-Net Sales for the Quarter Increase 12%
to $47.5 Million-
-Net Income for the Quarter Increases 221%
to $12.6 Million-
-Adjusted EBITDA for the Quarter Increases
191% to $15.1 Million-
-2nd Quarter Recurring Service Revenues
Increase 25% to $18.5 Million With a Gross Margin of
90%-
-Board Declares Quarterly Dividend of
$0.10 per share-
AMITYVILLE, N.Y., Feb. 5, 2024
/PRNewswire/ -- NAPCO Security Technologies, Inc.
(NASDAQ: NSSC), one of the leading manufacturers and designers
of high-tech electronic security equipment, wireless communication
devices for intrusion and fire alarm systems and the related
recurring service revenues as well as a provider of school safety
solutions, today announced financial results for its second quarter
of fiscal 2024.
Financial Highlights:
- 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 year's 2nd quarter. Gross
margin for equipment revenues was 29% for the six months ended
December 31, 2023, compared to 7% for
the same period last year.
- Net income for the quarter increased 221% to a quarterly
record $12.6 million as compared to $3.9
million for the same period a year ago. Net income for the six
months ended December 31, 2023
increased 229% to a six month record $23.1
million as compared to $7.0
million last year.
- Earnings per share (diluted) for the quarter increased 209%
to $0.34 as compared to $0.11 for the same
period a year ago. Earnings per share (diluted) for the six months
ended December 31, 2023 increased
226% to $0.62 as compared to
$0.19 last year.
- Adjusted EBITDA* for the quarter increased 191% to a quarterly
record $15.1 million as compared to $5.2
million for the same period a year ago. Adjusted EBITDA for
the six months ended December 31,
2023 increased 182% to a six month record $28.0 million as compared to $9.9 million for the same period last year.
- Adjusted EBITDA per share (diluted)* for the quarter increased
193% to $0.41 as compared to $0.14 for the same
period a year ago. Adjusted EBITDA per share (diluted) for the six
months ended December 31, 2023
increased 181% to $0.76 per diluted
share as compared to $0.27 last
year.
- Cash and cash equivalents, other investments and marketable
securities were $79.0 million at December 31,
2023 as compared to $66.7 million at June 30,
2023, an 18% increase. The Company had no debt as of December
31, 2023.
- Cash Provided by Operating Activities for the six months
ended December 31, 2023 was $18.7 million as
compared to $1.1 million for the same period last
year.
- The Company will be issuing a quarterly dividend of
$0.10 per share to be paid on
March 22, 2024 to shareholders of
record on March 1, 2024. This
represents a 25% increase over the previous dividend of
$0.08 paid on December 22, 2023.
Richard Soloway, Chairman and
President, commented, "The second quarter of fiscal 2024 was the
strongest quarter in our Company's history. Revenue was
$47.5 million, which was the highest
quarterly sales we ever achieved and was the thirteenth consecutive
quarter of record sales for a quarterly reporting period. Our net
income of $12.6 million and Adjusted
EBITDA of $15.1 million were also
quarterly record-breakers. Equipment revenue improved, growing 6%
for the quarter, with gross margins on such sales sequentially
increasing to 29% from 28% last quarter. Recurring service
revenues, which increased 25%, was also a major contributor to the
year-over-year overall sales and earnings growth. Gross margin for
recurring service revenues was once again strong, at 90% and when
combined with gross margin on equipment revenues of 29%, the total
gross margins for Q2 amounted to 53%, which compared to 34% for
last year's Q2. We were particularly pleased to see the growth in
equipment revenues, which was primarily attributable to the
continued strength of locking revenue in addition to the
improvement of intrusion sales.
We were also pleased with the increase in the recurring revenues
annual run rate, which increased to $76.5
million based on January 2024
recurring revenues, compared to an annual run rate of $72.5 million based on October 2023 recurring revenues.
Net income of $12.6 million,
besides being a Q2 record breaker, represents 27% of our net sales.
Adjusted EBITDA* of $15.1
million, also a Q2 record, represents an Adjusted
EBITDA* margin of 32%.
Our balance sheet continues to get stronger, with cash and cash
equivalents, other investments and marketable securities increasing
18% to $79 million as compared to
$66.7 million at June 30, 2023, We have no debt and the net cash
provided by operating activities for the six months ended
December 31, 2023 was also strong,
amounting to $18.7 million.
Our Alarm Lock and Marks locking hardware lines continue to see
growth in school and classroom security, healthcare, and retail
loss-prevention, as well as in multi-dwelling commercial and
residential applications, growing approximately 10% compared to
last year and approximately 18% compared to Q1. And locking sales
once again represented 61% of hardware sales in Q2. We continue to
remain focused on further penetrating each of these markets.
We recently announced the introduction of Prima by NAPCO, a new
All-in-One Panel for security, fire, video and connected home. We
anticipate that Prima will address an important mass segment of the
security market, including residential and small business systems.
With built-in Wi-Fi/cellular radio communications, customer alert
notifications, and video and smart home subscription options for
each -installed system, the security dealer, as well as the
Company, can add more recurring-revenue generating accounts.
NAPCO's record-breaking results for Q2 of fiscal year 2024, was
primarily the result of the continued growth and profitability from
recurring revenues as well as the strong sales from our Alarm Lock
and Marks locking product lines. Radio sales in Q2 improved over
Q1, increasing by approximately 63%. While such sales were still
13% below the radio sales for Q2 last year, when the impending 3G
Verizon sunset was rapidly approaching, the increase over last
quarter was significant. We expect radio sales to continue to be a
key contributor to our hardware sales and continue to lead to the
continued growth of our highly profitable recurring revenues."
Mr. Soloway concluded, "We are halfway through fiscal 2024 and
while we have already generated net income of $23.1 million, Adjusted EBITDA of $28.0 million and our Adjusted EBITDA margin is
now 31%, there is more work to be done. While we are
encouraged with the improved gross margin for hardware sales of
29%, we believe this could improve further as the fiscal year
progresses. Our strong net income and Adjusted EBITDA* margins
indicate the financial strength of our business. As such, we are
pleased to continue our dividend program and we will be paying
another dividend of $0.10 per share
on March 22, 2024. This represents a
25% increase over the previously paid dividend on December 22, 2023 of $0.08. As always, we will strive to accomplish
our goal of continued financial strength, product innovation,
technical superiority, and strong profitability, for the rest of
fiscal 2024 and beyond".
Financial Results
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 one year ago. 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 for the same period one year ago. Research and
development costs for the quarter increased 14% to $2.5 million, or 5% of sales, as compared
to $2.2 million or 5% of sales for the same period a year
ago. Research and development costs for the six months ended
December 31, 2023 increased 7% to
$5.0 million, or 6% of sales, as
compared to $4.7 million or 6% of sales for the same
period a year ago. Selling, general and administrative expenses for
the quarter increased 11% to $8.7 million or 18% of net
sales, as compared to $7.8 million, or 18% of sales for the
same period last year. Selling, general and administrative expenses
for the six months ended December 31,
2023 increased 5% to $17.1 million or 19% of net
sales, as compared to $16.3 million, or 20% of sales for the
same period last year.
Operating income for the quarter increased 219% to $13.8
million as compared to $4.3 million for the same
period last year. Operating income for the six months ended
December 31, 2023 increased 218%
to $25.4 million as compared to $8.0
million for the same period last year. Net income for the
quarter increased 221% to a quarterly record $12.6 million, or $0.34 per
diluted share, as compared to $3.9
million, or $0.11 per diluted share, for the same
period last year and represents 27% of net sales. Net income for
the six months ended December 31,
2023 increased 229% to a six month record of $23.1 million or $0.62 per diluted
share as compared to $7.0 million or $0.19 per
diluted share for the same period last year and represents 26% of
net sales.
Adjusted EBITDA* for the quarter increased 191% to a quarterly
record $15.1 million,
or $0.41 per diluted share, as compared to $5.2
million, or $0.14 per diluted share for the same period
last year and equates to an Adjusted EBITDA* margin of 32%.
Adjusted EBITDA* for the six months ended December 31, 2023 increased 182% to a six month
record $28.0 million,
or $0.76 per diluted share, as compared to $9.9
million, or $0.27 per diluted share for the same period
last year and equates to an Adjusted EBITDA* margin of 31%.
Balance Sheet Summary
As of December 31, 2023, the Company had $79.0
million in cash and cash equivalents, other investments and
marketable securities as compared to $66.7 million as
of June 30, 2023. Working capital (defined as current assets
less current liabilities) was $128.5
million at December 31, 2023 as compared with
working capital of $111.7 million at June 30, 2023.
Current ratio (defined as current assets divided by current
liabilities) was 7.1:1 at December 31, 2023, and 6.7:1
at June 30, 2023.
Conference Call Information
Management will conduct a conference call at 11 a.m.
ET today, February 5, 2024, in order to participate
please go to the Investor Relations section of Company's website
at https://investor.napcosecurity.com. Alternatively,
interested parties may participate in the call by dialing, in the
(US) 1-800-836-8184 or for international callers, 1-646-357-8785. A
replay of the webcast will be available on the Investor Relations
section of the Company's website.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the leading
manufacturers and designers of high-tech electronic security
devices, wireless recurring communication services for intrusion
and fire alarm systems as well as a provider of school safety
solutions, The Company consists of four Divisions: NAPCO, plus
three wholly owned subsidiaries: Alarm Lock, Continental
Instruments, and Marks USA. Headquartered in
Amityville, New York, its products are installed by tens of
thousands of security professionals worldwide in commercial,
industrial, institutional, residential and government applications.
NAPCO products have earned a reputation for innovation, technical
excellence and reliability, positioning the Company for growth in
the multi-billion dollar and rapidly expanding electronic security
market. For additional information on NAPCO, please visit the
Company's web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management's judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, but are not limited to,
statements relating to the impact of COVID-19 pandemic; supply
chain challenges and developments; the growth of recurring service
revenues and annual run rate; the strength of our balance sheet;
our expectations regarding future results; the introduction of new
access control and locking products; the opportunities for school
security products; business trends , including the replacement of
3G radios, and our ability to execute our business strategies.
Actual results, performance or achievements could differ materially
from those anticipated in such forward-looking statements as a
result of certain factors, including those risk factors set forth
in the Company's filings with the Securities and Exchange
Commission, such as our annual report on Form 10-K and quarterly
reports on Form 10-Q. Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of activity,
performance, or achievements. You should not place undue reliance
on these forward-looking statements. All information provided in
this press release is as of today's date, unless otherwise stated,
and the Company undertakes no duty to update such information,
except as required under applicable law.
*Non-GAAP Financial Measures
Certain non-GAAP measures are included in this press release,
including non-GAAP operating income, Adjusted EBITDA and Adjusted
EBITDA per share (diluted). We define Adjusted EBITDA as GAAP net
income plus income tax expense, net interest expense, non-cash
stock-based expense, non-recurring legal expense, other
non-recurring income and depreciation and amortization expense.
Non-GAAP operating income does not include amortization of
intangibles or stock-based compensation expense. These non-GAAP
measures are provided to enhance the user's overall understanding
of our financial performance. By excluding these charges our
non-GAAP results provide information to management and investors
that is useful in assessing NAPCO's core operating performance and
in comparing our results of operations on a consistent basis from
period to period. Our use of non-GAAP financial measures has
certain limitations in that such non-GAAP financial measures may
not be directly comparable to those reported by other companies.
For example, the terms used in this press release, such as Adjusted
EBITDA, do not have a standardized meaning. Other companies may use
the same or similarly named measures, but exclude different items,
which may not provide investors with a comparable view of our
performance in relation to other companies. The presentation of
this information is not meant to be a substitute for the
corresponding financial measures prepared in accordance with
generally accepted accounting principles. Investors are encouraged
to review the reconciliation of GAAP to non-GAAP financial measures
set forth above.
NAPCO SECURITY
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
|
|
|
|
|
|
|
|
|
|
December 31, 2023
|
|
June 30, 2023
|
|
|
|
(in thousands, except
share data)
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
47,311
|
|
$
|
35,955
|
|
Investments -
other
|
|
|
26,332
|
|
|
25,660
|
|
Marketable
securities
|
|
|
5,324
|
|
|
5,136
|
|
Accounts receivable,
net of allowance for credit losses of $96 and $131 as of December
31, 2023 and June 30, 2023, respectively
|
|
|
27,552
|
|
|
26,069
|
|
Inventories,
net
|
|
|
39,316
|
|
|
35,062
|
|
Income tax
receivable
|
|
|
367
|
|
|
75
|
|
Prepaid expenses and
other current assets
|
|
|
3,526
|
|
|
3,402
|
|
Total Current
Assets
|
|
|
149,728
|
|
|
131,359
|
|
Inventories -
non-current, net
|
|
|
13,318
|
|
|
13,287
|
|
Property, plant and
equipment, net
|
|
|
9,071
|
|
|
9,308
|
|
Intangible assets,
net
|
|
|
3,771
|
|
|
3,939
|
|
Deferred income
taxes
|
|
|
4,057
|
|
|
2,652
|
|
Right-of-use
asset
|
|
|
5,642
|
|
|
5,797
|
|
Other assets
|
|
|
291
|
|
|
312
|
|
TOTAL
ASSETS
|
|
$
|
185,878
|
|
$
|
166,654
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
8,288
|
|
$
|
8,061
|
|
Accrued
expenses
|
|
|
9,844
|
|
|
8,079
|
|
Accrued salaries and
wages
|
|
|
3,079
|
|
|
3,546
|
|
Total Current
Liabilities
|
|
|
21,211
|
|
|
19,686
|
|
Accrued income
taxes
|
|
|
1,082
|
|
|
1,110
|
|
Long term right-of-use
liability
|
|
|
5,601
|
|
|
5,689
|
|
TOTAL
LIABILITIES
|
|
|
27,894
|
|
|
26,485
|
|
COMMITMENTS AND
CONTINGENCIES (Note 13)
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common Stock, par value
$0.01 per share; 100,000,000 shares authorized as of December 31,
2023 and June 30, 2023; 39,675,704 and 39,663,812 shares issued;
and 36,781,989 and 36,770,097 shares outstanding,
respectively.
|
|
|
397
|
|
|
397
|
|
Additional paid-in
capital
|
|
|
22,163
|
|
|
21,553
|
|
Retained
earnings
|
|
|
154,945
|
|
|
137,740
|
|
Less: Treasury Stock,
at cost (2,893,715 shares)
|
|
|
(19,521)
|
|
|
(19,521)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
|
157,984
|
|
|
140,169
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
$
|
185,878
|
|
$
|
166,654
|
|
NAPCO SECURITY
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
|
|
|
|
Three Months ended
December 31,
|
|
|
2023
|
|
2022
|
|
|
(in thousands, except
for share and per share data)
|
Net sales:
|
|
|
|
|
|
|
Equipment
revenues
|
|
$
|
29,007
|
|
$
|
27,434
|
Service
revenues
|
|
|
18,540
|
|
|
14,880
|
|
|
|
47,547
|
|
|
42,314
|
Cost of
sales:
|
|
|
|
|
|
|
Equipment related
expenses
|
|
|
20,656
|
|
|
26,295
|
Service-related
expenses
|
|
|
1,879
|
|
|
1,665
|
|
|
|
22,535
|
|
|
27,960
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
25,012
|
|
|
14,354
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development
|
|
|
2,542
|
|
|
2,222
|
Selling, general, and
administrative expenses
|
|
|
8,665
|
|
|
7,804
|
Total Operating
Expenses
|
|
|
11,207
|
|
|
10,026
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
13,805
|
|
|
4,328
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
Interest and other
income (expense), net
|
|
|
729
|
|
|
187
|
Income before Provision
for Income Taxes
|
|
|
14,534
|
|
|
4,515
|
Provision for Income
Taxes
|
|
|
1,924
|
|
|
586
|
Net Income
|
|
$
|
12,610
|
|
$
|
3,929
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.34
|
|
$
|
0.11
|
Diluted
|
|
$
|
0.34
|
|
$
|
0.11
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
36,829,000
|
|
|
36,772,000
|
Diluted
|
|
|
37,018,000
|
|
|
36,997,000
|
NAPCO SECURITY
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (unaudited)
|
|
|
|
Six Months Ended
December 31,
|
|
|
|
2023
|
|
2022
|
|
|
|
(in thousands, except
for share and per share data)
|
|
Net sales:
|
|
|
|
|
|
|
|
Equipment
revenues
|
|
$
|
53,398
|
|
$
|
53,121
|
|
Service
revenues
|
|
|
35,825
|
|
|
28,686
|
|
|
|
|
89,223
|
|
|
81,807
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
Equipment-related
expenses
|
|
|
38,153
|
|
|
49,561
|
|
Service-related
expenses
|
|
|
3,645
|
|
|
3,326
|
|
|
|
|
41,798
|
|
|
52,887
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
47,425
|
|
|
28,920
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
|
|
4,979
|
|
|
4,650
|
|
Selling, general, and
administrative expenses
|
|
|
17,086
|
|
|
16,294
|
|
Total Operating
Expenses
|
|
|
22,065
|
|
|
20,944
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
25,360
|
|
|
7,976
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest and other
income (expense), net
|
|
|
1,169
|
|
|
84
|
|
Income before Provision
for Income Taxes
|
|
|
26,529
|
|
|
8,060
|
|
Provision for Income
Taxes
|
|
|
3,441
|
|
|
1,047
|
|
Net Income
|
|
$
|
23,088
|
|
$
|
7,013
|
|
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.63
|
|
$
|
0.19
|
|
Diluted
|
|
$
|
0.62
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
36,743,000
|
|
|
36,731,000
|
|
Diluted
|
|
|
36,962,000
|
|
|
36,957,000
|
|
NAPCO SECURITY
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
Six Months ended
December 31,
|
|
|
|
2023
|
|
2022
|
|
|
|
(in
thousands)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
|
|
$
|
23,088
|
|
$
|
7,013
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,088
|
|
|
928
|
|
Gain on disposal of
fixed asset
|
|
|
—
|
|
|
(15)
|
|
Interest income on
other investments
|
|
|
(17)
|
|
|
(68)
|
|
Unrealized (gain) loss
on marketable securities
|
|
|
(71)
|
|
|
118
|
|
(Recovery) of credit
losses
|
|
|
(35)
|
|
|
(28)
|
|
Change to inventory
reserve
|
|
|
720
|
|
|
(560)
|
|
Deferred income
taxes
|
|
|
(1,405)
|
|
|
(994)
|
|
Stock based
compensation expense
|
|
|
610
|
|
|
812
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(1,448)
|
|
|
8,261
|
|
Inventories
|
|
|
(5,005)
|
|
|
(5,136)
|
|
Prepaid expenses and
other current assets
|
|
|
(124)
|
|
|
11
|
|
Income tax
receivable
|
|
|
(292)
|
|
|
(583)
|
|
Other
assets
|
|
|
20
|
|
|
(17)
|
|
Accounts payable,
accrued expenses, accrued salaries and wages, accrued income
taxes
|
|
|
1,564
|
|
|
(8,654)
|
|
Net Cash Provided by
(Used in) Operating Activities
|
|
|
18,693
|
|
|
1,088
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(682)
|
|
|
(816)
|
|
Proceeds from disposal
of fixed asset
|
|
|
—
|
|
|
38
|
|
Purchases of
marketable securities
|
|
|
(117)
|
|
|
(10,078)
|
|
Purchases of other
investments
|
|
|
(655)
|
|
|
—
|
|
Net Cash Used in
Investing Activities
|
|
|
(1,454)
|
|
|
(10,856)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Proceeds from stock
option exercises
|
|
|
—
|
|
|
45
|
|
Cash paid for
dividend
|
|
|
(5,883)
|
|
|
—
|
|
Net Cash (Used in)
Provided by Financing Activities
|
|
|
(5,883)
|
|
|
45
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in Cash and Cash Equivalents
|
|
|
11,356
|
|
|
(9,723)
|
|
CASH AND CASH
EQUIVALENTS - Beginning
|
|
|
35,955
|
|
|
41,730
|
|
CASH AND CASH
EQUIVALENTS - Ending
|
|
$
|
47,311
|
|
$
|
32,007
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION
|
|
|
|
|
|
|
|
Interest
paid
|
|
$
|
4
|
|
$
|
8
|
|
Income taxes
paid
|
|
$
|
5,165
|
|
$
|
4,469
|
|
NAPCO SECURITY
TECHNOLOGIES, INC.
|
NON-GAAP MEASURES OF
PERFORMANCE* (Unaudited)
|
(in thousands, except
share and per share data)
|
|
|
|
|
|
|
3 months ended December
31,
|
6 months ended December
31,
|
|
2023
|
2022
|
2023
|
2022
|
Net income
(GAAP)
|
$
12,610
|
$
3,929
|
$
23,088
|
$
7,013
|
Add back provision for
income taxes
|
1,924
|
586
|
3,441
|
1,047
|
Interest and other
(income) expense, net
|
(729)
|
(187)
|
(1,169)
|
(84)
|
Operating Income
(GAAP)
|
13,805
|
4,328
|
25,360
|
7,976
|
Adjustments for
non-GAAP measures of performance:
|
|
|
|
|
Add back amortization
of acquisition-related intangibles
|
84
|
91
|
168
|
181
|
Add back
stock-based compensation expense
|
303
|
335
|
610
|
812
|
Add back
non-recurring legal expenses
|
439
|
55
|
895
|
190
|
Adjusted non-GAAP
operating income
|
14,631
|
4,809
|
27,033
|
9,159
|
Add back depreciation
and other amortization
|
467
|
380
|
920
|
747
|
Adjusted EBITDA
(earnings before interest, taxes, depreciation and
amortization)
|
$
15,098
|
$
5,189
|
$
27,953
|
$
9,906
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* per
Diluted Share
|
$
0.41
|
$
0.14
|
$
0.76
|
$
0.27
|
Weighted average number
of Diluted Shares outstanding
|
37,018,000
|
36,997,000
|
36,962,000
|
36,957,000
|
Contacts:
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
fokoniewski@napcosecurity.com
View original
content:https://www.prnewswire.com/news-releases/napco-reports-record-revenues-net-income-and-adjusted-ebitda-for-q2-of-fiscal-2024-302052668.html
SOURCE NAPCO Security Technologies, Inc.