UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 8, 2023, the registrant issued a press release to report results for the fiscal quarter ended March 31, 2023. This press release is furnished as Exhibit 99.1.
The information in this Current Report on Form 8-K, including the exhibit attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.
Item 7.01. REGULATION FD DISCLOSURE
On May 5, 2023, the Company’s Board of Directors declared a cash dividend of $.0625 per share payable on June 12, 2023 to stockholders of record on May 22, 2023. Information regarding this declaration can be found in the press release furnished as Exhibit 99.1.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits:
99.1 |
| Press Release issued by Napco Security Technologies, Inc. dated May 8, 2023. |
10 4 | Cover Page Interactive Data File (formatted as Inline XBRL). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.
| NAPCO SECURITY TECHNOLOGIES, INC. | ||
| (Registrant) | ||
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Date: May 8, 2023 | By: | /s/ Kevin S. Buchel | |
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| Kevin S. Buchel | |
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| Executive Vice President and Chief Financial Officer | |
Exhibit 99.1
NAPCO Announces Third Quarter Fiscal 2023 Results and Initiation of a Quarterly Dividend Program
-3rd Quarter Net Sales Increase 21% to a Q3 Record $43.5 Million-
-3rd Quarter Recurring Service Revenues Increase 26% to $15.1 Million With a Gross Margin of 90%-
-Quarterly Record Net Income of $10.8M and Adjusted EBITDA* of $12.7 Million –
AMITYVILLE, N.Y., May 8, 2023 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading manufacturers and designers of high-tech electronic security equipment, wireless communication devices for intrusion and fire alarm systems and the related recurring service revenues as well as a leading provider of school safety solutions, today announced financial results for its third quarter of fiscal 2023.
Financial Highlights:
| ● | Net sales for the quarter increased 21% to a Q3 record of $43.5 million as compared to $35.9 million for the same period last year. |
| ● | Recurring service revenue ("RSR") for the quarter increased 26% to $15.1 million as compared to $12.0 million for the same period last year. Recurring service revenue had a prospective annual run rate of approximately $63 million based on April 2023 recurring revenues. |
| ● | Gross margin for recurring service revenue for the quarter was 90% as compared to 87% for the same period last year. |
| ● | Net income for the quarter was a record $10.8 million as compared to $3.3 million for the same period a year ago, a 231% increase. |
| ● | Earnings per share (diluted) for the quarter was $0.29 as compared to $0.09 for the same period a year ago, a 222% increase. |
| ● | Adjusted EBITDA* for the quarter was a quarterly record $12.7 million as compared to $5.7 million for the same period a year ago, a 123% increase. |
| ● | Adjusted EBITDA per share (diluted)* for the quarter was $0.34 as compared to $0.15 for the same period a year ago, a 127% increase. |
| ● | Cash and cash equivalents, other investments and marketable securities were $56.9 million at March 31, 2023 as compared to $46.8 million at June 30, 2022, a 22% increase. The Company had no debt as of March 31, 2023. |
| ● | Cash Provided by Operating Activities for the nine months ended March 31, 2023 was $12.4 million as compared to $8.4 million for the same period last year, a 48% increase. |
| ● | The Company announced the initiation of a quarterly dividend program with the first dividend of $0.0625 per share to be paid on June 12, 2023 to shareholders of Record on May 22, 2023. |
Richard Soloway, Chairman and President, commented, "The strong sales and profitability generated during the first two quarters of fiscal 2023, continued during the third quarter, with Q3 record sales of $43.5 million, a 21% increase over last year's Q3 and the tenth consecutive quarter of record year-over-year quarterly sales. Our net income of $10.8 million is the largest quarterly net income in the Company's history. Both equipment revenue and recurring service revenue, which increased 19% and 26%, respectively, contributed to the year-over-year overall sales growth. Gross margin for recurring service revenue increased to 90% and gross margins on hardware increased to 32% ,compared to FY2022 Q3 margins of 87% and 19%, respectively. Overall gross margins were 52%, a significant increase over last year's Q3 gross margin of 42%. We were particularly pleased to see the strong growh in the gross margin on equipment revenues, which increased to 32% as compared to 19% in last year’s Q3 and 23% last quarter. This was primarily attributable to lower freight costs, increased overhead absorption from our Dominican Republic factory, which occured as a result of the large equipment sales increase and a more favorable sales mix.
We were also very pleased with the increase in the recurring revenue annual run rate, which increased to $63 million based on April 2023 recurring revenues compared to an annual run rate of $59 million based on January 2023 recurring revenues. And the gross margin for recurring revenue continued to improve, increasing to 90% as compared to 87% in last years Q3.
Our net income of $10.8 million in Q3 was a record-breaker for any quarter in the Company’s history and represents 25% of our net sales. Adjusted EBITDA* for Q3 was also an all-time quarterly record of $12.7 million and our Adjusted EBITDA* margin for the quarter was 29%.
Our balance sheet continues to be strong, with cash and cash equivalents, other investments and marketable securities increasing 22% to $56.9 million as compared to $46.8 million at June 30, 2022 and 21% as compared to Q2, which was $47.1 million. And we have no debt at March 31, 2023. Our net cash provided by operating activities was very strong in Q3, amounting to $12.4 million.
School security continues to be a major concern to many in the country. With 131,000 K-12's and 5,300 colleges and universities in the U.S, the need for improved security measures is greater than ever, and increased federal and state funding continues to be available to
aid most schools and school districts. As such, our fully integrated technologies for school security continues to remain a top priority for NAPCO and we remain focused on further penetrating this market.
NAPCO's outstanding record breaking results, for both Q3 and the first nine months of fiscal 2023, is a result of the strong sales of each of our product lines including Starlink radios, our Alarm Lock and Marks locking products as well as our Continental access control systems, and we expect strong demand to continue through the balance of fiscal 2023 and into our next fiscal year. Our fundamental strategy continues to be to provide seamless security solutions for our customers and to continue to grow recurring service revenue, with both existing products as well as new ones, such as the unique to the industry Air Access products, which we expect will now generate a new stream of recurring service revenue from our locking and access control business. We continue to remain focused on our goal to generate strong revenue growth as well as increased profitability for the remainder of fiscal 2023 and beyond, thus delivering significant value to our shareholders. The third quarter of fiscal 2023 generated record-breaking sales and profitability and I continue to believe that our best quarters are yet to come.”
Mr. Soloway concluded "We are excited to initiate our dividend program as the Company evolves and continues its strong growth patterns. NAPCO has created tremendous shareholder value over the years and the dividend program is another way for us to continue to do so in the future. We believe that it is important to balance our capital allocation priorities, including investing in growth opportunities, maintaining a strong balance sheet, and returning capital to shareholders."
Financial Results
Net sales for the quarter increased 21% to a quarterly record of $43.5 million, as compared to $35.9 million for the same period one year ago. Net sales for the nine months increased 25% to $125.3 million, as compared to $100.4 million for the same period one year ago. Research and development costs for the quarter increased 15% to $2.3 million or 5% of sales as compared to $2.0 million or 6% of sales for the same period a year ago. Research and development costs for the nine months increased 18% to $7.0 million or 6% of sales as compared to $5.9 million or 6% of sales for the same period a year ago. Selling, general and administrative expenses for the quarter remained relatively constant at $8.4 million or 19% of net sales, as compared to $8.4 million, or 24% of sales for the same period last year. Selling, general and administrative expenses for the nine months increased 3% to $24.7 million or 20% of net sales, as compared to $24.0 million, or 24% of sales for the same period last year.
Operating income for the quarter increased 160% to $11.9 million as compared to $4.6 million for the same period last year. Operating income for the nine months ended March 31, 2023 increased 185% to $28.6 million as compared to $10.0 million for the same period last year. Net income for the quarter was a quarterly record $10.8 million or $0.29 per diluted share as compared to $3.3 million or $0.09 per diluted share for the same period last year, a 231% increase. Net income for the nine months was $25.7 million or $0.69 per diluted share as compared to $12.1 million or $0.33 per diluted share for the same period last year, a 113% increase.
Adjusted EBITDA* for the quarter was a quarterly record $12.7, million, or $0.34 per diluted share, as compared to $5.7 million, or $0.15 per diluted share for the same period last year, a 123% increase. Adjusted EBITDA* for the nine month was $31.4, million, or $0.85 per diluted share, as compared to $13.5 million, or $0.37 per diluted share for the same period last year, a 132% increase.
Net income and earnings per share for last year's nine month period reflected Other income of $3.9 million which resulted from extinguishment of debt during the quarter ended September 30, 2021. Without such benefit, net income and earnings per share for the nine months ended March 31, 2021 would have been $8.2 million and $0.22, respectively.
Balance Sheet Summary
At March 31, 2023, the Company had $56.9 million in cash and cash equivalents, other investments and marketable securities as compared to $46.8 million as of June 30, 2022. Working capital (defined as current assets less current liabilities) was $112.9 million at March 31, 2023 as compared with working capital of $93.1 million at June 30, 2022. Current ratio (defined as current assets divided by current liabilities) was 7.3:1 at March 31, 2023, and 4.5:1 at June 30, 2022.
Dividend Program
The Company also announced the initiation of a quarterly dividend program with the first dividend of $.0625 per share payable on June 12, 2023 to stockholders of record on May 22, 2023.
Conference Call Information
Management will conduct a conference call at 11 a.m. ET today, May 8, 2023. Interested parties may participate in the call by dialing 1-877-407-4018 or for international callers, 1-201-689-8471, about 5-10 minutes prior to the start time of 11 a.m. ET. The conference call will also be available on replay starting at 2 p.m. ET on May 8, 2023 and ending on May 15, 2023 at 11:59 p.m. ET. For the replay, please dial 1-844-512-2921 domestically, or 1-412-317-6671 for international callers, and use the replay access code 13738574. In addition, the call will be webcast and will be available on the Company's website at www.napcosecurity.com.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions, The Company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company's web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to the impact of COVID-19 pandemic; supply chain challenges and developments; the growth of recurring service revenue and annual run rate; the strength of our balance sheet; our expectations regarding future results; the introduction of new access control and locking products; the opportunities for school security products; business trends , including the replacement of 3G radios, and our ability to execute our business strategies. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those risk factors set forth in the Company's filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.
*Non-GAAP Financial Measures
Certain non-GAAP measures are included in this press release, including non-GAAP operating income, Adjusted EBITDA and Adjusted EBITDA per share (diluted). We define Adjusted EBITDA as GAAP net income plus income tax expense, net interest expense, non-cash stock-based expense, non-recurring legal expense, other non-recurring income and depreciation and amortization expense. Non-GAAP operating income does not include amortization of intangibles or stock-based compensation expense. These non-GAAP measures are provided to enhance the user's overall understanding of our financial performance. By excluding these charges our non-GAAP results provide information to management and investors that is useful in assessing NAPCO's core operating performance and in comparing our results of operations on a consistent basis from period to period. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as Adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. The presentation of this information is not meant to be a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliation of GAAP to non-GAAP financial measures set forth above.
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
| | March 31, 2023 | | | | |
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| (unaudited) |
| June 30, 2022 | ||
| | (in thousands, except share data) | ||||
CURRENT ASSETS | | |
|
| |
|
Cash and cash equivalents | | $ | 31,515 | | $ | 41,730 |
Investments - other | | | 20,271 | | | — |
Marketable securities | | | 5,155 | | | 5,068 |
Accounts receivable, net of allowance for credit losses of $125 and $243 as of March 31, 2023 and June 30, 2022, respectively | |
| 24,170 | |
| 29,218 |
Inventories, net | |
| 46,921 | |
| 40,781 |
Prepaid expenses and other current assets | |
| 2,610 | |
| 2,838 |
Total Current Assets | |
| 130,642 | |
| 119,635 |
Inventories - non-current, net | |
| 13,865 | |
| 9,005 |
Property, plant and equipment, net | |
| 9,335 | |
| 7,939 |
Intangible assets, net | |
| 4,029 | |
| 4,300 |
Deferred income taxes | | | 1,234 | | | — |
Operating lease asset | | | 5,878 | | | 7,350 |
Other assets | |
| 299 | |
| 347 |
TOTAL ASSETS | | $ | 165,282 | | $ | 148,576 |
| | | | | | |
CURRENT LIABILITIES | | |
|
| |
|
Accounts payable | | $ | 7,005 | | $ | 11,072 |
Accrued expenses | |
| 7,648 | |
| 9,489 |
Accrued salaries and wages | |
| 2,843 | |
| 4,064 |
Accrued income taxes | |
| 287 | |
| 1,868 |
Total Current Liabilities | |
| 17,783 | |
| 26,493 |
Deferred income taxes | |
| — | |
| 166 |
Accrued income taxes | |
| 1,067 | |
| 1,058 |
Long term operating lease liabilities | | | 5,737 | | | 7,068 |
TOTAL LIABILITIES | |
| 24,587 | |
| 34,785 |
COMMITMENTS AND CONTINGENCIES (Note 13) | |
|
| |
|
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STOCKHOLDERS’ EQUITY | | | | | | |
Common Stock, par value $0.01 per share; 100,000,000 shares authorized as of March 31, 2023 and June 30, 2022; 39,661,495 and 39,628,197 shares issued; and 36,767,780 and 36,734,482 shares outstanding, respectively | | | 397 | | | 396 |
Additional paid-in capital | |
| 21,220 | |
| 20,005 |
Retained earnings | |
| 138,599 | |
| 112,911 |
Less: Treasury Stock, at cost (2,893,715 shares) | |
| (19,521) | |
| (19,521) |
TOTAL STOCKHOLDERS’ EQUITY | |
| 140,695 | |
| 113,791 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 165,282 | | $ | 148,576 |
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
|
| Three Months ended March 31, | ||||
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| 2023 |
| 2022 | ||
| | (in thousands, except for share and per share data) | ||||
Net sales: |
| | | | | |
Equipment revenues | | $ | 28,390 | | $ | 23,873 |
Service revenues | |
| 15,142 | |
| 12,032 |
| |
| 43,532 | |
| 35,905 |
Cost of sales: | |
|
| |
|
|
Equipment related expenses | |
| 19,388 | |
| 19,334 |
Service-related expenses | |
| 1,473 | |
| 1,538 |
| |
| 20,861 | |
| 20,872 |
| | | | | | |
Gross Profit | |
| 22,671 | |
| 15,033 |
| | | | | | |
Operating expenses: | | | | | | |
Research and development | |
| 2,314 | |
| 2,009 |
Selling, general, and administrative expenses | |
| 8,425 | |
| 8,442 |
Total Operating Expenses | | | 10,739 | | | 10,451 |
| | | | | | |
Operating Income | |
| 11,932 | |
| 4,582 |
| | | | | | |
Other income (expense): | |
| | |
|
|
Interest and other income (expense), net | |
| 437 | |
| (177) |
Income before Provision for Income Taxes | |
| 12,369 | |
| 4,405 |
Provision for Income Taxes | |
| 1,529 | |
| 1,132 |
Net Income | | $ | 10,840 | | $ | 3,273 |
| | | | | | |
Income per share: | |
|
| |
|
|
Basic | | $ | 0.29 | | $ | 0.09 |
Diluted | | $ | 0.29 | | $ | 0.09 |
| | | | | | |
Weighted average number of shares outstanding: | |
|
| |
|
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Basic | |
| 36,793,000 | |
| 36,743,000 |
Diluted | |
| 37,082,000 | |
| 36,879,000 |
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| | | | | | | |
| | Nine Months Ended March 31, | | ||||
| | 2023 |
| 2022 | | ||
| | (in thousands, except for share and per share data) | | ||||
Net sales: | | | | | | | |
Equipment revenues | | $ | 81,511 | | $ | 67,080 | |
Service revenues | |
| 43,828 | |
| 33,284 | |
| |
| 125,339 | |
| 100,364 | |
Cost of sales: | |
|
|
|
|
| |
Equipment related expenses | |
| 60,240 | |
| 56,077 | |
Service-related expenses | |
| 4,799 | |
| 4,355 | |
| |
| 65,039 | |
| 60,432 | |
| | | | | | | |
Gross Profit | |
| 60,300 | |
| 39,932 | |
| | | | | | | |
Operating expenses: | | | | | | | |
Research and development | |
| 6,964 | |
| 5,918 | |
Selling, general, and administrative expenses | |
| 24,719 | |
| 23,983 | |
Total Operating Expenses | |
| 31,683 |
| | 29,901 | |
| | | | | | | |
Operating Income | |
| 28,617 |
|
| 10,031 | |
| | | | | | | |
Other income (expense): | |
| |
|
|
| |
Interest and other income (expense), net | |
| 521 | |
| (102) | |
Gain on extinguishment of debt | | | — | | | 3,904 | |
Income before Provision for Income Taxes | |
| 29,138 | |
| 13,833 | |
Provision for Income Taxes | |
| 3,450 | |
| 1,771 | |
Net Income | | $ | 25,688 | | $ | 12,062 | |
| | | | | | | |
Income per share: | |
|
| |
|
| |
Basic | | $ | 0.70 | | $ | 0.33 | |
Diluted | | $ | 0.69 | | $ | 0.33 | |
| | | | | | | |
Weighted average number of shares outstanding: | |
|
| |
|
| |
Basic | |
| 36,736,000 | |
| 36,723,000 | |
Diluted | |
| 36,983,000 | |
| 36,873,000 | |
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | Nine Months ended March 31, | | ||||
|
| 2023 |
| 2022 |
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| | (in thousands) | | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | | |
|
| |
| |
Net income | | $ | 25,688 | | $ | 12,062 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |
|
| |
| | |
Depreciation and amortization | |
| 1,398 | |
| 1,320 | |
Gain on disposal of fixed asset | | | (15) | | | — | |
Interest income on other investments | | | (177) | | | — | |
Unrealized loss (gain) on marketable securities | | | 23 | | | 226 | |
Recovery of credit losses | |
| (118) | |
| — | |
Change to inventory reserve | |
| 960 | |
| 331 | |
Deferred income taxes | |
| (1,400) | |
| (11) | |
Stock based compensation expense | |
| 1,134 | |
| 1,379 | |
Gain on extinguishment of debt | | | — | | | (3,904) | |
Changes in operating assets and liabilities: | |
|
| |
|
| |
Accounts receivable | |
| 5,166 | |
| 3,872 | |
Inventories | |
| (11,959) | |
| (11,309) | |
Prepaid expenses and other current assets | |
| 228 | |
| (318) | |
Other assets | |
| 48 | |
| (127) | |
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes | |
| (8,560) | |
| 4,892 | |
Net Cash Provided by (Used in) Operating Activities | |
| 12,416 | |
| 8,413 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
|
| |
|
| |
Purchases of property, plant, and equipment | |
| (2,547) | |
| (1,189) | |
Proceeds from disposal of fixed asset | | | 38 | | | — | |
Purchases of marketable securities | | | (110) | | | (58) | |
Purchases of other investments | | | (30,185) | | | — | |
Redemption of other investments | | | 10,091 | | | — | |
Net Cash Used in Investing Activities | |
| (22,713) | |
| (1,247) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
|
| |
|
| |
Proceeds from stock option exercises | |
| 82 | |
| 155 | |
Net Cash Provided by Financing Activities | |
| 82 | |
| 155 | |
| | | | | | | |
Net (decrease) increase in Cash and Cash Equivalents | |
| (10,215) | |
| 7,321 | |
CASH AND CASH EQUIVALENTS - Beginning | |
| 41,730 | |
| 34,806 | |
CASH AND CASH EQUIVALENTS - Ending | | $ | 31,515 | | $ | 42,127 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
|
| |
|
| |
Interest paid | | $ | 12 | | $ | 12 | |
Income taxes paid | | $ | 6,421 | | $ | 2,154 | |
NAPCO SECURITY TECHNOLOGIES, INC. | ||||
NON-GAAP MEASURES OF PERFORMANCE* (Unaudited) | ||||
(in thousands, except share and per share data) | ||||
3 months ended March 31, | 9 months ended March 31, | |||
2023 | 2022 | 2023 | 2022 | |
Net income (GAAP) | $ 10,840 | $ 3,273 | $ 25,688 | $ 12,062 |
Add back provision for income taxes | 1,529 | 1,132 | 3,450 | 1,771 |
Interest and other (income) expense, net | (437) | 177 | (521) | (3,802) |
Operating Income (GAAP) | 11,932 | 4,582 | 28,617 | 10,031 |
Adjustments for non-GAAP measures of performance: | ||||
Add back amortization of acquisition-related intangibles | 90 | 97 | 271 | 293 |
Add back stock-based compensation expense | 322 | 35 | 1,134 | 1,379 |
Add back non-recurring legal expenses | 13 | 660 | 203 | 791 |
Adjusted non-GAAP operating income | 12,357 | 5,374 | 30,225 | 12,494 |
Add back depreciation and other amortization | 380 | 339 | 1,127 | 1,027 |
Adjusted EBITDA* (earnings before interest, taxes, depreciation and amortization) | $ 12,737 | $ 5,713 | $ 31,352 | $ 13,521 |
Adjusted EBITDA* per Diluted Share | $ 0.34 | $ 0.15 | $ 0.85 | $ 0.37 |
Weighted average number of Diluted Shares outstanding | 37,082,000 | 36,879,000 | 36,983,000 | 36,873,000 |
Contacts:
Patrick McKillop
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
pmckillop@napcosecurity.com
Cover |
May 08, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | May 08, 2023 |
| Entity File Number | 0-10004 |
| Entity Registrant Name | NAPCO SECURITY TECHNOLOGIES, INC. |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 11-2277818 |
| Entity Address, Address Line One | 333 Bayview Avenue |
| Entity Address, City or Town | Amityville |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 11701 |
| City Area Code | 631 |
| Local Phone Number | 842-9400 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.01 per share |
| Trading Symbol | NSSC |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000069633 |
| Amendment Flag | false |
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