Earnings Update: Protection One, NAPCO, Mace, GRI


Electronic security provider Protection One has reported a $16.6 million net loss in its second quarter earnings report, though it also reported cutting its total long-term debt nearly in half since the start of the year. The net loss is more than double the $8 million reported loss in the 2003 second quarter.

Protection One’s long-term debt, which had stood at $331.9 million at the start of the year, has gone down to $190.9 million as of June 30. Protection One says in its 10-Q filing with the Securities and Exchange Commission (SEC) that it is continuing discussions about a potential restructuring of that debt that would include filing for Chapter 11 bankruptcy.

Protection One’s revenues in its 2004 second quarter were slightly down from 2003 – from $68.9 million to $67.2 million.

In other earnings news …

NAPCO Security Systems: The chairman, president of CEO of NAPCO Security Systems says to expect record revenues for his Amityville, N.Y., company when it releases its final fiscal year numbers in mid-September.

Richard Soloway says in a company release that the report, to cover the fiscal year for the company that ended on June 30, will show a “substantial” rise in earnings buoyed by growth of the sales of commercial, industrial, governmental and institutional products. “We are confident that when our fiscal 2004 results are reported, it will demonstrate that NAPCO has completed a very successful year,” Soloway says.

Mace Security Int’l Inc.: The Mount Laurel, N.J.-based company known more for its pepper spray products is touting increased revenue and expansion of its electronic surveillance division as it released its second quarter earnings report. The company also announced Aug. 16 the purchase of a building in Farmers Branch, Texas – a suburb of Dallas – that will serve as the new regional headquarters for electronic security product distributors and sellers SecurityandMore and Industrial Vision Source (IVS), which Mace acquired from American Building Control in July.

Mace says earnings in its Electronic Surveillance Products Division rose 153 percent in the quarter – from $529,000 in 2003 to $1.34 million in 2004. That helped the company to a slight increase in overall revenues in its second quarter to $25.3 million from $24.9 million.

Overall, Mace had a net loss of $14,000 in its second quarter, which was better than its $88,000 loss in 2003.

George Risk Industries: The burglar alarm components manufacturer says its net profit went up 1.2 percent compared to its 2003 fiscal year.

For the year ended April 30, the Kimball, Neb.-based firm had bet sales of $12.8 million.

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