Business
NAPCO Reports Record Revenues, Net Income and Adjusted EBITDA for Q4 and Fiscal 2023
-Net Sales for the Year Increase 18% to $170 Million--Net Income for the Year Increases 38% to $27.1 Million--Adjusted EBITDA for the Year Increases 52% to
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"-Net Sales for the Year Increase 18% to $170 Million--Net Income for the Year Increases 38% to $27.1 Million--Adjusted EBITDA for the Year Increases 52% to $34.3 Million--4th Quarter Recurring Service Revenues Increase 27% to $16.1 Million With a Gross Margin of 89%--4th Quarter Net Sales Increase 3% to $44.7 Million--4th Quarter Net Income Increases 40% to $10.6M --4th Quarter Adjusted EBITDA* Increases 41% to $13.0 Million –\nAMITYVILLE, N.Y., Aug. 29, 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 fourth quarter and fiscal year ended June 30, 2023.\nFinancial Highlights: \nNet sales for the quarter increased 3% to $44.7 million (the highest Q4 sales in the Company's history) as compared to $43.2 million for the same period last year. Net sales for the fiscal year increased 18% to a record $170 million as compared to $143.6 million last year.Recurring service revenue (\"RSR\") for the quarter increased 27% to $16.1 million as compared to $12.7 million for the same period last year. Recurring service revenue for the fiscal year increased 30% to $59.9 million as compared to $46.0 million last year. Recurring service revenue had a prospective annual run rate of approximately $67 million based on July 2023 recurring revenues.Gross margin for recurring service revenue remained robust for the quarter and fiscal year at 89% and 89%, respectively, compared to 87% and 87%, respectively, for the same periods last year. Gross margin for equipment revenues was 30% for the fourth quarter compared to 27% in last year's 4th quarter.Net income for the quarter increased 40% to a 4th quarter record $10.6 million as compared to $7.5 million for the same period a year ago. Net income for the year increased 38% to a record $27.1 million as compared to $19.6 million last year.Earnings per share (diluted) for the quarter increased 40% to $0.28 as compared to $0.20 for the same period a year ago. Earnings per share (diluted) for the fiscal year increased 38% to $0.73 as compared to $0.53 last year.Adjusted EBITDA* for the quarter ...