NAPCO Announces 6th Consecutive Quarter of Record-Breaking Revenue
NAPCO saw growth in net income, reoccurring monthly revenue and sales of door-locking products.
Napco announced their financial results for the first fiscal quarter today.
AMITYVILLE, N.Y. – NAPCO Security Technologies (Nasdaq: NSSC) has announced financial results for its first fiscal quarter ended September 30, 2016.
Richard Soloway, Chairman and President, says, “To start out fiscal 2017, we achieved yet another consecutive, record quarterly sales level. As a result, this first quarter’s 11% sales increase, to $20.2 million, will mark our sixth consecutive record-breaking sales quarter. This growth is partially attributable to a 65% increase in subscription-based Recurring Monthly Revenue (RMR) from our base StarLink™ 3G/4G, Verizon CDMA and commercial fire and intrusion alarm communicators. We are particularly pleased to see that our investment in the engineering and marketing of fertile new product opportunities is driving our double digit top-line growth.”
Compared to the same quarter last year:
- Net sales were $20.2 million, up 11%
- Sales of alarm products increased 19%
- RMR increased 65%
- Sales of door-locking products rose 7%
Net Income for the quarter increased 80% to $568,000 as compared to $315,000 for the same quarter a year ago.
“Sales of our school security and locking products showed vibrant growth, as our Company continued to play an important role in providing advanced security solutions to the education vertical market…Our presence in the rapidly growing school security arena is particularly rewarding for us, as we are able to apply our expertise in helping to address the challenge in this area. Overall, I am glad to say, this year promises to be one of continued growth and progress for NAPCO,” says Soloway.
At September 30, 2016, the Company had $4.7 million in cash and cash equivalents, an increase of $0.9 million compared to $3.8 million at June 30, 2016. NAPCO had working capital of $36.7 million as compared with working capital of $36.9 million at June 30, 2016.
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