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NAPCO Security Technologies, Inc. (NASDAQ: NSSC) is a leading manufacturer and designer of high-tech electronic security equipment. Based in Amityville, New York, NAPCO’s products include intrusion and fire alarm systems, access control, door locking systems, and video surveillance products. These products are marketed and installed by thousands of security professionals worldwide, serving commercial, residential, industrial, institutional, and governmental applications.
The company, comprising NAPCO and its three wholly-owned subsidiaries—Alarm Lock, Continental Instruments, and Marks USA—boasts a reputation for innovation, reliability, and technical excellence. This has positioned NAPCO as a key player in the rapidly expanding multi-billion dollar electronic security market.
In recent developments, NAPCO achieved record-breaking financial results for fiscal 2024. The company reported first-quarter sales of $41.7 million and net income of $10.5 million, marking the highest Q1 net income in its history. Recurring service revenues surged by 25%, contributing significantly to overall sales and earnings growth. The second and third quarters continued this upward trend, with revenues of $47.5 million and $49.3 million respectively, setting consecutive records for highest quarterly sales. The net income also saw substantial increases, reaching $12.6 million in Q2 and $13.2 million in Q3. NAPCO’s strong balance sheet, with $87.5 million in cash and no debt, underscores its financial robustness.
Among its latest innovations, NAPCO introduced Prima by NAPCO, an All-in-One Panel designed for security, fire, video, and connected home applications. This product aims to capture a significant segment of the residential and small business security market. With built-in Wi-Fi/cellular radio communications, the panel offers customer alert notifications and video and smart home subscription options, enhancing the company’s ability to generate recurring revenue.
NAPCO’s commitment to growth is evident in its strategic appointments and promotions within the management team. Kevin Buchel was promoted to President and COO while retaining his CFO role, and Michael Carrieri became the Executive Vice President of Engineering & Chief Technology Officer. Andrew Vuono joined as Senior Vice President of Finance and Chief Accounting Officer, expected to start on June 3rd.
The company's focus remains on further penetrating key markets such as school and classroom security, healthcare, and retail loss prevention. This strategic direction is reinforced by continuous product innovation and technical superiority. NAPCO remains poised for sustained growth and profitability, aiming to maintain its leadership position in the electronic security sector.
NAPCO Security Technologies announced it was awarded the 2023 MVP at the ISC West conference, highlighting its successful booth and product demonstrations. The event saw attendance from over 27,000 security professionals, with NAPCO showcasing its range of security technologies, including the award-winning Prima Security Super Panel. This new all-in-one platform, set to launch in early FY'24, offers WiFi/cellular capabilities and aims to accelerate recurring revenue for dealers. The introduction of AirAccess integrates Starlink cellular technology, positioned to meet the needs of small/medium businesses. CEO Richard Soloway expressed optimism about increased engagement and future growth opportunities stemming from the event, reaffirming NAPCO's unique position in offering recurring services across multiple security categories.
NAPCO Security Technologies (NASDAQ: NSSC) is set to showcase its comprehensive line of security products at the ISC West 2023 trade show in Las Vegas from March 28-31. The company is recognized as the only single-source manufacturer of fully integrated security solutions, including fire alarms, access control, and locking products. An estimated 30,000 security professionals are expected to attend the event. CEO Richard Soloway expressed optimism about the booth's design and the potential for record-breaking sales leads. NAPCO continues to position itself for growth in the expanding electronic security market.
NAPCO Security Technologies, Inc. announced a secondary public offering of 2,100,000 shares at $31.50 per share, led by its Selling Stockholders, including Chairman Richard L. Soloway and CFO Kevin S. Buchel. The offering is set to close on February 13, 2023, pending customary conditions. Notably, NAPCO will not receive any proceeds from this sale, as it involves current shareholders selling shares. An option for underwriters to purchase an additional 300,000 shares is also included. This offering follows SEC regulations established under prior filings.
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