----

----

| NATIONAL PRESTO INDUSTRIES, INC.                               |
|----------------------------------------------------------------|
| (Exact name of registrant as specified in its charter)         |
|                                                           |
| WISCONSIN                                                      |
| (State or other jurisdiction of incorporation or organization) |
|                                                           |
| 3925 NORTH HASTINGS WAYEAU CLAIRE, WISCONSIN                   |
| (Address of principal executive offices)                       |
|                                                           |
| 39-0494170                                                     |
| (I.R.S. Employer Identification No.)                           |
|                                                           |
| 54703-3703                                                     |
| (Zip Code)                                                     |

| Large accelerated filer | o | Accelerated filer | þ | Non-accelerated filer | o | Smaller reporting company | o |
|-------------------------|---|-------------------|--------|-----------------------|---|---------------------------|---|

----

----

----

| NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES |
|---------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                       |
| April 3, 2011 and December 31, 2010               |
| (Unaudited)                                       |
| (Dollars in thousands)                            |

|                                                       |                            |   | 2011    |   |   | 2010   |   |
|------------------------------------------------------------|---------------------------------|--------|---------|--------|--------|--------|--------|
| ASSETS                                                     |                            |   |    |   |   |   |   |   |   |   |   |   |
|    CURRENT ASSETS:                          |                            |   |    |   |   |   |   |   |   |   |   |   |
|                                                       | Cash and cash equivalents       |   |    |   |   | $      | 24,725 |   |   |   |   |   | $ | 49,719 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Marketable securities           |   |    |   |   |   | 88,363 |   |   |   |   |   |   | 101,005 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Accounts receivable, net        |   |    |   |   |   | 65,099 |   |   |   |   |   |   | 91,115 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Inventories:                    |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Finished goods                  |   | $       | 37,295 |   |   |   |   |   |   | $ | 37,144 |   |   |   |   |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Work in process                 |   |    | 33,711 |   |   |   |   |   |   |   | 37,040 |   |   |   |   |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Raw materials                   |   |    | 12,489 |   |   |   | 83,495 |   |   |   | 8,948 |   |   |   | 83,132 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Deferred tax assets             |   |    |   |   |   |   | 6,268 |   |   |   |   |   |   |   | 6,268 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Other current assets            |   |    |   |   |   |   | 25,465 |   |   |   |   |   |   |   | 14,301 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Total current assets            |   |    |   |   |   |   | 293,415 |   |   |   |   |   |   |   | 345,540 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    PROPERTY,  PLANT AND EQUIPMENT |                            |   | 110,130 |   |   |   |   |   |   |   | 107,099 |   |   |   |   |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       | Less allowance for depreciation |   |    | 51,019 |   |   |   | 59,111 |   |   |   | 48,991 |   |   |   | 58,108 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    GOODWILL                                 |                            |   |    |   |   |   | 11,485 |   |   |   |   |   |   |   | 11,485 |   |
|                                                       |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |                            |   |    |   |   |   | $      | 364,011 |   |   |   |   |   |   | $ | 415,133 |   |

----

| NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES |
|---------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                       |
| April 3, 2011 and December 31, 2010               |
| (Unaudited)                                       |
| (Dollars in thousands)                            |

|                                                           |   | 2011   |    |   | 2010   |   |
|----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| LIABILITIES                                                    |   |   |    |   |   |   |   |   |   |   |   |   |
|    CURRENT LIABILITIES:                         |   |   |    |   |   |   |   |   |   |   |   |   |
| Accounts payable                                               |   |   |    |   | $      | 39,572 |   |   |   |   |   | $ | 44,298 |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
| Federal and state income taxes                                 |   |   |    |   |   | 5,640  |   |   |   |   |   |   | 5,859 |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
| Accrued liabilities                                            |   |   |    |   |   | 15,089 |   |   |   |   |   |   | 16,572 |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
|    Total current liabilities                    |   |   |    |   |   | 60,301 |   |   |   |   |   |   | 66,729 |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
| DEFERRED INCOME TAXES                                          |   |   |    |   |   | 4,461  |   |   |   |   |   |   | 4,467 |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                |   |   | 3,195   |   |   |   |   |   |   |   | 2,738 |   |   |   |   |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings                                              |   |   | 306,269 |   |   |   |   |   |   |   | 351,571 |   |   |   |   |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated other comprehensive income                         |   |   | 117     |   |   |   |   |   |   |   | 129 |   |   |   |   |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   | 317,022 |   |   |   |   |   |   |   | 361,879 |   |   |   |   |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Treasury stock, at cost                                        |   |   | 17,773  |   |   |   |   |   |   |   | 17,942 |   |   |   |   |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Total stockholders' equity |   |   |    |   |   |   | 299,249 |   |   |   |   |   |   |   | 343,937 |   |
|                                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |    |   |   | $      | 364,011 |   |   |   |   |   |   | $ | 415,133 |   |

----

|                                               |
|----------------------------------------------------|
| NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES  |
| CONSOLIDATED STATEMENTS OF EARNINGS                |
| Three Months Ended April 3, 2011 and April 4, 2010 |
| (Unaudited) (In thousands except per share data)   |

|                                                   |    | Three Months Ended |   |
|--------------------------------------------------------|---------|--------------------|--------|
|                                                   |    |               | 2011   |   |   | 2010 |   |
| Net sales                                              |    |               | $      | 108,886 |   |   | $ | 106,400 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Cost of sales                                          |    |               | 86,932 |   |   |   | 81,813 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
|       Gross profit       |    |               | 21,954 |   |   |   | 24,587 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Selling and general expenses                           |    |               | 4,815  |   |   |   | 4,522 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
|       Operating profit   |    |               | 17,139 |   |   |   | 20,065 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Other income                                           |    |               | 540    |   |   |   | 753 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
|   Earnings before provision for income taxes |    |               | 17,679 |   |   |   | 20,818 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Income tax provision                                   |    |               | 6,316  |   |   |   | 7,619 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
|     Net earnings                   |    | $                  | 11,363 |   |   | $ | 13,199 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                   |    |               |   |   |   |   |   |   |
|                                                   | Basic   |               |   | 6,866 |   |   |   | 6,858 |   |
|                                                   | Diluted |               |   | 6,869 |   |   |   | 6,858 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Net earnings per share:                                |    |               |   |   |   |   |   |   |
|                                                   | Basic   |               | $      | 1.65 |   |   | $ | 1.92 |   |
|                                                   | Diluted |               | $      | 1.65 |   |   | $ | 1.92 |   |
|                                                   |    |               |   |   |   |   |   |   |   |
| Cash dividends declared and paid per common share      |    | $                  | 8.25   |   |   | $ | 8.15 |   |

----

| NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES  |
|----------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS              |
| Three Months Ended April 3, 2011 and April 4, 2010 |
| (Unaudited)                                        |
| (Dollars in thousands)                             |

|                                                                                     |                                                |   | 2011    |    |   | 2010   |    |
|------------------------------------------------------------------------------------------|-----------------------------------------------------|--------|---------|---------|--------|--------|---------|
| Cash flows from operating activities:                                                    |                                                |   |    |    |   |   |
|      Net earnings                                               |                                                | $      | 11,363  |    |   | $      | 13,199  |   |
|      Adjustments to reconcile net earnings to net               |                                                |   |    |    |   |   |    |   |
|       Cash provided by (used in) operating activities:     |                                                |   |    |    |   |   |    |   |
|        Provision for depreciation                     |                                                |   | 2,063   |    |   |   | 2,181   |   |
|        Other                                          |                                                |   | 230     |    |   |   | 168     |   |
|        Changes in:                                    |                                                |   |    |    |   |   |    |   |
|         Accounts receivable                      |                                                |   | 26,016  |    |   |   | 32,926  |   |
|         Inventories                              |                                                |   | (363    | )       |   |   | (6,539  | ) |
|         Other current assets                     |                                                |   | (11,104 | )       |   |   | (3,362  | ) |
|         Accounts payable and accrued liabilities |                                                |   | (6,197  | )       |   |   | (880    | ) |
|         Federal and state income taxes           |                                                |   | (274    | )       |   |   | (387    | ) |
|                                                                                     | Net cash provided by operating activities           |   |    | 21,734  |   |   |    | 37,306 |   |
|                                                                                     |                                                |   |    |    |   |   |    |   |   |
| Cash flows from investing activities:                                                    |                                                |   |    |    |   |   |    |   |
|      Marketable securities purchased                            |                                                |   | (23,261 | )       |   |   | (17,019 | ) |
|      Marketable securities - maturities and sales               |                                                |   | 35,885  |    |   |   | 15,299  |   |
|      Acquisition of property, plant and equipment               |                                                |   | (3,070  | )       |   |   | (4,659  | ) |
|      Sale of property, plant and equipment                      |                                                |   | 4       |    |   |   | 42      |   |
|      Other                                                      |                                                |   | (60     | )       |   |   | (1,500  | ) |
|                                                                                     | Net cash provided by (used in) investing activities |   |    | 9,498   |   |   |    | (7,837 | ) |
|                                                                                     |                                                |   |    |    |   |   |    |   |   |
| Cash flows from financing activities:                                                    |                                                |   |    |    |   |   |    |   |
|      Dividends paid                                             |                                                |   | (56,665 | )       |   |   | (55,889 | ) |
|      Other                                                      |                                                |   | 439     |    |   |   | 408     |   |
|                                                                                     | Net cash used in financing activities               |   |    | (56,226 | )      |   |    | (55,481 | )  |
|                                                                                     |                                                |   |    |    |   |   |    |   |   |
| Net decrease in cash and cash equivalents                                                |                                                |   | (24,994 | )       |   |   | (26,012 | ) |
| Cash and cash equivalents at beginning of period                                         |                                                |   | 49,719  |    |   |   | 48,974  |   |
| Cash and cash equivalents at end of period                                               |                                                | $      | 24,725  |    |   | $      | 22,962  |   |

----

|                        |   | (in thousands) |    |
|-----------------------------|--------|----------------|---------|
|                        |   | Housewares/    |    |   |   |   |   |   |   |   |   |   |
|                        |   | Small          |    |   | Defense |   |   | Absorbent |   |   |   |   |
|                        |   | Appliances     |    |   | Products |   |   | Products |   |   | Total |   |
| Quarter ended April 3, 2011 |   |           |    |   |   |   |   |   |   |   |   |   |
| External net sales          |   | $              | 27,088  |   |   | $ | 59,484 |   |   | $ | 22,314 |   |   | $ | 108,886 |   |
| Gross profit                |   |           | 5,434   |   |   |   | 15,363 |   |   |   | 1,157 |   |   |   | 21,954 |   |
| Operating profit            |   |           | 2,903   |   |   |   | 13,599 |   |   |   | 637 |   |   |   | 17,139 |   |
| Total assets                |   |           | 211,511 |   |   |   | 95,246 |   |   |   | 57,254 |   |   |   | 364,011 |   |
| Depreciation                |   |           | 222     |   |   |   | 907 |   |   |   | 934 |   |   |   | 2,063 |   |
| Capital expenditures        |   |           | 943     |   |   |   | 408 |   |   |   | 1,719 |   |   |   | 3,070 |   |
|                        |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quarter ended April 4, 2010 |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| External net sales          |   | $              | 29,008  |   |   | $ | 56,808 |   |   | $ | 20,584 |   |   | $ | 106,400 |   |
| Gross profit                |   |           | 6,880   |   |   |   | 14,644 |   |   |   | 3,063 |   |   |   | 24,587 |   |
| Operating profit            |   |           | 4,500   |   |   |   | 12,892 |   |   |   | 2,673 |   |   |   | 20,065 |   |
| Total assets                |   |           | 218,970 |   |   |   | 99,828 |   |   |   | 40,454 |   |   |   | 359,252 |   |
| Depreciation                |   |           | 223     |   |   |   | 915 |   |   |   | 1,043 |   |   |   | 2,181 |   |
| Capital expenditures        |   |           | 481     |   |   |   | 751 |   |   |   | 3,427 |   |   |   | 4,659 |   |

----

----

| (In Thousands)                               |   |
|----------------------------------------------|--------|
|                                         |   | MARKETABLE SECURITIES |   |
|                                         |   | Amortized Cost |   |   |  Fair Value |   |   | Gross Unrealized Gains |   |   | Gross UnrealizedLosses |   |
| April 3, 2011                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt   Municipal Bonds  |   | $ | 55,029 |   |   | $ | 55,209 |   |   | $ | 284 |   |   | $ | 104 |   |
| Variable Rate   Demand Notes  |   |   | 33,154 |   |   |   | 33,154 |   |   |   | 0 |   |   |   | 0 |   |
| Total Marketable   Securities |   | $ | 88,183 |   |   | $ | 88,363 |   |   | $ | 284 |   |   | $ | 104 |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt   Municipal Bonds  |   | $ | 62,339 |   |   | $ | 62,537 |   |   | $ | 354 |   |   | $ | 156 |   |
| Variable Rate   Demand Notes  |   |   |  37,779 |   |   |   | 37,779 |   |   |   | 0 |   |   |   | 0 |   |
| Certificates of   Deposit     |   |   | 689 |   |   |   | 689 |   |   |   | 0 |   |   |   | 0 |   |
| Total Marketable   Securities |   | $ | 100,807 |   |   | $ | 101,005 |   |   | $ | 354 |   |   | $ | 156 |   |

----

----

----

----

----

----

----

|   | Exhibit 3(i)  | Restated Articles of Incorporation - incorporated by reference from Exhibit 3 (i) of the Company's annual report on Form 10-K for the year ended December 31, 2005       |
|--------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit 3(ii) | By-Laws - incorporated by reference from Exhibit 3 (ii) of the Company's current report on Form 8-K dated July 6, 2007                                                   |
|   | Exhibit 9.1   | Voting Trust Agreement  - incorporated by reference from Exhibit 9 of the Company's quarterly report on Form 10-Q for the quarter ended July 6, 1997           |
|   | Exhibit 9.2   | Voting Trust Agreement Amendment - incorporated by reference from Exhibit 9.2 of the Company's annual report on Form 10-K for the year ended December 31, 2008           |
|   | Exhibit 10.1  | Incentive Compensation Plan - incorporated by reference from Exhibit 10.1 of the Company's quarterly report on Form 10-Q for the quarter ended July 4, 2010              |
|   | Exhibit 10.2  | Form of Restricted Stock Award Agreement - incorporated by reference from Exhibit 10.2 of the Company's quarterly report on Form 10-Q for the quarter ended July 4, 2010 |
|   | Exhibit 11    | Statement regarding computation of per share earnings                                                                                                                    |
|   | Exhibit 31.1  | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                   |
|   | Exhibit 31.2  | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                   |
|   | Exhibit 32.1  | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                   |
|   | Exhibit 32.2  | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                   |

----

|               | NATIONAL PRESTO INDUSTRIES, INC. |                                                                                                       |
|--------------------|----------------------------------|------------------------------------------------------------------------------------------------------------|
|               |                             |                                                                                                       |   |
| Date: May 13, 2011 | By:                              | /s/ Maryjo Cohen                                                                                           |   |
|               |                             | Maryjo Cohen, Chair of the Board,President, Chief Executive Officer(Principal Executive Officer), Director |   |
|               |                             |                                                                                                       |   |
|               |                             |                                                                                                       |   |
|               | By:                              | /s/ Randy F. Lieble                                                                                        |   |
|               |                             | Randy F. Lieble, Director, Vice President,Chief Financial Officer (PrincipalFinancial Officer), Treasurer  |   |
|               |                             |                                                                                                       |   |

----

| Exhibit Number |   |  Exhibit Description                                                                       |
|----------------|--------|-------------------------------------------------------------------------------------------------|
|           |   |                                                                                            |
| 11             |   | Computation of Earnings per Share                                                               |
|           |   |                                                                                            |
| 31.1           |   | Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|           |   |                                                                                            |
| 31.2           |   | Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|           |   |                                                                                            |
| 32.1           |   | Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|           |   |                                                                                            |
| 32.2           |   | Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |