NAPCO Security Systems Inc., a manufacturer of electronic
security equipment, announces that its board of directors
has declared a 3-for-2 stock split to be paid in the form
of 50-percent stock dividend. The stock split is payable on
June 7, 2006 to all NAPCO shareholders as of May 24, 2006.
Stockholders of record at the close of business on that
date will receive one additional share of common stock for
every two shares held. According to NAPCO, the number of
common stock outstanding will increase from 13.3 million to
approximately 19.95 million. The additional shares will be
mailed on or about June 7, 2006 by the firm’s transfer
agent, Continental Stock Transfer & Trust Co. of New York.
“We believe that the split will make NAPCO more
attractive to a broad range of investors. We see great
potential for growth in the electronic security market, and
remain committed to attracting investors who share this
enthusiasm and take a long-term view of the company’s
growth opportunities,” says Dick Soloway, NAPCO’s CEO.
This is the ninth time the firm’s common stock has split since the company’s initial public offering.
