NAPCO Security Technologies, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NAPCO Security Technologies, Inc. filed its Q3 FY2024 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 May 6, 2024. NAPCO Security Technologies, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's principal business address is 333 Bayview Ave, Amityville, NY 11701. NAPCO Security Technologies, Inc. was formerly known as NAPCO Security Systems Inc. The company's fiscal year ends on June 30.

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 the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the company's historical name changes and fiscal year end is crucial for tracking its financial reporting and comparing it with industry peers.

Risk Assessment

Risk Level: low — NAPCO SECURITY TECHNOLOGIES, INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand NAPCO's current financial health and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-06 — Filing Date (Date the report was filed)
• 0630 — Fiscal Year End (Company's fiscal year end month and day)
• 3669 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• NAPCO SECURITY TECHNOLOGIES, INC (company) — Filer name
• NSSC (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filed as of date
• 333 BAYVIEW AVE (address) — Business address
• AMITYVILLE (location) — Business address city
• NY (location) — Business address state
• 11701 (postal_code) — Business address zip

FAQ

Industry Context

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

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, requiring quarterly financial reporting from public companies.

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) for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Year-Over-Year Comparison

This filing represents the company's standard quarterly update, providing financial data for the period ending March 31, 2024.

Key Financial Figures

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

Filing Documents

• nssc-20240331x10q.htm (10-Q) — 1918KB
• nssc-20240331xex31d1.htm (EX-31.1) — 10KB
• nssc-20240331xex31d2.htm (EX-31.2) — 10KB
• nssc-20240331xex32d1.htm (EX-32.1) — 9KB
• 0001558370-24-006776.txt (&nbsp;) — 9643KB
• nssc-20240331.xsd (EX-101.SCH) — 43KB
• nssc-20240331_cal.xml (EX-101.CAL) — 52KB
• nssc-20240331_def.xml (EX-101.DEF) — 240KB
• nssc-20240331_lab.xml (EX-101.LAB) — 422KB
• nssc-20240331_pre.xml (EX-101.PRE) — 367KB
• nssc-20240331x10q_htm.xml (XML) — 2258KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 3 NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES INDEX –March 31, 2024 Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 (unaudited) 3 Condensed Consolidated Statements of Income for the Three Months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Income for the Nine Months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders Equity for the Nine Months Ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 (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 31 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) March 31, 2024 June 30, 2023 (in thousands, except share data) CURRENT ASSETS Cash and cash equivalents $ 55,518 $ 35,955 Investments - other 26,671 25,660 Marketable securities 5,348 5,136 Accounts receivable, net of allowance for credit losses of $ 105 and $ 131 as of March 31, 2024 and June 30, 2023, respectively 30,273 26,069 Inventories, net 37,010 35,062 Income tax receivable — 75 Prepaid expenses and other current assets 3,379 3,402 Total Current Assets 158,199 131,359 Inventories - non-current, net 13,093 13,287 Property, plant and equipment, net 8,978 9,308 Intangible assets, net 3,686 3,939 Deferred income taxes 4,983 2,652 Right-of-use asset 5,564 5,797 Other assets 289 312 TOTAL ASSETS $ 194,792 $ 166,654 CURRENT LIABILITIES Accounts payable $ 6,913 $ 8,061 Accrued expenses 9,737 8,079 Accrued salaries and wages 3,095 3,546 Accrued income taxes 203 — Total Current Liabilities 19,948 19,686 Accrued income taxes 1,102 1,110 Long term right-of-use liability 5,556 5,689 TOTAL LIABILITIES 26,606 26,485 COMMITMENTS AND CONTINGENCIES (Note 13) STOCKHOLDERS' EQUITY Common Stock, par value $ 0.01 per share; 100,000,000 shares authorized as of March 31, 2024 and June 30, 2023; 39,766,354 and 39,663,812 shares issued; and 36,872,639 and 36,770,097 shares outstanding, respectively. 398 397 Additional paid-in capital 22,855 21,553 Retained earnings 164,454 137,740 Less: Treasury Stock, at cost ( 2,893,715 shares) ( 19,521 ) ( 19,521 ) TOTAL STOCKHOLDERS' EQUITY 168,186 140,169 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 194,792 $ 166,654 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

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View this 10-Q filing on SEC EDGAR