NAPCO Security Techs (NASDAQ:NSSC) stock is taking a beating on Monday following the release of preliminary results for its fiscal Q4 earnings report.

The company starts that off with a preliminary revenue estimate of $44.7 million for the quarter. For the record, that would have it missing Wall Street’s revenue estimate of $48.09 million for the period. That’s despite NAPCO Security Techs noting that it would be a quarterly revenue record for it.

In addition to that, the company is expecting net income for the quarter to range from $10 million to $11 million. It also points out that it has $67 million of cash and cash equivalents, investments, and marketable securities on record with no debt.

NSSC Restated Results

Another blow for NSSC is restated data from prior quarters. The company discovered an accounting error that resulted in it overstating gross profits during its first three fiscal quarters of 2023.

Let’s break those changes down real quick.

• Fiscal Q1 2023 — Restated estimated net income of $2.9 million compared to its prior of $6.4 million.
• Fiscal Q2 2023 — Restated estimated net income of $3.7 million compared to its prior of $8.4 million.
• Fiscal Q3 2023 — Restated estimated net income of $10.8 million compared to its prior of $9.5 million.

With this news comes heavy trading of NSSC stock as investors sell shares. That has some 576,000 shares changing hands as of this writing. For the record, its daily average trading volume is about 345,000 shares.

NSSC stock is down 37.1% as of Monday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.