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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001157523-07-009279.txt : 20070919
<SEC-HEADER>0001157523-07-009279.hdr.sgml : 20070919
<ACCEPTANCE-DATETIME>20070919083631
ACCESSION NUMBER:		0001157523-07-009279
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070917
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070919
DATE AS OF CHANGE:		20070919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAPCO SECURITY SYSTEMS INC
		CENTRAL INDEX KEY:			0000069633
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		IRS NUMBER:				112277818
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10004
		FILM NUMBER:		071123607

	BUSINESS ADDRESS:	
		STREET 1:		333 BAYVIEW AVE
		CITY:			AMITYVILLE
		STATE:			NY
		ZIP:			11701
		BUSINESS PHONE:		5168429400

	MAIL ADDRESS:	
		STREET 1:		333 BAYVIEW AVE
		STREET 2:		XXXXXXXXXXXXXXXXXXX
		CITY:			AMITYVILLE
		STATE:			NY
		ZIP:			11701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5495798.txt
<DESCRIPTION>NAPCO SECURITY SYSTEMS, INC.  8-K
<TEXT>

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    --------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported)
                               September 17, 2007


                          NAPCO SECURITY SYSTEMS, INC.
               (Exact name of registrant as specified in charter)


   Delaware                        0-10004                      11-2277818
- ---------------                  ------------               -------------------
(State or other                  (Commission                   (IRS Employer
jurisdiction of                  File Number)               Identification No.)
incorporation)


                 333 Bayview Avenue, Amityville, New York 11701
                    (Address of principal executive offices)


Registrant's telephone number, including area code (631) 842-9400

Check the appropriate box below if the Form 8-K filing is intended to satisfy
the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2 below):

{ }     Written communications pursuant to Rule 425 under the Securities Act
        (17 CFR 230.425)

{ }     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR 240.14a-12)

{ }     Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))

{ }     Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))

- --------------------------------------------------------------------------------
                                     Page 1
<PAGE>

                    INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On September 17, 2007, the registrant issued a press release to report results
for the year ended June 30, 2007. This press release is furnished as Exhibit
99.1.

The information in this Current Report on Form 8-K, including the exhibit
attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed to
be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that section.


ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits:

99.1    Press Release issued by Napco Security Systems, Inc. dated
        September 17, 2007.

- --------------------------------------------------------------------------------
                                     Page 2
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.


                                            NAPCO SECURITY SYSTEMS, INC.
                                            ------------------------------------
                                            (Registrant)


Date: September 17, 2007                    By: /s/ Kevin S. Buchel
                                            ------------------------------------
                                            Kevin S. Buchel
                                            Senior Vice President and
                                            Chief Financial Officer



- --------------------------------------------------------------------------------
                                     Page 3
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5495798ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1


                NAPCO Reports Results for Fiscal 2007

Lower Sales and Profits Due to Slower Housing Starts and Export Sales

     Substantial Increases in Locking and Access Control Divisions


    AMITYVILLE, N.Y.--(BUSINESS WIRE)--Sept. 17, 2007--NAPCO Security
Systems, Inc., (NASDAQ: NSSC), one of the world's leading suppliers of
high performance electronic security equipment for over 30 years,
today announced financial results for its fiscal year ended June 30,
2007.

    Net sales for the fiscal year ended June 30, 2007 were
$66,202,000, a decrease of 5% compared to $69,548,000 reported for the
fiscal year ended June 30, 2006. Operating income decreased 32% to
$6,501,000 in fiscal 2007 from $9,523,000 in fiscal 2006. Net income
for fiscal 2007 decreased 31% to $4,217,000, or $0.21 per fully
diluted share as compared to $6,119,000, or $0.30 per fully diluted
share for fiscal 2006. Per share results are based on 20,556,000 and
20,605,000 fully diluted weighted average shares outstanding in fiscal
2007 and 2006, respectively.

    Richard Soloway, Chairman and President, stated, "Although
earnings for the year were lower, NAPCO still achieved the third
highest net income in its history despite an environment of decreasing
home sales and tightening credit markets, which has resulted in lower
residential intrusion sales. In contrast to the residential
marketplace, we continue to be very pleased with the commercial
portion of the business, due to the strength of our locking and access
control products. In addition, I am particularly encouraged by the
renewed performance of our international sales division. While foreign
sales year-over-year declined by over $1.6 million, the international
restructuring we implemented earlier in the year has begun to show
measurable positive results, as evidenced by fourth quarter sales in
Europe increasing by over 16% as compared to the fourth quarter in
fiscal 2006."

    Mr. Soloway added, "NAPCO has already achieved significant
momentum with a product manufactured for ADT (a leader in security
system installation and monitoring)--the Safewatch Videoview(R)
product. This easy-to-use product allows ADT's customers to
cost-effectively video monitor their premises using cell phones or
computers, from anywhere, at anytime. We are very optimistic about the
future prospects of this product for ADT. Additionally, our efforts
with ADT to market an easy-to-use, false alarm proof, alarm system,
called Safewatch(R) "EZ" continue, albeit somewhat slower than
anticipated. We are equally optimistic about the success in rolling
out both NAPCO's video technology called iSeeVideo(TM) and our code
free alarm panel technology (Freedom 64(TM)) to the entire alarm
industry, which monitors over 20 million customers."

    The gross profit for fiscal 2007 amounted to 35% as compared to
37% a year ago. The decline was predominantly due to lower overhead
absorption as a result of lower production levels, particularly in the
second half of fiscal 2007. The lower production levels were a part of
the Company's efforts to reduce its inventory levels. Inventory had
increased during the year due primarily to too high of a sales
forecast, mainly in the Company's intrusion products. The Company's
recent efforts have resulted in a reduction of inventory levels by
over $3 million in the fourth quarter.

    Mr. Soloway concluded, "NAPCO's financial performance this year
was disappointing. However, our confidence in strong future growth
remains undiminished. We have solid financial resources, including an
increased credit facility, to support our growth and the wherewithal
to acquire companies that will be immediately accretive in market
segments that mesh well with our own. We will continue to aggressively
invest on R&D to provide the marketplace with innovative products and
systems that will maintain NAPCO's position as the market leader in
developing and providing security products and systems to meet the
needs of our government, industrial, commercial and residential
customers. We believe that all the necessary components are in place
to improve shareholder value in fiscal 2008."

    NAPCO Security Systems, Inc. is one of the world's leading
manufacturers of technologically advanced electronic security
equipment including intrusion and fire alarm systems, access control
systems and electronic locking devices. The Company's products,
including those of Alarm Lock and Continental Instruments, feature
some of the most popular and best-selling security control panels and
sensors, locking devices and access control products. They are used in
residential, commercial, institutional, industrial and governmental
applications. NAPCO security products have earned a reputation for
technical excellence, reliability and innovation, poising the Company
for revenue growth in the rapidly expanding electronic security
market, a market whose current size exceeds $30 billion.

    For additional information on NAPCO, please visit the Company's
web site at www.napcosecurity.com.

    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.


            NAPCO SECURITY SYSTEMS, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF INCOME FOR THE YEAR ENDED JUNE 30,
           (In Thousands, Except Share and Per Share Data)


                                                 2007         2006
                                              ----------   ----------
Net sales                                    $    66,202  $    69,548
Cost of sales                                     43,013       43,607
                                              ----------   ----------
   Gross Profit                                   23,189       25,941
Selling, general, and administrative
 expenses                                         16,688       16,418
                                              ----------   ----------
   Operating Income                                6,501        9,523
                                              ----------   ----------
Other income (expense):
 Interest expense, net                              (637)        (258)
 Other, net                                          (17)         (14)
                                              ----------   ----------
                                                    (654)        (272)
                                              ----------   ----------
Income Before Minority Interest and Income
 Taxes                                             5,847        9,251
Minority interest in loss of subsidiary              292          132
                                              ----------   ----------
Income Before Provision for Income Taxes           6,139        9,383
Provision for income taxes                         1,922        3,264
                                              ----------   ----------
   Net Income                                $     4,217  $     6,119
                                              ==========   ==========

Earnings per share:
 Basic                                       $      0.21  $      0.31
 Diluted                                     $      0.21  $      0.30

Weighted average number of shares
 outstanding:
 Basic                                        19,918,000   19,785,000
 Diluted                                      20,556,000   20,605,000



            NAPCO SECURITY SYSTEMS, INC. AND SUBSIDIARIES

        QUARTERLY RESULTS FOR THE THREE MONTHS ENDED JUNE 30,
           (In Thousands, Except Share and Per Share Data)
                             (Unaudited)

                                                       2007     2006
                                                      ------   ------
Net sales                                            $20,530  $21,060
Cost of sales                                         14,219   12,649
                                                      -------  -------
    Gross Profit                                       6,311    8,411
Selling, general, and administrative expenses          4,483    4,728
                                                      -------  -------
    Operating Income                                   1,828    3,683
                                                      -------  -------
Other income (expense):
   Interest expense, net                                (260)     (92)
   Other, net                                             (4)      (4)
                                                      -------  -------
                                                        (264)     (96)
                                                      -------  -------
Income Before Minority Interest and Income Taxes       1,564    3,587
Minority interest in loss of subsidiary                  197       19
                                                      -------  -------
Income Before Provision for Income Taxes               1,761    3,606
Provision for income taxes                               772    1,260
                                                      -------  -------
    Net Income                                       $   989  $ 2,346
                                                      =======  =======

Earnings per share:
   Basic                                             $  0.05  $  0.12
   Diluted                                           $  0.05  $  0.12



    CONTACT: NAPCO Security Systems, Inc.
             Richard L. Soloway, CEO, 631-842-9400 ext. 120
             Kevin S. Buchel, Senior VP
             or
             Wolfe Axelrod Weinberger Assoc. LLC
             Donald Weinberger
             Alisa D. Steinberg (Media)
             212-370-4500
             Fax: 212-370-4505
             don@wolfeaxelrod.com
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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