NAPCO Security Technologies Files 2024 10-K

TL;DR

NAPCO filed its 2024 10-K. All systems go for fiscal year end June 30.

AI Summary

NAPCO Security Technologies, Inc. filed its 2024 10-K report for the fiscal year ending June 30, 2024. The company, headquartered at 333 Bayview Ave, Amityville, NY, is involved in the communications equipment sector. The filing details financial information and operational aspects for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of NAPCO's financial performance and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual report filing with no immediate red flags.

Key Numbers

• 20240630 — Fiscal Year End (The end date for the reporting period.)
• 0000069633 — Central Index Key (Unique identifier for the filer.)

Key Players & Entities

• NAPCO SECURITY TECHNOLOGIES, INC (company) — Filer of the 10-K report
• 333 BAYVIEW AVE, AMITYVILLE, NY 11701 (company) — Business and mailing address
• 20240630 (date) — Fiscal year end

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NSSC The Nasdaq Stock Mar
• $188.8 m — wireless networks. Our net sales were $188.8 million, $170.0 million and $143.6 millio
• $170.0 million — s. Our net sales were $188.8 million, $170.0 million and $143.6 million for the fiscal years
• $143.6 million — were $188.8 million, $170.0 million and $143.6 million for the fiscal years ended June 30, 202
• $15.8 million — wth of our recurring services revenues ($15.8 million) as well as an increase in sales of equ
• $3.0 million — ncrease in sales of equipment products ($3.0 million). The increase in equipment sales was d
• $49.8 m — or-locking products. Our net income was $49.8 million, $27.1 million and $19.6 million
• $27.1 million — ucts. Our net income was $49.8 million, $27.1 million and $19.6 million for the fiscal years
• $19.6 million — me was $49.8 million, $27.1 million and $19.6 million for the fiscal years ended June 30, 202
• $3 billion — s focused on education has reached over $3 billion in revenues and this segment is still i

Filing Documents

• nssc-20240630x10k.htm (10-K) — 2555KB
• nssc-20240630xex4d10.htm (EX-4.10) — 4KB
• nssc-20240630xex10dq.htm (EX-10.Q) — 56KB
• nssc-20240630xex10dr.htm (EX-10.R) — 14KB
• nssc-20240630xex21d0.htm (EX-21.0) — 9KB
• nssc-20240630xex23d1.htm (EX-23.1) — 2KB
• nssc-20240630xex23d2.htm (EX-23.2) — 2KB
• nssc-20240630xex31d1.htm (EX-31.1) — 9KB
• nssc-20240630xex31d2.htm (EX-31.2) — 9KB
• nssc-20240630xex32d1.htm (EX-32.1) — 7KB
• nssc-20240630xex32d2.htm (EX-32.2) — 7KB
• nssc-20240630xex97.htm (EX-97) — 27KB
• nssc-20240630xex10dr001.jpg (GRAPHIC) — 7KB
• 0001558370-24-012547.txt ( ) — 12840KB
• nssc-20240630.xsd (EX-101.SCH) — 53KB
• nssc-20240630_cal.xml (EX-101.CAL) — 76KB
• nssc-20240630_def.xml (EX-101.DEF) — 257KB
• nssc-20240630_lab.xml (EX-101.LAB) — 508KB
• nssc-20240630_pre.xml (EX-101.PRE) — 443KB
• nssc-20240630x10k_htm.xml (XML) — 3142KB

: BUSINESS

ITEM 1: BUSINESS. Overview Napco Security Technologies, Inc ("NAPCO", "the Company", "we") is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold principally to independent distributors, dealers and installers of security equipment. We are dedicated to developing innovative technology and producing the next generation of reliable security solutions that utilize remote communications and wireless networks. Our net sales were $188.8 million, $170.0 million and $143.6 million for the fiscal years ended June 30, 2024, 2023 and 2022, respectively. The increase in our net sales from fiscal 2023 to 2024 was driven primarily from the continued growth of our recurring services revenues ($15.8 million) as well as an increase in sales of equipment products ($3.0 million). The increase in equipment sales was due primarily to the increased demand for the Company's door-locking products. Our net income was $49.8 million, $27.1 million and $19.6 million for the fiscal years ended June 30, 2024, 2023 and 2022, respectively. The increase in net income during fiscal 2024 was due primarily to the growth of the recurring service revenues which generated a gross margin of 90% during the period. Our Products and Services Since 1969, NAPCO has established a heritage and proven record in the professional security community for reliably delivering both advanced technology and high-quality security solutions, building many of the industry's widely recognized brands, such as NAPCO Security Systems, Alarm Lock, Continental Access

: RISK FACTORS

ITEM 1A: RISK FACTORS The risks described below are among those that could materially and adversely affect the Company's business, financial condition or results of operations. These risks could cause actual results to differ materially from historical results and from any results predicted by any forward-looking statements related to conditions or events that may occur in the future. Our business could be materially adversely affected as a result of general economic and market conditions. We are subject to the effects of general economic and market conditions. In the event that any of these conditions deteriorate, our revenue, profit and cash-flow levels could be materially adversely affected in future periods. In the event of such deterioration, many of our current or potential future customers may experience serious cash flow problems and as a result may, modify, delay or cancel purchases of our products. Additionally, customers may not be able to pay, or may delay payment of, accounts receivable that are owed to us. If such events do occur, they may result in our expenses being too high in relation to our revenues and cash flows. Volatile, negative, or uncertain economic conditions, an increase in the likelihood of a recession, or concerns about these or other similar risks may negatively affect the demand for our products, which could materially and adversely affect our business, results of operations, and financial condition. In addition, ongoing instability and current conflicts, including in Eastern Europe, the Middle East, and Asia, and the potential for other conflicts and future terrorist activities and other recent geopolitical events throughout the world, including the ongoing conflict between Russia and Ukraine, the ongoing Israel/Hamas conflict and its regional effects, and increased tensions in Asia, have created and may continue to create economic and political uncertainties and impacts that could have a material adverse effect on our business

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View this 10-K filing on SEC EDGAR