Record Sales Boost NAPCO’s 3rd Quarter
A record high in third quarter sales helped spur a strong quarter for NAPCO Security Systems Inc. Net income in the quarter increased 38 percent to $1.01 million as NAPCO saw increased sales in all of its product lines including intrusion and fire alarms, locking devices, and access control systems.
NAPCO Chairman and President Richard Soloway notes that the positive third quarter numbers come just before a fourth quarter that is traditionally NAPCO’s strongest. “At the recently held International Security Conference in Las Vegas, our new products were enthusiastically received. We believe that the sales generated from these exciting products should continuously build up revenues and profits for our company for years to come,” Soloway says. “We will continue to reinvest between 7 and 8 percent of our annual revenues on new product development.”
For the three-month period that ended March 31, NAPCO had revenues of $15.7 million – a 7-percent increase above the year before.
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