AMITYVILLE, N.Y., Jan. 6, 2023 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading designers and manufacturers of high-tech electronic security devices, wireless recurring communication services for intrusion, fire alarm, access control and locking systems as well as a leading provider of school safety solutions today announced that management will be presenting, hosting one on one meetings and Zoom calls with investors at the 25th Annual Needham Growth Conference on January 11, 2023, in New York.
NAPCO management is scheduled to present at 10:15 AM ET on Wednesday January 11 and host in person meetings that day. Additionally, management will host virtual meetings on January 12. The topics to be highlighted during the conference will include the company's recent record fiscal first quarter 2023 results which had sales grow 27% year over year to a record $39.5 million and its recurring revenues grew 35% year over year to $13.8 million dollars with gross margins of 88%. The annual run rate for recurring revenue is now $58 million based on October 2022 recurring revenue. In addition, we will be discussing our line of school security and safety products that address the urgent need for securing the schools in the US. NAPCO has a product portfolio for school security that fits the needs of the over 131,000 K-12's and 5,300 colleges and universities.
The presentation will be webcast live and interested parties can find a link to the webcast on the Investor Relations section of NAPCO's website (www.napcosecurity.com). To receive additional information, request an in person one on one invitation or Zoom invitation, please contact your Needham sales representative or Patrick McKillop, Vice President of Investor Relations for NAPCO at email@example.com.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the world's leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school safety solutions. The Company consists of four Divisions: NAPCO, 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 are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to the impact of COVID-19 pandemic; the growth of recurring service revenue and annual run rate; the introduction of new access control and locking products; the opportunities for fire alarm products; and our ability to execute our business strategies. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those risk factors set forth in the Company's filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
800-645-9445 x 374
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