Napco's Q1 sales decline, expects rebound
AMITYVILLE, N.Y.-Citing the effects of Sept. 11 as a contributing factor to sales in its first quarter, Napco reported a nine percent decline in sales for its the period, which ended Sept. 30.
Sales decreased from $11,094,000 reported in the same period a year ago to $10,083,000. The company recorded a net loss for the quarter of $596,000 or $(.17) per share, compared to $327,000 or a loss of $(.09) per share in 2000.
"As has been the case for many years, our fiscal year starts slowly and each subsequent quarter shows progressively more significant gains," said Richard Soloway, Napco's president and chairman. Soloway said that the company expects to resume its quarterly growth as the country recovers from the events of Sept. 11.
The company's predicted growth will likely be bolstered by requests from security dealers, system integrators, door specialists and website queries the company has been fielding, Soloway said, inquiries that have increased ten-fold since attacks.
The company's higher margin industrial and building security products could eclipse sales of lower margin residential products as business increasingly focus on workplace security, Soloway said.