NAPCO Security Systems’ reported record net sales figures for the 2003-2004 fiscal year ended June 30, with earnings of $58.1 million compared to last year’s $57.3 million. Operating income for 2004 nearly tripled from $2.2 million to $6.1 million. 2004 net income more than tripled from $1 million or 14 cents per fully diluted share in 2003 to $3.3 million or 47 cents per fully diluted share.
The company also reported a $7.7 million long-term debt reduction in the last year.
NAPCO Chairman and CEO Richard Soloway attributed the company’s 2003-2004 success to market acceptance of its products and distributor and dealer loyalty.
“These results are indicative of the potential strengths inherent in NAPCO’s various lines of business,” he said in a statement.
