Napco sees income soar on school lockdown products
A more profitable product mix caused Napco Security Technologies Inc.'s net income to soar in its third fiscal quarter, despite just a small gain in sales due to the harsh winter, the company said Monday.
The Amityville manufacturer said net income for the quarter ended March 31 rose by 486 percent, to $650,000 from $111,000 a year earlier, as the company sold more of its school lockdown and access control products. Earnings per share were 3 cents, up from 1 cent.
Net sales for the quarter were $17.3 million, an increase of 1 percent over the same period last year.
Chairman and president Richard Soloway predicted improved sales in the current, fourth fiscal quarter.