NAPCO Security Technologies, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>NAPCO Security Technologies, Inc. filed its Q2 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

NAPCO SECURITY TECHNOLOGIES, INC (NSSC) filed a Quarterly Report (10-Q) with the SEC on February 5, 2024. NAPCO Security Technologies, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30th. NAPCO Security Technologies, Inc. is incorporated in Delaware. The company's principal business address is 333 Bayview Ave, Amityville, NY 11701.

Why It Matters

For investors and stakeholders tracking NAPCO SECURITY TECHNOLOGIES, INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of NAPCO's financial health and operational status for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's performance, identifying potential risks, and making informed investment decisions.

Risk Assessment

Risk Level: low — NAPCO SECURITY TECHNOLOGIES, INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent negative financial indicators or significant new risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance trends and future outlook.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240205 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)
• 3669 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• NAPCO SECURITY TECHNOLOGIES, INC (company) — Filer name
• NSSC (company) — Ticker symbol
• 333 BAYVIEW AVE (company) — Business address street
• AMITYVILLE (company) — Business address city
• NY (company) — Business address state
• 11701 (company) — Business address zip
• DE (company) — State of incorporation
• 20231231 (date) — Conformed period of report

Forward-Looking Statements

• NAPCO will continue to show strong net income growth in the next quarter. (NAPCO Security Technologies, Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

NAPCO Security Technologies operates within the communications equipment sector, focusing on security and alarm systems.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-05: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the second quarter of fiscal year 2024, providing an update from previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NSSC Nasdaq Stock Market

Filing Documents

• nssc-20231231x10q.htm (10-Q) — 1826KB
• nssc-20231231xex31d1.htm (EX-31.1) — 10KB
• nssc-20231231xex31d2.htm (EX-31.2) — 10KB
• nssc-20231231xex32d1.htm (EX-32.1) — 9KB
• 0001558370-24-000760.txt (&nbsp;) — 8982KB
• nssc-20231231.xsd (EX-101.SCH) — 43KB
• nssc-20231231_cal.xml (EX-101.CAL) — 53KB
• nssc-20231231_def.xml (EX-101.DEF) — 234KB
• nssc-20231231_lab.xml (EX-101.LAB) — 418KB
• nssc-20231231_pre.xml (EX-101.PRE) — 361KB
• nssc-20231231x10q_htm.xml (XML) — 1971KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 3 NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES INDEX –December 31, 2023 Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 (unaudited) 3 Condensed Consolidated Statements of Income for the Three Months ended December 31, 2023 and 2022 (unaudited) 4 Condensed Consolidated Statements of Income for the Six Months ended December 31, 2023 and 2022 (unaudited) 5 Condensed Consolidated Statements of Stockholders Equity for the Six Months Ended December 31, 2023 and 2022 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 ITEM 4.

Controls and Procedures

Controls and Procedures 32

: OTHER INFORMATION

PART II: OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 33 ITEM 1A.

Risk Factors

Risk Factors 33 ITEM 6. Exhibits 34 SIGNATURE PAGE 35 2 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (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 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDA

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View this 10-Q filing on SEC EDGAR