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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 reported a record 27% increase in Q1 sales, totaling $39.5 million, with recurring service revenues up 35% to $13.8 million, reflecting strong demand for its security solutions. The company achieved net income of $6.4 million and an adjusted EBITDA of $8.3 million, marking a 77% rise year-over-year. Though net income fell 18% compared to last year's Q1, largely due to a prior debt extinguishment benefit, the recurring revenue run rate stands at approximately $58 million. NAPCO maintains a strong balance sheet with no debt and significant cash reserves, positioning itself well for continued growth.
NAPCO Security Technologies, Inc. (NSSC) is set to release its Fiscal First Quarter 2023 financial results on November 7, 2022. The results will cover the period ending September 30, 2022, with a conference call scheduled for 11 AM ET. Interested parties can join the call via phone or through a webcast available on the company's website. NAPCO is recognized for its high-tech electronic security products and services, targeting a growing market in school safety and electronic security solutions.
NAPCO Security Technologies (NASDAQ: NSSC) will showcase its advanced security products at ISC East 2022 in New York City from November 15-17. The company highlights its AirAccess cloud-based managed access control system, which aims to generate recurring revenue. Attendees will see various products, including wireless network locks and school security solutions, that integrate with AirAccess. CEO Richard Soloway expressed optimism about future revenue growth and the company's unique integrated product offering that spans alarms, locking systems, and access control.
NAPCO Security Technologies reported a strong financial performance for Q4 and the fiscal year ended June 30, 2022. Net sales surged 22% year-over-year to a record $43.2 million, contributing to a full-year increase of 26% to $143.6 million. Recurring service revenue rose 33% in Q4, reaching $12.7 million, with robust 87% gross margins. Net income for Q4 climbed 36% to $7.5 million, while FY net income increased 27% to $19.6 million. Adjusted EBITDA for Q4 was $9.3 million, up 29%, indicating strong operational growth despite supply chain challenges.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) will release its financial results for the Fiscal Fourth Quarter and Fiscal Year 2022, ending June 30, 2022, on August 29, 2022, before market opening. A conference call with management is scheduled for 11 AM ET on the same day. Participants can join via phone or access a webcast via the company's website. NAPCO is a leader in high-tech electronic security devices and solutions, with a strong reputation for innovation and reliability.
NAPCO Security Technologies (NASDAQ: NSSC) will present at the 42nd Annual Canaccord Genuity Growth Conference on August 10, 2022, in Boston, MA. Management's presentation at 2 PM ET will spotlight the shift towards recurring revenue through products like the Starlink alarm communicator and the new AirAccess line. The discussion will also cover school security solutions designed for K-12 and universities, addressing the pressing need for enhanced safety. The conference will be available via a live webcast on the company's website.
NAPCO Security Technologies (NASDAQ: NSSC) will host one-on-one meetings at the 11th Annual Needham Virtual Industrial Tech, Robotics & Clean Tech Conference on August 8, 2022. Management will discuss the shift to recurring revenues from the Starlink alarm communicator line and the new AirAccess access control systems. They will also highlight school safety solutions aimed at enhancing security in K-12 schools and universities. NAPCO's innovative products position it well in the expanding electronic security market.
NAPCO Security Technologies (NASDAQ: NSSC) announced its participation in the Stifel 2022 Cross Sector Insight Conference in Boston, MA, scheduled for June 7, 2022, at 9:45 AM ET. The management will present the company’s fiscal third quarter results, highlighting record quarterly sales and future growth drivers. The presentation will be webcast live, and investors can register on the corporate website. For one-on-one meetings during the conference, interested parties should contact their Stifel sales representative or Patrick McKillop, Director of IR.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC), based in Amityville, NY, announces its products' selection for a security project at Pepperdine University, Malibu, CA. The project involves installing ArchiTech locks, enhancing access control in classrooms. CEO Richard Soloway emphasized the significance of school security and the company's ongoing commitment to providing innovative safety solutions. NAPCO, a leader in electronic security devices, continues to prioritize school safety amidst rising concerns nationwide.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) announced its participation in the 22nd Annual B Riley Securities Institutional Investor Conference on May 25, 2022, in Los Angeles, CA. Management will present at 9:30 AM PT (12:30 PM ET) and hold one-on-one meetings to discuss its recent record quarterly sales and future growth drivers following the fiscal third quarter 2022 results. NAPCO specializes in high-tech electronic security devices and school safety solutions, aiming for growth in the electronic security market.
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