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Napco Security says increased costs cut into earnings

Napco Security Technologies Inc. of Amityville Monday said higher costs for sales, marketing, and research and development cut its third fiscal quarter earnings by 39 percent.

The maker of high technology security and fire alarm equipment said it earned $395,000 or 2 cents a share in the three months ended March 31, compared with $650,000 or 3 cents a share a year earlier.

Sales grew to $17.9 million in the quarter, while sales of door-locking products increased by 10 percent and recurring revenue from alarms rose by 46 percent, Napco said.

Richard Soloway, chairman and president, noted in an email that the company spent $300,000 more in the quarter than a year earlier, or $4.9 million, on selling, general and administrative expenses. He said the higher costs were due primarily to the addition of sales staff and increased advertising.

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