8-K
filed August 18, 2023, 7:59 PM ET
ticker NSSC
CIK 0000069633
other material
confidence high
sentiment negative
materiality 0.85
NAPCO SECURITY TECHNOLOGIES, INC (NSSC): auditor change — Napco reports Q4 record revenue $44.7M; restates prior three quarters, cuts net income drastically
NAPCO SECURITY TECHNOLOGIES, INC
- Preliminary Q4 net sales of $44.7M (record); net income estimated $10.0-11.0M.
- Restates Q1-Q3 FY2023: net income revised from $6.4M to $2.9M (Q1), $8.4M to $3.7M (Q2), $10.8M to $9.5M (Q3).
- Error in COGS/inventory calculation caused overstated gross/operating/net income; material weakness in internal controls.
- Balance sheet: $67M cash, no debt.
- Dividend raised 28% to $0.08/share, payable Sept 22, 2023 to holders of record Sept 1.
Key facts
Extracted from this filing and checked against the source text.
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
NAPCO SECURITY TECHNOLOGIES, INC reported that prior financial statements should not be relied upon.
- Action
- non reliance
Exact text from the filing
the Company’s previously issued unaudited interim financial statements for fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023, respectively, included in the Company’s quarterly report on Form 10-Q for such respective quarters should no longer be relied upon.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
NAPCO SECURITY TECHNOLOGIES, INC reported third quarter ended March 31, 2023 results: net income $9.5M.
- Period
- third quarter ended March 31, 2023
- Net income
- $9.5M
- Result
- preliminary results
Exact text from the filing
Third quarter ended March 31, 2023 $10.8M $9.5M $1.3M
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
NAPCO SECURITY TECHNOLOGIES, INC reported second quarter ended December 31, 2022 results: net income $3.7M.
- Period
- second quarter ended December 31, 2022
- Net income
- $3.7M
- Result
- preliminary results
Exact text from the filing
Second quarter ended December 31, 2022 $8.4M $3.7M $4.7M
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
NAPCO SECURITY TECHNOLOGIES, INC reported first quarter ended September 30, 2022 results: net income $2.9M.
- Period
- first quarter ended September 30, 2022
- Net income
- $2.9M
- Result
- preliminary results
Exact text from the filing
First quarter ended September 30, 2022 $6.4M $2.9M $3.5M
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
NAPCO SECURITY TECHNOLOGIES, INC: Amendment and restatement of Article VI of the Second Amended and Restated Bylaws (effective 2023-08-18).
- Change
- bylaw amendment
- Effective
- 2023-08-18
Exact text from the filing
On August 18, 2023, the Company’s Board of Directors approved an amendment and re-statement to article VI of the Company’s Second Amended and Restated Bylaws.
View on SEC.gov
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