AMITYVILLE, N.Y., July 19, 2017 /PRNewswire/ -- NAPCO Security
Technologies, Inc. (NasdaqGS: NSSC), one of the world's leading
solutions providers and manufacturers of high tech electronic
intrusion security, Internet of Things (IoT) connected home, video
and fire systems, as well as enterprise-class access control and
door locking products, today announced unaudited sales results for
the fourth quarter and full year ending June
30, 2017. The Company estimates record fourth quarter
sales of approximately $25.4 million,
an increase of 6% over last year's fourth quarter. Full year fiscal
2017 estimated sales are expected to be a record $87.1 million, an increase of 6% over last
year.
Richard Soloway, Chairman and
President commented, "In fiscal 2017 we continued our focus on
growing the business through the development and launching of
innovative, inter-connected products along with recurring sales
revenues. We had a strong year of product development in each of
our divisions and are proud of our many recent product launches
including our new award winning Starlink Connect radio. Starlink
Connect replaces the need for traditional phone lines with alarm
installations, gives the dealers the ability to upgrade millions of
existing alarm systems currently installed across the US and allows
them to offer homeowners the connected home experience, all while
generating increased recurring revenue for NAPCO and our dealers.
Our recurring revenue, which grew 59% for the fourth quarter as
compared to a year ago, now has an annual run rate of approximately
$9.7 million based on June 2017 recurring revenue. Looking to fiscal
2018, we are confident that our new products introduced at the 2017
International Security Conference trade show, such as recurring
revenue Starlink Connect and Fire radios, the Single Door
Controller, the CA4K access software, cellphone controlled locks
and school security systems, will continue to position NAPCO for
strong growth and profitability."
These preliminary sales results are unaudited and are based on
management's estimate of sales for the three and twelve months
ended June 30, 2017, and are
therefore subject to change. The Company expects to announce its
fourth quarter and full year fiscal 2017 audited financial results
in early September.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world's leading
solutions providers and manufacturers of high-technology electronic
security, including recurring revenue, connected home, video, fire
alarm, access control and door locking systems. The Company
consists of four Divisions: NAPCO, its
security and connected home
segment, plus three
wholly-owned subsidiaries: Alarm
Lock, Continental
Instruments, and Marks
USA. Headquartered in
Amityville, New York, its products
are installed by tens of thousands of security professionals
worldwide in commercial, industrial, institutional, residential and
government applications. NAPCO products have earned a reputation
for innovation, technical excellence and reliability,
positioning the Company for growth in the multi-billion dollar and
rapidly expanding electronic security market. For additional
information on NAPCO, please visit the Company's web site
at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that
involve numerous risks and uncertainties. Actual results,
performance or achievements could differ materially from those
anticipated in such forward-looking statements as a result of
certain factors, including those set forth in the Company's filings
with the Securities and Exchange Commission.
Contacts:
Patrick McKillop
Director of Investor Relations
NAPCO Security Technologies, Inc.
OP: 800-645-9445 x 374
CP: 516-404-3597
pmckillop@napcosecurity.com
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SOURCE NAPCO Security Technologies, Inc.