Business
NAPCO Reports Preliminary Fourth Quarter Fiscal 2023 Net Sales and Net Income, Restatement of Prior Three Quarters and Declaration of Increased Dividend
- 4th Quarter Net Sales Estimated to be a Q4 Record of $44.7 Million -- 4th Quarter Net Income Estimated to be Between $10.0 Million and $11.0 Million - -
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"- 4th Quarter Net Sales Estimated to be a Q4 Record of $44.7 Million -- 4th Quarter Net Income Estimated to be Between $10.0 Million and $11.0 Million - - Financials for the First Three Fiscal Quarters of Fiscal 2023 to be Restated Due to Cost Accounting Error - - Company Announces a 28% Increase in Quarterly Dividend to $0.08 Per Share - \nAMITYVILLE, N.Y., Aug. 18, 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 preliminary financial results for its fourth quarter of fiscal year ended June 30, 2023, the restatements of its financial statements for the first three fiscal quarters of fiscal 2023 and the declaration of a quarterly cash dividend.\nFourth Quarter Estimates\nThe Company expects to report fourth quarter and fiscal year end results on or about August 28, 2023 with preliminary estimates of revenue and net income for the fourth quarter of fiscal year ended June 30, 2023 as follows: Equipment revenues- $28.6 million, Services revenue-$16.1 million, Total net sales $44.7 million. ($44.7 million would represent a quarterly net sales record). Net income for the quarter is preliminarily estimated to be between $10.0 million and $11.0 million.\nThe Company's balance sheet remains strong, with approximately $67 million of cash, and cash equivalents, investments and marketable securities as of June 30, 2023 and no debt.\nRestatement\nOn August 14, 2023, the Audit Committee of the Board of Directors of the Company, concluded that the Company's previously issued unaudited interim financial statements for the fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023, respectively, included in the Company's quarterly report on Form 10-Q for such respective quarters, should no longer be relied upon.\nDuring the preparation of the Company's consolidated financial statements for the fiscal year ended June 30, 2023, management of the Company identified certain errors related to the Company's calculation of cost of goods sold (\"COGS\") and inventory for each of the first three quarters of fiscal 2023. Specifically, althou...