NAPCO Security Technologies Q2 FY25 10-Q Filed

TL;DR

NAPCO 10-Q filed: Q2 FY25 results in. Check financials.

AI Summary

NAPCO Security Technologies, Inc. filed its 10-Q for the period ending December 31, 2024. The company reported its financial results for the second quarter of fiscal year 2025. Key financial data and operational updates are detailed within this filing.

Why It Matters

This filing provides investors with an update on NAPCO's financial performance and operational status, crucial for understanding the company's trajectory in the security technology market.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health or operational risks.

Key Numbers

• 2024-12-31 — Period End Date (Financial reporting period)
• 20250203 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• NAPCO SECURITY TECHNOLOGIES, INC (company) — Filer
• 20241231 (date) — Period of Report
• 20250203 (date) — Filing Date
• 333 BAYVIEW AVE AMITYVILLE NY 11701 (address) — Business and Mail Address

FAQ

Key Financial Figures

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

Filing Documents

• nssc-20241231x10q.htm (10-Q) — 2115KB
• nssc-20241231xex31d1.htm (EX-31.1) — 10KB
• nssc-20241231xex31d2.htm (EX-31.2) — 10KB
• nssc-20241231xex32d1.htm (EX-32.1) — 10KB
• 0001558370-25-000601.txt ( ) — 10882KB
• nssc-20241231.xsd (EX-101.SCH) — 52KB
• nssc-20241231_cal.xml (EX-101.CAL) — 59KB
• nssc-20241231_def.xml (EX-101.DEF) — 252KB
• nssc-20241231_lab.xml (EX-101.LAB) — 455KB
• nssc-20241231_pre.xml (EX-101.PRE) — 403KB
• nssc-20241231x10q_htm.xml (XML) — 2527KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 3 NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES INDEX – December 31, 2024 Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2024 (unaudited) 3 Condensed Consolidated Statements of Income for the Three Months ended December 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Income for the Six Months ended December 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended December 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders Equity for the Six Months Ended December 31, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2024 and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 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 30 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4.

Controls and Procedures

Controls and Procedures 35

: OTHER INFORMATION

PART II: OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 36 ITEM 1A.

Risk Factors

Risk Factors 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 3. Defaults Upon Senior Securities 36 ITEM 4. Mine Safety Disclosures 36 ITEM 5. Other Information 36 ITEM 6. Exhibits 37 SIGNATURE PAGE 38 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, 2024 June 30, 2024 (in thousands, except share data) CURRENT ASSETS Cash and cash equivalents $ 86,019 $ 65,341 Investments - other — 26,980 Marketable securities 13,176 5,398 Accounts receivable, net of allowance for credit losses of $ 20 and $ 32 as of December 31, 2024 and June 30, 2024, respectively 23,456 31,898 Inventories 37,634 34,804 Income tax receivable 1,195 73 Prepaid expenses and other current assets 3,252 4,269 Total Current Assets 164,732 168,763 Inventories - non-current 12,040 15,109 Property, plant and equipment, net 9,915 9,077 Intangible assets, net 3,445 3,602 Deferred income taxes 7,012 5,428 Operating lease - Right-of-use asset 5,335 5,487 Other assets 205 286 TOTAL ASSETS $ 202,684 $ 207,752 CURRENT LIABILITIES Accounts payable $ 4,551 $ 7,977 Accrued expenses 8,680 10,345 Accrued salaries and wages 4,032 3,907 Dividend payable 4,554 — Total Current Liabilities 21,817 22,229 Accrued income taxes 1,223 1,122 Operating lease liability 5,417 5,512 TOTAL LIABILITIES 28,457 28,863 COMMITMENTS AND CONTINGENCIES (Note 13) STOCKHOLDERS' EQUITY Common Stock, par value $ 0.01 per share; 100,000,000 shares authorized as of December 31, 2024 and June 30, 2024; 39,771,035 and 39,768,186 shares issued; and 36,401,421 and 36,874,471 shares outstanding, respectively. 398 398 Additional paid-in capital 24,523 23,712 Retained earnings 186,788 174,300 Less: Treasury Stock, at cost ( 3,369,614 and 2,893,715 shares as of December 31, 2024 and June 30, 2024, respectively) ( 37,529 ) ( 19,521 ) Accumulated other comprehensive income 47 — TOTAL STOCKHOLDERS' EQUITY 174,227 178,889 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 202,684 $ 207,752 See accompanying note

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