Q1 Sales down, reports Napco

SSN Staff  - 
Sunday, February 1, 2004

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 company’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 company’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 Napco’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 “major distributor.”

First quarter results, and the filing of its 10-K for its fiscal year end, were delayed due to international tax issues.