AMITYVILLE, N.Y. – Napco Security Technologies (NASDAQ: NSSC) on Monday reported fiscal first-quarter earnings of $315,000.
On a per-share basis, the company said it had net income of 2 cents, missing the analyst consensus estimate by 3 cents. The company had revenue of $18.1 million for the quarter, compared to analysts’ expectations of $18.63 million. The company’s revenue was up 4.6% compared to the same quarter last year.
The quarterly results included:
• Sales of the company’s door-locking products increased 8% in the first quarter as compared to the same quarter a year ago.
• The alarm division recurring revenue for the first quarter increased 38% and grew sequentially by 10%.
• Debt, net of cash, has been reduced by $29.4 million from $35.9 million to $6.5 million since acquiring Marks in 2008.
“Napco generated record revenue and almost doubled net income in a quarter that was highlighted by the strong growth of our locking solutions and our continued expansion into the recurring revenue-driven alarm communicator market,” Richard Soloway, Napco chairman and president, stated in a press release. “In door locking, we are benefitting from the construction boom in multi-family housing, particularly luxury apartment buildings, which are driving demand for super-premium architectural hardware.”
Napco shares have climbed 34% since the beginning of the year. The stock has increased 38% in the last 12 months.
