NAPCO Security Technologies, Inc (NSSC) has reported a 12.19 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $0.86 million, or $0.05 a share in the quarter, compared with $0.98 million, or $0.05 a share for the same period last year.
Revenue during the quarter went up marginally by 1.06 percent to $20.72 million from $20.50 million in the previous year period. Gross margin for the quarter expanded 169 basis points over the previous year period to 31.94 percent. Total expenses were 94.86 percent of quarterly revenues, down from 95.03 percent for the same period last year. This has led to an improvement of 16 basis points in operating margin to 5.14 percent.
Operating income for the quarter was $1.06 million, compared with $1.02 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1.24 million compared to $1.22 million in the prior year period. At the same time, adjusted operating margin improved 5 basis points in the quarter to 5.98 percent from 5.93 percent in the last year period.
Working capital increases marginally
NAPCO Security Technologies, Inc has recorded an increase in the working capital over the last year. It stood at $35.32 million as at Mar. 31, 2017, up 3.63 percent or $1.24 million from $34.09 million on Mar. 31, 2016. Current ratio was at 4.86 as on Mar. 31, 2017, down from 5.26 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 120 days for the quarter from 186 days for the last year period. Days sales outstanding went down to 69 days for the quarter compared with 71 days for the same period last year.
Days inventory outstanding has decreased to 75 days for the quarter compared with 135 days for the previous year period. At the same time, days payable outstanding went up to 24 days for the quarter from 19 for the same period last year.
Debt comes down significantly
NAPCO Security Technologies, Inc has recorded a decline in total debt over the last one year. It stood at $2.35 million as on Mar. 31, 2017, down 68.67 percent or $5.15 million from $7.50 million on Mar. 31, 2016. Total debt was 3.67 percent of total assets as on Mar. 31, 2017, compared with 12.02 percent on Mar. 31, 2016. Debt to equity ratio was at 0.04 as on Mar. 31, 2017, down from 0.16 as on Mar. 31, 2016. Interest coverage ratio improved to 59.11 for the quarter from 24.85 for the same period last year.
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