AMITYVILLE, N.Y., July 19, 2017 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NasdaqGS: NSSC), one of the world's leading solutions providers and manufacturers of high tech electronic intrusion security, Internet of Things (IoT) connected home, video and fire systems, as well as enterprise-class access control and door locking products, today announced unaudited sales results for the fourth quarter and full year ending June 30, 2017. The Company estimates record fourth quarter sales of approximately $25.4 million, an increase of 6% over last year's fourth quarter. Full year fiscal 2017 estimated sales are expected to be a record $87.1 million, an increase of 6% over last year.
Richard Soloway, Chairman and President commented, "In fiscal 2017 we continued our focus on growing the business through the development and launching of innovative, inter-connected products along with recurring sales revenues. We had a strong year of product development in each of our divisions and are proud of our many recent product launches including our new award winning Starlink Connect radio. Starlink Connect replaces the need for traditional phone lines with alarm installations, gives the dealers the ability to upgrade millions of existing alarm systems currently installed across the US and allows them to offer homeowners the connected home experience, all while generating increased recurring revenue for NAPCO and our dealers. Our recurring revenue, which grew 59% for the fourth quarter as compared to a year ago, now has an annual run rate of approximately $9.7 million based on June 2017 recurring revenue. Looking to fiscal 2018, we are confident that our new products introduced at the 2017 International Security Conference trade show, such as recurring revenue Starlink Connect and Fire radios, the Single Door Controller, the CA4K access software, cellphone controlled locks and school security systems, will continue to position NAPCO for strong growth and profitability."
These preliminary sales results are unaudited and are based on management's estimate of sales for the three and twelve months ended June 30, 2017, and are therefore subject to change. The Company expects to announce its fourth quarter and full year fiscal 2017 audited financial results in early September.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world's leading solutions providers and manufacturers of high-technology electronic security, including recurring revenue, connected home, video, fire alarm, access control and door locking systems. The Company consists of four Divisions: NAPCO, its security and connected home segment, plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company's web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
Director of Investor Relations
NAPCO Security Technologies, Inc.
OP: 800-645-9445 x 374
SOURCE NAPCO Security Technologies, Inc.