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National Presto Industries 10-Q 2015

Documents found in this filing:

  1. 10-Q
  2. Ex-31.1
  3. Ex-31.2
  4. Ex-32.1
  5. Ex-32.2
  6. Ex-32.2
20151004 10Q Q3_Taxonomy2015

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

 

 

FORM 10-Q

______________________________

 

 

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED October 4, 2015

 

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____

 

Commission file number 1-2451

______________________________

 

 

NATIONAL PRESTO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

WISCONSIN

39-0494170

(State or other jurisdiction of incorporation

or organization)

(I.R.S. Employer Identification No.)

 

 

3925 NORTH HASTINGS WAY

 

EAU CLAIRE, WISCONSIN

54703-3703

(Address of principal executive offices)

(Zip Code)

 

(Registrant’s telephone number, including area code) 715-839-2121

______________________________

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No

 

There were 6,933,221 shares of the Issuer’s Common Stock outstanding as of November 1, 2015.

 

 

 

 

 


 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

October 4, 2015 and December 31, 2014

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

ASSETS

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

$

40,058 

 

 

 

$

54,043 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

24,579 

 

 

 

 

22,404 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

 

 

50,885 

 

 

 

 

68,752 

 

 

 

 

 

 

 

 

 

 

 

Inventories:

 

 

 

 

 

 

 

 

 

 

Finished goods

 

$

44,452 

 

 

 

$

30,308 

 

 

 

 

 

 

 

 

 

 

 

 

 

Work in process

 

 

62,831 

 

 

 

 

50,569 

 

 

 

 

 

 

 

 

 

 

 

 

 

Raw materials and supplies

 

 

8,940 

 

116,223 

 

 

8,181 

 

89,058 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax assets

 

 

 

 

6,623 

 

 

 

 

6,623 

 

 

 

 

 

 

 

 

 

 

 

Income tax receivable

 

 

 

 

317 

 

 

 

 

1,668 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

 

 

 

9,005 

 

 

 

 

9,671 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

 

247,690 

 

 

 

 

252,219 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT

 

 

176,308 

 

 

 

 

171,264 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less allowance for depreciation

 

 

82,908 

 

93,400 

 

 

75,721 

 

95,543 

 

 

 

 

 

 

 

 

 

 

 

GOODWILL

 

 

 

 

11,485 

 

 

 

 

11,485 

 

 

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, net

 

 

 

 

7,005 

 

 

 

 

10,644 

 

 

 

 

 

 

 

 

 

 

 

NOTE RECEIVABLE

 

 

 

 

3,911 

 

 

 

 

3,818 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

10,566 

 

 

 

 

4,650 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

374,057 

 

 

 

$

378,359 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

2


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

October 4, 2015 and December 31, 2014

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

  CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

31,141 

 

 

 

$

32,948 

 

 

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

 

 

14,799 

 

 

 

 

15,680 

 

 

 

 

 

 

 

 

 

 

 

  Total current liabilities

 

 

 

 

45,940 

 

 

 

 

48,628 

 

 

 

 

 

 

 

 

 

 

 

DEFERRED INCOME TAXES

 

 

 

 

4,288 

 

 

 

 

4,288 

 

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $1 par value:

 

 

 

 

 

 

 

 

 

 

  Authorized: 12,000,000 shares

 

 

 

 

 

 

 

 

 

 

  Issued: 7,440,518 shares

 

$

7,441 

 

 

 

$

7,441 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

 

6,572 

 

 

 

 

5,906 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

325,642 

 

 

 

 

328,417 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss)

 

 

(4)

 

 

 

 

(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

339,651 

 

 

 

 

341,761 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock, at cost

 

 

15,822 

 

 

 

 

16,318 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total stockholders' equity

 

 

 

 

323,829 

 

 

 

 

325,443 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

374,057 

 

 

 

$

378,359 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

 

3


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

Three and Nine Months Ended October 4, 2015 and September 28, 2014

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands except per share data)

 

Three Months Ended

 

Nine Months Ended

 

 

2015

 

2014

 

2015

 

2014

Net sales

 

$

90,901 

 

$

95,463 

 

$

294,271 

 

$

270,329 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

71,780 

 

 

79,298 

 

 

233,838 

 

 

222,302 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Gross profit

 

 

19,121 

 

 

16,165 

 

 

60,433 

 

 

48,027 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and general expenses

 

 

6,624 

 

 

5,625 

 

 

18,567 

 

 

18,360 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles amortization

 

 

356 

 

 

2,692 

 

 

3,638 

 

 

8,516 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Operating profit

 

 

12,141 

 

 

7,848 

 

 

38,228 

 

 

21,151 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

236 

 

 

41 

 

 

412 

 

 

353 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Earnings before provision for income taxes

 

 

12,377 

 

 

7,889 

 

 

38,640 

 

 

21,504 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

4,266 

 

 

2,766 

 

 

13,300 

 

 

7,520 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Net earnings

 

$

8,111 

 

$

5,123 

 

$

25,340 

 

$

13,984 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

6,953 

 

 

6,932 

 

 

6,948 

 

 

6,927 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

1.17 

 

$

0.74 

 

$

3.65 

 

$

2.02 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Net earnings

 

$

8,111 

 

$

5,123 

 

$

25,340 

 

$

13,984 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

     Unrealized gain (loss) on available-for-sale securities

 

 

(7)

 

 

(3)

 

 

(1)

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

8,104 

 

$

5,120 

 

$

25,339 

 

$

13,984 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared and paid per common share

 

$

0.00 

 

$

0.00 

 

$

4.05 

 

$

5.05 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

 

 

 

 

4


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

Nine Months Ended October 4, 2015 and September 28, 2014

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

2015

 

2014

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

25,340 

 

$

13,984 

Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition related assets:

 

 

 

 

 

 

  Provision for depreciation

 

 

7,700 

 

 

7,198 

  Intangibles amortization

 

 

3,638 

 

 

8,516 

  Provision for doubtful accounts

 

 

279 

 

 

424 

  Noncash retirement plan expense

 

 

586 

 

 

363 

  Other

 

 

156 

 

 

107 

  Changes in:

 

 

 

 

 

 

     Accounts receivable

 

 

17,588 

 

 

35,131 

     Inventories

 

 

(27,165)

 

 

(16,307)

     Other assets and current assets

 

 

(5,250)

 

 

3,096 

     Accounts payable and accrued liabilities

 

 

(2,678)

 

 

(6,703)

     Federal and state income taxes

 

 

1,329 

 

 

(6,277)

        Net cash provided by operating activities

 

 

21,523 

 

 

39,532 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Marketable securities purchased

 

 

(9,871)

 

 

(2,833)

Marketable securities - maturities and sales

 

 

7,695 

 

 

18,613 

Purchase of property, plant and equipment

 

 

(5,559)

 

 

(8,154)

Acquisition of businesses, net of cash acquired

 

 

 -

 

 

(10,534)

Sale of property, plant and equipment

 

 

23 

 

 

304 

  Net cash used in investing activities

 

 

(7,712)

 

 

(2,604)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Dividends paid

 

 

(28,114)

 

 

(34,954)

Proceeds from sale of treasury stock

 

 

323 

 

 

362 

Other

 

 

(5)

 

 

 -

  Net cash used in financing activities

 

 

(27,796)

 

 

(34,592)

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(13,985)

 

 

2,336 

Cash and cash equivalents at beginning of period

 

 

54,043 

 

 

22,953 

Cash and cash equivalents at end of period

 

$

40,058 

 

$

25,289 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

 

 

5


 

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

NOTE A – BASIS OF PRESENTATION 

The 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 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, 2014 is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2014  Annual Report on Form 10-K.  Interim results for the period are not indicative of those for the year.

 

NOTE B – RECLASSIFICATIONS

Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s financial statement presentation.  These reclassifications did not affect net earnings or stockholders’ equity as previously reported.

 

NOTE C – 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 issuableUnvested 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 D – BUSINESS SEGMENTS 

In the following summary, operating profit represents earnings before other income, principally interest income and income taxes.  The Company's segments operate discretely from each other with no shared manufacturing facilities.  Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Quarter ended October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

27,704 

 

$

44,621 

 

$

18,576 

 

$

90,901 

Gross profit

 

 

6,224 

 

 

12,700 

 

 

197 

 

 

19,121 

Operating profit (loss)

 

 

3,040 

 

 

9,654 

 

 

(553)

 

 

12,141 

Total assets

 

 

166,894 

 

 

144,239 

 

 

62,924 

 

 

374,057 

Depreciation and amortization

 

 

219 

 

 

1,050 

 

 

1,758 

 

 

3,027 

Capital expenditures

 

 

2,400 

 

 

(3)

 

 

307 

 

 

2,704 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 28, 2014

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

28,264 

 

$

52,657 

 

$

14,542 

 

$

95,463 

Gross profit (loss)

 

 

5,166 

 

 

13,084 

 

 

(2,085)

 

 

16,165 

Operating profit (loss)

 

 

2,841 

 

 

7,678 

 

 

(2,671)

 

 

7,848 

Total assets

 

 

152,414 

 

 

151,867 

 

 

62,997 

 

 

367,278 

Depreciation and amortization

 

 

236 

 

 

3,326 

 

 

1,615 

 

 

5,177 

Capital expenditures

 

 

172 

 

 

291 

 

 

2,738 

 

 

3,201 

6


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Nine Months ended October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

72,960 

 

$

166,945 

 

$

54,366 

 

$

294,271 

Gross profit (loss)

 

 

15,477 

 

 

45,253 

 

 

(297)

 

 

60,433 

Operating profit (loss)

 

 

6,998 

 

 

33,830 

 

 

(2,600)

 

 

38,228 

Total assets

 

 

166,894 

 

 

144,239 

 

 

62,924 

 

 

374,057 

Depreciation and amortization

 

 

688 

 

 

5,667 

 

 

4,983 

 

 

11,338 

Capital expenditures

 

 

3,379 

 

 

121 

 

 

2,059 

 

 

5,559 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months ended September 28, 2014

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

69,576 

 

$

151,313 

 

$

49,440 

 

$

270,329 

Gross profit (loss)

 

 

13,363 

 

 

37,589 

 

 

(2,925)

 

 

48,027 

Operating profit (loss)

 

 

5,223 

 

 

20,724 

 

 

(4,796)

 

 

21,151 

Total assets

 

 

152,414 

 

 

151,867 

 

 

62,997 

 

 

367,278 

Depreciation and amortization

 

 

721 

 

 

10,454 

 

 

4,539 

 

 

15,714 

Capital expenditures

 

 

491 

 

 

1,180 

 

 

6,483 

 

 

8,154 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company utilizes the methods of fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying amount for cash and cash equivalents, accounts receivable, note receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. 

 

NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES 

The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents.  Cash equivalents include money market funds.  The Company deposits its cash in high quality financial institutions.  The balances, at times, may exceed federally insured limits.  Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 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 months or less are classified as marketable securities.

 

At October 4, 2015 and December 31, 2014, cost for marketable securities was determined using the specific identification method.  A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table.  All of the Company’s marketable securities are

7


 

 

 

classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.  There were no transfers into or out of Level 2 during the nine months ended October 4, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In Thousands)

 

 

MARKETABLE SECURITIES

 

 

Amortized Cost

 

Fair Value

 

Gross Unrealized Gains

 

Gross Unrealized Losses

October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt Municipal Bonds

 

$

11,969 

 

$

11,963 

 

$

 

$

13 

Variable Rate Demand Notes

 

 

12,616 

 

 

12,616 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

24,585 

 

$

24,579 

 

$

 

$

13 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt Municipal Bonds

 

$

8,809 

 

$

8,804 

 

$

 

$

10