---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-015099"
form_type: "8-K"
ticker: "NSSC"
cik: "0000069633"
company_name: "NAPCO SECURITY TECHNOLOGIES, INC"
filed_at: "2023-08-18T23:59:59+00:00"
generated_at: "2026-06-11T07:10:52.860406+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Napco reports Q4 record revenue $44.7M; restates prior three quarters, cuts net income drastically

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-23-015099
- form_type: 8-K
- ticker: NSSC
- cik: 0000069633
- company_name: NAPCO SECURITY TECHNOLOGIES, INC
- filed_at: 2023-08-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 4.02, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/0001558370-23-015099-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/nssc-20230814x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-015099
- JSON: https://secwatch.observer/filing/0001558370-23-015099.json
- Plain text: https://secwatch.observer/filing/0001558370-23-015099.txt

## Key facts
- Auditor Changes
  NAPCO SECURITY TECHNOLOGIES, INC reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/0001558370-23-015099-index.htm
- Earnings Releases
  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
  source text: Third quarter ended March 31, 2023 $10.8M $9.5M $1.3M
  evidence_url: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/0001558370-23-015099-index.htm
- Earnings Releases
  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
  source text: Second quarter ended December 31, 2022 $8.4M $3.7M $4.7M
  evidence_url: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/0001558370-23-015099-index.htm
- Earnings Releases
  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
  source text: First quarter ended September 30, 2022 $6.4M $2.9M $3.5M
  evidence_url: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/0001558370-23-015099-index.htm
- Governance Changes
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/69633/000155837023015099/0001558370-23-015099-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.