UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 30, 2003

[ ]      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 ___

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes _X_ No ___

There were 6,816,380 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
March 30, 2003 and December 31, 2002
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                  2003                        2002

ASSETS
   CURRENT ASSETS:
<S>                                                       <C>         <C>             <C>         <C>
                Cash and cash equivalents                             $119,953                    $114,637

                Marketable securities                                   88,398                      92,578

                Accounts receivable, net                                13,815                      27,898

                Inventories:
                   Finished goods                         $ 13,578                    $ 18,656

                   Work in process                           3,867                       3,355

                   Raw materials                             3,604      21,049           2,976      24,987
                                                          --------                    --------

                Other Current Assets                                     1,240                         998
                                                                      --------                    --------

                   Total current assets                                244,455                     261,098

     PROPERTY, PLANT AND EQUIPMENT                          23,699                      22,667

                   Less allowance for depreciation           9,941      13,758           9,400      13,267
                                                          --------                    --------

     OTHER ASSETS                                                       15,658                      15,629
                                                                      --------                    --------

                                                                      $273,871                    $289,994
                                                                      ========                    ========
</TABLE>

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

<PAGE>

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 30, 2003 and December 31, 2002
(Unaudited)
(Dollars in thousands)

<TABLE>
<CAPTION>
                                                                          2003                        2002
LIABILITIES
   CURRENT LIABILITIES:
<S>                                                               <C>         <C>             <C>         <C>
              Accounts payable                                                $ 11,284                    $ 18,753

              Federal and state income taxes                                     2,242                       3,643

              Accrued liabilities                                               26,965                      29,341

                                                                              --------                    --------
                 Total current liabilities                                      40,491                      51,737

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                                          993                         998

              Retained earnings                                    245,082                     249,313

              Accumulated other comprehensive income (loss)           (850)                       (698)
                                                                  --------                    --------

                                                                   252,666                     257,054

              Treasury stock, at cost                               19,286                      18,797

                                                                  --------                    --------
                    Total stockholders' equity                                 233,380                     238,257
                                                                              --------                    --------
                                                                              $273,871                    $289,994
                                                                              ========                    ========
</TABLE>

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

<PAGE>

NATIONAL PRESTO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months ended March 30, 2003 and March 31, 2002
(Unaudited)
(In thousands except per share data)

                                                        THREE MONTHS ENDED
                                                       --------------------
                                                         2003        2002
---------------------------------------------------------------------------
Net sales                                              $ 22,054    $ 22,596

Cost of sales                                            15,827      19,539

                                                       --------    --------
      Gross profit                                        6,227       3,057

Selling and general expenses                              4,579       5,129

Plant closing costs                                          --       3,953

                                                       --------    --------
      Operating profit (loss)                             1,648      (6,025)

Other income, principally interest                        1,108       1,494

                                                       --------    --------
  Earnings (loss) before provision for income taxes       2,756      (4,531)

Income tax provision (benefit)                              703      (2,171)

                                                       --------    --------
    Net earnings (loss)                                $  2,053    $ (2,360)
                                                       ========    ========

Weighted average shares outstanding:
              Basic                                       6,830       6,837
                                                       ========    ========
              Diluted                                     6,831       6,837
                                                       ========    ========

Net earnings (loss) per share:
              Basic                                    $   0.30    $  (0.35)
                                                       ========    ========
              Diluted                                  $   0.30    $  (0.35)
                                                       ========    ========

Cash dividends declared and paid per common share      $   0.92    $   0.92
                                                       ========    ========

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 March 30, 2003 and March 31, 2002
(Unaudited) (Dollars in thousands)

<TABLE>
<CAPTION>
                                                                          2003          2002
----------------------------------------------------------------------------------------------
<S>                                                                    <C>           <C>
Cash flows from operating activities:
              Net earnings (loss)                                      $   2,053     $  (2,360)
              Adjustments to reconcile net earnings (loss) to net
                 cash provided by (used in) operating activities:
                 Provision for depreciation                                  543           432
                 Deferred Tax                                                (29)           --
                 Plant closing charges                                        --         3,953
                 Other                                                        --            65
                 Changes in:
                    Accounts receivable                                   14,083        17,817
                    Inventories                                            3,938         1,404
                   Other Current Assets                                     (242)         (273)
                    Accounts payable and accrued liabilities              (9,845)       (6,195)
                    Federal and state income taxes                        (1,401)       (3,055)
                                                                       ---------     ---------
                          Net cash provided by operating activities        9,100        11,788
                                                                       ---------     ---------

Cash flows from investing activities:
              Marketable securities purchased                             (6,235)       (6,463)
              Marketable securities - maturities and sales                10,264        21,467
              Acquisition of property, plant and equipment                (1,035)         (604)
                                                                       ---------     ---------
                          Net cash provided by investing activities        2,994        14,400
                                                                       ---------     ---------

Cash flows from financing activities:
              Dividends paid                                              (6,284)       (6,290)
              Purchase of Treasury Stock                                    (523)           (8)
              Sale of Treasury Stock                                          29            36
                                                                       ---------     ---------
                          Net cash used in financing activities           (6,778)       (6,262)
                                                                       ---------     ---------

Net increase in cash and cash equivalents                                  5,316        19,926
Cash and cash equivalents at beginning of period                         114,637        83,877
                                                                       ---------     ---------
Cash and cash equivalents at end of period                             $ 119,953     $ 103,803
                                                                       =========     =========
</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 (loss) per share amounts have been computed by
dividing net earnings (loss) 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 - BUSINESS SEGMENTS
--------------------------

In the following summary, operating profit (loss) represents earnings (loss)
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) are included within housewares/small
appliances for all periods presented.

<TABLE>
<CAPTION>
                                                                   (IN THOUSANDS)
                                       ----------------------------------------------------------------------
                                       HOUSEWARES/
                                         SMALL                DEFENSE          ABSORBENT
                                       APPLIANCES            PRODUCTS           PRODUCTS             TOTAL
                                       ---------            ---------          ---------           ---------
<S>                                    <C>                  <C>                <C>                 <C>
QUARTER ENDED MARCH 30, 2003
External net sales                     $  17,477            $   1,860          $   2,717           $  22,054
Gross profit                               5,289                  556                382               6,227
Operating profit                           1,114                  282                252               1,648
Total assets                             253,646               12,012              8,213             273,871
Depreciation and amortization                319                   27                197                 543
Capital expenditures                         105                  856                 74               1,035


QUARTER ENDED MARCH 31, 2002
External net sales                     $  19,134            $   2,147          $   1,315           $  22,596
Gross profit                               2,484                  502                 71               3,057
Operating profit (loss)                   (6,205)*                344               (164)             (6,025)
Total assets                             253,795                9,855              7,777             271,427
Depreciation and amortization                213                   23                196                 432
Capital expenditures                         451                  134                 19                 604
</TABLE>

         *    The operating loss of the Housewares/small appliance division is
              after recording a charge for plant closing costs of $3,953,000
              more fully described in Note D.

<PAGE>

NOTE C - PRODUCT WARRANTY
-------------------------

Company Housewares/small appliance products are generally warranted to the
original owner to be free from defects in material and workmanship for a period
of 2 to 12 years from date of purchase. The Company allows a 60-day
over-the-counter initial return privilege through cooperating dealers. The
Company services its products through independent service providers throughout
the United States and a corporate service repair operation. The Company's
service and warranty programs are competitive with those offered by other
manufacturers in the industry. The Company determines its product warranty
liability based on historical percentages.

The following table shows the changes in product warranty liability for the
period:

                                         2003           2002
                                        -------        -------
     Beginning balance January 1        $ 1,465        $ 1,492
     Accruals during the period             524            589
     Charges / payments made
        under the warranties               (774)          (274)
                                        -------        -------
     Balance end of period              $ 1,215        $ 1,807
                                        =======        =======

NOTE D - PLANT CLOSING
----------------------

In November 2001, the Company announced that continued erosion of product
pricing resulted in its decision to cease manufacturing housewares/small
appliances in its U.S. plants, close those facilities, and purchase products
from the Orient. This transition from U.S. plant production to the Orient was
completed during late 2002. The Company closed its manufacturing facilities in
Alamogordo, New Mexico, during the third quarter of 2002 and explored
alternative uses for the facility. Subsequent to quarter end a final decision
has been made to dispose of the Alamogordo facility. The Company closed its
Jackson, Mississippi, plant during the fourth quarter of 2002 and has decided to
modify this plant to serve as a warehousing and shipping facility. Modification
to the Jackson plant should be completed during 2003. The Company plans to have
the Alamogordo plant and manufacturing equipment and the Jackson manufacturing
equipment available for sale in the second and third quarters of 2003.

As a result of the Company's transition from U.S. plant production to Orient
sourcing, the Company recorded charges in both 2002 and 2001. The principal
activity during the first quarter of 2002 was the accrual of $3,953,000 of
employee termination benefits. The principal plant closing activity during the
first quarter of 2003 was the payment of employee termination benefits and other
exit related costs. There may be additional charges later in the year.

<PAGE>

The following table summarizes the plant closing accrual activities for the
periods presented:

<TABLE>
<CAPTION>
                                   Employee                                     Other
                                 Termination             Inventory              Exit
                                   Benefits             Write-Down              Costs                 Total
                                 -----------           -----------          -----------           -----------
<S>                              <C>                   <C>                  <C>                   <C>
Balance January 1, 2003          $ 2,148,000           $        --          $   521,000           $ 2,669,000
Additions in 2003                         --                    --                   --                    --
Charges in 2003                     (296,000)                   --             (318,000)             (614,000)
                                 -----------           -----------          -----------           -----------
Balance March 30, 2003           $ 1,852,000           $        --          $   203,000           $ 2,055,000
                                 ===========           ===========          ===========           ===========


Balance January 1, 2002          $   637,000           $   880,000          $   519,000           $ 2,036,000
Additions in 2002                  3,953,000                    --                   --             3,953,000
                                 -----------           -----------          -----------           -----------
Balance March 31, 2002           $ 4,590,000           $   880,000          $   519,000           $ 5,989,000
                                 ===========           ===========          ===========           ===========
</TABLE>

The total outsourcing of all Company housewares/small appliance product
manufacturing results in the creation of a new LIFO inventory category for the
outsourced products. The previous LIFO inventory reserve of approximately
$11,000,000 (Manufactured LIFO Reserve) as of January 1, 2002, which is
associated with the manufactured housewares/small appliance inventories prior to
plant closings, will be realized as this inventory category is sold. During the
second half of 2002 the Company recognized a $5,300,000 (or $.48 per share, net
of tax) reduction in cost of goods sold resulting from the partial liquidation
of the Manufactured LIFO Reserve. During the first quarter of 2003 the Company
recognized a $1,247,000 (or $.11 per share, net of tax) partial liquidation of
the Manufactured LIFO Reserve. The Company expects to largely liquidate the
remainder of the Manufactured LIFO Reserve of approximately $4,453,000 during
the balance of 2003.

NOTE E - COMMITMENTS AND CONTINGENCIES
--------------------------------------

On July 16, 2002, the Securities and Exchange Commission filed a lawsuit against
National Presto Industries, Inc. alleging the company operated as an
unregistered investment company. The case does not involve fraud, deceptive
practices or accounting methods, and the Company plans to vigorously defend
itself (see Form 8-K filed on July 15, 2002). If unsuccessful the Company may
have to reallocate invested assets which will result in reduced yields or it
might be required to register as an investment company. The obligations upon
registration are many and could include: 1) possible imposition of significant
additional reporting requirements (a burden which would not be imposed upon its
competitors); 2) potential regard in the market as a closed end mutual fund
which could result in a trading price sharply discounted from net asset value;
3) possible limitations on the use of capital and earnings which could inhibit
or terminate commercial business growth.

In addition, the Company is involved in other routine litigation incidental to
its business. Management believes the ultimate outcome of these matters will not
have a material affect on the Company's consolidated financial position.

<PAGE>

NOTE F - ACCUMULATED OTHER COMPREHENSIVE INCOME
-----------------------------------------------

The $850,000 of accumulated comprehensive loss at March 30, 2003, reflects the
fair value gain adjustment, net of the tax effect of $515,000, of
available-for-sale marketable security investments offset by the additional net
periodic pension liability related to the Company's defined benefit pension plan
in the amount of $1,365,000, net of tax. Total comprehensive income was
$1,901,000 for the three month period ended March 30, 2003 and a loss of
$1,728,000 for the three month period ended March 31, 2002.

NOTE G - RECLASSIFICATIONS
--------------------------

Certain reclassifications have been made to the 2002 financial statements to
conform with the 2003 financial statement presentation. These reclassifications
did not effect net earnings or stockholders' equity as previously reported.

NOTE H - ADOPTION OF NEW ACCOUNTING STANDARDS
---------------------------------------------

In November 2002, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 45 (FIN 45), "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others. "FIN 45 addresses accounting for guarantees and the disclosure
requirements of a guarantor in its interim and annual financial statements. The
disclosure requirements of FIN 45 related to the Company's warranty program for
the period ending March 30, 2003, are contained in Note C. The liability
recognition requirements of FIN 45 apply to guarantees issued or modified after
December 31, 2002. The adoption of this pronouncement did not have a material
affect on the Company's consolidated financial position or results of
operations.

In January 2003, the FASB issued Interpretation No. 46 (FIN 46), "Consolidation
of Variable Interest Entities" (VIE), which requires consolidation of variable
interest entities by holders of variable interests that meet certain conditions.
FIN 46 establishes accounting for variable interests in a VIE created after
January 31, 2003. FIN 46 clarifies how an enterprise should determine if it
should consolidate a VIE. The adoption of FIN 46 has not had a material affect
on the Company's consolidated financial position or results of operation.

In June 2002, the FASB issued SFAS 146, "Accounting for Costs Associated with
Exit or Disposal Activities," which addresses accounting and processing for
costs associated with exit or disposal activities. SFAS 146 requires the
recognition of a liability, measured at fair value, for a cost associated with
an exit or disposal activity when the liability is incurred versus the date the
Company commits to an exit plan. The requirements of SFAS 146 are effective for
exit or disposal activities that are initiated after December 31, 2002. The
adoption of SFAS 146 has not had a material affect on the Company's consolidated
financial position or results of operation.

<PAGE>

In December 2002, the FASB issued SFAS 148, "Accounting for Stock-Based
Compensation- Transition and Disclosure." SFAS 148 amend the disclosure and
certain transition provisions of SFAS 123, "Accounting for Stock-Based
Compensation." New interim and annual disclosures related to stock options are
required in financial statements prepared after December 15, 2002. The pro forma
effect of accounting for the minor number of stock options issued by the Company
using the fair value method is not material. Accordingly, this pronouncement did
not have a material affect on the Company's consolidated financial position or
results of operations.




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

The foregoing information for the periods ended March 30, 2003, and March 31,
2002, 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, 2002, is summarized from audited
consolidated financial statements, but does not include all the disclosures
contained therein and should be read in conjunction with the 2002 Annual Report.
Interim results for the period are not indicative of those for the year.

<PAGE>

            ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

              Forward-looking statements in this Management's Discussion and
Analysis of Financial Condition and Results of Operations, elsewhere is this
Form 10-Q, in the Company's 2002 Annual Report to Shareholders, in the Proxy
Statement for the annual meeting to be held May 20, 2003, and in the Company's
press releases and oral statements made with the approval of an authorized
executive officer 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 those anticipated by some of
the statements made herein. Investors are cautioned that all forward-looking
statements involve risks and uncertainty. In addition to the factors discussed
herein and in the notes to consolidated financial statements, among the other
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; the benefit and risk of
business acquisitions; competitive pressure on sales and pricing; increases in
material or production cost which cannot be recouped in product pricing, and the
impact of closing certain U.S. production facilities. 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 2003 AND 2002
         Readers are directed to Note B, "Business Segments" for data on the
financial results of the Company's three business segments for the Quarters
ended March 30, 2003 and March 31, 2002.

         Net sales decreased by $542,000 from $22,596,000 to $22,054,000 or 2%.
The Housewares/Small Appliance Division and Defense Products Division net sales
decreased primarily from reduced unit volume. The Absorbent Products Division
net sales increased, reflecting increased unit volume.

         Gross profit for 2003 increased $3,170,000 from $3,057,000 to
$6,227,000. For Housewares/Small Appliance Division the increase in gross
margins in part reflected reduced product costs from offshore sourcing along
with a $1,247,000 partial liquidation of the Manufactured LIFO reserve (see Note
D). For the Defense Products Division the gross profit increase was primarily
the result of improved product mix. The increased gross margin for the Absorbent
Products Division primarily reflects increased volume of sales.

<PAGE>

         Housewares/Small Appliance selling and general expenses decreased
because of reduced volume and the corporate restructuring completed during 2002.
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.

         The first quarter of 2002 includes a $3,953,000 estimated charge
related to involuntary termination benefits stemming from the announced closing
of the Company's Housewares/Small Appliance manufacturing operations in Jackson,
Mississippi and Alamogordo, New Mexico. See Note D to the Consolidated Financial
Statements.

         Other income, principally interest, decreased $386,000 from $1,494,000
to $1,108,000 primarily as a result of a lower rate of return on invested funds.

         Earnings before provision for income taxes increased $7,287,000 from a
loss of $4,531,000 to a profit of $2,756,000. The income tax provision increased
from a benefit of $2,171,000 to a provision of $703,000, which resulted in an
effective income tax benefit rate of 48% in 2002 and an effective income tax
provision of 26% in 2003. Net earnings increased $4,413,000 from a loss of
$2,360,000 to a profit of $2,053,000, or 187%.

LIQUIDITY AND CAPITAL RESOURCES
         Cash and cash equivalents rose by $5,316,000 to $119,953,000. The
various changes that make up the increase can be found in the Consolidated
Statement of Cash Flows. See Note D for information on 2002 plant closing
charges.

         The Company expects to continue to evaluate acquisition opportunities
and will make further acquisitions if the appropriate return on investment is
projected.

         The Company has substantial liquidity in the form of cash and
marketable securities to meet all of its anticipated capital requirements, to
make dividend payments, and to fund growth through acquisitions and other means.
As of March 30, 2003, there were no material capital commitments outstanding.

         In connection with the Company's plant closing activity during 2003,
the Company could incur additional losses upon the disposition of property,
plant, and equipment associated with the operations being closed. In addition,
the Company may have additional plant closing costs. The Company is not aware of
any such costs; however, plant closing activities of this nature are unique and
infrequent for the Company, therefore, these activities possess inherent risk
that errors in the estimation process could occur. Subject to the foregoing
estimation risk, no major plant closing related expenses are expected in 2003.

<PAGE>

NEW ACCOUNTING PRONOUNCEMENTS

Please refer to Note H for information related to the effect of adopting new
accounting pronouncements on the Company's consolidated financial statements.

Item 3
QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company's interest income on cash equivalents and marketable
securities is affected by changes in interest rates in the United States. Cash
equivalents include money market funds and 7-day variable rate demand notes
which are highly liquid instruments with interest rates set every 7 days that
can be tendered to the remarketer upon 7 days notice for payment of principal
and accrued interest. The 7 day tender feature of these variable rate demand
notes are further supported by an irrevocable letter of credit from highly rated
U.S. banks. To the extent a bond is not remarketed at par plus accrued interest,
the difference is drawn from the bank's letter of credit. The Company's
investments are held primarily in fixed and variable rate municipal bonds with
an average life of less than one year. Accordingly, changes in interest rates
have not had a material affect on the Company, and the Company does not
anticipate that future exposure to interest rate market risk will be material.
The Company uses sensitivity analysis to determine its exposure to changes in
interest rates.

         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 cash flow hedges. Any transactions that are currently
entered into for settlement in foreign currency are not deemed material to the
financial statements.

ITEM 4. CONTROLS AND PROCEDURES

         The Company's management, including the Chief Executive Officer and
Chief Financial Officer, have conducted an evaluation of the effectiveness of
the design and operation of the Company's disclosure controls and procedures
pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the 1934 Act)
within 90 days prior to the filing date of this quarterly report. Based on that
evaluation, the Company's Chief Executive Officer and Chief Financial Officer
concluded that the Company's disclosure controls and procedures are effective in
ensuring that information required to be disclosed by the Company in the reports
it files or submits under the 1934 Act is recorded, processed, summarized, and
reported within the time periods specified in the SEC's rules and forms.

         There have been no significant changes in internal controls, or in
other factors that could significantly affect internal controls, subsequent to
the date the Chief Executive Officer and Chief Financial Officer completed their
evaluation.

<PAGE>

                          PART II - OTHER INFORMATION
                          ---------------------------

Item 1. Legal Proceedings

         See Note E in the Notes to Consolidated Financial Statements set forth
under Part I - Item 1 above.


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 99.1 -  Chief Executive Officer Certification
              Exhibit 99.2 -  Chief Financial Officer Certification

         (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: May 9, 2003                                    /S/ M. J. Cohen
                                       -----------------------------------------
                                       M. J. Cohen, Chair of the Board, Chief
                                       Executive Officer and President
                                       (Principal executive officer)


         Date: May 9, 2003                                   /S/ R. F. Lieble
                                       -----------------------------------------
                                       R. F. Lieble, Chief Financial Officer and
                                       Treasurer (Principal accounting officer)

<PAGE>

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Maryjo Cohen, certify that:

     1.   I have reviewed this quarterly report on Form 10-Q of National Presto
          Industries, Inc.;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
          and we have:

          a)   designed such disclosure controls and procedures to ensure that
               material information relating to the registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b)   evaluated the effectiveness of the registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed, based
          on our most recent evaluation, to the registrant's auditors and the
          audit committee of registrant's board of directors (or persons
          performing the equivalent function):

          a)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the registrant's
               ability to record, process, summarize and report financial data
               and have identified for the registrant's auditors any material
               weaknesses in internal controls; and

          b)   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the registrant's
               internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.


          Date: May 9, 2003                              /S/ M.J. Cohen
                                                         -----------------------
                                                         M.J. Cohen
                                                         Chief Executive Officer

<PAGE>

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Randy F. Lieble, certify that:

     1.   I have reviewed this quarterly report on Form 10-Q of National Presto
          Industries, Inc.;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
          and we have:

          a)   designed such disclosure controls and procedures to ensure that
               material information relating to the registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b)   evaluated the effectiveness of the registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed, based
          on our most recent evaluation, to the registrant's auditors and the
          audit committee of registrant's board of directors (or persons
          performing the equivalent function):

          a)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the registrant's
               ability to record, process, summarize and report financial data
               and have identified for the registrant's auditors any material
               weaknesses in internal controls; and

          b)   any fraud, whether or not material, that involves management or
               other employees who have a significant role in the registrant's
               internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.


          Date: May 9, 2003                              /S/ R. F. Lieble
                                                         -----------------------
                                                         R. F. Lieble
                                                         Chief Financial Officer

<PAGE>

                        National Presto Industries, Inc.
                                 Exhibit Index



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

          11            Computation of Earnings per Share

          99.1          Chief Executive Officer Certification

          99.2          Chief Financial Officer Certification