NPK » Topics » NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

This excerpt taken from the NPK 10-Q filed Nov 7, 2008.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Continued)


NOTE I – INCOME TAXES (CONTINUED)


The following is a reconciliation of the Company’s unrecognized tax benefits for the quarter ended September 28, 2008:


Balance at January 1, 2008

$

551,000

Additions for tax positions taken related to prior years

 

722,000

Balance at September 28, 2008

$

1,273,000


It is the Company’s practice to include interest and penalties in tax expense.  The Company accrued interest in the amount of $231,000 as of September 28, 2008.


The Company is subject to U.S. federal income tax as well as state income taxes in the locations in which it does business.  The Company is currently under audit by the Internal Revenue Service for the tax years 2002 through 2006 and by the Wisconsin Department of Revenue for the tax years 2002 through 2005.


———————


The foregoing information for the periods ended September 28, 2008, and September 30, 2007, is unaudited; however, in the opinion of management of the Registrant, it reflects all the adjustments, which were of a normal recurring nature, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet as of December 31, 2007, is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2007 annual report on Form 10-K.  Interim results for the period are not indicative of those for the year.




9



These excerpts taken from the NPK 10-K filed Mar 17, 2008.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

A.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

 

(1)

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.

 

 

(2)

PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company’s business and the segments in which it operates, please refer to Note N.

 

 

(3)

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



 










A.


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:













 


(1)


USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.





 











 


(2)


PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company’s business and the segments in which it operates, please refer to Note N.





 











 


(3)


CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:




 



This excerpt taken from the NPK 10-K filed Aug 27, 2007.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

A.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

 

(1)

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.

 

 

(2)

PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company’s business and the segments in which it operates, please refer to Note N.

 

 

(3)

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:

 

This excerpt taken from the NPK 10-K filed Aug 24, 2007.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

A.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

 

(1)

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.

 

 

(2)

PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company’s business and the segments in which it operates, please refer to Note N.

 

 

(3)

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:

This excerpt taken from the NPK 10-K filed Mar 16, 2006.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

 

(1)

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.

 

(2)

PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly—owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company’s business and the segments in which it operates, please refer to Note N.

 

(3)

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:

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