Napco Security announces 1 million-share stock buyback

Napco Security Technologies Inc. of Amityville said Thursday it will repurchase as many as a million of its 19.4 million outstanding shares.

The manufacturer of security systems for residential, commercial and public structures said the purchases would be made from time to time in the open market or in privately negotiated transactions.

Napco's chief executive officer, Richard Soloway, said in a statement that the company expects "accelerating growth," and said, "In view of the company's prospects, Napco's board of directors believes that at current prices the repurchase of shares is an attractive use of the company's capital."

The company's stock closed up 24 cents, at $4.59.