$NSSC
NAPCO SECURITY TECHNOLOGIES, INC

2023 Q1 Form 10-Q Financial Statement

#000155837023000920 Filed on February 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $43.53M $42.31M
YoY Change 21.24% 26.66%
Cost Of Revenue $20.86M $22.85M
YoY Change -0.05% 4.04%
Gross Profit $22.67M $19.46M
YoY Change 50.81% 70.08%
Gross Profit Margin 52.08% 45.99%
Selling, General & Admin $8.425M $7.804M
YoY Change -0.2% -4.77%
% of Gross Profit 37.16% 40.1%
Research & Development $2.314M $2.222M
YoY Change 15.18% 12.34%
% of Gross Profit 10.21% 11.42%
Depreciation & Amortization $380.0K $379.0K
YoY Change 12.43% 8.91%
% of Gross Profit 1.68% 1.95%
Operating Expenses $10.74M $10.03M
YoY Change 2.76% -1.45%
Operating Profit $11.93M $9.436M
YoY Change 160.41% 642.99%
Interest Expense $437.0K $187.0K
YoY Change -346.89% 222.41%
% of Operating Profit 3.66% 1.98%
Other Income/Expense, Net
YoY Change
Pretax Income $12.37M $9.623M
YoY Change 180.79% 624.62%
Income Tax $1.529M $1.177M
% Of Pretax Income 12.36% 12.23%
Net Earnings $10.84M $8.446M
YoY Change 231.19% 714.46%
Net Earnings / Revenue 24.9% 19.96%
Basic Earnings Per Share $0.29 $0.23
Diluted Earnings Per Share $0.29 $0.23
COMMON SHARES
Basic Shares Outstanding 36.75M 36.74M
Diluted Shares Outstanding 37.08M 37.00M

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.94M $47.10M
YoY Change 20.2% -0.56%
Cash & Equivalents $31.52M $32.01M
Short-Term Investments $25.43M $15.10M
Other Short-Term Assets $2.610M $2.827M
YoY Change -4.26% 8.11%
Inventory $46.92M $48.66M
Prepaid Expenses
Receivables $24.17M $20.99M
Other Receivables $0.00 $0.00
Total Short-Term Assets $130.6M $119.6M
YoY Change 19.41% 15.72%
LONG-TERM ASSETS
Property, Plant & Equipment $9.335M $7.984M
YoY Change 16.73% 0.85%
Goodwill
YoY Change
Intangibles $4.029M $4.119M
YoY Change -8.39% -8.36%
Long-Term Investments
YoY Change
Other Assets $299.0K $364.0K
YoY Change -19.19% -2.41%
Total Long-Term Assets $34.64M $34.79M
YoY Change 25.06% 23.96%
TOTAL ASSETS
Total Short-Term Assets $130.6M $119.6M
Total Long-Term Assets $34.64M $34.79M
Total Assets $165.3M $154.4M
YoY Change 20.55% 17.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.005M $8.110M
YoY Change -29.49% -19.77%
Accrued Expenses $7.648M $7.215M
YoY Change -6.99% 7.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.78M $18.00M
YoY Change -21.8% -7.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.804M $6.868M
YoY Change -15.09% -14.25%
Total Long-Term Liabilities $6.804M $6.868M
YoY Change -15.09% -14.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.78M $18.00M
Total Long-Term Liabilities $6.804M $6.868M
Total Liabilities $24.59M $24.87M
YoY Change -21.0% -10.76%
SHAREHOLDERS EQUITY
Retained Earnings $138.6M $127.8M
YoY Change 31.53% 24.1%
Common Stock $21.62M $21.26M
YoY Change 7.38% 5.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.52M $19.52M
YoY Change 0.0% 0.0%
Treasury Stock Shares $2.894M
Shareholders Equity $140.7M $129.5M
YoY Change
Total Liabilities & Shareholders Equity $165.3M $154.4M
YoY Change 20.55% 17.48%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $10.84M $8.446M
YoY Change 231.19% 714.46%
Depreciation, Depletion And Amortization $380.0K $379.0K
YoY Change 12.43% 8.91%
Cash From Operating Activities $11.33M $3.053M
YoY Change 1750.98% -29.62%
INVESTING ACTIVITIES
Capital Expenditures $1.731M $444.0K
YoY Change -514.11% -278.31%
Acquisitions
YoY Change
Other Investing Activities -$10.13M -$50.00K
YoY Change 56155.56% 138.1%
Cash From Investing Activities -$11.86M -$494.0K
YoY Change 2619.5% 82.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 11.33M 3.053M
Cash From Investing Activities -11.86M -494.0K
Cash From Financing Activities 37.00K 0.000
Net Change In Cash -492.0K 2.559M
YoY Change -379.55% -39.17%
FREE CASH FLOW
Cash From Operating Activities $11.33M $3.053M
Capital Expenditures $1.731M $444.0K
Free Cash Flow $9.597M $2.609M
YoY Change 831.75% -43.12%

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;text-align:justify;margin:0pt 0pt 12pt 0pt;">Napco Security Technologies, Inc (“NAPCO”, “the Company”, “we”) is one of the leading manufacturers and designers of high-tech electronic security devices, cellular 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company’s hardware 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 all of our products may be affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend. The monthly recurring service revenue, which is less susceptable to these fluctuations, allows us to generate a more consistent and predictable stream of income and mitigates the risk of fluctuation in market demand for our equipment products.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accounting Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“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 credit losses, overhead expenses applied to inventory, inventory reserves, valuation of<span style="color:#3daec2;"> </span>intangible assets, share based compensation and income taxes. Actual results could differ from those estimates.</p>
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Assets
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CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
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CY2022Q4 us-gaap Area Of Land
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InventoryWorkInProcess
10551000
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InventoryFinishedGoods
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7045000
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64192000
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15531000
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747000
us-gaap Depreciation Depletion And Amortization
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690000
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235000
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1921000
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639000
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
nssc-20221231x10q_htm.xml Edgar Link completed