Napco Security Technologies (NASDAQ:NSSC) reported fourth-quarter and full-year financial results early Tuesday.
The Amityville, New York-based NAPCO, which boasts a status as one of the world's leading solutions providers and manufacturers of high tech electronic intrusion security, school safety lock down systems, Internet of Things (IoT) connected home, video and fire systems, revealed net sales for the quarter increased 9% to a record $29.6 million as compared to $27.3 million for the same quarter last year.
Net sales for the fiscal year were a record $102.9 million, a 12% increase, as compared to $91.7 million for FY2018.
Net income for the quarter increased 28% to a fourth quarter record of $4.7 million from $3.7 million a year ago. Net income for the fiscal year increased 60% to a record $12.2 million from $7.6 million a year ago.
Earnings per share (diluted) for the quarter increased 30% to $0.26, as compared to $0.20 for the same period a year ago. Earnings per share (diluted) for the fiscal year increased 61% to $0.66, as compared to $0.41 for the same period a year ago.
Said President Richard Soloway said, "Fiscal 2019 saw NAPCO reaching new heights in both sales and profitability. I am particularly pleased with our Company continuing its uninterrupted string of 20 consecutive quarters of year-over-year record sales levels, as well as surpassing the $100-million annual sales mark and generating net income of over $12 million."
Shares plummeted $7.56, or 21.9%, to $26.91 early Tuesday morning.
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