NAPCO Security posts record Q3 net income of $10.8M; initiates quarterly dividend

NAPCO SECURITY TECHNOLOGIES, INC

2023-Q3 EPS reported $0.69 revenue$125,339,000

Q3 net sales record $43.5M (+21% YoY); net income $10.8M (+231%) with diluted EPS $0.29.
Recurring service revenue $15.1M (+26% YoY) at 90% gross margin; annual run rate ~$63M.
Adjusted EBITDA record $12.7M (+123%); no debt, cash $56.9M.
Initiated quarterly dividend of $0.0625/share; payable June 12, 2023 to holders of record May 22, 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NAPCO SECURITY TECHNOLOGIES, INC reported fiscal quarter ended March 31, 2023 results: revenue $43.5 million, net income $10.8 million, EPS $0.29.

Period: fiscal quarter ended March 31, 2023
Revenue: $43.5 million
Net income: $10.8 million
EPS: $0.29
Result: reported results

Exact text from the filing

● Net sales for the quarter increased 21% to a Q3 record of $43.5 million as compared to $35.9 million for the same period last year. ● Recurring service revenue ("RSR") for the quarter increased 26% to $15.1 million as compared to $12.0 million for the same period last year. Recurring service revenue had a prospective annual run rate of approximately $63 million based on April 2023 recurring revenues. ● Gross margin for recurring service revenue for the quarter was 90% as compared to 87% for the same period last year. ● Net income for the quarter was a record $10.8 million as compared to $3.3 million for the same period a year ago, a 231% increase. ● Earnings per share (diluted) for the quarter was $0.29 as compared to $0.09 for the same period a year ago, a 222% increase.

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Source: SEC EDGAR

accession 0001558370-23-008466

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