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Napco Security Systems Inc. has a market cap of $32.8 million; its shares were traded at around $1.72 with and P/S ratio of 0.5.
Highlight of Business Operations:In March 2009, the Company began a Restructuring Plan consisting of a series of
actions to consolidate its Sales, Production and Warehousing operations of Marks
and those in Europe and the Middle East into the Corporate Headquarters in
Amityville, NY and its production facility in the Dominican Republic. The
majority of these actions have been completed by June 30, 2010, while certain
remaining Production-related actions are expected to be completed by December
31, 2010. Accordingly, the Company recognized restructuring costs of $1,274,000
in the fiscal year ended June 30, 2009. Of this amount, $210,000 relates to
Workforce Reductions communicated in March 2009 and $1,064,000 to Business Exits
and related costs associated with inventory and lease impairments related to the
closure of the Marks, European and Middle East facilities. As of June 30, 2010,
$1,138,000 of the $1,274,000 in restructuring costs has been paid and $136,000
remains in accrued expenses.
High $ 2.08 $ 2.86 $ 3.02 $ 2.58
Low $ 1.11 $ 1.43 $ 1.68 $ 1.70
High $ 4.54 $ 2.90 $ 2.82 $ 1.72
Low $ 2.45 $ 1.02 $ 0.76 $ 1.01
2010(1) 2009(1) 2008 2007(2) 2006(2)(3)
- - - - -
Statement of earnings data:
-
Net Sales $67,757 $69,565 $68,367 $66,202 $69,548
Gross Profit 14,522 15,096 20,412 23,998 26,956
Impairment of Goodwill 923 9,686 - - -
(Loss) Income from Operations (5,211) (14,917) 3,137 6,501 9,523
Net (Loss) Income (6,500) (13,382) 3,718 4,217 6,119
Cash Flow Data:
Net cash flows provided by (used in) operating activities 5,285 6,792 3,784 (3,674) (168)
Net cash flows used in investing activities (300) (25,229) (1,045) (1,294) (1,679)
Net cash flows (used in) provided by financing activities (3,572) 19,781 (1,722) 3,978 3,407
Per Share Data:
-
Net (loss) earnings per common share:
Basic $(.34) $(.70) $.19 $.21 $.31
Diluted $(.34) $(.70) $.19 $.20 $.30
Weighted average common shares outstanding:
Basic 19,096,000 19,096,000 19,263,000 19,961,000 19,785,000
Diluted 19,096,000 19,096,000 19,802,000 20,599,000 20,605,000
Cash Dividends declared per common share (4) $.00 $.00 $.00 $.00 $.00
In March 2009, the Company began a Restructuring Plan consisting of a series of
actions to consolidate its Sales, Production and Warehousing operations of Marks
and those in Europe and the Middle East into the Corporate Headquarters in
Amityville, NY and its production facility in the Dominican Republic. We expect
these restructuring initiatives to cost between $1,200,000 and $1,500,000. The
majority of these initiatives have been completed by June 30, 2010, while
certain remaining Production-related actions are expected to be completed by
December 31, 2010. Accordingly, the Company recognized restructuring costs of
$1,274,000 in the fiscal year ended June 30, 2009. Of this amount, $210,000
relates to Workforce Reductions communicated in March 2009 and $1,064,000 to
Business Exits and related costs associated with inventory and lease impairments
related to the closure of the Marks, European and Middle East facilities. As of
June 30, 2010, $1,138,000 of the $1,274,000 in restructuring costs has been
incurred and $136,000 remains in accrued expenses.
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