- NAPCO Security Technologies (NASDAQ:NSSC) has announced plans to continue to repurchase shares under the previously authorized program of 1M shares, the company has the ability to repurchase approximately 230K shares.
- Richard Soloway, President & CEO of NAPCO stated, "We believe that in light of the prospects that NAPCO has in front of us with the new products recently launched such as, the Starlink Connect and Dual Path communicators, these could lead to accelerated growth for us. The recurring revenue from these products and others grew 51% in fiscal 2018 versus the year ago period and now has an annualized run rate of $14.7 million based on the month of July 2018. We believe that the outlook for school security is strong and should add to our growth in the future as well being driven by all of the funding legislation that many states have passed in the recent months. The Company has determined that repurchasing shares at the current levels will be an attractive use of our capital."
- Now read: ADT Acquires Secure Designs For Small Business Cybersecurity
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