Business
NAPCO Announces Second Fiscal Quarter 2020 Results
- Sales Increase 4% to a Second Fiscal Quarter Record $25.8.Million- - 22nd Consecutive Quarter of Year-Over-Year Record Sales- - Recurring Service Revenues
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"- Sales Increase 4% to a Second Fiscal Quarter Record $25.8.Million-\n - 22nd Consecutive Quarter of Year-Over-Year Record Sales-\n - Recurring Service Revenues Grew 40% to $5.8 Million-\n - Net Income Increases 25% to a Second Quarter Record $3.6 Million-\n - Earnings per Share Increases 27% to $0.19-\n - Adjusted EBITDA* Increases 24% to $4.7 Million-\n - Management to Host Conference Call Today at 11 a.m. ET-\n\n\nAMITYVILLE, N.Y., Feb. 3, 2020 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the world's leading manufacturers of high-tech electronic security devices that are fueling the Company's fast growing recurring service revenues, as well as a leading provider of school safety solutions, today announced financial results for its second fiscal quarter ended December 31, 2019.\n Financial Highlights:\nNet sales for the quarter increased 4% to a second quarter record $25.8 million as compared to $24.8 million for the same quarter last year. Net sales for the six months increased 8% to $52.1 million as compared to $48.2 million for the same period last year. Recurring service revenue for the quarter increased 40% to $5.8 million as compared to $4.1 million for the same quarter last year. Recurring service revenue for the six months increased 41% to $11.1 million as compared to $7.9 million for the same period last year. Recurring service revenue now has a prospective annual run rate of $23.9 million based on December 2019 recurring revenues. Net income for the quarter increased 25% to a second quarter record of $3.6 million from $2.9 million a year ago. Earnings per share (diluted) for the quarter increased 27% to $0.19, as compared to $0.15 for the same period a year ago. Net income for the six months increased 56% to $6.8 million from $4.4 million a year ago. Earnings per share (diluted) for the six months increased 61% to $0.37, as compared to $0.23 for the same period a year ago. Adjusted EBITDA* for the quarter increased 24% to $4.7 million or $0.25 per diluted share from $3.8 million or $0.20 per diluted share a year ago. Adjusted EBITDA* for the six months increased 48% to $8.7 million or $0.47 per diluted share from $5.9 million or $0.31 per diluted share a year ago.Richard Soloway, Chairman and President, commented, \"Our focus in marketing innovative security products aimed at strong growth...