Item 5. Market for Registrant’s Common Equity
ITEM 5: MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Principal Market
NAPCO's Common Stock is traded on the NASDAQ Stock Market, Global Market System, under the symbol NSSC.
Approximate Number of Security Holders
The number of holders of record of NAPCO's Common Stock as of September 10, 2021 was 62 (such number does not include beneficial owners of stock held in nominee name).
Dividend Information
NAPCO has declared no cash dividends during the past two years with respect to its Common Stock.
Equity Compensation Plan Information as of June 30, 2021
NUMBER OF SECURITIES
NUMBER OF SECURITIES
WEIGHTED AVERAGE
REMAINING AVAILABLE FOR
TO BE ISSUED UPON
EXERCISE PRICE OF
FUTURE ISSUANCE (EXCLUDING
EXERCISE OF
OUTSTANDING
SECURITIES REFLECTED IN
OUTSTANDING OPTIONS
OPTIONS
COLUMN (a)
PLAN CATEGORY
(a)
(b)
(c)
Equity compensation plans approved by security holders:
153,090
$
20.13
800,010
Equity compensation plans not approved by security holders:
—
—
—
Total
153,090
$
20.13
800,010
(1) In May 2020, the stockholders approved the 2020 Non-Employee Stock Option Plan which authorizes the granting of awards, the exercise of which would allow up to an aggregate of 50,000 shares of the Company's common stock to be acquired by the holders of such awards. In December 2018, the stockholders approved the 2018 Non-Employee Stock Option Plan which authorizes the granting of awards, the exercise of which would allow up to an aggregate of 50,000 shares of the Company's common stock to be acquired by the holders of such awards. In December 2012, the stockholders approved the 2012 Employee Stock Option Plan which authorizes the granting of awards, the exercise of which would allow up to an aggregate of 950,000 shares of the Company's common stock to be acquired by the holders of such awards. In December 2012, the stockholders also approved the 2012 Non-Employee Stock Option Plan which authorizes the granting of awards, the exercise of which would allow up to an aggregate of 50,000 shares of the Company's common stock to be acquired by the holders of such awards.
Table of Contents
ITEM 6: SELECTED FINANCIAL DATA.
The table below summarizes selected financial information. For further information, refer to the audited consolidated financial statements and the notes thereto beginning on page FS-1 of this report.
Fiscal Year Ended and at June 30,
(In thousands, except share and per share data)
2021
2020 (5)
2019 (4)
2018
2017
Statement of earnings data:
Net Sales
$
114,035
$
101,359
$
102,932
$
91,746
$
87,374
Gross Profit (3)
50,151
43,592
43,890
37,995
36,301
Income from Operations
17,335
10,813
13,466
8,414
6,378
Net Income
14,901
8,520
12,223
7,649
5,599
Cash Flow Data:
Net cash flows provided by operating activities
22,987
10,305
8,653
7,864
2,448
Net cash flows used in investing activities
(6,429)
(1,615)
(1,988)
(1,280)
(1,414)
Net cash flows provided by (used in) financing activities
—
1,530
(3,945)
(4,730)
(1,385)
Per Share Data:
Net earnings per common share:
Basic
$
0.81
$
0.46
$
0.66
$
0.41
$
0.30
Diluted
$
0.81
$
0.46
$
0.66
$
0.41
$
0.30
Weighted average common shares outstanding:
Basic
18,348,000
18,444,000
18,574,000
18,788,000
18,809,000
Diluted
18,404,000
18,493,000
18,624,000
18,825,000
18,854,000
Cash Dividends declared per common share (1)
$
—
$
—
$
—
$
—
$
—
Balance sheet data:
Working capital (2)
$
75,810
$
61,046
$
51,083
$
44,301
$
40,798
Total assets
123,293
105,838
85,908
73,269
70,862
Long-term debt
1,518
2,110
—
—
3,500
Stockholders' equity
93,237
77,901
71,172
63,453
56,889
(1) The Company has never paid a cash dividend on its common stock.
(2) Working capital is calculated by deducting Current Liabilities from Current Assets.
(3) Prior period balances have been reclassified to conform to the current period presentation.
(4) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) was adopted on July 1, 2018, which resulted in an increase in sales allowance reserves (i.e. refund liabilities) by a net of $1,627,000 and increase in other assets (i.e. return related assets) by a net of $716,000. See Footnote 2 to the consolidated financial statements.
(5) ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02) was adopted on July 1, 2019. Adoption of the new standard resulted in the recording of an operating ROU asset and lease liabilities of approximately $7.7 million. See Footnote 13 to the consolidated financial statements.