Napco Security reports net income up 69%, sales up 10%
Napco Chairman and President Richard Soloway said the company has had 17 consecutive quarters of sales growth. Credit: Napco
Napco Security Technologies Inc. on Monday reported higher net income and sales in the quarter ended Sept 30.
Napco, an Amityville-based manufacturer of electronic security and “connected home” devices for homes, businesses and schools, said net income rose 69 percent to $1.5 million, up from $890,000 in the year-earlier period.
Net sales for the quarter were up 10 percent, to $23.4 million, from $21.2 million during the same quarter last year. Recurring service revenue increased 46 percent compared with the same period last year, Napco said.
Earnings per diluted share were 8 cents, up from 5 cents last year.
Richard Soloway, Napco’s chairman and president, said in a statement that the earnings “provided a strong start to our fiscal 2019 year, and we have continued our uninterrupted pace of 17 consecutive quarters of increased sales growth.”
Shares of Napco rose 8 percent Tuesday to close at $17.
Sarra Sounds Off Ep 36: Champs crowned in lax and flag football On the latest episode of "Sarra Sounds Off," Gregg talks with Michael Sicoli and Tess Ferguson about county champs crowned in boys and girls lacrosse, and Jared Valuzzi reports on the Long Island flag football championship.
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