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.
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