$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2015 Q2 Form 10-Q Financial Statement

#000114420415029330 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $22.96M $17.89M $17.27M
YoY Change 6.69% 3.6% 0.64%
Cost Of Revenue $13.62M $12.55M $11.96M
YoY Change 2.87% 4.96% -4.44%
Gross Profit $9.340M $5.346M $5.317M
YoY Change 12.8% 0.55% 14.29%
Gross Profit Margin 40.68% 29.88% 30.78%
Selling, General & Admin $5.880M $4.869M $4.568M
YoY Change 7.89% 6.59% 3.51%
% of Gross Profit 62.96% 91.08% 85.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $430.0K $222.0K $242.0K
YoY Change -6.52% -8.26% -51.6%
% of Gross Profit 4.6% 4.15% 4.55%
Operating Expenses $5.880M $4.869M $4.568M
YoY Change 7.69% 6.59% 3.51%
Operating Profit $3.460M $477.0K $749.0K
YoY Change 22.7% -36.32% 213.39%
Interest Expense -$50.00K $52.00K $59.00K
YoY Change -16.67% -11.86% -42.72%
% of Operating Profit -1.45% 10.9% 7.88%
Other Income/Expense, Net $0.00 -$4.000K -$4.000K
YoY Change 0.0% -96.8%
Pretax Income $3.410M $421.0K $686.0K
YoY Change 23.55% -38.63% 415.79%
Income Tax $70.00K $26.00K $36.00K
% Of Pretax Income 2.05% 6.18% 5.25%
Net Earnings $3.340M $395.0K $650.0K
YoY Change 42.74% -39.23% 485.59%
Net Earnings / Revenue 14.55% 2.21% 3.76%
Basic Earnings Per Share $0.02 $0.03
Diluted Earnings Per Share $175.9K $0.02 $0.03
COMMON SHARES
Basic Shares Outstanding 18.97M shares 19.07M shares 19.42M shares
Diluted Shares Outstanding 19.07M shares 19.47M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $1.700M $2.400M
YoY Change -8.0% -29.17% 26.32%
Cash & Equivalents $2.346M $1.700M $2.425M
Short-Term Investments
Other Short-Term Assets $1.900M $2.100M $1.900M
YoY Change 11.76% 10.53% 18.75%
Inventory $22.76M $22.90M $21.47M
Prepaid Expenses
Receivables $17.99M $14.60M $14.21M
Other Receivables $0.00 $100.0K $0.00
Total Short-Term Assets $45.02M $41.40M $40.08M
YoY Change 5.49% 3.3% 13.47%
LONG-TERM ASSETS
Property, Plant & Equipment $6.234M $6.300M $6.517M
YoY Change -2.5% -3.33% -4.06%
Goodwill
YoY Change
Intangibles $8.886M $9.748M
YoY Change -6.97% -7.72%
Long-Term Investments
YoY Change
Other Assets $147.0K $5.000M $172.0K
YoY Change -11.98% 2806.98% -8.51%
Total Long-Term Assets $20.01M $20.30M $20.77M
YoY Change -3.24% -2.25% -27.34%
TOTAL ASSETS
Total Short-Term Assets $45.02M $41.40M $40.08M
Total Long-Term Assets $20.01M $20.30M $20.77M
Total Assets $65.04M $61.70M $60.85M
YoY Change 2.64% 1.4% -4.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.954M $3.900M $4.001M
YoY Change -3.14% -2.52% 24.1%
Accrued Expenses $1.624M $1.710M $3.100M
YoY Change -6.51% -44.84% 24.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $1.600M $1.600M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $9.433M $9.100M $8.844M
YoY Change 2.06% 2.89% 21.18%
LONG-TERM LIABILITIES
Long-Term Debt $9.100M $9.000M $10.60M
YoY Change -10.78% -15.09% -30.26%
Other Long-Term Liabilities $0.00 $200.0K $200.0K
YoY Change -100.0% 0.0% 0.0%
Total Long-Term Liabilities $9.100M $9.200M $10.60M
YoY Change -10.78% -13.21% -30.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.433M $9.100M $8.844M
Total Long-Term Liabilities $9.100M $9.200M $10.60M
Total Liabilities $18.53M $18.20M $19.61M
YoY Change -5.5% -7.2% -13.42%
SHAREHOLDERS EQUITY
Retained Earnings $40.40M $33.22M
YoY Change 13.63% 15.07%
Common Stock $16.34M $16.06M
YoY Change 0.62% 2.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.24M $8.044M
YoY Change 27.27% 10.09%
Treasury Stock Shares 2.083M shares 2.029M shares 1.630M shares
Shareholders Equity $46.50M $43.50M $41.23M
YoY Change
Total Liabilities & Shareholders Equity $65.04M $61.70M $60.85M
YoY Change 2.64% 1.4% 1.64%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $3.340M $395.0K $650.0K
YoY Change 42.74% -39.23% 485.59%
Depreciation, Depletion And Amortization $430.0K $222.0K $242.0K
YoY Change -6.52% -8.26% -51.6%
Cash From Operating Activities $1.110M $1.040M $170.0K
YoY Change 136.17% 511.76% -666.67%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K -$180.0K -$240.0K
YoY Change 64.29% -25.0% 140.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$230.0K -$180.0K -$240.0K
YoY Change 64.29% -25.0% 140.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -900.0K -880.0K
YoY Change -28.57% 2.27% 114.63%
NET CHANGE
Cash From Operating Activities 1.110M 1.040M 170.0K
Cash From Investing Activities -230.0K -180.0K -240.0K
Cash From Financing Activities -200.0K -900.0K -880.0K
Net Change In Cash 680.0K -40.00K -950.0K
YoY Change 1260.0% -95.79% 75.93%
FREE CASH FLOW
Cash From Operating Activities $1.110M $1.040M $170.0K
Capital Expenditures -$230.0K -$180.0K -$240.0K
Free Cash Flow $1.340M $1.220M $410.0K
YoY Change 119.67% 197.56% 485.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Sales Returns and Other Allowances</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company analyzes sales returns and is able to make reasonable and reliable estimates of product returns based on the Company&#8217;s past history. Estimates for sales returns are based on several factors including actual returns and based on expected return data communicated to it by its customers. Accordingly, the Company believes that its historical returns analysis is an accurate basis for its allowance for sales returns. Actual results could differ from those estimates. As a percentage of gross sales, sales returns, rebates and allowances were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8</font></font>% for the each of the three months ended March 31, 2015 and 2014. As a percentage of gross sales, sales returns, rebates and allowances were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7</font>% for the nine months ended March 31, 2015 and 2014, respectively.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Advertising and Promotional Costs</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Advertising and promotional costs are included in "Selling, General and Administrative" expenses in the consolidated statements of operations and are expensed as incurred. Advertising expense for the three months ended March 31, 2015 and 2014 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">172,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">189,000</font>, respectively. Advertising expense for the nine months ended March 31, 2015 and 2014 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,028,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">801,000</font>, respectively. The increase in Advertising and promotional costs for the nine months was due primarily to increased expenditures on media advertising as compared to the same period a year ago.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015Q1 us-gaap Common Stock Shares Authorized
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CY2015Q1 nssc Sales Returns And Allowances Percentage
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nssc Sales Returns And Allowances Percentage
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CY2014Q1 nssc Share Based Compensation Cost Effect On Earnings Per Share Basic And Diluted
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CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q2 nssc Percentage Of Single Significant Customer Balance To Total Accounts Receivables
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CY2015Q1 nssc Inventory Component Parts Current And Noncurrent Net Of Reserves
InventoryComponentPartsCurrentAndNoncurrentNetOfReserves
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InventoryComponentPartsCurrentAndNoncurrentNetOfReserves
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CY2015Q1 nssc Inventory Work In Process Current And Noncurrent Net Of Reserves
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us-gaap Depreciation Depletion And Amortization
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Cost Of Goods And Services Sold
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us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Selling General And Administrative Expense
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us-gaap Operating Income Loss
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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us-gaap Treasury Stock Shares Acquired
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us-gaap Depreciation And Amortization
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Repayments Of Long Term Debt
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2425000 USD
us-gaap Interest Paid Net
InterestPaidNet
265000 USD
us-gaap Interest Paid Net
InterestPaidNet
162000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
24000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
32000 USD
nssc Non Cash Financing Activity Entity Shares Received To Collect Stock Option Exercise Price
NonCashFinancingActivityEntitySharesReceivedToCollectStockOptionExercisePrice
28000 USD
nssc Non Cash Financing Activity Entity Shares Received To Collect Stock Option Exercise Price
NonCashFinancingActivityEntitySharesReceivedToCollectStockOptionExercisePrice
0 USD
nssc Noncash Collection Of Stock Option Exercise Price Number Of Shares Received And Retired
NoncashCollectionOfStockOptionExercisePriceNumberOfSharesReceivedAndRetired
424000 shares
nssc Noncash Collection Of Stock Option Exercise Price Number Of Shares Received And Retired
NoncashCollectionOfStockOptionExercisePriceNumberOfSharesReceivedAndRetired
0 shares
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1143000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-40000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-5000 USD
us-gaap Inventory Write Down
InventoryWriteDown
250000 USD
us-gaap Inventory Write Down
InventoryWriteDown
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-103000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
91000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
17000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
101000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4038000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2287000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2615000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1881000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
9000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
295000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-64000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-7000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
245000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-168000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4268000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2783000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
612000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
501000 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
NAPCO SECURITY TECHNOLOGIES, INC
dei Entity Central Index Key
EntityCentralIndexKey
0000069633
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
NSSC
CY2015Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18968628 shares
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.12 pure
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015

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0001144204-15-029330.txt Edgar Link pending
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