Napco Security 4Q profit rises 74 percent
Napco Security Technologies Inc. of Amityville Monday cited strong demand by schools and colleges for its access-control and door-locking products as major contributors to a 74 percent increase in profit in its final 2013 fiscal quarter.
The diversified manufacturer of security products said net income for the three months ended June 30 was $3.2 million, or 17 cents a share, up $1.4 million from the same period a year earlier.
Net income for the fiscal year rose by 32 percent, to $3 million or 16 cents a share, the company said.
Net sales for the fourth quarter were $21.8 million, which Napco said was the highest quarterly revenue in five years, and a 10 percent increase over a year earlier. Richard Soloway, chairman and president, called the final quarter "a strong finish to a solid year."
Sales for the year rose by 1 percent to $71.4 million.
The company announcement said: "During the fourth quarter, sales for our access control and architectural locking products gained substantial traction . . . as schools and university administrations seek out solutions to protect their students and faculty."
Soloway said incidents like the Sandy Hook Elementary School massacre in Connecticut last year have made school officials more security conscious.
Napco makes electronic security equipment, including intrusion and fire alarm systems, access-control and radio-operated door-locking systems used in commercial, industrial, institutional, residential and government facilities.
It has about 960 employees, many of them based on Long Island, said Soloway.
The company's shares popped up on the Nasdaq Market early Monday after the earnings announcement, to a 52-week high of $6.06. After retracing some ground, they closed at $5.70, up 15 cents from Friday's close.