$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2013 Q2 Form 10-Q Financial Statement

#000115752313002629 Filed on May 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $21.80M $17.16M $17.24M
YoY Change 9.71% -0.42% -2.95%
Cost Of Revenue $13.50M $12.51M $12.17M
YoY Change 5.14% 2.79% -0.64%
Gross Profit $8.300M $4.652M $5.064M
YoY Change 17.9% -8.14% -8.09%
Gross Profit Margin 38.07% 27.1% 29.38%
Selling, General & Admin $4.790M $4.413M $4.375M
YoY Change 2.57% 0.87% -9.98%
% of Gross Profit 57.71% 94.86% 86.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $500.0K $560.0K
YoY Change -21.87% -10.71% -1.75%
% of Gross Profit 6.02% 10.75% 11.06%
Operating Expenses $4.790M $4.413M $4.375M
YoY Change 2.79% 0.87% -9.79%
Operating Profit $3.510M $239.0K $689.0K
YoY Change 47.48% -65.31% 4.39%
Interest Expense -$60.00K $103.0K $287.0K
YoY Change -76.92% -64.11% -186.97%
% of Operating Profit -1.71% 43.1% 41.65%
Other Income/Expense, Net $0.00 -$125.0K -$302.0K
YoY Change -100.0% -58.61% 2920.0%
Pretax Income $3.450M $133.0K $387.0K
YoY Change 69.12% -65.63% 20.94%
Income Tax $240.0K $22.00K $84.00K
% Of Pretax Income 6.96% 16.54% 21.71%
Net Earnings $3.210M $111.0K $303.0K
YoY Change 74.46% -63.37% -56.71%
Net Earnings / Revenue 14.72% 0.65% 1.76%
Basic Earnings Per Share $0.01 $0.02
Diluted Earnings Per Share $161.2K $0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 19.30M shares 19.30M shares 19.10M shares
Diluted Shares Outstanding 19.42M shares 19.41M shares

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $1.900M $3.000M
YoY Change 6.67% -36.67% -16.67%
Cash & Equivalents $3.229M $1.856M $2.997M
Short-Term Investments
Other Short-Term Assets $1.800M $1.600M $1.300M
YoY Change 5.88% 23.08% -7.14%
Inventory $18.47M $17.30M $19.80M
Prepaid Expenses
Receivables $18.21M $14.53M $13.70M
Other Receivables $100.0K $100.0K $200.0K
Total Short-Term Assets $41.84M $35.32M $38.00M
YoY Change 3.43% -7.06% -4.76%
LONG-TERM ASSETS
Property, Plant & Equipment $6.586M $6.793M $7.400M
YoY Change -9.12% -8.2% -5.13%
Goodwill
YoY Change
Intangibles $10.33M $10.56M
YoY Change -8.15%
Long-Term Investments
YoY Change
Other Assets $185.0K $188.0K $6.600M
YoY Change -10.63% -97.15% -17.5%
Total Long-Term Assets $22.07M $28.58M $25.50M
YoY Change -9.19% 12.09% -11.46%
TOTAL ASSETS
Total Short-Term Assets $41.84M $35.32M $38.00M
Total Long-Term Assets $22.07M $28.58M $25.50M
Total Assets $63.90M $63.90M $63.50M
YoY Change -1.31% 0.63% -7.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.318M $3.224M $3.300M
YoY Change 4.9% -2.3% -19.51%
Accrued Expenses $3.700M $2.500M $3.100M
YoY Change 8.82% -19.35% -29.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $1.600M $12.17M
YoY Change 0.0% -86.86% 238.11%
Total Short-Term Liabilities $8.615M $7.298M $18.60M
YoY Change 4.5% -60.76% 55.0%
LONG-TERM LIABILITIES
Long-Term Debt $14.80M $15.20M $8.900M
YoY Change -20.67% 70.79% -60.62%
Other Long-Term Liabilities $200.0K $200.0K $100.0K
YoY Change 100.0% 100.0% 0.0%
Total Long-Term Liabilities $14.80M $15.20M $9.000M
YoY Change -20.67% 68.89% -60.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.615M $7.298M $18.60M
Total Long-Term Liabilities $14.80M $15.20M $9.000M
Total Liabilities $23.57M $22.65M $27.60M
YoY Change -12.8% -17.93% -20.46%
SHAREHOLDERS EQUITY
Retained Earnings $32.08M $28.87M
YoY Change 10.4%
Common Stock $15.56M $15.65M
YoY Change 8.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.307M $7.307M
YoY Change 30.13%
Treasury Stock Shares 1.000M shares 1.500M shares
Shareholders Equity $40.34M $37.21M $35.90M
YoY Change
Total Liabilities & Shareholders Equity $63.90M $59.87M $63.50M
YoY Change -1.31% -5.72% -7.57%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $3.210M $111.0K $303.0K
YoY Change 74.46% -63.37% -56.71%
Depreciation, Depletion And Amortization $500.0K $500.0K $560.0K
YoY Change -21.87% -10.71% -1.75%
Cash From Operating Activities $1.930M -$30.00K $1.860M
YoY Change 80.37% -101.61% 80.58%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$100.0K -$220.0K
YoY Change -66.67% -54.55% 29.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.00K -$100.0K -$220.0K
YoY Change -66.67% -54.55% 29.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -490.0K -410.0K -890.0K
YoY Change -46.15% -53.93%
NET CHANGE
Cash From Operating Activities 1.930M -30.00K 1.860M
Cash From Investing Activities -60.00K -100.0K -220.0K
Cash From Financing Activities -490.0K -410.0K -890.0K
Net Change In Cash 1.380M -540.0K 750.0K
YoY Change -7000.0% -172.0% -12.79%
FREE CASH FLOW
Cash From Operating Activities $1.930M -$30.00K $1.860M
Capital Expenditures -$60.00K -$100.0K -$220.0K
Free Cash Flow $1.990M $70.00K $2.080M
YoY Change 59.2% -96.63% 73.33%

Facts In Submission

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dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
NAPCO SECURITY TECHNOLOGIES, INC
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dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
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us-gaap Revenue Recognition Sales Returns
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<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <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>
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us-gaap Advertising Cost Policy Expensed Advertising Cost
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us-gaap Nature Of Operations
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<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <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"> <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 door-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 style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company'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.</font></div> </div>
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-49000
us-gaap Use Of Estimates
UseOfEstimates
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <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, intangible assets and income taxes.&#xA0;&#xA0;Actual results could differ from those estimates.</font></div> </div>
us-gaap Interest Expense
InterestExpense
440000
nssc Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
-16000
nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
769000
nssc Non Cash Financing Activity Entity Shares Received To Collect Stock Option Exercise Price
NonCashFinancingActivityEntitySharesReceivedToCollectStockOptionExercisePrice
1257000
us-gaap Operating Income Loss
OperatingIncomeLoss
1442000
us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile
48330000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2679000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-42000
us-gaap Share Based Compensation
ShareBasedCompensation
8000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3029000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3077000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
36941000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
133000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
157000 shares
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1638000
us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries
2726000
us-gaap Income Taxes Paid
IncomeTaxesPaid
467000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
430000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-80000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
44000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19253000 shares
us-gaap Sales Revenue Net
SalesRevenueNet
51056000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3903000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19096000 shares
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
85000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
511000
us-gaap Gross Profit
GrossProfit
14115000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2679000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-430000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
215000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
733880 shares
us-gaap Net Income Loss
NetIncomeLoss
445000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-931000
us-gaap Interest Paid Net
InterestPaidNet
938000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12673000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
66000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
799000
us-gaap Interest Expense
InterestExpense
889000
nssc Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
-159000
nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
797000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
258000
CY2013Q1 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile
16174000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2013Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P15Y1M6D
CY2013Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12511000
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
123000 shares
CY2013Q1 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries
989000
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19419000 shares
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
17163000
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19296000 shares
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
133000
CY2013Q1 us-gaap Gross Profit
GrossProfit
4652000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
395750 shares
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
111000
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-125000
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4394000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
229000
CY2013Q1 us-gaap Interest Expense
InterestExpense
122000
CY2013Q1 nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
262000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
689000
CY2012Q1 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile
16423000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2012Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12172000
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
313000 shares
CY2012Q1 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries
813000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19409000 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
17236000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19096000 shares
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
387000
CY2012Q1 us-gaap Gross Profit
GrossProfit
5064000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
395750 shares
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
303000
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-302000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4375000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
84000
CY2012Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
266000
CY2012Q1 us-gaap Interest Expense
InterestExpense
287000
CY2012Q1 nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
278000
CY2012Q2 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P15Y9M18D

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