Napco reports higher sales in "challenging" economy
May 15, 2003
AMITYVILLE, N.Y. - Security products manufacturer Napco reported higher sales Thursday for the third quarter and for the nine months of fiscal 2003, as of March 31.
The company recorded a 6.2 percent increase in net sales, to $38.9 million from $36.7 million for the nine months, compared to the same period a year ago, and a 0.6 percent increase in sales, to $13.4 million from $13.3 million for the same quarter in fiscal 2002. Napco did record a slightly higher net loss for the first nine months of $274,000 or $0.08 per share, compared to the net loss a year earlier of $265,000 or $0.08 per share.
"We are encouraged that we've been able to drive meaningful sales growth despite the challenging economic environment," said Richard Soloway, chairman and president. The company's short-term profitability was impacted by investments in international sales, homeland security, engineering of IT compatible security products and custom manufacturing for large security installation companies, Soloway said, that will position the company for sustainable future sales growth.