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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, Inc. (NASDAQ: NSSC) announced its participation in C.L. King's 19th Annual Best Ideas Conference on September 14, 2021, presenting at 8:00 AM ET. The company will highlight its shift towards recurring revenue streams, particularly from its Starlink alarm communicator and new AirAccess access control products. NAPCO also focuses on its school safety solutions, addressing the urgent need for enhanced security in educational institutions. Investors can register for the live webcast on NAPCO's investor relations website.
NAPCO Security Technologies (NASDAQ: NSSC) is set to release its financial results for the Fiscal Fourth Quarter and Fiscal Year 2021 on September 13, 2021, before the market opens. This announcement follows the fiscal year ending on June 30, 2021. Interested parties can join a conference call at 11 a.m. ET and the call will be accessible via replay later that day. NAPCO specializes in high-tech security devices and services, with a strong reputation for reliability and innovation in a growing electronic security market.
NAPCO Security Technologies (NASDAQ: NSSC) announced its co-sponsorship of a webinar on September 1, 2021, focused on active shooter events. This initiative underscores NAPCO's commitment to enhancing school safety, a sector with over $1 billion in funding available from federal and state governments since 2018. The webinar will feature experts from Xavier University, including Chief Robert Warfel and Dr. Cheryl Jonson, to educate stakeholders on the necessity for improved security measures in schools. NAPCO aims to position itself in the multi-billion-dollar school security market.
NAPCO Security Technologies (NASDAQ: NSSC) will present at the 41st Annual Canaccord Genuity Growth Conference on August 11, 2021, at 8:00 AM ET. The virtual conference will highlight a shift toward higher-margin recurring revenues from products like the Starlink alarm communicator and the new AirAccess access control systems. NAPCO will also discuss its portfolio of school safety solutions tailored for K-12 institutions and universities. Investors can register for the live webcast through the company's website.
NAPCO Security Technologies, headquartered in Amityville, New York, announced its participation in the 10th Annual Needham Virtual Industrial Tech, Robotics, & Clean Tech 1x1 Conference on August 9, 2021. The management will hold one-on-one meetings to discuss a shift towards recurring revenue, highlighting the Starlink alarm communicator products and the new AirAccess access control line. Additionally, NAPCO will focus on its school security solutions to address U.S. safety needs. Interested parties can request information or meetings through Needham & Co. or the company’s Director of Investor Relations.
NAPCO Security Technologies, a leading manufacturer of electronic security devices, announced its participation in the ISC West 2021 trade show in Las Vegas from July 19-21, 2021. The company will unveil its new AirAccess cloud-based access control solution, aimed at generating recurring revenue and addressing installation challenges. Additional products include Lectra Locks and E-Access systems, targeting significant market opportunities. CEO Richard Soloway expressed optimism about future revenue growth from these innovations, emphasizing NAPCO's unique integrated product line.
NAPCO Security Technologies (NASDAQ: NSSC), a leader in electronic security devices, will present at the 16th Annual Needham Technology & Media Conference on May 17, 2021, at 12:45 PM ET. The presentation will cover the company’s record Q3 2021 results, including sales of $28.2 million and a 43% increase in recurring revenues. NAPCO aims to highlight its shift to higher-margin products and the urgency of school security. Interested investors can access the live webcast via NAPCO’s website.
NAPCO Security Technologies (NASDAQ: NSSC) reported record net sales of $28.2 million for Q3 FY2021, an 8% increase from $26.2 million last year. Recurring service revenue surged 43% to $8.9 million, underpinning a prospective annual run rate of $36.7 million. Net income rose by 21% to $4.4 million, with diluted EPS increasing to $0.24. Adjusted EBITDA grew 13% to $5.5 million. Cash and equivalents reached $34.1 million, up from $18.2 million last year, showcasing robust cash flow and operational efficiency.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) plans to release its Fiscal Third Quarter 2021 financial results on May 10, 2021, before market opens, followed by a conference call at 11 A.M. ET. The results will cover the period ending March 31, 2021. Interested participants can join via a dedicated phone line or access a replay. NAPCO is recognized as a leading provider of high-tech electronic security devices and school safety solutions.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) reported a record second quarter net sales of $27.2 million, a 17% increase from the previous quarter and a 5% increase year-over-year. Recurring service revenue surged 42% to $8.2 million, with a prospective annual run rate of $33.8 million. The company’s net income increased 38% sequentially to $3.2 million, although it declined 10% year-over-year. Cash and cash equivalents stood at $26.8 million, an improvement from $18.2 million six months prior. The strong revenue growth is attributed to the essential fire alarm business, largely unaffected by COVID-19.
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