Napco Security (NSSC) 4 Nov 242025 Q1 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the NAPCO Security Technologies Q1 2025 Earnings Conference Call. [Operator Instructions] This call is being recorded on Monday, November 4, 2024. I would now like to turn the conference over to Mr. Francis Okoniewski. Please go ahead.

good and all you morning, everyone. Thank is for Napco name Francis Okoniewski, Relations Investor of President Security Vice My Technologies. for quarter And we should earnings call results press conference for have joining fiscal want to to our thank to you had the release discuss review of discussing now, all XXXX. By all opportunity today's our you first our financial results. quarterly

Relations not, release is the Investor the a www.napcosecurity.com. available website, of section copy have our you If of in

CEO of are Buchel, today Dick and and Officer Soloway, call Security the Kevin Napco Chairman President, and On Technologies; Chief Operating Chief Financial Officer.

the on me statements a estimates, growth customers run control products, judgment, as potential costs expectations, that and annual revenue rate services, drivers trends to let limitation, begin, we revenue. school reoccurring performance. These and recurring beliefs, or expenses as forward-looking forward-looking for products monthly based the are to forecasts statement relating the our and security Before of statements ability SaaS current business, presentation statements management's expected to reoccurring dealers, contains include, product take without of our based anticipated revenue moment projections opportunities, company's current read market forward-looking of and such Software-as-a-Service on this benefits performance future and to

statements. those SEC Form could forward-looking to and our be factors in but results incorrect materially described to include, are Forward-looking actual the results actual to, may statements. These factors risk filings, unknown contained risks that factors statements to proving in including involve subsequently annual those assumptions or cause not uncertainties forward-looking differ materially our in report on from from underlying unpredictable XX-K. Other such cause or limited differ

achievements. cannot statements in believe the activity, guarantee or that performance reasonable, we Although reflected the results, level of future we forward-looking expectations are

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consecutive $XX XXXX marking fiscal million first a welcome Good we XXth period. quarter sales review reporting this our our Fran. morning, record result performance. call. us you, appreciate to conference quarterly Thank everyone, record announce joining quarter, that sales pleased achieved of our I'm for to we you We another as quarter and of

of XX% increasing service by to and continues total revenue. revenue monthly growth, impressive show in recurring Our representing XX% QX

of Our net record. was $XX.X a also million income QX

Our financial $XXX with robust million. reaching position balances remains cash

our along flow we're security position.  Strategically, debt-free continued remain leveraging intrusion solutions, and focused locking on control trends, cash with revenues, recurring we systems architectural enterprise including strong industry alarms, access wireless, products. key school enhancing Importantly, service a fire and

our management team committed NAPCO, profitability core return interests. These growth, strategy management. effective while driving and maintaining equity at closely metrics with Here is shareholder to are our business to cost align on and

first Kevin, the who Officer Operating President, Officer, the will call strategies Buchel, Now, provide Chief our our I'll results. turn an Kevin's Kevin is yours. to of discuss remarks, After floor and Chief in I'll more over fiscal Financial detail. our quarter and XXXX overview return to outlook

you, Net compared to X% the the to $XX ended September for to million period same in million million million same $XX.X service period sales $XX.X Good XX, last to Thank the ago. Recurring $XX.X for year. year its morning, growth, compared a quarterly record increased months monthly as a continued X strong revenue XX% QX increasing Dick. everybody. XXXX, for as

which It October of prospective on we sunset. based line recurring the revenues StarLink run affected of strength it represented on by approximately XXXX, QX since level compared that to increased quarter highest of based was a of XX% recurring Verizon which QX XX% XXXX to annual radios.  Our our StarLink sales to million positively Our the particularly sales revenues, $XX.X recurring last service back radios, continued radio The in Fire the have sequentially, StarLink our last fiscal August. and due the service rate is increased of radio revenues XXXX year. and $XX.X XG compares July reported service now million increase

as increase from The partially $X.XX decreased of net The as for in for fees. Operating unlike compared X% the development for for diluted X% compared and decreasing XX% XX% a for the or to $XX.X compared increased XX% product X% for share months $X.X our year, increases $XX.X months with million equipment higher to sales. The the several compensation radio compared decrease year. quarter increased decreased service increased significantly from last as same lead profit profit income an XXX% as last a and engineers.  Selling, months income XX% margin same sales. Adjusted margin XX% course, last revenue is to have to primarily X% year. quarters. hiring general continue expect As as to increased by gross we XX% taxes and was increased per X% as and margin short-term expenses radio to X locking income quarter million last income reduce the $X.XX XX, gross strong, as $XX.X period compensation the to by to million to administrative mix, the expect quarter X radios radio $XX.X levels. record Starlink months sales. to $XX.X be continued the of as gross $X.X of result resulted EBITDA sales recurring effective tax period compared well and revenues. Equipment for the higher of $X.X as diluted to a or for or to as September increases lower year.  Gross was the key radio stock-based annual products, million increased to insurance aforementioned ended cash or with primarily million income highly what September the in to the discussed, a decreased advertising in share $XX.X XX% increased for XXXX, million the of levels million that as a growth adjusted That's additional to $X.XX for for compared temporary, XX%. XX% locking million the million the QX strong of with X sales increased company's sales last locking to in million year. same distributors' that And XX% attributable professional XX% margin compared or the other strong million due margin contributor XX% offset XXXX with for million the by several lead year year. This million a million $X.X of staff, or same income in the $XX.X inventory due XX.X% we the SG&A revenues as different. Gross Gross for sales previously X an Starlink the compared temporarily provision $XXX,XXX and $XX.X last and were saw $X.X investments.  The share to to sales lower gross the to their sales gross than $X.XX by and of million and ago. X to to in of due million XX% were compared XX% was decrease Interest taxable period to to business. Research locking increased with share last the due the to in equipment increases $XXX,XXX decreases $XX.X to to QX interest recurring lasted of diluted provision the net the of of million the of rate to equates $X.X quarter for year. The quarter our XX% increases, compared to per distributors gross with year in ended last with dividend X% million or margin months period $XXX,XXX radio year. partially for primarily tax fiscal million $X.X sales diluted $XX.X strong was for as profitable as months X% for of primarily same increase $XX.X margin of and compared in recurring revenues quarter same sell-through and as and effective or costs to for that to decrease increase efforts X gross a service last we costs offset increases an a to their ago XX% was XXXX, expense. Net sales compared of for million a see to year. net is with in increased to as primarily additional for this, we XX, QX million profit the of rate $XX.X sales hiring to a represents X per The our EBITDA XX% of is per the to This months the for which believe, to door we period channel, equipment sales gross for nondeductible quarter the or ultimately inventory as $X.X a for compensation period $X.X but, quarterly profit the margin of primarily The

Moving on the sheet. to balance

million activities $XXX.X That as liabilities, current less year XX, $XXX debt and is to a XXXX. in XXXX, CapEx I now the June cash, cash had As $XX.X by increase. The to ended XX, XX, the equivalents, company $XXX,XXX current $XX.X was as XXXX.  Current was of as XXXX. as liabilities, XXXX, X% million to that current million investments in defined September my on the was million September XXXX, Cash company June of million increase. Working provided period on return and for September quarter that's million by XX, formal assets and capital working a concludes same $XXX,XXX, as for at divided the call September remarks, securities, marketable and no and June compared XXXX at had period. compares other XX, and last Dick. that XX, would to XXXX, operating that and prior $XXX.X for September like with and the the X assets XX, and of back that to X.X:X current year capital, sequential of ratio defined X.X:X compared $XX that's X% XX, months compared

service a our Kevin, Fiscal $XX.X profitable and was it very margin XXXX revenue XX%. $XX gross net QX and sales income remained XX% of QX million generated record million thank breakers. of were both revenues of you. of Recurring and strong

for as applications and opportunity cash Texas projects stock opportunistic growing significant cash buybacks. Despite of growth. that growth Florida's quarter, dollars our sheet Indiana's program balance and toward program many and School care well spending we well lost even over haven't locking opportunities like Secured hardware other this driven providing continues security $XXX investments Safety funds.  Security level School the funded program and as decline federal and continuing as as and dividend and Hardening residential from infrastructure like approved also going health retail governmental to in in equivalents increased get multi-dwelling with continued and for Our the forward grant are loss by Act, millions in states prevention sight commercial stronger state have after million into

focused opportunity our remain users new substantial cloud continue hosted system. access end each system, and control dealer and of these We generate enables revenue technology and commercial for the penetrating is could growth This the to new installing locking on in both markets. A which recurring access hardware IP MVP sales systems innovative further access long-awaited wireless for NAPCO. for of

also in it new dealers the and see investor like action.  We be to system this the MVP at York in exciting. International City Security very we'll will the thousands of will showing be Javits New show who it see Fran, to at month's please any welcome with Center We and come would installing contact Expo

this the picture as retrofit or sales about locks of get with revenue. you'll in You'll which and existing would ease, upgrade see for increased and equipment of new as industry. We're of NAPCO distributors how excited dealers, and powerful potential there, is drive technology the installations ultimately reoccurring well competitors our a

sales ours radio residences appreciate.  Our as strong and alike. straightforward with There that StarLink strong recognize copper other offices generally is No and level and feature-rich dealers fire enhancing our team of that panels, that in laboratory to shops need for still radios growth both compatibility networks, R&D commercial is Our the continually certified, of were to broadest are alarm from connectivity. With competitors, market. our can of AT&T these radios to high-performance capabilities restaurants coverage offer in and company the gold this continue with industry combined alarm Verizon also positioned offer buildings burgler millions dealers our competitors legacy and all and installations designed lines many coffee QX to schools standard. this hospitals we're and underwriter's which radios our ideally from transition and versatility. Unlike cellular are phone Starlink,

either MAX AT&T inventory SIM which signal solution, dual the feature-rich technology, Our for experience dynamically a streamlined latest Starlink the Fire their will X commercial simplify fire optimum networks them. love, for systems for providing This using communicator includes and alarm Verizon or dealers strength. while

for Prima NAPCO, home remains and introduced installation installation very All-in-One with company. recently the for a new by a connected XX-minute security Panel focus Our a important

is with built-in well market, each and smart as communications, more company dealer to goal add business options future. service believe and Our Wi-Fi Prima and go for as of security the important cellular kit. radio this Prima now We security residential an set mass revenue recurring necessary segment for alert of the the installed small customer peripherals Prima accounts. in can subscription Prima will generating along systems. With enhance sales including address offers video notifications the a system, full and the to help home

business. the Our financial strong growing balance net and indicate our income of strength cash

payable As of such, we X/X/XXXX are will on payout This our XX/XX/XX. on continue share. pleased shareholders program be with to dividend to of record a per $X.XXX

has opportunistically common repurchase to the Board earnings our as our release, company authorized announced shares additional stock. X up million an morning's of this In addition, in to

accomplish we our like superiority always, us strength, and future profitability product and have. thank for technical financial of in everyone we exciting and to As strive continued fiscal for this support goal for to their will beyond. I'd strong joining XXXX innovation,

formal proceed. the Q&A now we a please concluded, like call Operator, would Our for and session. open remarks to are

Instructions]. [Operator

Davidson. Your Summerville comes first of D.A. Matt from question

whether this different the have Help remarks, you the locking the then understand And is you grow side. revenues year? you prepared temporarily I is and your equipment or saw not full than and in distributors trend Kevin, hardware situation us a think why follow-up. mentioned lowering inventory you for radio that several this multi-quarter different can on

the off distributors they all of were coming except from the to we were get radio where they up radios, XG and loading sunset the for because with be deliveries had couldn't So, anybody us, sunset. prepared

buying that was could until several we're the then one It we to So, finished want for a that activity. going a election, that's lot work again. distributors happened. our projects knew now through. its by. start heard strong. the few lot then want event. wait we from a of a when projects And We're to the It much. And took wait period of sunset avenues, what of had say quarters several it went, having me to a to to way school assured from a school inventory. an going take They we the with I budget bunch period. I it and tuned. There's we're quarters. too saw they this And that And a talked we hopeful Why? came X based lot from to slow we'll this situation. it's because lot all comes of a them from I can to I'm of related. This sell-through. new what much start They was the quarter. the and different. later of distributors. strong with on some, from in their budget was we the It's see quarter. With a working budget several hard it up Upgrade sales October of They see is this saw until much week. quarter levels, different is they it We can Is different radio very Stay win Locking type locking, election? that That's hospital. wanted heard say. announce in there's the on. to inventory of personally, schools, it

about quarter as how feel take the So, what feel. we one That's we it. norm. in Don't being good new happened

as a one is the with That's earned grow we will this, net over with percentage still $XX So, It we income still of as coming the sales. quarters. we we'll the come even locking, what the next believe. think over of back This progresses. disappointment quarter. Even year XX% just million,

not guys magnitude and further year that in do percentage year the you about goes or about that growth expect whether period? you can a of ultimately promotional follow-up, you but growth in Then, Kevin, maybe terms, expect on the radios not quarter in as compared to of the -- prior talk to drive talked occurred in the maybe you as kind radios activity

the The it actively heavy words. We out radio felt to was we And it could enhance because We inventory more sheets, declining our a of do about to up beat Yes, But the showing that levels. sales big we us. quarters. was bothered competition, we in something changes radios made competitors. for that happy That Very sales. our we way within the the of where several radio radio promoted talked division We compared call they put that come some what difference. our differences radios. with ahead showing sells made the management change.

did we get behind So, come the should of the to a sales lot where to things be. to radio they scenes back

what the exceeded what saw so, knew of even I thought. was quarter it this through I distribution had coming far beyond. And I even was This inventory. we worked levels we back. knew

going to a little higher keep time. going. revenue result this an a to of as know It recurring important sales. immediate see have We how hit it these takes We is. We're increase to not

distributor, usually sits get in. be recurring, to dollars you get which kicks quarter, features focused only the the the ISC the then with saw X and that, few promotion coming too. free we But X, free sell of going. dealer means this out is level radios, sells better distributor to see it the where recurring, We're might of going he come East, see going the it that a a that You you'll and there's to new if we're to a keep so, to within is then dealer, month the in then to with for it.  And thing this future, it then months it main months, they activates a or x

comes & of question next from Needham Your James Company. Ricchiuti

they're spoken I know the different, it same What your and just though? a do these a the want you? way, are little I takes phenomenon, to of to than it's distributors before carrying confident the you? corrections that Where that quarter. gives Have inventory the but are go quarter Kevin, going back the more you locking X you telling of assurance are distributors? to radios? distributors, I by So basically how business. it's enough to are we've are we, these heard what And a Or bit different mean, the obviously, players? be

He at largest That's said, cases, the not. some back it's X-quarter In They're distribute the it's radios. a just this? and this largest President, I is to have the locking Spoke cases, The locking some does look, him, next event. And quarter, I same. one. of products, distributor say is election just what election, it's guys. to They spoke In said to length. what spoke to same. be I do? He the quarter. not want assured me the temporary we'll our X don't to we

from year, So, inventory on banking it see back. come their see I'm projects why I is, fiscal see big the level. I happened that project on last reason the stats. a there you I'm XXXX.  It's banking went based XXXX. it have Astoria on are The We I in sell-through somewhat differential shouldn't throughout the is, Other still on special him. Waldorf things project conversations stats. within that There's only no locking. had

security year. some that announcement, for So, projects other are be are comp. things. school and on that this there going But a there a other There'll are makes difficult

as the doing, will they very that's how that to year go be you and confidence So, distributors locking we special get this the what back this those were get year. projects good

the new that year? you distributor catalyst a the the was over the of X radio how sales of to distributors? added position much past the other How And

saw we growth I'd across inventory, even him. distributor heading X, the We other through plus our you into I was there one top work biggest board. biggest added it were that X, the one say, our Once is who catalysts, from our QX. one, the would say saw one. Those the we new left but

We've the And radios talked of active profitable X/X within Fire we the I'd much it across saw lot that radios. one. about board. We saw quarter. It's radio. we the So, pattern most this probably the lot. sold this of say our pretty And we It's we Fire. love saw a a

it was just line. again wasn't distributor. was more The hope It one. right It it is, continues quarter. than So, one this down the

Your Lance of Cowen. comes next question TD from Vitanza

I have two.

first, but uptick rebound, this to sales. the in expect do seeing you're the revenues The said, thinking on stay of how fire margin you're of composition that's And services here, I'm terms in in fiscal how of I just sort of going the that and and fiscal back heard what going Berg, impact the that of interested you to year radio half the you theme sales just and service I'm gross forward? 'XX, date. on to trends just seeing based versus

Right.

So we sales. get as strong radio said, you hardware

it. it distributor's in on feel a the maybe impact a more, shelf shelf. months. the installations. X.X do get inventory dealer they you the time. keeping always that say little his dealer, so Again, should it don't He's goes a You for sit feel will I activates recurring but usually After little could it They a away. to interested it in about takes on right immediately month, not

we'll we the QX. to some free several is which up feel So, there's After $XX, quick.  And like feel process QX. the you have amount, start maybe of of another And usually adds that it. that means then thing, end same want this of And, in rebate, it. back sort That in to course, some that, to recurring. months pretty fiscal year, of we feel quarter

ours will sense you to difference continue go the out show, and better the I it make radios just competition.  And power are the our to competition, radios very why have we being the even it than will the and see of aggressive ISC We're keep think, why to is get again, getting and going of better. So, believe rolling. if these between we word you

We Security which keep radios the radios within, adding going that new at and and to new Conference. see products and more International you're more use these

like radio still as in and of dealer for to standing the radios it's very it's It's put alarm radio from getting line with line developing, the the to the because their the it's And we communications the they applications. different way station. they're out multiple best, acknowledged the that radios not account is sent for there. it's So, exciting have.  The we're best and dealers it's that central the

So, lot see. of which it us far over we lots will in revenue unique new revenue of and product call future And which generate it. a and keep excited also the the as product, a introduction for locking we the MVP, can is a recurring as into as the becomes very and contributing product, it standard industry. will a years recurring of It's special, we're about access

of guess I the the that and going attaching fleet as I was quarter in the revenue was are per monthly sales get the have to a unit radio in at expecting lower forward, that what recurring or trying those about existing that you're at devices higher you same or out the field?

this and gets fire-heavy radio was than burg, quarter. very the more Fire a

be love even getting see. of this And the yet. in we And was fire. quarter. lot We're actually a don't more might That's mix even mix go a That better better, radio little could and amounts same, and better at bode well for better. better, higher we actually been while meaning it So, the is the the has saw fire. We'll It per But best. beyond know we that. the I XX%. margins. QX. Maybe better

[Operator from Capital Instructions] Your Humblin of next Group. Craig-Hallum Jeremy question comes

of ASP, getting little monthly understand wanted just they're on terms a support driving support see It because lower or is of the fee to versus higher? the the flat to margins starting monthly out, the on support service in just subscription are you're to costs just Fire. Fire similar costs little a I sounds cost better up bit burg, the I wanted higher you're the like the last that and again, follow fee point.

costs, minutes costs the cost. minutes. from carriers. support Support minimal. We the Similar That's are buy

it are an that be than It's to So, radio has lot. do it's electronically, might for minutes a working. Fire to inconsequential. Fire It to more check do in for minutes show burg, a the that not handshake. It's electronic uses

get get we the not the radio. a will by exceeds is big the the in But we picture, amount amount than it be than radio for The more a burg a differential So, a more fire whatever for radio burglary in lot. cost.

we just It's the again, offering believe But It's that's close. And profitable. So, why such that's just to we better get why better have ISC, we if a you'll go that. love not And you margins. I super fire. even the see than competition.

because something radio for fire dispatch once that of system that into lifetime fact put it's can marshal the have commercial fire the that the realize building It's alarm communicating inspected dealer, And the to keep alarm the the a central you situation because working building is commercial the a fire in sure regular station to basis the of fire to by department. of communicating. a the is make for reporting dealer on it's basically and

a push buildings retooled. fire to into we millions keep the So, of still have be the going. fire There's to millions jobs and big that have

not is copper it, it's the cracking replacement phone repairing going bad, breaking, and we that. it's with are As companies the the phone the become for

dealer for us. giving that that's sale for the on So, and a both keeps

inflation question that of follow-up as across number a Just from there's on you're minutes buying the a carriers, line items.

pressure buying you're seeing them. terms there? of that one carriers, from At is of level? insurance any the in noted But, what minutes are inflationary you You

the different with bidding competitive carriers. do We

other We these more added more So, a up radios. home minutes is we and for styles And and one of are more intrusion, is of control We're the panels buying automation. with make make not radios. more different and are radios X more system, One line prices the radios. also us. as basic going more to

sell more minutes. and buying all buy So, us what to minutes. the more they to That's want carriers And us. we're

the up. see prices So, we going don't

Last one for me.

towards X-quarter in mix that, like what to look of achieve revs that 'XX. sounds have about the the just hoping if potential it you on you're look on portion business. Is talked driving a that of issue, quite your sounds take but that for fiscal further revs your portion, XX-XX even an FY XX% I of equipment mix like a visibility that ahead bit year, in higher that equipment a as getting know the basis radio particularly business part a revenue for And to year? what revenues might service kind terms a locking in previously, like momentum you fiscal your of and of go-forward Just there to of to And next it's business exceed and close already. bit we little service revs you're

I radio pushing on would we're recurring on also business quarter hardware pedal The been both the has hardware, locking to hardware Well, the revenue the past. locking metal, the say fabulously in business. the each doing and business the

recurring revenue and with couple quarter So, and new a both the products future. But of new of getting with cannot looked here at in we in the both those engineering bump our share investing to of categories marketing, speed haul, more as long distributors higher business keep indicative and we've business us the be heights about. We're drive locking products X and doing. by that's the been expect for market our we're and got talking sales than what will we've to and

industry. in the way exciting it's We security So, very love the a leading future.

B. of Sharma Raj from comes question Riley. next Your

intrusion believe XX% said helps I segment? access in have part other part up I radios non-radio controls XX% of the year What How the in that overall about to you confident up of and are access for access And down segment? the up rest are and a so the that radios, the strongly, year-on-year, its intrusion you alarms the is Prima? in else of question that and picking the alarm is year-on-year. category. growth the it

so had Prima accessories. And have, That peripherals, have didn't Yes, sales in was that party, we a the we what QX pretty of But the was to didn't quarter. of out we confident, Raj, because XXXX. coming introduced speak. its lot

And growth the so, stalled as the kind progressed. that year of

to of a full we just XXXX, have when we of to starting accessories. so, QX came line were And

And out an when sales. are compare the last you coming year, of different. available, down. was of those accessories It year's starting because now this to uptick the it party so, Prima we're But to was see QX,

down a up But the every And rest basis, year First drove in be quarter. I versus it to what wasn't so, amazingly going where were segment that's so ago the versus comparative on year higher they this were think and forward ago. will be of in than a quarter, fiscal it that a radios year,

bit. radio of a So, it That's what masked the little why disclosed of it part kind we was. it

of authorization? And then what long the just on it the And amount till the or authorization, is effective? was buyback how valid

Right.

was We this hit XXX,XXX XXX,XXX we stop shares shares in bought authorization. back, we prior the left think there past And and quarter. I to this So, had was period. it that quiet from

And buy so, we that to wanted potentially to back. we make than sure more opportunistically had

to the of that. So authorization $X the we, added million with Board,

plus we that the had million before. $XXX,XXX $X $XXX,XXX, have We

quarter, bought available we limit thing We $X.X shares. no The it. million is, during $X.X there's not time is only XXX,XXX quiet million. There buyback. basically, last for period. Again, we on back spent back buy will So,

do goes. we it how why it X to added see million we'll it. That's sense, shares. makes If So, watch We we're going it the close.

from comes Jim question Ricchiuti of next Needham. Your

just us of distributors seasonality look wanted noise second both half. lot and with again I the follow-up. the as the of know business to the and fiscal but we there's on respect parts remind of I to a at inventories QX

want And no summer but that do That's or real to being to That's seasonality. want being school. strongest. they'd business, by seasonality be out what that, the Our of to really recess. one in winter jobs do quarters do historically get the of stronger changed. There's when weakest, very aspect Also, only where budgets. to would during with used were January kids in is, the to QX they'd December, the schools seasonal, the it QX jobs the affected is the it jobs want school means

won't projects budgets fiscal So, the budget until October a the And see lot start starts. Xst. October of of we Xst

year But again, quarters as to the our So, I it. do "seasonality" get typically with has stronger more think progresses. something than budgeting

usually X X X That's better better X, we've So, is is usually X historically is better than seen. what X. than and than

And both sounds business, like -- parts the of it

year. with get just radios all how I are That's it should round. don't just happen all should you affected When be. year it radios Actually, this. radios, think that's strong, by

or new with just How bit whether that it's given more Prima slowly, in terms a of a your ramping satisfied it's expectations you meeting are area for you?

a the a a We of have have be. that side, if dealer the accessories complement in think was contributor, major can't doorbells. is a and he a have it the expect will, He's the you have want needs that put in The can't whatever doesn't have full it When successful. job, doorbells. and right right product it He got he it to to really to a full we to putting still is. got transmitter. He's doesn't system, set. misstep, but He's got to have will be be you

now, quick quick, in of we But are accessories And it so, there. too all introduced retrospect. the maybe

So, it's time for it to perform.

our fiscal back results that of is, so, expectation And QX. towards of were year, we and better do going to the much it's this see in to the starting end

So, XX we'll it perform always product well. takes it and We to months say XX see new do to goes. really how a

with getting that to we're So, point Prima.

questions Mr. [Operator at Please Instructions] time. There continue, are no this Kevin Buchel. further

So, I'm for going it comments. Richard to turn to closing

Thank everyone, conference today's call. for you, participating in

speaking always, As few again information. We further support myself interest for a Kevin, you fiscal and to your call forward thank you Napco's to free to any all questions, you for months discuss and should have results. to or feel in Fran further QX look

more come would us, products think to are you going could feeling business. be in at see this I and wonderful it and product able dealers their if there talk for going and sales StarLinks recurring the to As generate more you at lines equipment products. about show sales We're Javits best the and why ISC month. show the see would you company revenue I to the Napco which new be said, are and the be the we and we'll you'll show the get And

wants care, a to wonderful and day. to forward look I So, you, have anybody Take come. welcoming that

Thank and your this today's concludes Ladies participation. gentlemen, conference call. for you

disconnect. You may now