$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2014 Q2 Form 10-Q Financial Statement

#000115752314001989 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $21.52M $17.27M $17.16M
YoY Change -1.28% 0.64% -0.42%
Cost Of Revenue $13.24M $11.96M $12.51M
YoY Change -1.93% -4.44% 2.79%
Gross Profit $8.280M $5.317M $4.652M
YoY Change -0.24% 14.29% -8.14%
Gross Profit Margin 38.48% 30.78% 27.1%
Selling, General & Admin $5.450M $4.568M $4.413M
YoY Change 13.78% 3.51% 0.87%
% of Gross Profit 65.82% 85.91% 94.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $460.0K $242.0K $500.0K
YoY Change -8.0% -51.6% -10.71%
% of Gross Profit 5.56% 4.55% 10.75%
Operating Expenses $5.460M $4.568M $4.413M
YoY Change 13.99% 3.51% 0.87%
Operating Profit $2.820M $749.0K $239.0K
YoY Change -19.66% 213.39% -65.31%
Interest Expense -$60.00K $59.00K $103.0K
YoY Change 0.0% -42.72% -64.11%
% of Operating Profit -2.13% 7.88% 43.1%
Other Income/Expense, Net $0.00 -$4.000K -$125.0K
YoY Change -96.8% -58.61%
Pretax Income $2.760M $686.0K $133.0K
YoY Change -20.0% 415.79% -65.63%
Income Tax $430.0K $36.00K $22.00K
% Of Pretax Income 15.58% 5.25% 16.54%
Net Earnings $2.340M $650.0K $111.0K
YoY Change -27.1% 485.59% -63.37%
Net Earnings / Revenue 10.87% 3.76% 0.65%
Basic Earnings Per Share $0.03 $0.01
Diluted Earnings Per Share $120.4K $0.03 $0.01
COMMON SHARES
Basic Shares Outstanding 19.42M shares 19.42M shares 19.30M shares
Diluted Shares Outstanding 19.47M shares 19.42M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $2.400M $1.900M
YoY Change -21.88% 26.32% -36.67%
Cash & Equivalents $2.483M $2.425M $1.856M
Short-Term Investments
Other Short-Term Assets $1.700M $1.900M $1.600M
YoY Change -5.56% 18.75% 23.08%
Inventory $21.44M $21.47M $17.30M
Prepaid Expenses
Receivables $16.90M $14.21M $14.53M
Other Receivables $100.0K $0.00 $100.0K
Total Short-Term Assets $42.68M $40.08M $35.32M
YoY Change 2.02% 13.47% -7.06%
LONG-TERM ASSETS
Property, Plant & Equipment $6.394M $6.517M $6.793M
YoY Change -2.92% -4.06% -8.2%
Goodwill
YoY Change
Intangibles $9.552M $9.748M $10.56M
YoY Change -7.57% -7.72%
Long-Term Investments
YoY Change
Other Assets $167.0K $172.0K $188.0K
YoY Change -9.73% -8.51% -97.15%
Total Long-Term Assets $20.69M $20.77M $28.58M
YoY Change -6.26% -27.34% 12.09%
TOTAL ASSETS
Total Short-Term Assets $42.68M $40.08M $35.32M
Total Long-Term Assets $20.69M $20.77M $28.58M
Total Assets $63.36M $60.85M $63.90M
YoY Change -0.84% -4.78% 0.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.082M $4.001M $3.224M
YoY Change 23.03% 24.1% -2.3%
Accrued Expenses $1.737M $3.100M $2.500M
YoY Change -53.05% 24.0% -19.35%
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% -86.86%
Total Short-Term Liabilities $9.243M $8.844M $7.298M
YoY Change 7.29% 21.18% -60.76%
LONG-TERM LIABILITIES
Long-Term Debt $10.20M $10.60M $15.20M
YoY Change -31.08% -30.26% 70.79%
Other Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 100.0%
Total Long-Term Liabilities $10.20M $10.60M $15.20M
YoY Change -31.08% -30.26% 68.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.243M $8.844M $7.298M
Total Long-Term Liabilities $10.20M $10.60M $15.20M
Total Liabilities $19.61M $19.61M $22.65M
YoY Change -16.79% -13.42% -17.93%
SHAREHOLDERS EQUITY
Retained Earnings $35.55M $33.22M $28.87M
YoY Change 10.84% 15.07%
Common Stock $16.24M $16.06M $15.65M
YoY Change 4.36% 2.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.044M $8.044M $7.307M
YoY Change 10.09% 10.09%
Treasury Stock Shares 1.630M shares 1.630M shares 1.500M shares
Shareholders Equity $43.75M $41.23M $37.21M
YoY Change
Total Liabilities & Shareholders Equity $63.36M $60.85M $59.87M
YoY Change -0.84% 1.64% -5.72%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $2.340M $650.0K $111.0K
YoY Change -27.1% 485.59% -63.37%
Depreciation, Depletion And Amortization $460.0K $242.0K $500.0K
YoY Change -8.0% -51.6% -10.71%
Cash From Operating Activities $470.0K $170.0K -$30.00K
YoY Change -75.65% -666.67% -101.61%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$240.0K -$100.0K
YoY Change 133.33% 140.0% -54.55%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$140.0K -$240.0K -$100.0K
YoY Change 133.33% 140.0% -54.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -280.0K -880.0K -410.0K
YoY Change -42.86% 114.63% -53.93%
NET CHANGE
Cash From Operating Activities 470.0K 170.0K -30.00K
Cash From Investing Activities -140.0K -240.0K -100.0K
Cash From Financing Activities -280.0K -880.0K -410.0K
Net Change In Cash 50.00K -950.0K -540.0K
YoY Change -96.38% 75.93% -172.0%
FREE CASH FLOW
Cash From Operating Activities $470.0K $170.0K -$30.00K
Capital Expenditures -$140.0K -$240.0K -$100.0K
Free Cash Flow $610.0K $410.0K $70.00K
YoY Change -69.35% 485.71% -96.63%

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dei Trading Symbol
TradingSymbol
NSSC
dei Entity Registrant Name
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NAPCO SECURITY TECHNOLOGIES, INC
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dei Document Type
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<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"> Nature of Business</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">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; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <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 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="justify"><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="justify"><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 three months ended March 31, 2014 and 2013 was $189,000 and $124,000, respectively. Advertising expense for the nine months ended March 31, 2014 and 2013 was $801,000 and $847,000, respectively.</font></div> </div>
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="justify"><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="justify"><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>
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P14Y1M6D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
145673 shares
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="justify"><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="justify"><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 Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-612000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13944000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
103000
us-gaap Interest Expense
InterestExpense
239000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
245000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
586000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17000
nssc Non Cash Financing Activity Entity Shares Received To Collect Stock Option Exercise Price
NonCashFinancingActivityEntitySharesReceivedToCollectStockOptionExercisePrice
28000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19382000 shares
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
285000
us-gaap Sales Revenue Net
SalesRevenueNet
52864000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
612000
us-gaap Income Taxes Paid
IncomeTaxesPaid
24000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-64000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1244000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4200000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4038000
us-gaap Interest Paid Net
InterestPaidNet
265000
us-gaap Gross Profit
GrossProfit
15437000
us-gaap Operating Income Loss
OperatingIncomeLoss
1493000
us-gaap Net Income Loss
NetIncomeLoss
1141000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2615000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
37427000
us-gaap Inventory Write Down
InventoryWriteDown
250000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4460000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-103000
us-gaap Share Based Compensation
ShareBasedCompensation
17000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-40000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1277000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-804000
nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
682000
nssc Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
9000
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19296000 shares
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
17163000
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19419000 shares
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
123000 shares
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
133000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000
CY2013Q1 us-gaap Gross Profit
GrossProfit
4652000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
239000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
111000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
395750 shares
nssc Noncash Collection Of Stock Option Exercise Price Number Of Shares Received And Retired
NoncashCollectionOfStockOptionExercisePriceNumberOfSharesReceivedAndRetired
424000 shares
CY2013Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12511000
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4413000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22000
CY2013Q1 us-gaap Interest Expense
InterestExpense
103000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
229000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2013Q1 nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
262000
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19471000 shares
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
55000 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37500 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19416000 shares
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
17272000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
686000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000
CY2014Q1 us-gaap Gross Profit
GrossProfit
5317000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
749000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
650000
CY2014Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
11955000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4568000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36000
CY2014Q1 us-gaap Interest Expense
InterestExpense
59000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
195000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000
CY2014Q1 nssc Depreciation Amortization Of Property Plant Equipment
DepreciationAmortizationOfPropertyPlantEquipment
242000

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