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Napco Security posts record sales; income jumps 43 percent

Napco Security Technologies Inc. said higher sales of door-locking equipment and recurring revenues in its alarm division helped boost net income in the final fiscal quarter and fiscal year ended June 30.

The maker of sophisticated security and fire alarm equipment for homes, schools and commercial applications said net income for the quarter rose by 43 percent to $3.3 million or 18 cents a share and, for the year, rose 39 percent to $4.8 million or 25 cents a share.

Sales for the fourth quarter were a record $23 million, Napco said, up 7 percent from a year earlier. Sales for the year also were a record -- $77.8 million, up 5 percent from the previous year.

Sales of door-locking products rose 11 percent in the quarter and 7 percent for the year, while alarm division recurring revenue was up 40 percent for the quarter and 53 percent for the year, in each case over the same periods a year earlier.

During the year ended June 30, Napco repurchased 453,048 shares of its common stock. Its shares closed Tuesday at $5.56, down 26 cents.

Richard Soloway, chairman and president, said in a statement, "Our business is firing on all cylinders and we continue to demonstrate why we are one of the most innovative companies in the security industry today."

Napco employs more than 200 in Amityville and is hiring, he said.

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