Business
NAPCO Announces First Quarter Fiscal 2022 Results
-1st Quarter Sales Increase 34% to a Record $31.1 Million- -1st Quarter Recurring Service Revenues Increase 41% to $10.2 Million With a Gross Margin of 86%-
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"-1st Quarter Sales Increase 34% to a Record $31.1 Million-\n -1st Quarter Recurring Service Revenues Increase 41% to $10.2 Million With a Gross Margin of 86%-\n -Net Income for the Quarter Increases 234% to an All-time Company Record of $7.8 Million-\n -Earnings Per Share for the Quarter Increases 223% to $0.42-_\n -Adjusted EBITDA* for the Quarter Increases 170% to $8.6 Million or $0.47 Per Share-\n\n\nAMITYVILLE, N.Y., Nov. 8, 2021 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC), 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, today announced financial results for its first quarter of fiscal 2022.\nFinancial Highlights: \nNet sales for the quarter increased 34% to a first quarter record of $31.1 million as compared to $23.2 million for the same period last year in which net sales were more severely impacted by the COVID pandemic. Recurring service revenue for the quarter increased 41% to $10.2 million as compared to $7.3 million for the same period last year. Recurring service revenue now has a prospective annual run rate of $42.6 million based on October 2021 recurring revenues. Gross margin for recurring service revenue for the quarter was 86% as compared to 84% for the same period last year. Net income for the quarter increased 234% to a quarterly record of $7.8 million, as compared to $2.3 million for the same period a year ago. Earnings per share (diluted) for the quarter was $0.42 as compared to $0.13 for the same period a year ago. Adjusted EBITDA* for the quarter increased 170% to $8.6 million as compared to $3.2 million for the same period a year ago. Adjusted EBITDA* per share (diluted) for the quarter increased 176% to $0.47 as compared to $0.17 for the same period a year ago. Net income, earnings per share, adjusted EBITDA* and adjusted EBITDA* per share for the quarter ended September 30, 2021 all reflected Other income of $3.9 million which resulted from extinguishment of debt. Without such benefit, net income, earnings per share, adjusted EBITDA* and adjusted EBITDA* per share would have been $3.8 million, $0.21, $4.7 million and $0.26, respectively, record results for any first fiscal quarter in the Company's history. C...