Business
NAPCO Reports Record Revenues, Net Income and Adjusted EBITDA* for Fiscal 2024
-Net Sales for the Quarter Increase 13% to a Quarterly Record $50.3 Million--Net Income for the Quarter Increases 28% to a Quarterly Record $13.5
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"-Net Sales for the Quarter Increase 13% to a Quarterly Record $50.3 Million--Net Income for the Quarter Increases 28% to a Quarterly Record $13.5 Million--Adjusted EBITDA* for the Quarter Increases 18% to $15.4 Million--4th Quarter Recurring Service Revenues Increase 27% to $20.3 Million With a Gross Margin of 90%--Net Sales for the Year Increase 11% to $188.8 Million--Net Income for the Year Increases 84% to $49.8 Million--Adjusted EBITDA for the Year Increases 72% to $58.9 Million--Board Declares Quarterly Dividend of $0.125 per share-\nAMITYVILLE, N.Y., Aug. 26, 2024 /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 provider of school safety solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2024.\n\nFinancial Highlights:\nNet sales for the quarter increased 13% to $50.3 million (the highest quarterly sales in the Company's history) as compared to $44.6 million for the same period last year, and net sales for the year increased 11% to a record $188.8 million as compared to $170.0 million for the same period last year.Recurring service revenue (\"RSR\") for the quarter increased 27% to $20.3 million as compared to $16.1 million for the same period last year, and for the year increased 26% to $75.7 million as compared to $59.9 million last year. RSR had a prospective annual run rate of approximately $84 million based on July 2024 recurring service revenues.Gross margin for RSR increased to 90.4% and 90.5% for the quarter and the year ended June 30, 2024 as compared to 89% and 89%, respectively, for the same periods last year.Gross margin for equipment revenue was 31.4% and 29.4% for the quarter and year ended June 30, 2024 as compared to 30.5% and 18.0%, respectively for the same periods last year.Net income for the quarter increased 28% to a quarterly record $13.5 million as compared to $10.6 million for the same period a year ago. Net income for the year ended June 30, 2024 increased 84% to a twelve month record $49.8 million as compared to $27.1 million for the same period last year.Earnings per share (diluted) for the quarter increased 28% to $0.36 a...