Napco Q3 sales record $35.9M (+27% YoY), net income down 34% to $2.9M on supply chain hits

NAPCO SECURITY TECHNOLOGIES, INC

2022-Q3 EPS reported $0.33 revenue$100,364,000

Q3 net sales record $35.9M (+27% YoY); recurring service revenue $12.0M (+35%) with 87% gross margin.
GAAP diluted EPS $0.08 vs $0.12; adjusted EBITDA $5.2M (-5% YoY) or $0.14/share.
Cash $47.4M, no debt; nine-month cash from ops $8.4M vs $16.4M due to $11.3M inventory build.
Will delay 10-Q up to 5 days to re-evaluate inventory reserve methodology for FY19-21; no material effect expected on current results.
Selected for school security upgrade at another large US district (300k+ students, 750+ buildings); not yet reflected in Q3 sales.

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