$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2021 Q4 Form 10-Q Financial Statement

#000155837022000959 Filed on February 09, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $33.41M $27.21M
YoY Change 22.8% 5.33%
Cost Of Revenue $21.97M $15.80M
YoY Change 39.0% 15.33%
Gross Profit $11.44M $11.40M
YoY Change 0.35% -5.97%
Gross Profit Margin 34.25% 41.92%
Selling, General & Admin $8.195M $5.850M
YoY Change 40.09% -7.29%
% of Gross Profit 71.62% 51.3%
Research & Development $1.978M $1.884M
YoY Change 4.99% 3.35%
% of Gross Profit 17.29% 16.52%
Depreciation & Amortization $348.0K $319.0K
YoY Change 9.09% 2.57%
% of Gross Profit 3.04% 2.8%
Operating Expenses $10.17M $7.734M
YoY Change 31.54% -4.91%
Operating Profit $1.270M $3.669M
YoY Change -65.39% -8.14%
Interest Expense $58.00K $0.00
YoY Change -100.0%
% of Operating Profit 4.57% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $1.328M $3.666M
YoY Change -63.78% -8.42%
Income Tax $291.0K $469.0K
% Of Pretax Income 21.91% 12.79%
Net Earnings $1.037M $3.197M
YoY Change -67.56% -10.5%
Net Earnings / Revenue 3.1% 11.75%
Basic Earnings Per Share $0.03 $0.09
Diluted Earnings Per Share $0.03 $0.09
COMMON SHARES
Basic Shares Outstanding 36.73M 36.70M
Diluted Shares Outstanding 36.90M 36.81M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.37M $26.80M
YoY Change 76.75% 127.12%
Cash & Equivalents $41.95M $26.80M
Short-Term Investments $5.417M
Other Short-Term Assets $2.615M $1.900M
YoY Change 37.63% 11.76%
Inventory $29.81M $29.38M
Prepaid Expenses
Receivables $23.53M $21.22M
Other Receivables $0.00 $0.00
Total Short-Term Assets $103.3M $79.26M
YoY Change 30.36% 11.17%
LONG-TERM ASSETS
Property, Plant & Equipment $7.917M $7.842M
YoY Change 0.96% -49.73%
Goodwill
YoY Change
Intangibles $4.495M $4.903M
YoY Change -8.32%
Long-Term Investments
YoY Change
Other Assets $373.0K $249.0K
YoY Change 49.8% -96.64%
Total Long-Term Assets $28.06M $29.03M
YoY Change -3.33% -3.55%
TOTAL ASSETS
Total Short-Term Assets $103.3M $79.26M
Total Long-Term Assets $28.06M $29.03M
Total Assets $131.4M $108.3M
YoY Change 21.33% 6.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.11M $4.402M
YoY Change 129.65% -32.28%
Accrued Expenses $6.713M $5.273M
YoY Change 27.31% -37.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.084M
YoY Change -100.0%
Total Short-Term Liabilities $19.41M $13.48M
YoY Change 44.03% -10.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.820M
YoY Change -100.0%
Other Long-Term Liabilities $8.009M $8.400M
YoY Change -4.65% 13.51%
Total Long-Term Liabilities $8.009M $2.820M
YoY Change 184.01% -61.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.41M $13.48M
Total Long-Term Liabilities $8.009M $2.820M
Total Liabilities $27.87M $24.69M
YoY Change 12.87% 6.87%
SHAREHOLDERS EQUITY
Retained Earnings $103.0M $84.96M
YoY Change 21.17%
Common Stock $20.10M $18.17M
YoY Change 10.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.52M $19.52M
YoY Change 0.0%
Treasury Stock Shares $2.894M $2.894M
Shareholders Equity $102.7M $82.24M
YoY Change
Total Liabilities & Shareholders Equity $131.4M $108.3M
YoY Change 21.33% 6.8%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $1.037M $3.197M
YoY Change -67.56% -10.5%
Depreciation, Depletion And Amortization $348.0K $319.0K
YoY Change 9.09% 2.57%
Cash From Operating Activities $4.338M $5.170M
YoY Change -16.09% 175.0%
INVESTING ACTIVITIES
Capital Expenditures -$249.0K -$250.0K
YoY Change -0.4% -71.59%
Acquisitions
YoY Change
Other Investing Activities -$21.00K
YoY Change
Cash From Investing Activities -$270.0K -$250.0K
YoY Change 8.0% -71.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 139.0K
YoY Change
NET CHANGE
Cash From Operating Activities 4.338M 5.170M
Cash From Investing Activities -270.0K -250.0K
Cash From Financing Activities 139.0K
Net Change In Cash 4.207M 4.920M
YoY Change -14.49% 392.0%
FREE CASH FLOW
Cash From Operating Activities $4.338M $5.170M
Capital Expenditures -$249.0K -$250.0K
Free Cash Flow $4.587M $5.420M
YoY Change -15.37% 96.38%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Nature of Business</span><span style="text-decoration-line:none;">:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:none;">Napco Security Technologies, Inc. (“NAPCO”, “the Company”, “we”) is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. 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. We have experienced significant growth in recent years, primarily driven by fast growing recurring service revenues generated from wireless communication services for intrusion and fire alarm systems, as well as our school security products that are designed to meet the increasing needs to enhance school security as a result of on-campus shooting and violence in the U.S.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:none;">The Company’s fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company’s equipment products want to install these products prior to the summer; therefore, sales of these 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 for our products is affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:none;">Our results for fiscal 2021 and the first two quarters of fiscal 2022 reflected the increase in customer demand after the challenging business environment resulting from the COVID-19 pandemic. While the Company believes this recovery will continue, there can be no assurances that it will do so in the event of a return to building and construction restrictions that might result from a return to higher levels of COVID-19 cases.</span></p>
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