Napco Security Technologies reported record fourth-quarter net sales of $55.8 million, up 10% year over year, and said its annualized recurring revenue run rate has reached approximately $103 million based on July recurring revenues. The company also announced a 13.3% increase in its quarterly dividend to $0.17 per share. For the full fiscal year, non-GAAP net income rose 32% to a record $57.3 million, or $1.60 per diluted share, while GAAP net income increased 0.9% to $43 million, or $1.20 per diluted share. Recurring service revenue grew almost 13% to $25.3 million in the quarter with a 90.1% gross margin, and the company ended the year with $137.6 million in cash, cash equivalents and marketable securities and no debt. Kevin Buchel has assumed the role of Chief Executive Officer and President, succeeding founder Richard Soloway, who becomes Founder and Executive Chairman.
NAPCO Security Technologies IncRecord Q4 sales, recurring revenue run rate, dividend increase, and strong earnings.
