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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.
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