Business
NAPCO Announces Third Fiscal Quarter 2020 Results
-Sales Increase 4% to a Third Fiscal Quarter Record $26.2.Million- -23rd Consecutive Quarter of Year-Over-Year Record Sales- -Recurring Service Revenues Grew
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"-Sales Increase 4% to a Third Fiscal Quarter Record $26.2.Million-\n -23rd Consecutive Quarter of Year-Over-Year Record Sales-\n -Recurring Service Revenues Grew 37% to $6.2 Million-\n -Net Income Increases 16% to a Third Quarter Record $3.6 Million-\n -Earnings per Share Increases 18% to $0.20-\n -Adjusted EBITDA* Increases 22% to $4.9 Million-\n -Management to Host Conference Call Today at 11 a.m. ET-\n\n\nAMITYVILLE, N.Y., May 4, 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 third fiscal quarter ended March 31, 2020.\n Financial Highlights:\nNet sales for the quarter increased 4% to a third quarter record $26.2 million as compared to $25.1 million for the same quarter last year. Net sales for the nine months increased 7% to $78.4 million as compared to $73.3 million for the same period last year. Recurring service revenue for the quarter increased 37% to $6.2 million as compared to $4.5 million for the same quarter last year. Recurring service revenue for the nine months increased 39% to $17.4 million as compared to $12.5 million for the same period last year. Recurring service revenue now has a prospective annual run rate of $25.4 million based on March 2020 recurring revenues. Net income for the quarter increased 16% to a third quarter record of $3.6 million from $3.1 million a year ago. Earnings per share (diluted) for the quarter increased 18% to $0.20, as compared to $0.17 for the same period a year ago. Net income for the nine months increased 39% to $10.4 million from $7.5 million a year ago. Earnings per share (diluted) for the nine months increased 40% to $0.56, as compared to $0.40 for the same period a year ago. Adjusted EBITDA* for the quarter increased 22% to $4.9 million from $4.0 million a year ago. Adjusted EBITDA earnings per share for the quarter increased 18% to $0.26, as compared to $0.22 for the same period a year ago. Adjusted EBITDA* for the nine months increased 34% to $13.3 million from $9.9 million a year ago. Adjusted EBITDA earnings per share for the nine months increased 36% to $0.72, as compared to $0.53 for the same perio...