Napco Q1 FY2022: Revenue +34% to $31.1M, EPS $0.42 vs $0.13 YoY, record net income $7.8M

NAPCO SECURITY TECHNOLOGIES, INC

2022-Q1 EPS reported $0.42 revenue$31,051,000

Net sales rose 34% YoY to a quarterly record $31.1M; recurring service revenue up 41% to $10.2M with 86% gross margin.
Net income surged 234% to $7.8M ($0.42 diluted EPS) versus $2.3M ($0.13) in prior year; adjusted EBITDA $8.6M, up 170%.
Excluding $3.9M debt extinguishment gain, net income was $3.8M ($0.21 EPS); cash and securities $43.2M.
Hardware gross margin fell to 22% due to freight and component cost increases from global supply chain disruptions.
Company sees continued momentum; school security and new Air Access cellular access control as growth drivers.

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