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Napco says estimated sales increased 6 percent

Napco CEO Richard Soloway, seen in 2013, said

Napco CEO Richard Soloway, seen in 2013, said in a statement Wednesday, July 19, 2017, the company is expanding its headquarters and adding at least 20 employees to its staff. Credit: Napco

Napco Security Technologies Inc. had better-than-expected estimated sales of $25.4 million in the most recent quarter, the company reported Wednesday in a preliminary, unaudited statement.

The Amityville maker of electronic security, fire alarm and “connected home” devices for homes, businesses and schools said estimated sales for the fourth quarter were 6 percent higher than in the same period in 2016.

Estimated sales for the fiscal year ended June 30 were $87.1 million, also 6 percent higher than the previous year’s and a record for the company.

“In fiscal 2017 we continued our focus on growing the business through the development and launching of innovative, interconnected products along with recurring sales revenues,” Richard Soloway, chairman and president of Napco, said in a statement.

The company is expanding its 90,000-square-foot headquarters and adding at least 20 employees to its staff of about 200, Soloway said.

Napco’s annual report is due to be released in September. The company will release audited figures then, Soloway said.

The higher sales “should trickle through to the bottom line,” said Gary Mobley, senior research analyst at the Benchmark Company. The growth in revenues enables Napco to cover more of the fixed costs for its manufacturing facilities in the Dominican Republic, Mobley said.

The company’s shares rose 3.8 percent to close at $9.50 Wednesday.

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