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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.
NAPCO Security Technologies (NASDAQ: NSSC) announced a secondary public offering of common stock by its Chairman and CEO, Richard L. Soloway, and CFO Kevin S. Buchel. The sale will not involve the issuance of new shares by NAPCO, meaning no dilution for existing shareholders. The underwriters have a 30-day option to buy additional shares at the public offering price. Renowned firms Needham & Company and William Blair & Company are joint book-runners for this offering. This transaction is conducted under a previously effective SEC registration statement, and NAPCO will not receive any proceeds from the sale.
NAPCO Security Technologies (NSSC) reported record-breaking financial results for Q2 fiscal 2023, with net sales rising 27% to $42.3 million compared to $33.4 million last year. Recurring service revenue surged 35% to $14.9 million, contributing to a gross margin of 89%. The net income reached a historic $8.4 million, up 714%, with earnings per share at $0.23. Adjusted EBITDA also saw a substantial increase of 232%, totaling $10.3 million. Despite growth, cash provided by operating activities decreased to $1.1 million due to increased inventories. Management anticipates strong demand to continue through fiscal 2023 amidst supply chain challenges.
NAPCO Security Technologies (NASDAQ: NSSC) has appointed David Paterson, former Governor of New York, to its Board of Directors as of February 3, 2023. Paterson brings extensive experience in crime and security issues, which he believes will help the company navigate challenges in an evolving security landscape. CEO Richard Soloway expressed confidence that Paterson’s background will contribute to NAPCO's ongoing success. NAPCO is a prominent manufacturer of high-tech electronic security devices and solutions, catering to various sectors, including commercial and government applications.
NAPCO Security Technologies (NASDAQ: NSSC) will announce its Fiscal Second Quarter 2023 results on February 6, 2023, prior to market opening. This quarter ended December 31, 2022. Following the release, a conference call will take place at 11 AM ET. Interested parties can participate by calling 1-877-407-4018 (domestic) or 1-201-689-8471 (international). The call will also be available for replay after 2 PM ET on the same day. NAPCO specializes in advanced electronic security devices and services, benefiting from a strong reputation for innovation and reliability in a growing market.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) announced its participation in the 25th Annual Needham Growth Conference on January 11, 2023, in New York. Management will present at 10:15 AM ET and conduct in-person meetings, with virtual follow-ups on January 12. Highlights include the company's record Q1 2023 results, featuring a 27% year-over-year sales growth to $39.5 million and a 35% increase in recurring revenues to $13.8 million. NAPCO aims to address security needs for over 131,000 K-12 schools and 5,300 colleges.
NAPCO Security Technologies (NASDAQ: NSSC) announced that its Alarm Lock Trilogy® Series Wireless Access Control Locks received the Maintenance Innovation Award in Safety. This recognition highlights innovations in products aiding efficient operations in commercial and institutional settings. The market for electronic locking products is projected to grow from $2 billion in 2022 to $8 billion by 2030, driven by rising crime and demand for school security solutions, where NAPCO is a leader.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) has partnered with the Partner Alliance for Safer Schools (PASS K-12) to enhance school security solutions amidst a rise in school shootings, with 296 incidents reported in 2022. This partnership aims to provide comprehensive guidelines for improving school safety. The Department of Justice has allocated approximately $190 million for school security upgrades, emphasizing the urgent need for effective security systems. NAPCO has a strong reputation in the education sector, offering innovative and reliable security technology tailored for schools.
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