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 APRIL 1, 2001

[ ]      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 6,881,479 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
April 1, 2001 and December 31, 2000
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                          2001                              2000
-------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>          <C>                  <C>          <C>
ASSETS
   CURRENT ASSETS:
              Cash and cash equivalents                                $  65,577                         $  79,624

              Marketable securities                                      136,435                           143,205

              Accounts receivable, net                                     6,271                            10,023

              Inventories:
                 Finished goods                           $  20,793                         $  21,056

                 Work in process                              4,877                             2,416

                 Raw materials                                6,603                             6,968

                 Supplies                                       903       33,176                  867       31,307
                                                        ------------                       -----------

              Prepaid expenses                                               165                                47
                                                                      -----------                       -----------

                 Total current assets                                    241,624                           264,206

   PROPERTY,  PLANT AND EQUIPMENT:                           27,350                            26,278

                 Less allowance for depreciation             14,151       13,199               12,984       13,294
                                                        ------------                       -----------

   OTHER ASSETS                                                           14,256                            11,207

                                                                      -----------                       -----------
                                                                       $ 269,079                         $ 288,707
                                                                      ===========                       ===========
</TABLE>


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
April 1, 2001 and December 31, 2000
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                         2001                              2000
------------------------------------------------------------------------------------------------------------------
<S>                                                      <C>          <C>                  <C>          <C>
LIABILITIES
   CURRENT LIABILITIES:
              Accounts payable                                        $  10,817                         $  16,014

              Federal and state income taxes                              1,876                             3,108

              Accrued liabilities                                        23,609                            24,425

                                                                     -----------                       -----------
                 Total current liabilities                               36,302                            43,547

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                                1,021                             1,027

              Retained earnings                            241,876                           254,381
                                                        -----------                       -----------

                                                           250,338                           262,849

              Treasury stock, at cost                       17,561                            17,689

                                                        -----------                       -----------
                    Total stockholders' equity                          232,777                           245,160

                                                                     -----------                       -----------
                                                                      $ 269,079                         $ 288,707
                                                                     ===========                       ===========
</TABLE>


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months ended April 1, 2001 and April 2, 2000
(Unaudited)
(In thousands except per share data)

<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED
                                                                  ------------------
                                                             2001                2000
----------------------------------------------------------------------------------------
<S>                                                       <C>                 <C>
Net sales                                                 $  19,645           $  18,507

Cost of sales                                                16,779              13,820

                                                         -----------         -----------
      Gross profit                                            2,866               4,687

Selling and general expenses                                  4,544               3,760

                                                         -----------         -----------
      Operating profit (loss)                                (1,678)                927

Other income, principally interest                            2,518               2,651

                                                         -----------         -----------
  Earnings before provision for income taxes                    840               3,578

Provision for income taxes (benefit)                           (410)                560

                                                         -----------         -----------
    Net earnings                                          $   1,250           $   3,018
                                                         ===========         ===========

Weighted average shares outstanding:
              Basic                                           6,878               7,155
                                                         ===========         ===========
              Diluted                                         6,879               7,156
                                                         ===========         ===========

Net earnings per share:
              Basic                                       $    0.18           $    0.42
                                                         ===========         ===========
              Diluted                                     $    0.18           $    0.42
                                                         ===========         ===========

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


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months ended April 1, 2001 and April 2, 2000
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                                       2001               2000
------------------------------------------------------------------------------------------------------------------
<S>                                                                                 <C>                 <C>
Cash flows from operating activities:
              Net earnings                                                          $   1,250           $   3,018
              Adjustments to reconcile net earnings to net cash
                 provided by operating activities:
                 Provision for depreciation                                             1,276                 619
                 Other                                                                     63                  98
                 Changes in (net of acquisition):
                    Accounts receivable                                                 5,800              10,533
                    Inventories                                                          (215)             (2,720)
                    Prepaid expenses                                                     (101)                  9
                    Accounts payable and accrued liabilities                           (9,607)             (7,076)
                    Federal and state income taxes                                     (1,232)             (2,986)
                                                                                   -----------         -----------
                          Net cash provided by (used in) operating activities          (2,766)              1,495
                                                                                   -----------         -----------

Cash flows from investing activities (net of acquisition):
              Marketable securities purchased                                          (5,073)            (19,875)
              Marketable securities - maturities and sales                             11,843              34,210
              Acquisition of property, plant and equipment                             (1,126)             (1,103)
              Acquisition of business                                                  (4,750)                 --
              Other                                                                       250                  --
                                                                                   -----------         -----------
                          Net cash provided by investing activities                     1,144              13,232
                                                                                   -----------         -----------

Cash flows from financing activities:
              Dividends paid                                                          (13,755)            (14,995)
              Purchase of treasury stock                                                   --              (5,128)
              Other                                                                        59                  (2)
                                                                                   -----------         -----------
                          Net cash used in financing activities                       (13,696)            (20,125)
                                                                                   -----------         -----------

Net decrease in cash and cash equivalents                                             (15,318)             (5,398)
Cash and cash equivalents at beginning of period                                       80,895              88,075
                                                                                   -----------         -----------
Cash and cash equivalents at end of period                                          $  65,577           $  82,677
                                                                                   ===========         ===========
</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 - ACQUISITION

On February 24, 2001, the Company acquired the outstanding stock of a supplier
to the defense industry for cash. For the year ended December 31, 2000, this
Company's sales were approximately $10,900,000.



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

The foregoing information for the periods ended April 1, 2001, and April 2,
2000, 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, 2000, is summarized from audited
consolidated financial statements, but does not include all the disclosures
contained therein and should be read in conjunction with the 2000 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 First Quarter 2001 and 2000

         Net sales increased by $1,138,000 from $18,507,000 to $19,645,000 or
6%, resulting from the shipment of more units. The sales rise reflects sales
conditions peculiar to the first period, as well as as sales from the Company's
recently acquired defense business (the AMTEC Corporation acquired on February
24, 2001).

         Gross profit for 2001 decreased $1,821,000 from $4,687,000 to
$2,866,000 or 25% versus 15% as a percentage of net sales. The reduction of
gross profit percentage reflected the inability to pass on increased cost and
less favorable manufacturing efficiencies experienced 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.

         Other income, principally interest, decreased from the 2000 level as a
result of a lower level of invested funds and a lower rate of return on the
Company's portfolio of short-term marketable securities.

<PAGE>


         Earnings before provision for income taxes decreased $2,738,000 from
$3,578,000 to $840,000. The provision for income taxes decreased from $560,000
to a benefit of $410,000, which resulted in an effective income tax rate
decrease from 16% to a taxable benefit of 49%, as a result of the tax benefit
generated from the operating loss being greater than the taxes due on investment
income. Net earnings decreased $1,768,000 from $3,018,000 to $1,250,000, or 59%.

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



Item 7A.
QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company's interest income on cash equivalents and investments is
affected by changes in interest rates in the United States. The Company's
investments are held primarily in municipal bonds, a majority of which earn a
fixed rate of interest, while the remaining bonds earn a variable interest rate.
The Company uses sensitivity analysis to determine its exposure to changes in
interest rates. Through December 31, 2000, changes in these rates have not had a
material effect on the Company, and the Company does not anticipate that future
exposure to interest rate market risk will be material.

         The Company has no history of, and does not anticipate in the future,
investing in derivative financial instruments. Most transactions with
international customers are entered into in U.S. dollars, precluding the need
for foreign currency hedges. Any transactions that are currently entered into in
foreign currency are not deemed material to the financial statements. Thus, the
exposure to foreign exchange market risk is not material.

<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


         (b) Reports on Form 8-K:
                February 5, 2001 - Advised of a strategy shift in the sourcing
                                     of products by Target, Inc. Advised of a
                                     disappointment in the Christmas sales of
                                     the Presto Pizzazz(TM) pizza oven.

                February 27, 2001 - Advised that the Registrant finalized the
                                      acquisition of AMTEC Corporation of
                                      Janesville, Wisconsin.


                                   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: May 2, 2001                                      /S/ M. J. Cohen
                                       ----------------------------------------
                                       M. J. Cohen, President
                                       (Principal operating officer)


         Date: May 2, 2001                                      /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