# Exhibit 99.1

|PRESTO*                          |  | Tel. 715-839-2121        | 
|-------------------------------- |  | ------------------------ | 
|National Presto Industries, Inc. |  | Fax. 715-839-2148        | 
|Eau Claire, WI 54703-3703        |  | 715-839-2122715-839-2242 | 

|NEWS RELEASE          |  | CONTACT: |  | Randy Lieble   | 
|--------------------- |  | -------- |  | -------------- | 
|FOR IMMEDIATE RELEASE |  |          |  | (715) 839-2164 | 

NATIONAL PRESTO INDUSTRIES, INC. SHAREHOLDERS
AUTHORIZE ACTIVITIES AS AN OPERATING COMPANY

Eau Claire, Wisconsin (May 17, 2006)  The shareholders of National
Presto Industries, Inc. (NYSE: NPK) at the Companys annual meeting yesterday, approved a proposal authorizing the Company to
continue to act as an operating company.

The shareholder action was taken as a precautionary measure pending the
appeal of a federal district court order which, as previously reported, forced the Company to register as an investment company
late last year. In thanking shareholders for their affirmative vote, Maryjo Cohen, President, stated, This approval will
enable the Company to continue to pursue means to build and increase the ongoing value of the Companys operating businesses,
a course of action which the Board of Directors and management believe is in the best interests of our shareholders. At the
meeting, shareholders also elected Ms. Cohen for a new three-year term as director.

During the meeting, shareholders were shown the 2006 new product
introductions for the Companys Housewares/Small Appliance segment. Those products included the new FoldAway griddle,
which is part of its fifty-year celebration of the invention of the ControlMaster® heat control. First shown in 1956, the
ControlMaster® control revolutionized small electric cooking appliances by making them fully immersible in a sink or
dishwasher. The FoldAway griddle not only uses that same control, but also features unique handles which fold for compact
storage. Attractively styled with a cool touch surround and gold decals, the griddle surface holds a generous nine servings. The
Company also displayed to shareholders a digital version of its popular ProFry immersion deep fryer featuring precision
electronic controls and the Presto® ShineOn electric shoe polisher, a convenient way to give shoes a professional shine.
Shareholders were also provided with a demonstration of the Companys new LeverEdge cutting center, a combination
cutting board with special knives. The board features a patent pending pivot post which enables ultra hard vegetables like squash
to be cut quickly and easily and fosters fast and precise chopping. The LeverEdge also provides the means to slice bread
evenly and ripple cut fruits and vegetables with ease.

National Presto manufactures and sells small household electric appliances
and pressure cookers under the PRESTO® brand name. It also produces and sells medium caliber ammunition items and absorbent
products. The Company is widely recognized as an innovator of new products.

This release contains forward looking statements made pursuant to
the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and
uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those
presently anticipated or projected. In addition to the factors discussed above, other important risk factors are delineated in the
Companys SEC reports, including its Form 10-K for the period ended December 31, 2005.

*Trademark of National Presto Industries, Inc.

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