$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2018 Q1 Form 10-Q Financial Statement

#000114420418026173 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $22.20M $20.81M
YoY Change 6.69% 5.04%
Cost Of Revenue $13.31M $12.45M
YoY Change 6.93% -9.15%
Gross Profit $8.892M $8.361M
YoY Change 6.35% 36.89%
Gross Profit Margin 40.05% 40.18%
Selling, General & Admin $5.311M $5.527M
YoY Change -3.91% 12.93%
% of Gross Profit 59.73% 66.1%
Research & Development $1.669M $1.698M
YoY Change -1.71%
% of Gross Profit 18.77% 20.31%
Depreciation & Amortization $259.0K $231.0K
YoY Change 12.12% 6.45%
% of Gross Profit 2.91% 2.76%
Operating Expenses $6.980M $7.225M
YoY Change -3.39% 47.63%
Operating Profit $1.912M $1.136M
YoY Change 68.31% -6.66%
Interest Expense $19.00K $17.00K
YoY Change 11.76% -62.22%
% of Operating Profit 0.99% 1.5%
Other Income/Expense, Net
YoY Change
Pretax Income $1.893M $1.119M
YoY Change 69.17% -4.28%
Income Tax $64.00K $167.0K
% Of Pretax Income 3.38% 14.92%
Net Earnings $1.829M $952.0K
YoY Change 92.12% -8.81%
Net Earnings / Revenue 8.24% 4.58%
Basic Earnings Per Share $0.10 $0.05
Diluted Earnings Per Share $0.10 $0.05
COMMON SHARES
Basic Shares Outstanding 18.74M 18.82M shares
Diluted Shares Outstanding 18.77M 18.86M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.300M $2.400M
YoY Change 79.17% -27.27%
Cash & Equivalents $4.347M $2.428M
Short-Term Investments
Other Short-Term Assets $1.200M $1.300M
YoY Change -7.69% -38.1%
Inventory $25.40M $25.45M
Prepaid Expenses
Receivables $18.10M $16.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $49.00M $46.08M
YoY Change 6.34% 9.45%
LONG-TERM ASSETS
Property, Plant & Equipment $6.800M $6.512M
YoY Change 4.42% 8.53%
Goodwill
YoY Change
Intangibles $8.026M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.800M $140.0K
YoY Change 4757.14% -97.59%
Total Long-Term Assets $21.20M $19.93M
YoY Change 6.4% -1.85%
TOTAL ASSETS
Total Short-Term Assets $49.00M $46.08M
Total Long-Term Assets $21.20M $19.93M
Total Assets $70.20M $66.01M
YoY Change 6.36% 5.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.200M $4.442M
YoY Change -5.45% 38.81%
Accrued Expenses $3.700M $1.837M
YoY Change 101.42% -48.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $8.500M $8.708M
YoY Change -2.39% 8.85%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $3.500M
YoY Change -42.86% -46.97%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.000M $3.500M
YoY Change -42.86% -46.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.500M $8.708M
Total Long-Term Liabilities $2.000M $3.500M
Total Liabilities $10.50M $12.21M
YoY Change -13.99% -16.38%
SHAREHOLDERS EQUITY
Retained Earnings $48.55M
YoY Change
Common Stock $16.98M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.73M
YoY Change
Treasury Stock Shares 2.475M shares 2.330M shares
Shareholders Equity $59.70M $53.80M
YoY Change
Total Liabilities & Shareholders Equity $70.20M $66.01M
YoY Change 6.36% 5.78%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $1.829M $952.0K
YoY Change 92.12% -8.81%
Depreciation, Depletion And Amortization $259.0K $231.0K
YoY Change 12.12% 6.45%
Cash From Operating Activities $1.870M -$1.970M
YoY Change -194.92% -182.08%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$540.0K
YoY Change -31.48% 237.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$370.0K -$540.0K
YoY Change -31.48% 237.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M 1.150M
YoY Change -195.65% -240.24%
NET CHANGE
Cash From Operating Activities 1.870M -1.970M
Cash From Investing Activities -370.0K -540.0K
Cash From Financing Activities -1.100M 1.150M
Net Change In Cash 400.0K -1.360M
YoY Change -129.41% -195.77%
FREE CASH FLOW
Cash From Operating Activities $1.870M -$1.970M
Capital Expenditures -$370.0K -$540.0K
Free Cash Flow $2.240M -$1.430M
YoY Change -256.64% -155.86%

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Nature of Business</font></u><font style="FONT-SIZE: 10pt">:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Napco Security Technologies, Inc. and Subsidiaries (the "Company" or &#8220;Napco&#8221;) is a diversified manufacturer of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products for commercial and residential use. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold worldwide principally to independent distributors, dealers and installers of security equipment.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of Napco's products want to install its products prior to the summer; therefore sales of its products historically peak in the period April 1 through June 30, the Company's fiscal fourth quarter, and are reduced in the period July 1 through September 30, the Company's fiscal first quarter. In addition, demand is affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<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: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Accounting Estimates</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates include management's judgments associated with reserves for sales returns and allowances, allowance for doubtful accounts, inventory reserves, intangible assets and income taxes. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Sales Returns and Other Allowances</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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"> 7</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9</font>% for the three months ended March 31, 2018 and 2017, respectively. As a percentage of gross sales, sales returns, rebates and allowances were</font> <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 each of the nine months ended March 31, 2018 and 2017.</font></div> </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: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Advertising and Promotional Costs</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Advertising and promotional costs are included in "Selling, General and Administrative" expenses in the consolidated statements of income and are expensed as incurred. Advertising expense for the three months ended March 31, 2018 and 2017 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">171,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">365,000</font>, respectively. Advertising expense for the nine months ended March 31, 2018 and 2017 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,274,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,537,000</font>, respectively.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15700000 USD
CY2017Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
15700000 USD
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8062000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7784000 USD
nssc Share Based Compensation Cost Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationCostEffectOnEarningsPerShareBasicAndDiluted
0.01
CY2017Q1 nssc Share Based Compensation Cost Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationCostEffectOnEarningsPerShareBasicAndDiluted
0.00
CY2018Q1 nssc Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
30820000 USD
CY2017Q2 nssc Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
30579000 USD
CY2018Q1 nssc Inventory Current And Noncurrent Net Of Reserves
InventoryCurrentAndNoncurrentNetOfReserves
30820000 USD
CY2017Q2 nssc Inventory Current And Noncurrent Net Of Reserves
InventoryCurrentAndNoncurrentNetOfReserves
30579000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
43129000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
42111000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
145395 shares
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5000 USD
CY2018Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
331000 USD
nssc Sales Returns And Allowances Percentage
SalesReturnsAndAllowancesPercentage
0.08 pure
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
6980000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
7225000 USD
us-gaap Operating Expenses
OperatingExpenses
21720000 USD
us-gaap Operating Expenses
OperatingExpenses
21751000 USD
CY2018Q1 nssc Sales Returns And Allowances Percentage
SalesReturnsAndAllowancesPercentage
0.07 pure
CY2017Q1 nssc Sales Returns And Allowances Percentage
SalesReturnsAndAllowancesPercentage
0.09 pure
CY2018Q1 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
29000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
212000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
87000 shares
CY2018Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
231390 shares
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure

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