Napco Security Technology reports loss for quarter
Napco Security Technologies Inc.,Amityville
Door locks and access technology
Quarter:Ended March 31
Net income: Loss of $1.8 million, compared with loss of $5 million in same quarter last year.
Net sales: $16 million compared with $14 million in the same quarter last year.
Outlook: Chairman and president Richard Soloway said steady sales, expense reductions, a high backlog level of $2.9 million, and the continued transfer of Marks product manufacturing to the company's Dominican Republic plant put Napco "in a position for improved profitability when economic conditions improve and are reflected in our sales levels."
Company statement: "As crime, terrorism and other violence issues remain a major public concern, our unique products should continue to gain support through our large security dealer network," Soloway said.
STOCK PRICE: Closed Tuesday at $2.13, down 8 cents a share.
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