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About Amtec Corporation

The heat is on at National Presto Industries, but it's thermostatically controlled for even-cooking on nonstick surfaces. Under the Presto brand, the company makes and distributes small appliances and housewares, including pressure cookers, fry pans, deep fryers, griddles, coffeemakers, can openers, electric knives, and pizza ovens. The company pours itself into defense work, too, supplying ammo; cartridge cases; electromechanical assemblies; and Load, Assemble, and Pack (LAP) setup for regulated goods. The diversified company counts the US government among its largest customers.

Operations

National Presto Industries (NPI) operates three very distinct business segments. NPI's largest business, Defense, accounts for about 70% of revenues. Its product lineup of 40mm bullets, precision mechanical and electro-mechanical assemblies, which is used in Afghanistan and Iraq, It is manufactured and distributed by subsidiary AMTEC Corporation (acquired prior to the 9/11 terrorist attacks). The Army and the US Department of Defense (DoD) and their prime contractors are core customers.

Housewares/Small Appliances, represents more than 30% of NPI's total revenues. Housewares and electrical appliances sold by the Company include pressure cookers and canners; the Presto Control Master heat control single thermostatic control line of skillets in several sizes, griddles, woks and multi-purpose cookers.

The Safety segment is comprised of OneEvent Techologies, Inc. and Rusoh, Inc., which was previously included in the Company's Housewares/Small Appliance segment. It offers systems that provide early warning of conditions that could ultimately lead to significant losses. 

Geographic Reach

Wisconsin-based, NPI has facilities located in Janesville and Antigo, Wisconsin; East Camden, Arkansas; Canton, Mississippi; Jackson and Clear Lake, South Dakota.

Sales and Marketing

Wal-Mart Stores accounts for about 10% of the Housewares/Small Appliance segment's net sales. The US Department of Defense is AMTEC's largest customer. 

NPI spent $245,000, $181,000, and $174,000 for advertising expense in year 2019, 2018, and 2017 respectively.

Financial Performance

Since 2015, the revenue for NPI was in a declining pattern. Net sales for the last five years fell by 13%.

In 2019, revenue fell by almost 5% to $308.5 million. Defense net sales decreased by $20.4 million, reflecting a decrease in units shipped, partially offset by proceeds from the negotiated termination of a commercial foreign military supply contract.

Net earnings increased by $2.3 million from $39.9 million to $42.2 million in 2019. The increase was due to higher Other income and $1.6 million in earnings from discontinued operations.

Cash and cash equivalents at the end of the year were $79.6 million. Net cash provided by operating activities was $9.6 million, while investing activities provided another $55.2 million. The cash used in financing activities was $42 million, mainly for payment of dividends.

Strategy

National Presto Industries, Inc. announced on May 2020 that AMTEC Corporation, its wholly-owned subsidiary received a $44.4 million option award under year four of AMTEC's current five-year 40mm systems contract with the Department of the Army. The Army obligated $22.2 million at the time of the award. The option award is for M918 and M385A1 Projectile Assemblies, with deliveries scheduled to begin in early 2021.

Mergers and Acquisitions

In mid-2019, the Company's wholly-owned subsidiary, OETA, Inc., purchased substantially all the assets of Wisconsin-based, OneEvent Technologies, Inc. for $6.5 million. The OneEvent system has the ability to continually measure smoke, carbon monoxide, motion, humidity, and moisture.

Company Background

National Presto Industries, Inc. was founded in 1905 in Eau Claire, Wisconsin. it designed and manufactured pressure canners for commercial canneries. The company, originally called Northwestern Steel and Iron Works it changed its named several times until in 1953 the company name was changed to National Presto Industries, Inc. In 1969, National Presto Industries, Inc. was admitted to the New York Stock Exchange.

Amtec Corporation

4230 Capital Cir
Janesville, WI 53546-8314
Phone: 1 (608) 752-2699

Firm Stats

Employer Type: Privately Owned
Engineer: Jered Diddens
Engineer: John Hammer
Marketing And Buss Director: Ken Knapp
Employees (This Location): 225
Employees (All Locations): 725

Major Office Locations

Janesville, WI

Other Locations

Clear Lake, SD
Antigo, WI