NAPCO Releases Fiscal 2003 Earnings
AMITYVILLE, N.Y.
NAPCO says it has completed an audited filing of its fiscal 2003 results ending June 30 and plans fulfill its SEC requirements by filing its first and second quarter 2004 results within a week. NAPCO had previously delayed the filing to deal with an international tax matter.
“With the completion of the 2003 audit and the planned filing of Form 10Q’s for both the first quarter … and the second quarter … within a week, we can now focus on maximizing the opportunities for growth in the burgeoning marketplace for quality security products, systems and solutions,” says NAPCO Chairman and CEO Richard Soloway.
For fiscal 2003, NAPCO reports a 36-percent drop in net income – from $1.6 million to around $1 million – despite an increase in sales and gross profit. Much of the reduction came from increased tax payments. However, Soloway says the fiscal outlook is bright for his company.
“We continue to expect that results will continue to improve over the course of the fiscal year,” Soloway says. “NAPCO is once again moving aggressively forward with a strong financial structure and an organization dedicated to maintaining its leadership position in all areas of the security industry.”
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