Business
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
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"-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 –\nAMITYVILLE, 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 and the initiation of a quarterly cash dividend program.\nFinancial Highlights:\nNet 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...