NAPCO Security Technologies, Inc. (NSSC) announced a net income of $10.5 million for the second quarter, representing a 17.0% decline compared to the previous year. Earnings per share (EPS) fell to $0.28 from $0.34. The company's net sales for the second quarter were $43.0 million, a decrease of 9.7% year-over-year. However, recurring service revenue saw an increase of 14.4%, reaching $21.2 million.
Chairman and CEO Richard Soloway expressed: "We are disappointed with our overall equipment sales, which we believe were affected by timing issues. However, taking into account the historical purchasing patterns of our largest distributors, we expect an improvement in equipment sales as we progress through Fiscal 2025."
The Board of Directors has announced a quarterly dividend of $0.125 per share, scheduled to be paid on April 3, 2025, to shareholders who are recorded as of March 12, 2025.
In pre-market trading on Monday, shares of NAPCO Security Technologies have declined by 5%.
