One of the leading manufacturers and designers of high-tech electronic security equipment, wireless communication devices for intrusion and fire alarm systems and the related recurring service revenues as well as a provider of school safety solutions, today announced financial results.
Financial highlights.
The third quarter of fiscal 2024 was the strongest quarter in the Company's history, with revenue of $49.3 million, which was the highest quarterly sales we ever achieved.
The recurring revenues annual run rate increased to $81 million based on April 2024 recurring revenues, compared to $76.5 million based on January 2024 recurring revenues.
Net income of $13.2 million is a Q3 record and represents 27% of our net sales.
Our balance sheet has gotten stronger, with cash and cash equivalents increasing to $87.5 million as compared to $66.7 million at June 30, 2023, we have no debt and the net cash provided by operating activities for the nine months ended March 31, 2024 was also strong.
In school and classroom security, healthcare, and retail loss-prevention, as well as in multi-dwelling commercial and residential applications, our Alarm Lock and Marks locking hardware lines continue to see growth.
We recently announced the introduction of Prima, a new All-in-One Panel for security, fire, video and connected home.
The continued growth and profitability from recurring revenues as well as the strong sales from our Alarm Lock and Marks locking product lines resulted in the record-breaking results for Q3 of fiscal year 2024.
There is more work to be done, as we have already generated net income of $36.3 million, but we have already generated Adjusted EBITDA of $43.5 million and our Adjusted EBITDA margin is now 31%.
Financial results.
Net sales for the first nine months of the year increased 10% to a nine month record $138.6 million.
For the nine months ended March 31, 2024, operating income increased 115% to $39.9 million as compared to $18.6 million for the same period last year.
The company's adjusted earnings before interest, taxes, depreciation, and amortization increased to a quarterly record of $15.6 million, or $0.42 per share, as compared to $11.3 million, or $0.31 per share, for the same period last year and equates to an Adjusted
The summary of the balance sheet.
As of March 31, 2024, the Company had $87.5 million in cash and cash equivalents, other investments and marketable securities, as well as $138 million in working capital.
Information on the conference call.
To participate in the conference call, please go to the Investor Relations section of the company's website.
The company is called NAPCO Security Technologies, Inc.
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 provider of school safety solutions is NAPCO Security Technologies, Inc.
There is a safe harbor statement.
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance.
Financial Measures are not GAAP.
We define Adjusted EBITDA as GAAP net income plus income tax expense, net interest expense and non-cash stock-based expense.
The Vice President of Investor Relations isFrancis J. Okoniewski.
The information comes from NAPCO Security Technologies, Inc.
One of the leading manufacturers and designers of high-tech electronic security equipment, wireless...
One of the leading designers and manufacturers of high-tech electronic security devices, wireless...

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