Napco delays its filing with the SEC

AMITYVILLE, N.Y. - Officials at Napco Security hope to be in compliance with Nasdaq filing requirements before the end of the year after it had to delay filing its 10-K for its fiscal year ending June 30, 2003 with the Securities and Exchange Commission due to international tax issues related to its Dominican Republic subsidiary. As a result of the filing delay, Napco has been notifed by Nasdaq its common stock could face delisting on its stock exchange. Napco officials have requested a hearing to review the staff determination, which automatically stays delisting proceedings. As a result of the notification by Nasdaq, Napco’s stock ticker changed from NSSC to NSSCE for the duration of the filing delinquency. Though company officials say they hope to resolve the issue in a matter of weeks, they could not guarantee that will be the case.