UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest reported) NOVEMBER 30, 2001
NATIONAL PRESTO INDUSTRIES, INC.
(Exact name of registrant as specified in its chapter)
WISCONSIN 1-2451 39-0494170
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3925 NORTH HASTINGS WAY
EAU CLAIRE, WISCONSIN 54703-3703
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 715-839-2121
N/A
(Former name or former address, if changed since last report)
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ITEM 9. REGULATION FD DISCLOSURE
On November 30, 2001, the Registrant announced that it would close its
Mississippi and New Mexico manufacturing plants during the second half of 2002
and transfer all production of PRESTO(R) brand small appliances to manufacturers
in the Orient and Mexico. According to Registrant, the need to match aggressive
pricing from competitive small appliance companies (most of whom have
discontinued U.S. operations and taken advantage of lower cost, foreign-sourced
products) and thereby maintain its long-term competitive position, has resulted
in the erosion of the Registrant's margins beyond endurance, in turn making the
decision to transfer manufacturing to foreign sources unavoidable. As part of
this restructuring plan, the Registrant will record a fourth quarter charge to
account for the costs related to the manufacturing plant closings.
In a separate matter, on November 19, 2001, the Registrant purchased certain
assets, including two state-of-the-art, high speed diaper machines, related
equipment, and the existing customer base from RMED International, Inc. The
Registrant also assumed the obligation to pay certain specified liabilities of
RMED, and entered into a long term manufacturing contract with RMED to
manufacture certain disposable diaper products. The new business, Presto
Absorbent Products, Inc., has genuine growth potential in baby diapers and
related products. The new equipment and technical expertise acquired from RMED
will be augmented with capital supplied by the Registrant to fund ongoing
operations and future growth.
Forward-looking statements in this Form 8-K are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. There are
certain important factors that could cause results to differ materially from
historical results. Investors are cautioned that all forward looking statements
involve risks and uncertainty. The factors that could cause actual results to
differ materially are the following: consumer spending and debt levels; interest
rates; continuity of relationships with and purchases by major customers;
product mix; competitive pressure on sales and pricing; and increases in
material or production costs, which cannot be recouped in product pricing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONAL PRESTO INDUSTRIES, INC.
--------------------------------
(Registrant)
/s/ Maryjo Cohen
----------------
Date: NOVEMBER 30, 2001 (Signature) MARYJO COHEN, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
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