$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2011 Q2 Form 10-K Financial Statement

#000115752312004922 Filed on September 21, 2012

View on sec.gov

Income Statement

Concept 2011 Q2 2011 2010 Q2
Revenue $20.70M $71.39M $20.64M
YoY Change 0.29% 5.3% 8.75%
Cost Of Revenue $14.22M $51.29M $17.60M
YoY Change -19.2% -3.59% 13.48%
Gross Profit $6.480M $20.10M $3.040M
YoY Change 113.16% 38.63% -12.39%
Gross Profit Margin 31.3% 28.16% 14.73%
Selling, General & Admin $4.030M $17.19M $4.740M
YoY Change -14.98% -8.57% -5.58%
% of Gross Profit 62.19% 85.51% 155.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $610.0K $2.310M $680.0K
YoY Change -10.29% -13.16% -47.29%
% of Gross Profit 9.41% 11.49% 22.37%
Operating Expenses $4.040M $17.19M $4.730M
YoY Change -14.59% -9.06% -5.59%
Operating Profit $2.440M $2.513M -$1.690M
YoY Change -244.38% -157.11% 9.74%
Interest Expense -$330.0K $1.660M -$610.0K
YoY Change -45.9% -169.17% 29.79%
% of Operating Profit -13.52% 66.06%
Other Income/Expense, Net -$10.00K -$1.706M -$10.00K
YoY Change 0.0% -95.65%
Pretax Income $1.710M $807.0K -$2.320M
YoY Change -173.71% -110.62% -80.59%
Income Tax $310.0K -$314.0K -$410.0K
% Of Pretax Income 18.13% -38.91%
Net Earnings $1.400M $1.121M -$1.910M
YoY Change -173.3% -117.25% -79.28%
Net Earnings / Revenue 6.76% 1.57% -9.25%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $72.46K $0.06 -$100.0K
COMMON SHARES
Basic Shares Outstanding 19.10M shares
Diluted Shares Outstanding 19.18M shares

Balance Sheet

Concept 2011 Q2 2011 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $3.100M $5.500M
YoY Change -43.64% -43.64% 34.15%
Cash & Equivalents $3.077M $3.100M $5.522M
Short-Term Investments
Other Short-Term Assets $1.500M $1.500M $1.300M
YoY Change 15.38% 15.38% 0.0%
Inventory $19.99M $20.00M $17.40M
Prepaid Expenses
Receivables $17.64M $17.60M $17.70M
Other Receivables $0.00 $0.00 $800.0K
Total Short-Term Assets $42.18M $42.20M $42.80M
YoY Change -1.45% -1.4% -3.82%
LONG-TERM ASSETS
Property, Plant & Equipment $7.741M $7.700M $8.100M
YoY Change -4.43% -4.94% -10.99%
Goodwill
YoY Change
Intangibles $12.32M
YoY Change
Long-Term Investments
YoY Change
Other Assets $273.0K $6.600M $8.900M
YoY Change -96.93% -25.84% -25.21%
Total Long-Term Assets $26.61M $26.60M $30.90M
YoY Change -13.87% -13.92% -16.71%
TOTAL ASSETS
Total Short-Term Assets $42.18M $42.20M $42.80M
Total Long-Term Assets $26.61M $26.60M $30.90M
Total Assets $68.80M $68.80M $73.70M
YoY Change -6.66% -6.65% -9.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.649M $4.600M $5.300M
YoY Change -12.28% -13.21% 32.5%
Accrued Expenses $4.300M $4.300M $4.100M
YoY Change 4.88% 4.88% 20.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $29.80M
YoY Change -100.0% -100.0% 102.72%
Long-Term Debt Due $3.572M $3.600M $0.00
YoY Change
Total Short-Term Liabilities $13.00M $13.00M $39.30M
YoY Change -66.93% -66.92% 77.83%
LONG-TERM LIABILITIES
Long-Term Debt $20.21M $20.20M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $200.0K $200.0K $100.0K
YoY Change 100.0% 100.0% -50.0%
Total Long-Term Liabilities $20.21M $20.40M $100.0K
YoY Change 20105.0% 20300.0% -99.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.00M $13.00M $39.30M
Total Long-Term Liabilities $20.21M $20.40M $100.0K
Total Liabilities $33.37M $33.40M $39.40M
YoY Change -15.31% -15.23% -4.14%
SHAREHOLDERS EQUITY
Retained Earnings $26.77M
YoY Change
Common Stock $14.27M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.615M
YoY Change
Treasury Stock Shares 1.000M shares
Shareholders Equity $35.43M $35.40M $34.24M
YoY Change
Total Liabilities & Shareholders Equity $68.80M $68.80M $73.70M
YoY Change -6.66% -6.65% -9.68%

Cashflow Statement

Concept 2011 Q2 2011 2010 Q2
OPERATING ACTIVITIES
Net Income $1.400M $1.121M -$1.910M
YoY Change -173.3% -117.25% -79.28%
Depreciation, Depletion And Amortization $610.0K $2.310M $680.0K
YoY Change -10.29% -13.16% -47.29%
Cash From Operating Activities $2.110M $4.360M $650.0K
YoY Change 224.62% -17.58% -75.47%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K $737.0K -$50.00K
YoY Change 480.0% -345.67% -77.27%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$290.0K -$740.0K -$50.00K
YoY Change 480.0% 146.67% -77.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.072M
YoY Change
Cash From Financing Activities -2.390M -6.070M -890.0K
YoY Change 168.54% 70.03% 0.0%
NET CHANGE
Cash From Operating Activities 2.110M 4.360M 650.0K
Cash From Investing Activities -290.0K -740.0K -50.00K
Cash From Financing Activities -2.390M -6.070M -890.0K
Net Change In Cash -570.0K -2.450M -290.0K
YoY Change 96.55% -272.54% -118.83%
FREE CASH FLOW
Cash From Operating Activities $2.110M $4.360M $650.0K
Capital Expenditures -$290.0K $737.0K -$50.00K
Free Cash Flow $2.400M $3.623M $700.0K
YoY Change 242.86% -35.19% -75.61%

Facts In Submission

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CY2011 nssc Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
3000
CY2011 nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
1102000
CY2011 nssc Sharebased Compensation Cost Effect On Earnings Per Share Basic And Diluted
SharebasedCompensationCostEffectOnEarningsPerShareBasicAndDiluted
0.00
CY2011 nssc Income Tax Reconciliation Tax Reserve Reversal
IncomeTaxReconciliationTaxReserveReversal
77000
CY2011 nssc Effective Income Tax Rate Reconciliation Tax Reserve Reversal
EffectiveIncomeTaxRateReconciliationTaxReserveReversal
-0.095 pure
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Trading Symbol
TradingSymbol
NSSC
CY2012 dei Entity Registrant Name
EntityRegistrantName
NAPCO SECURITY TECHNOLOGIES, INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0000069633
CY2012 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2820000
CY2012 us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sales Returns and Other Allowances</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company analyzes sales returns and is able to make reasonable and reliable estimates of product returns based on the Company&#x2019;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.</font></div> </div>
CY2012 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-109000
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19096000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.202 pure
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
57000
CY2012 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries
3617000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-606000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
3811000
CY2012 us-gaap Inventory Write Down
InventoryWriteDown
504000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
8000
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4096000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.016 pure
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.015 pure
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
56000
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000
CY2012 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile
67311000
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104 pure
CY2012 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
49776000
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
207000 shares
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-26000
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2275000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-98000
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
467000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.022 pure
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1222000
CY2012 us-gaap Nature Of Operations
NatureOfOperations
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline"> NOTE 1 - Nature of Business and Summary of Significant Accounting Policies</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nature of Business</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Napco Security Technologies, Inc. and Subsidiaries (the "Company") is a diversified manufacturer of security products, encompassing electronic locking devices, intrusion and fire alarms and building access control systems. 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>
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
3000
CY2012 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-39000
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-401000
CY2012 us-gaap Gross Profit
GrossProfit
21152000
CY2012 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
68000
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1065000
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3588000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
2286000
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1258000
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17341000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
267000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
199000
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2012 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
81000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.032 pure
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-42000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2553000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
649348 shares
CY2012 us-gaap Interest Paid Net
InterestPaidNet
1136000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
11000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
68000
CY2012 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P15Y9M18D
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
606000
CY2012 us-gaap Sales Revenue Net
SalesRevenueNet
70928000
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19303000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.001 pure
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-515000
CY2012 us-gaap Interest Expense
InterestExpense
1149000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accounting Estimates</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue recognition, reserves for sales returns and allowances, concentration of credit risk, inventories, goodwill and other intangible assets and income taxes.&#xA0;&#xA0;Actual results could differ from those estimates.</font></div> </div>
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3520000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
39000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
868000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
8000
CY2012 us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Advertising and Promotional Costs</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Advertising and promotional costs are included in "Selling, General and Administrative" expenses in the consolidated statements of operations and are expensed as incurred.&#xA0;&#xA0;Advertising expense for the fiscal years ended June 30, 2012 and 2011 was $1,081,000 and $792,000, respectively.</font></div> </div>
CY2012 nssc Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
15000
CY2012 nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
1101000
CY2012 nssc Sharebased Compensation Cost Effect On Earnings Per Share Basic And Diluted
SharebasedCompensationCostEffectOnEarningsPerShareBasicAndDiluted
0.00
CY2012 nssc Income Tax Reconciliation Tax Reserve Reversal
IncomeTaxReconciliationTaxReserveReversal
61000
CY2012 nssc Effective Income Tax Rate Reconciliation Tax Reserve Reversal
EffectiveIncomeTaxRateReconciliationTaxReserveReversal
-0.024 pure
CY2012 nssc Unrecognized Tax Benefits Tax Component Beginning Balance
UnrecognizedTaxBenefitsTaxComponentBeginningBalance
165000
CY2012 nssc Unrecognized Tax Benefits Reductions Resulting From Changes In Reserve Percentages Tax Component
UnrecognizedTaxBenefitsReductionsResultingFromChangesInReservePercentagesTaxComponent
39000
CY2012 nssc Unrecognized Tax Benefits Reductions Resulting From Changes In Reserve Percentages
UnrecognizedTaxBenefitsReductionsResultingFromChangesInReservePercentages
39000

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