(87)
Other (in shares)	15
Other		631	0		433	1,064
Dividends			(31,827)			(31,827)
Unrealized gain on available-for-sale securities, net of tax				(87)		(87)
Balance (in shares) at Jul. 03, 2022	7,057
Balance at Jul. 03, 2022	$ 7,441	14,374	326,970	(67)	(12,346)	336,372
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
Net earnings			6,684			6,684
Unrealized loss on available-for-sale securities, net of tax				(25)		(25)
Other (in shares)	3
Other		218	0		104	322
Unrealized gain on available-for-sale securities, net of tax				(25)		(25)
Balance (in shares) at Jul. 03, 2022	7,057
Balance at Jul. 03, 2022	$ 7,441	14,374	326,970	(67)	(12,346)	336,372
Balance (in shares) at Dec. 31, 2022	7,063
Balance at Dec. 31, 2022	$ 7,441	14,798	338,072	(103)	(12,156)	348,052
Net earnings			14,381			14,381
Unrealized loss on available-for-sale securities, net of tax				8		8
Other (in shares)	16
Other		742	0		498	1,240
Dividends			(28,385)			(28,385)
Unrealized gain on available-for-sale securities, net of tax				8		8
Balance (in shares) at Jul. 02, 2023	7,079
Balance at Jul. 02, 2023	$ 7,441	15,540	324,068	(95)	(11,658)	335,296
Balance (in shares) at Apr. 02, 2023	7,076
Balance at Apr. 02, 2023	$ 7,441	15,308	318,565	(88)	(11,743)	329,483
Net earnings			5,503			5,503
Unrealized loss on available-for-sale securities, net of tax				(7)		(7)
Other (in shares)	3
Other		232	0		85	317
Unrealized gain on available-for-sale securities, net of tax				(7)		(7)
Balance (in shares) at Jul. 02, 2023	7,079
Balance at Jul. 02, 2023	$ 7,441	$ 15,540	$ 324,068	$ (95)	$ (11,658)	$ 335,296

Consolidated Statements Of St_2

Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	6 Months Ended
	Jul. 02, 2023	Jul. 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	6 Months Ended
	Jul. 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	6 Months Ended
	Jul. 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	6 Months Ended
	Jul. 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. In some situations, the customer may one four not no may 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 July 2, 2023 December 31, 2022 six July 2, 2023 three six July 2, 2023 July 3, 2022 no no July 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	6 Months Ended
	Jul. 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	6 Months Ended
	Jul. 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 July 2, 2023 External net sales $ 18,936 $ 59,705 $ 305 $ 78,946 Gross profit (loss) 4,188 10,193 (1,001 ) 13,380 Operating profit (loss) 852 7,116 (2,718 ) 5,250 Total assets 180,075 214,822 6,908 401,805 Depreciation and amortization 255 876 153 1,284 Capital expenditures 162 354 16 532 Quarter ended July 3, 2022 External net sales $ 24,841 $ 52,126 $ 171 $ 77,138 Gross profit (loss) 4,038 11,228 (228 ) 15,038 Operating profit (loss) 607 8,594 (1,342 ) 7,859 Total assets 202,841 181,390 9,751 393,982 Depreciation and amortization 259 378 69 706 Capital expenditures 18 106 6 130 (in thousands) Housewares / Small Appliances Defense Safety Total Six Months Ended July 2, 2023 External net sales $ 39,988 $ 118,563 $ 804 $ 159,355 Gross profit (loss) 8,894 24,252 (1,746 ) 31,400 Operating profit (loss) 2,197 17,635 (5,162 ) 14,670 Total assets 180,075 214,822 6,908 401,805 Depreciation and amortization 507 2,218 226 2,951 Capital expenditures 228 520 180 928 Six Months Ended July 3, 2022 External net sales $ 45,147 $ 92,481 264 $ 137,892 Gross profit (loss) 5,233 20,095 (579 ) 24,749 Operating profit (loss) (932 ) 14,632 (2,754 ) 10,946 Total assets 202,841 181,390 9,751 393,982 Depreciation and amortization 521 767 130 1,418 Capital expenditures 95 198 9 302

Note F - Fair Value of Financia

Note F - Fair Value of Financial Instruments	6 Months Ended
	Jul. 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	6 Months Ended
	Jul. 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 July 2, 2023 December 31, 2022 2, 820, not  (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses July 2, 2023 Fixed Rate Municipal Bonds $ 3,453 $ 3,442 $ - $ 11 Certificates of Deposit 18,723 18,614 . 109 Variable Rate Demand Notes 4,289 4,289 - - Total Marketable Securities $ 26,465 $ 26,345 $ - $ 120 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 $37,000,000 and $583,000 for the three July 2, 2023 July 3, 2022 six three July 2, 2023 July 3, 2022 six  The contractual maturities of the marketable securities held at July 2, 2023 one one five five ten five seven not

Note H - Other Assets

Note H - Other Assets	6 Months Ended
	Jul. 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 July 2, 2023 December 31, 2022 July 2, 2023 December 31, 2022 twelve

Note I - Leases

Note I - Leases	6 Months Ended
	Jul. 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 6 Months Ending 6 Months Ending Summary of Lease Cost (in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Operating lease cost $ 296 $ 250 $ 591 $ 500 Short-term and variable lease cost (88 ) 44 (33 ) 79 Total lease cost $ 208 $ 294 $ 558 $ 579 Operating cash used for operating leases was $208,000 and $558,000 for the three six July 2, 2023 three six July 3, 2022, July 2, 2023  Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2023 (remaining six months) $ 498 2024 981 2025 855 2026 782 2027 782 Thereafter 13,525 Total lease payments $ 17,423 Less: future interest expense 6,706 Lease liabilities $ 10,717   Lease income from operating lease payments was $551,000 and $519,000 for the quarters ended July 2, 2023 July 3, 2022 six  Years ending December 31: (In thousands) 2023 (remaining six months) $ 1,103 2024 2,186 2025 2,186 2026 2,186 2027 2,186 Thereafter 15,302 Total lease payments $ 25,149  The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee. The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

Note J - Commitments and Contin

Note J - Commitments and Contingencies	6 Months Ended
	Jul. 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 July 2, 2023. 

Note K - Recently Issued Or Ado

Note K - Recently Issued Or Adopted Accounting Pronouncements	6 Months Ended
	Jul. 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 Quarterly Report on Form 10 April 2, 2023. no July 2, 2023

Note L - Business Acquisitions

Note L - Business Acquisitions	6 Months Ended
	Jul. 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. 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) (unaudited) (in thousands, except per share data) (in thousands, except per share data) Quarter Ended Six Months Ended July 3, 2022 July 3, 2022 Net sales $ 83,034 $ 148,103 Net earnings 6,382 8,181 Net earnings per share (basic and diluted) $ 0.94 $ 1.36 Weighted average shares outstanding (basic and diluted) 7,081 7,077 The unaudited pro forma financial information presented above is not not one not not

Note M - Subsequent Event

Note M - Subsequent Event	6 Months Ended
	Jul. 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

Item 5. Other Information

Item 5. Other Information	6 Months Ended
	Jul. 02, 2023
Notes to Financial Statements
Issuer Rule 10b5-1, Material Terms [Text Block]	5. Frequency of Advisory Vote on Executive Compensation As previously reported in the Company’s Current Report on Form 8 May 16, 2023 May 19, 2023, 55.6% 2023 2029 Insider Trading Arrangement None of the Company’s directors or officers adopted or terminated a Rule 10b5 1 10b5 1 July 2, 2023.

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	6 Months Ended
	Jul. 02, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended July 2, 2023 External net sales $ 18,936 $ 59,705 $ 305 $ 78,946 Gross profit (loss) 4,188 10,193 (1,001 ) 13,380 Operating profit (loss) 852 7,116 (2,718 ) 5,250 Total assets 180,075 214,822 6,908 401,805 Depreciation and amortization 255 876 153 1,284 Capital expenditures 162 354 16 532 Quarter ended July 3, 2022 External net sales $ 24,841 $ 52,126 $ 171 $ 77,138 Gross profit (loss) 4,038 11,228 (228 ) 15,038 Operating profit (loss) 607 8,594 (1,342 ) 7,859 Total assets 202,841 181,390 9,751 393,982 Depreciation and amortization 259 378 69 706 Capital expenditures 18 106 6 130 (in thousands) Housewares / Small Appliances Defense Safety Total Six Months Ended July 2, 2023 External net sales $ 39,988 $ 118,563 $ 804 $ 159,355 Gross profit (loss) 8,894 24,252 (1,746 ) 31,400 Operating profit (loss) 2,197 17,635 (5,162 ) 14,670 Total assets 180,075 214,822 6,908 401,805 Depreciation and amortization 507 2,218 226 2,951 Capital expenditures 228 520 180 928 Six Months Ended July 3, 2022 External net sales $ 45,147 $ 92,481 264 $ 137,892 Gross profit (loss) 5,233 20,095 (579 ) 24,749 Operating profit (loss) (932 ) 14,632 (2,754 ) 10,946 Total assets 202,841 181,390 9,751 393,982 Depreciation and amortization 521 767 130 1,418 Capital expenditures 95 198 9 302

Note G - Cash, Cash Equivalen_2

Note G - Cash, Cash Equivalents And Marketable Securities (Tables)	6 Months Ended
	Jul. 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 July 2, 2023 Fixed Rate Municipal Bonds $ 3,453 $ 3,442 $ - $ 11 Certificates of Deposit 18,723 18,614 . 109 Variable Rate Demand Notes 4,289 4,289 - - Total Marketable Securities $ 26,465 $ 26,345 $ - $ 120 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)	6 Months Ended
	Jul. 02, 2023
Notes Tables
Lease, Cost [Table Text Block]	3 Months Ending 3 Months Ending 6 Months Ending 6 Months Ending Summary of Lease Cost (in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Operating lease cost $ 296 $ 250 $ 591 $ 500 Short-term and variable lease cost (88 ) 44 (33 ) 79 Total lease cost $ 208 $ 294 $ 558 $ 579
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Years ending December 31: (In thousands) 2023 (remaining six months) $ 498 2024 981 2025 855 2026 782 2027 782 Thereafter 13,525 Total lease payments $ 17,423 Less: future interest expense 6,706 Lease liabilities $ 10,717
Operating Lease, Lease Income [Table Text Block]	Years ending December 31: (In thousands) 2023 (remaining six months) $ 1,103 2024 2,186 2025 2,186 2026 2,186 2027 2,186 Thereafter 15,302 Total lease payments $ 25,149

Note L - Business Acquisitions

Note L - Business Acquisitions (Tables)	6 Months Ended
	Jul. 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) (unaudited) (in thousands, except per share data) (in thousands, except per share data) Quarter Ended Six Months Ended July 3, 2022 July 3, 2022 Net sales $ 83,034 $ 148,103 Net earnings 6,382 8,181 Net earnings per share (basic and diluted) $ 0.94 $ 1.36 Weighted average shares outstanding (basic and diluted) 7,081 7,077

Note C - Revenues 1 (Details Te

Note C - Revenues 1 (Details Textual)	3 Months Ended		6 Months Ended
	Jul. 02, 2023 USD ($)	Jul. 03, 2022 USD ($)	Jul. 02, 2023 USD ($)	Jul. 03, 2022 USD ($)	Dec. 31, 2022 USD ($)
Number of Operating Segments			3
Defense [Member]
Contract with Customer, Liability, Current	$ 14,606,000		$ 14,606,000		$ 4,434,000
Contract with Customer, Liability, Revenue Recognized			142,000
Contract with Customer, Performance Obligation Satisfied in Previous Period	0	$ 0	0	$ 0
Revenue, Remaining Performance Obligation, Amount	$ 533,499,000		$ 533,499,000		$ 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]: 2023-07-03	Jul. 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		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022	Dec. 31, 2022
External net sales	$ 78,946	$ 77,138	$ 159,355	$ 137,892
Gross profit (loss)	13,380	15,038	31,400	24,749
Operating profit (loss)	5,250	7,859	14,670	10,946
Total assets	401,805	393,982	401,805	393,982	$ 411,847
Depreciation and amortization	1,284	706	2,951	1,418
Capital expenditures	532	130	928	302
Housewares/Small Appliances [Member] | Operating Segments [Member]
External net sales	18,936	24,841	39,988	45,147
Gross profit (loss)	4,188	4,038	8,894	5,233
Operating profit (loss)	852	607	2,197	(932)
Total assets	180,075	202,841	180,075	202,841
Depreciation and amortization	255	259	507	521
Capital expenditures	162	18	228	95
Defense [Member] | Operating Segments [Member]
External net sales	59,705	52,126	118,563	92,481
Gross profit (loss)	10,193	11,228	24,252	20,095
Operating profit (loss)	7,116	8,594	17,635	14,632
Total assets	214,822	181,390	214,822	181,390
Depreciation and amortization	876	378	2,218	767
Capital expenditures	354	106	520	198
Safety [Member] | Operating Segments [Member]
External net sales	305	171	804	264
Gross profit (loss)	(1,001)	(228)	(1,746)	(579)
Operating profit (loss)	(2,718)	(1,342)	(5,162)	(2,754)
Total assets	6,908	9,751	6,908	9,751
Depreciation and amortization	153	69	226	130
Capital expenditures	$ 16	$ 6	$ 180	$ 9

Note G - Cash, Cash Equivalen_3

Note G - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	$ 37,000,000	$ 583,000	$ 38,253,000	$ 2,637,000
Debt Securities, Available-for-Sale, Realized Gain (Loss)	0	0
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	9,000	33,000	10,000	(111,000)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	12,304,000		12,304,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	11,378,000		11,378,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value	2,783,000		2,783,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	$ 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	Jul. 02, 2023	Dec. 31, 2022
Amortized Cost	$ 26,465	$ 24,993
Fair Value	26,345	24,863
Gross Unrealized Gains	0	22
Gross Unrealized Losses	120	152
Fixed Rate Municipal Bonds [Member]
Amortized Cost	3,453	11,460
Fair Value	3,442	11,405
Gross Unrealized Gains	0	0
Gross Unrealized Losses	11	58
Certificates of Deposit [Member]
Amortized Cost	18,723	9,895
Fair Value	18,614	9,820
Gross Unrealized Gains		22
Gross Unrealized Losses	109	94
Variable Rate Demand Obligation [Member]
Amortized Cost	4,289	3,638
Fair Value	4,289	3,638
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ 0	$ 0

Note H - Other Assets (Details

Note H - Other Assets (Details Textual) - USD ($)	6 Months Ended
	Jul. 02, 2023	Dec. 31, 2022
Expected Prepayment Utilization Period (Year)	2 years
Other Current Assets [Member]
Materials, Supplies, and Other	$ 3,780,000	$ 5,377,000
Housewares/Small Appliances [Member]
Materials, Supplies, and Other	$ 5,063,000	$ 7,065,000

Note I - Leases (Details Textua

Note I - Leases (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Operating Lease, Payments	$ 208,000	$ 294,000	$ 558,000	$ 579,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	19 years 10 months 24 days		19 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	4.70%		4.70%
Operating Lease, Lease Income, Lease Payments	$ 551,000	$ 519,000	$ 1,102,000	$ 1,038,000

Note I - Leases - Lease Cost (D

Note I - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Operating lease cost	$ 296	$ 250	$ 591	$ 500
Short-term and variable lease cost	(88)	44	(33)	79
Total lease cost	$ 208	$ 294	$ 558	$ 579

Note I - Leases - Lease Maturit

Note I - Leases - Lease Maturities (Details) $ in Thousands	Jul. 02, 2023 USD ($)
2023 (remaining six months)	$ 498
2024	981
2025	855
2026	782
2027	782
Thereafter	13,525
Total lease payments	17,423
Less: future interest expense	6,706
Lease liabilities	$ 10,717

Note I - Leases - Operating Lea

Note I - Leases - Operating Lease Income (Details) $ in Thousands	Jul. 02, 2023 USD ($)
2023 (remaining six months)	$ 1,103
2024	2,186
2025	2,186
2026	2,186
2027	2,186
Thereafter	15,302
Total lease payments	$ 25,149

Note J - Commitments and Cont_2

Note J - Commitments and Contingencies (Details Textual) - Property Tax Assessment [Member] - USD ($)	1 Months Ended
	Jun. 30, 2020	Jul. 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	Jul. 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] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 03, 2022	Jul. 03, 2022
Net sales	$ 83,034	$ 148,103
Net earnings	$ 6,382	$ 8,181
Net earnings per share (basic and diluted) (in dollars per share)	$ 0.94	$ 1.36
Weighted average shares outstanding (basic and diluted) (in shares)	7,081	7,077

Item 5. Other Information (Deta

Item 5. Other Information (Details Textual) Pure in Thousands	3 Months Ended
	Jul. 02, 2023
Number of Directors Adopted or Terminated Rule 10b5-1	0