NAPCO Security nearly doubles net income

NAPCO Security Technologies Inc. of Amityville said higher sales of door locking products and service fee revenue led to a near doubling of net income in its first fiscal quarter ended Sept. 30.

The maker of sophisticated security and fire alarm equipment for homes, schools and commercial applications said net sales were a first quarter record at $18.1 million, up 5 percent from the same quarter last year. Sales of door-locking products rose 8 percent in the quarter from a year earlier. Alarm division recurring revenue rose 38 percent.

Net income was $315,000, or 2 cents a share, up from $159,000 in the year-earlier quarter.

"In door locking, we are benefitting from the construction boom in multi-family housing, particularly luxury apartment buildings, which are driving demand for super-premium architectural hardware," chairman and president Richard Soloway said in a statement.