NAPCO Announces 2nd Fiscal 2004 Quarter Figures, 6-Months Results

AMITYVILLE, N.Y.

NAPCO Security Systems Inc. announced positive growth for the second fiscal 2004 quarter, attributed to increased sales of door locking and access control products.

NAPCO reports that the net sales for the quarter ended Dec. 31, 2003 increased 5.6 percent from the same quarter a year earlier. Net income increased from the previous year’s $145,000 to $728,000.

However, in the six months also ending Dec. 31, 2003, NAPCO reports decreases of 4.4 percent – $24,464,000 from $25,584,000 reported Dec. 31, 2002. The company links the decline to previous friction with ADI, which NAPCO dropped as a distributor in January 2004.

The company’s annual meeting is scheduled for April 16.

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