NAPCO Announces 2003 Sales Figures


NaAPCO has announced preliminary financial results for the
first quarter of its 2003 fiscal year, as well as the sales
totals for the second quarter.

Preliminary financial results indicate NAPCO Security
Systems Inc.’s first quarter sales, ending Sept. 30, 2003,
decreased 16 percent from the same quarter a year earlier.
The quarter’s net loss was $269,000, compared with last
year’s $183,000.

Net sales for the 30-year industry leader’s second quarter
increased 7 percent, with revenue totaling $14.8 million in
2003 and $13.9 million in 2002.

Net sales for the six-month period ending Dec. 31, 2003,
however, totaled $24.6 million, a decrease of 4 percent
from the same six-month period from last year’s $25.6

NAPCO says it’s typical for it to produce low first quarter
figures, the company said, but earnings dropped
substantially in 2003 because of low burglar alarm sales, a
result of a major distributor’s inventory reduction.

The termination of ADI as a distributor and Napco’s
reallocation of its alarm distribution are the chief causes
of the second quarter earnings numbers, the company says.

Also, NASDAQ granted the corporation an extension to file
its Form 10K for the fiscal year ending June 30, 2003 and
the quarter ending Sept. 30, 2003, NAPCO announced.

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