NAPCO REPORTS INCREASE IN NET SALES FOR 3- AND 6-MONTH PERIODS OF FISCAL 2000
NAPCO Security Systems announces net sales for the second quarter ended Dec. 31, 1999 increased 12 percent to $12.2 million from $10.9 million reported for the quarter ended Dec. 31, 1998. Net income for the period was $145,000, or 4 cents per share, compared to net income of $132,000, or 4 cents per share, reported for the same period in the year-ago time frame. Net sales for the six-month period ended Dec. 31, 1999 increased 3 percent to $22.7 million from $22 million reported for the six months ended Dec. 31, 1998. The net loss for the first half of fiscal 2000 was $251,000, or 7 cents per share, compared to net income of $404,000, or 12 cents per share, for the same period in the prior fiscal year.
“The company’s sales growth during the past quarter and six months is primarily attributable to an increase in the security panel and motion detection product lines and is a particularly strong increase in our line of locking devices,” says Richard Soloway, NAPCO chairman and president. NAPCO manufactures and markets electronic security systems for residential, commercial, industrial and institutional applications.
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