- NAPCO Security Technologies Inc (NASDAQ:NSSC) reported fourth-quarter FY22 net sales growth of 22% year-on-year to $43.2 million, beating the consensus of $39.6 million.
- Segments: Equipment revenue grew 18% Y/Y to $30.5 million.
- Recurring service revenue rose 33% Y/Y to $12.7 million. The gross margin for recurring service revenue was consistent at 87%. The gross margins on hardware expanded 800 bps to 27%.
- Gross profit for the quarter improved 22% to $19.2 million.
- EPS of $0.20 beat the consensus of $0.11.
- Adjusted EBITDA increased 29% Y/Y to $9.3 million.
- NAPCO held $46.8 million in cash and equivalents. The company had no debt as of June 30, 2022.
- Price Action: NSSC shares traded higher by 9.27% at $27.82 on the last check Monday.
Janet Yellen Clarifies Treasury’s Stance On Bank Deposit Insurance Amidst Market Turbulence
U.S. Treasury Secretary Janet Yellen said Thursday that regulators are prepared to take additional steps to protect customer bank deposits if necessary.
