NAPCO reports record Q2 revenue $47.5M, net income $12.6M, EPS $0.34; dividend raised 25% to $0.10

NAPCO SECURITY TECHNOLOGIES, INC

2024-Q2 EPS reported $0.62 revenue$89,223,000

Net sales Q2 record $47.5M (+12% YoY); six-month record $89.2M (+9%).
Net income $12.6M (+221% YoY); diluted EPS $0.34 vs $0.11 last year.
Adjusted EBITDA $15.1M (+191% YoY); margin 32%.
Recurring service revenue $18.5M (+25% YoY) with 90% gross margin; annual run-rate $76.5M.
Quarterly dividend increased 25% to $0.10/share, payable March 22 to holders of record March 1.

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 December 31, 2023 results: revenue $47.5 million, net income $12.6 million, EPS $0.34.

Period: fiscal quarter ended December 31, 2023
Revenue: $47.5 million
Net income: $12.6 million
EPS: $0.34
Result: reported results

Exact text from the filing

● Net sales for the quarter increased 12% to $47.5 million ( the highest quarterly sales in the Company’s history ) as compared to $42.3 million for the same period last year. Net sales for the six months ended December 31, 2023 increased 9% to a six month record $89.2 million as compared to $81.8 million last year. ● Recurring service revenue ("RSR") for the quarter increased 25% to $18.5 million as compared to $14.9 million for the same period last year. Recurring service revenue for the six months ended December 31, 2023 increased 25% to $35.8 million as compared to $28.7 million last year. Recurring service revenue had a prospective annual run rate of approximately $76.5 million based on January 2024 recurring revenues. ● Gross margin for recurring service revenue remained robust at 90% for the quarter and six months as compared to 89% and 88%, respectively, for the same periods last year. ● Gross margin for equipment revenues was 29% for the second quarter compared to 4% in last

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Source: SEC EDGAR

accession 0001558370-24-000759

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