Q1 Sales down, reports Napco
AMITYVILLE, N.Y. - After a delay of several months, first quarter results are finally in for Napco Security Systems and a decrease in sales was just what company officials expected.
Sales for the companyÃ¢â‚¬â„¢s first quarter, which ended Sept. 30, 2003, decreased 16 percent to $9.8 million from $11.7 million for the same quarter a year ago. But the companyÃ¢â‚¬â„¢s second quarter results for the period that ended Dec. 31, 2003, released at the same time, show that net sales increased seven percent to $14.8 million as compared with $13.9 million for the same quarter a year earlier.
Not only are NapcoÃ¢â‚¬â„¢s sales typically soft in the first quarter, said Richard Soloway, chairman and president, but the decrease was also attributed to an inventory reduction program initiated by an unnamed Ã¢â‚¬Å“major distributor.Ã¢â‚¬Â
First quarter results, and the filing of its 10-K for its fiscal year end, were delayed due to international tax issues.