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Profit edges upward for Amityville lockmaker
Napco Security Technologies Inc., of Amityville, said Monday it increased its sales slightly in its most recent quarter, and improved its profit margin, while reducing expenses and paying off debt.
Napco, a maker of locks and fire and intrusion alert systems, had net income of $309,000 on net sales of $17,617,000 for the quarter ended Dec. 31, compared to income of $157,000 on sales of $17,608,000 in the same quarter the previous year.
That works out to 2 cents in earnings per diluted share for the recent quarter, compared to 1 cent per share in the prior-year period, the company's earnings report said.
Napco reduced its selling, general and administrative expenses, to $4 million, which it said was a 4-percent decrease from the comparable quarter of 2010.
The company continued to market its new fire and intrusion alarm systems, wireless locking systems and remote viewing systems; and it maintained investment levels in research and development during the quarter, said chairman and president Richard Soloway.
“The past few years have been challenging for all companies. Napco has risen to this challenge and we are a stronger, more streamlined and better company as a reward for our efforts," Soloway said.
"We have reduced expenses while still bringing new and exciting products to the security market. With continued vigilance, we see a strong upside to the company’s future as economic conditions improve" and revenue from new products increases, he said.
While it operates its corporate headquarters, warehouse and some production in Amityville, Napco has primarily made its products in the Dominican Republic since 2009, shipping finished wares to the United States for distribution worldwide, the company has reported in filings with the Securities and Exchange Commission.
Napco bought Marks USA, a neighboring Amityville lockmaking company, in 2008 and moved its 100 jobs and manufacturing operations to the Dominican Republic the following year.
Photo: Napco chairman and president Richard Soloway.