FORM 10-Q. - QUARTERLY REPORT UNDER SECTION 13
                 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED OCTOBER 1, 2000

[ ]      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                         (I.R.S. Employer
incorporation or organization)                          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_X_  No___

There were 6,934,756 shares of the Issuer's Common Stock outstanding as of the
close of the period covered by this report.

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
October 1, 2000 and December 31, 1999
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                              2000                              1999
-------------------------------------------------------------------------------------------------------
<S>                                           <C>           <C>                 <C>           <C>
ASSETS
 CURRENT ASSETS:
    Cash and cash equivalents                               $ 52,977                          $ 88,075

    Marketable securities                                    145,568                           150,455

    Accounts receivable, net                                  20,861                            20,016

    Inventories:
       Finished goods                         $ 27,242                          $  5,548

       Work in process                           2,717                             2,409

       Raw materials                             4,743                             8,486

       Supplies                                    854        35,556                 884        17,327
                                              --------                          --------
    Prepaid expenses                                              99                                72
                                                            --------                          --------

       Total current assets                                  255,061                           275,945

 PROPERTY, PLANT AND EQUIPMENT:                 26,969                            24,328

       Less allowance for depreciation          13,871        13,098              12,019        12,309
                                              --------                          --------
 OTHER ASSETS                                                 11,139                            11,139

                                                            --------                          --------
                                                            $279,298                          $299,393
                                                            ========                          ========
</TABLE>


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
October 1, 2000 and December 31, 1999
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                 2000                            1999
-------------------------------------------------------------------------------------------------------
<S>                                            <C>             <C>             <C>             <C>
LIABILITIES
   CURRENT LIABILITIES:
       Accounts payable                                        $ 11,388                        $ 14,395

       Federal and state income taxes                             2,547                           6,064

       Accrued liabilities                                       24,208                          23,602
                                                               --------                        --------

          Total current liabilities                              38,143                          44,061

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                            1,028                           1,033

       Retained earnings                        248,689                         254,218
                                               --------                        --------

                                                257,158                         262,692

       Treasury stock, at cost                   16,003                           7,360
                                               --------                        --------

             Total stockholders' equity                         241,155                         255,332
                                                               --------                        --------
                                                               $279,298                        $299,393
                                                               ========                        ========
</TABLE>


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months and Nine Months ended October 1, 2000 and October 3, 1999
(Unaudited)
(In thousands except per share data)

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED          NINE MONTHS ENDED
                                                         ------------------          -----------------
                                                         2000          1999          2000         1999
------------------------------------------------------------------------------     ----------------------
<S>                                                    <C>           <C>           <C>           <C>
Net sales                                              $ 30,668      $ 25,071      $ 69,574      $ 65,443

Cost of sales                                            20,627        17,161        49,188        45,440
                                                       --------      --------      --------      --------
      Gross profit                                       10,041         7,910        20,386        20,003

Selling and general expenses                              7,794         5,262        16,490        14,004
                                                       --------      --------      --------      --------
      Operating profit                                    2,247         2,648         3,896         5,999

Other income, principally interest                        2,356         2,331         7,594         6,903
                                                       --------      --------      --------      --------
  Earnings before provision for income taxes              4,603         4,979        11,490        12,902

Provision for income taxes                                1,003         1,235         2,024         2,745
                                                       --------      --------      --------      --------
    Net earnings                                       $  3,600      $  3,744         9,466        10,157
                                                       ========      ========      ========      ========
Weighted average shares outstanding:
              Basic                                       6,979         7,344         7,058         7,350
                                                       ========      ========      ========      ========
              Diluted                                     6,980         7,345         7,059         7,351
                                                       ========      ========      ========      ========
Net earnings per share:
              Basic                                    $   0.52      $   0.51      $   1.34      $   1.38
                                                       ========      ========      ========      ========
              Diluted                                  $   0.52      $   0.51      $   1.34      $   1.38
                                                       ========      ========      ========      ========

Cash dividends declared and paid per common share      $     --      $     --      $   2.10      $   2.00
                                                       ========      ========      ========      ========
</TABLE>


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months ended October 1, 2000 and October 3, 1999
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                                2000               1999
----------------------------------------------------------------------------------------------------------
<S>                                                                           <C>               <C>
Cash flows from operating activities:
       Net earnings                                                           $   9,466         $  10,157
       Adjustments to reconcile net earnings to net cash
          provided by operating activities:
          Provision for depreciation                                              1,870             1,598
          Stock compensation expense                                                171               116
          Changes in:
             Accounts receivable                                                   (845)            2,265
             Inventories                                                        (18,229)          (10,346)
             Prepaid expenses                                                       (27)              127
             Accounts payable and accrued liabilities                            (2,401)              558
             Federal and state income taxes                                      (3,517)           (3,742)
                                                                              ---------         ---------
                   Net cash provided by (used in) operating activities          (13,512)              733
                                                                              ---------         ---------
Cash flows from investing activities:
       Marketable securities purchased                                          (40,441)         (157,271)
       Marketable securities - maturities and sales                              45,328           138,322
       Acquisition of property, plant and equipment                              (2,678)           (2,749)
       Other                                                                         19               108
                                                                              ---------         ---------
                   Net cash provided by (used in) investing activities            2,228           (21,590)
                                                                              ---------         ---------
Cash flows from financing activities:
       Dividends paid                                                           (14,995)          (14,720)
       Purchase of treasury stock                                                (8,814)             (649)
       Other                                                                         (5)               35
                                                                              ---------         ---------
                   Net cash used in financing activities                        (23,814)          (15,334)
                                                                              ---------         ---------

Net decrease in cash and cash equivalents                                       (35,098)          (36,191)
Cash and cash equivalents at beginning of period                                 88,075           114,565
                                                                              ---------         ---------
Cash and cash equivalents at end of period                                    $  52,977         $  78,374
                                                                              =========         =========
</TABLE>


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

<PAGE>


              NATIONAL PRESTO INDUSTRIES, INC., AND SUBSIDIARIES

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE A - EARNINGS PER SHARE

The Company's basic net earnings per share amounts have been computed by
dividing net earnings by the weighted average number of outstanding common
shares. The Company's diluted net earnings per share is computed by dividing net
earnings by the weighted average number of outstanding common shares and common
share equivalents relating to stock options, when dilutive.


NOTE B - TREASURY STOCK

During the Third Quarter of 2000, 77,200 shares of the Company's common stock
were reacquired as treasury stock.





--------------------------------------------------------------------------------

The foregoing information for the periods ended October 1, 2000, and October 3,
1999, 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, 1999, is summarized from audited
consolidated financial statements, but does not include all the disclosures
contained therein and should be read in conjunction with the 1999 Annual Report.
Interim results for the period are not indicative of those for the year.

<PAGE>


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

         Forward looking statements in this Quarterly Report are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. There are certain important factors that could cause results to differ
materially from historical results. Investors are cautioned that all forward
looking statements involve risks and uncertainty. The factors that could cause
actual results to differ materially are the following: consumer spending and
debt levels; interest rates; continuity of relationships with and purchases by
major customers; product mix; competitive pressure on sales and pricing, and
increases in material or production cost which cannot be recouped in product
pricing. Additional information concerning those and other factors is contained
in the Company's Securities and Exchange Commission filings, including but not
limited to the Form 10-K, copies of which are available from the Company without
charge.


Comparison Third Quarter 2000 and 1999

         Net sales increased by $5,597,000 from $25,071,000 to $30,668,000 due
primarily to shipments of new products.

         Gross margins as a percentage of sales increased from 32% to 33%
largely due to increased sales volume offset in part by increased material costs
and less favorable manufacturing efficiencies at the Company's manufacturing
facilities.

         The Company accrues unexpended advertising costs budgeted for the year
against each quarter's sales. Major advertising commitments are incurred in
advance of the expenditures, and the timing of sales through dealers and
distributors to the ultimate customer does not permit specific identification of
the customers' purchase to the actual time an advertisement appears. Advertising
charges included in selling expense in each quarter represent that percentage of
the annual advertising budget associated with that quarter's shipments.
Revisions to this budget result in periodic changes to the accrued liability for
committed advertising expenditures.

         Earnings before provision for income taxes decreased $376,000 from
$4,979,000 to $4,603,000. The provision for income taxes decreased from
$1,235,000 to $1,003,000 and the effective income tax rate decreased from 25% to
22%, as a result of decreased earnings subject to tax. Net earnings decreased
$144,000 from $3,744,000 to $3,600,000, or 4% and earnings per share increased
from $.51 to $.52.

         The Company maintains adequate liquidity for all of its anticipated
capital requirements. As of quarter-end, there were no material capital
commitments outstanding.

<PAGE>


         Wal-Mart Stores, Inc., the Company's largest customer, has announced a
strategic shift to marketing private label small appliances. As a consequence of
this shift, in 2001, Wal-Mart has indicated that they will replace three current
Presto products made in the Company's domestic plants with private label
imported items. Those products accounted for approximately 14% of the Company's
volume in 1999. The shift is not expected to have a material impact on fiscal
year 2000.


Comparison First Nine Months 2000 and 1999

         Net sales increased by $4,131,000 from $65,443,000 to $69,574,000 due
primarily to new product shipments.

         Gross margins as a percentage of sales decreased from 31% to 29% due to
increased material costs and less favorable manufacturing efficiencies at the
Company's manufacturing facilities.

         The accrual for unexpended advertising costs discussed in the Third
Quarter comparison also applies to the first nine months.

         Earnings before provision for income taxes decreased $1,412,000 from
$12,902,000 to $11,490,000. The provision for income taxes decreased from
$2,745,000 to $2,024,000 and the effective income tax rate decreased from 21% to
18%, as a result of decreased earnings subject to tax. Net earnings decreased
$691,000 from $10,157,000 to $9,466,000, or 7% and earnings per share decreased
from $1.38 to $1.34.


Item 3

QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company's interest income is affected by changes in the general
level of U.S. interest rates. Changes in U.S. interest rates could affect the
interest earned on the Company's cash equivalents and investments. Currently,
changes in U.S. interest rates would not have a material effect on the interest
earned on the Company's cash equivalents and investments, as these investments
are primarily municipal bonds. A majority of these bonds earn a fixed rate of
interest while the remaining portion earn interest at a variable rate. The
Company uses sensitivity analysis to determine it's exposure to changes in
interest rates. The Company does not anticipate that exposure to interest rate
market risk will have a material impact on the Company due to the nature of the
Company's investments.

<PAGE>


                          PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

         (a) Exhibits:
                  Exhibit 3 (i) - Restated Articles of Incorporation -
                                    incorporated by reference from Exhibit 3 (i)
                                    of the Company's quarterly report on Form
                                    10-Q for the quarter ended July 6, 1997
                           (ii) - By-Laws - incorporated by reference from
                                    Exhibit 3 (ii) of the Company's quarterly
                                    report on Form 10-Q for the quarter ended
                                    October 3, 1999
                  Exhibit 9 -     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 10.1 -  1988 Stock Option Plan - incorporated by
                                    reference from Exhibit 10.1 of the Company's
                                    quarterly report on Form 10-Q for the
                                    quarter ended July 6, 1997
                  Exhibit 10.2 -  Form of Incentive Stock Option Agreement
                                    under the 1988 Stock Option Plan -
                                    incorporated by reference from Exhibit 10.2
                                    of the Company's quarterly report on Form
                                    10-Q for the quarter ended July 6, 1997
                  Exhibit 11 -    Statement regarding computation of per share
                                    earnings
                  Exhibit 27 -    Financial Data Schedule


         (b) Reports on Form 8-K:
                  None


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
         the Registrant has duly caused this report to be signed on its behalf
         by the undersigned thereunto duly authorized.


                                       NATIONAL PRESTO INDUSTRIES, INC.
                                       --------------------------------


         Date: October 31, 2000                                  /S/ M. J. Cohen
                                       -----------------------------------------
                                       M. J. Cohen, President
                                       (Principal operating officer)


         Date: October 31, 2000                                 /S/ R. F. Lieble
                                       -----------------------------------------
                                       R. F. Lieble, Chief Financial Officer and
                                       Treasurer (Principal accounting officer)

<PAGE>


                        National Presto Industries, Inc.
                                 Exhibit Index

                 Exhibit
                  Number                       Exhibit Description
                  ------                       -------------------


                    11           Computation of Earnings per Share

                    27           Financial Data Schedule