Business
NAPCO Announces Fourth Quarter and Fiscal 2022 Results
-4th Quarter Sales Increase 22% to a Record $43.2 Million- -4th Quarter Recurring Service Revenues Increase 33% to $12.7 Million With 87% Gross Margins- -4th
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"-4th Quarter Sales Increase 22% to a Record $43.2 Million-\n-4th Quarter Recurring Service Revenues Increase 33% to $12.7 Million With 87% Gross Margins-\n-4th Quarter Net Income Increases 36% to a Record $7.5 Million-\n-4th Quarter Adjusted EBITDA* Increases 29% to $9.3 Million-\n-Net Sales for the Year Increase 26% to a Record $143.6 Million-\n-Net Income for the Year Increases 27% to a Record $19.6 Million-\nAMITYVILLE, N.Y., Aug. 29, 2022 /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 fourth quarter and fiscal year ended June 30, 2022.\nFinancial Highlights: \nNet sales for the quarter increased 22% to a quarterly record of $43.2 million as compared to $35.4 million for the same period last year. Net sales for the fiscal year increased 26% to a record $143.6 million as compared to $114 million last year.Recurring service revenue (\"RSR\") for the quarter increased 33% to $12.7 million as compared to $9.5 million for the same period last year. Recurring service revenue for the fiscal year increased 36% to $46.0 million as compared to $33.9 million for the same period last year. Recurring service revenue now has a prospective annual run rate of $54.0 million based on July 2022 recurring revenues.Gross margin for recurring service revenue remained robust for the quarter and year at 87% and 86%, respectively.Net income for the quarter increased 36% to a fourth quarter record $7.5 million as compared to $5.5 million for the same period a year ago. Net income for the year increased 27% to a record $19.6 million as compared to $15.4 million last year.Earnings per share (diluted) for the quarter increased 36% to $0.20 as compared to $0.15 for the same period a year ago. Earnings per share (diluted) for the fiscal year increased 27% to $0.53 as compared to $0.42 a year ago.Adjusted EBITDA* for the quarter increased 29% to $9.3 million as compared to $7.2 million for the same period a year ago. Adjusted EBITDA* for the fiscal year increased 13% to $22.6 million as compared to $20.1 million a year ago.Adjusted EBITDA* per share (diluted) for the quarter ...