National Presto Industries, Inc. (Eau Claire, WI) reported fiscal first quarter net sales of $83,190,000 in the first quarter of fiscal 2013, from $96,773,000 in the first quarter of the previous fiscal year.
In the three months ending March 31, 2013, National Presto net earnings were $6,854,000, from $9,344,000 in the quarter ending April 1, 2012.
The company operates in three primary business segments: Defense, Absorbent Products, and Housewares/Small Appliances.
National Presto President Maryjo Cohen said the 1Q 2013 sales decline was largely due to year-to-year differences in the timing of ammunition shipments by its Defense business segment, as well as an expected drop in the Absorbent Product segment.
"The Housewares segment was up nominally," Cohen said.
A first quarter operating earnings decline for the company overall was also caused by Defense shipment timing differences.
"Higher product and logistics costs caused the Housewares/Small Appliance earnings to decline by 10.2%," Cohen said.
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