Napco Security Technologies Inc. reported its net income grew to $3.4 million in its fourth quarter, up 3 percent from the year-ago period, as the company got a boost from its highest-ever quarterly sales.
The Amityville maker of electronic security, fire alarm and “connected home” devices for homes, businesses, schools and colleges said its net income for the fiscal year that ended June 30 increased 19 percent annually, to $5.8 million.
Napco reported earnings per diluted share of 18 cents in the fourth quarter, unchanged from a year earlier.
Its net sales for the fourth quarter rose 5 percent year-over-year, to $24.1 million. Annual net sales increased 6 percent, to $82.5 million. The quarterly and annual net sales figures broke company records, Napco said.
Napco chairman and president Richard Soloway said in an interview that the three-month period ending June 30 marked the company’s fifth consecutive quarter of record-breaking revenue.
Soloway attributed the gains to strong sales for Napco’s “internet of things” products that let customers remotely control their homes’ alarms, door locks, lights and heating and cooling systems, as well as to growth in sales of security systems for schools and colleges.
This summer, the company installed 1,700 new, radio-controlled door locks at a university in California, Soloway said. School security, he said, “is a growing and very important part of our business.”
Napco’s shares fell 39 cents, or 5.5 percent, to $6.75 . They are up 16 percent compared with a year ago.