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 2, 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 7,054,862 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 2, 2000 and December 31, 1999
(Unaudited)

<TABLE>
<CAPTION>

(Dollars in thousands)
                                                                         2000                               1999
----------------------------------------------------------------------------------------------------------------
<S>                                                    <C>         <C>                    <C>         <C>
ASSETS
   CURRENT ASSETS:
              Cash and cash equivalents                            $   82,677                         $   88,075

              Marketable securities                                   136,120                            150,455

              Accounts receivable, net                                  9,483                             20,016

              Inventories:
                 Finished goods                        $   9,950                          $   5,548

                 Work in process                           3,528                              2,409

                 Raw materials                             5,592                              8,486

                 Supplies                                    977       20,047                   884       17,327
                                                       ---------                          ---------

              Prepaid expenses                                             63                                 72
                                                                   ----------                         ----------

                 Total current assets                                 248,390                            275,945

   PROPERTY,  PLANT AND EQUIPMENT:                        25,431                             24,328

                 Less allowance for depreciation          12,638       12,793                12,019       12,309
                                                       ---------                          ---------

   OTHER ASSETS                                                        11,139                             11,139

                                                                   ----------                         ----------
                                                                   $  272,322                         $  299,393
                                                                   ==========                         ==========
</TABLE>


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

<PAGE>


NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
April 2, 2000 and December 31, 1999
(Unaudited)

<TABLE>
<CAPTION>

(Dollars in thousands)
                                                                              2000                                1999
----------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>          <C>                   <C>           <C>
LIABILITIES
   CURRENT LIABILITIES:
              Accounts payable                                          $    7,782                          $   14,395

              Federal and state income taxes                                 3,078                               6,064

              Accrued liabilities                                           23,139                              23,602

                                                                        ----------                          ----------
                 Total current liabilities                                  33,999                              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                                   1,031                              1,033

              Retained earnings                               242,240                            254,218
                                                           ----------                         ----------

                                                              250,712                            262,692

              Treasury stock, at cost                          12,389                              7,360

                                                           ----------                         ----------
                    Total stockholders' equity                             238,323                             255,332

                                                                        ----------                          ----------
                                                                        $  272,322                          $  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 ended April 2, 2000 and April 4, 1999
(Unaudited)

<TABLE>
<CAPTION>

(In thousands except per share data)                                              THREE MONTHS ENDED
                                                                                  ------------------
                                                                               2000                1999
---------------------------------------------------------------------------------------------------------
<S>                                                                         <C>                 <C>
Net sales                                                                   $  18,507           $  21,610

Cost of sales                                                                  13,820              15,436

                                                                           ----------          ----------
      Gross profit                                                              4,687               6,174

Selling and general expenses                                                    3,760               4,511

                                                                           ----------          ----------
      Operating profit                                                            927               1,663

Other income, principally interest                                              2,651               2,377

                                                                           ----------          ----------
  Earnings before provision for income taxes                                    3,578               4,040

Provision for income taxes                                                        560                 760

                                                                           ----------          ----------
    Net earnings                                                            $   3,018           $   3,280
                                                                           ==========          ==========

Weighted average shares outstanding:
              Basic                                                             7,155               7,360
                                                                           ==========          ==========
              Diluted                                                           7,156               7,361
                                                                           ==========          ==========

Net earnings per share:
              Basic                                                         $    0.42           $    0.45
                                                                           ==========          ==========
              Diluted                                                       $    0.42           $    0.45
                                                                           ==========          ==========

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
Three Months ended April 2, 2000 and April 4, 1999
(Unaudited)

<TABLE>
<CAPTION>

(Dollars in thousands)
                                                                                      2000                    1999
---------------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>                     <C>
Cash flows from operating activities:
              Net earnings                                                         $    3,018              $    3,280
              Adjustments to reconcile net earnings to net cash
                 provided by operating activities:
                 Provision for depreciation                                               619                     533
                 Stock compensation expense                                                98                      66
                 Changes in:
                    Accounts receivable                                                10,533                   4,337
                    Inventories                                                        (2,720)                  1,273
                    Prepaid expenses                                                        9                      49
                    Accounts payable and accrued liabilities                           (7,076)                 (4,882)
                    Federal and state income taxes                                     (2,986)                 (3,090)
                                                                                  -----------             -----------
                          Net cash provided by operating activities                     1,495                   1,566
                                                                                  -----------             -----------

Cash flows from investing activities:
              Marketable securities purchased                                         (19,875)                (52,402)
              Marketable securities - maturities and sales                             34,210                  30,079
              Acquisition of property, plant and equipment                             (1,103)                   (841)
              Other                                                                        --                     108
                                                                                  -----------             -----------
                          Net cash provided by (used in) investing activities          13,232                 (23,056)
                                                                                  -----------             -----------

Cash flows from financing activities:
              Dividends paid                                                          (14,995)                (14,719)
              Purchase of treasury stock                                               (5,128)                     --
              Other                                                                        (2)                     24
                                                                                  -----------             -----------
                          Net cash used in financing activities                       (20,125)                (14,695)
                                                                                  -----------             -----------

Net decrease in cash and cash equivalents                                              (5,398)                (36,185)
Cash and cash equivalents at beginning of period                                       88,075                 114,565
                                                                                  -----------             -----------
Cash and cash equivalents at end of period                                         $   82,677              $   78,380
                                                                                  ===========             ===========
</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 First Quarter of 2000, 157,800 shares of the Company's common stock
were reacquired as treasury stock.





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

The foregoing information for the periods ended April 2, 2000, and April 4,
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 First Quarter 2000 and 1999

              Net sales decreased by $3,103,000 from $21,610,000 to $18,507,000
due primarily to decreased unit volume.

              Gross margins as a percentage of sales decreased from 29% to 25%
due largely to increased material costs.

              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, increased from the 1999 level
primarily as a result of a higher rate of return on invested funds in the
Company's portfolio of short-term marketable securities.

              Earnings before provision for income taxes decreased $462,000 from
$4,040,000 to $3,578,000. The provision for income taxes decreased from $760,000
to $560,000 and the effective income tax rate decreased from 19% to 16%, as a
result of decreased earnings subject to tax. Net earnings decreased $262,000
from $3,280,000 to $3,018,000, or 8% and earnings per share decreased from $.45
to $.42.

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

<PAGE>


Item 7A.
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 affect 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: May 3, 2000                                                /S/ M. J. Cohen
                                       -----------------------------------------
                                       M. J. Cohen, President
                                       (Principal operating officer)


Date: May 3, 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