SEC Digest
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Napco, Microsoft, Heineken: Filings Digest September 15, 2014

In today’s SEC filings digest, Napco sales relatively flat, Microsoft purchases Minecraft, and Heineken turns down SABMiller’s offer.

Napco sales relatively flat

Napco Security Technologies, Inc. (NSSC) announced its financial results for the fourth quarter and full fiscal year 2014, reporting sales that were fairly flat on both a quarterly and annual basis. The high-tech electronic intrusion security company posted quarterly net sales of $21.5M, down slightly from $21.8M, with an improving gross margin to 38.5%, up from 38.1%. Quarterly earnings fell from $0.17 per share to $0.12 per share, with net income rising 25% to $4.0M. On an annual basis, the company’s net sales rose 4% from $71.4M to $74.4M. Net income for the year increased 15% to $3.5M and $0.18 per share, up from last year’s $3.0M and $0.16 per share. Chairman and President Richard Soloway remarked that the company worked hard during the year to position itself for long-term, sustained growth, and that the company performed great to improve its profitability.

Microsoft purchases Minecraft

Microsoft Corporation (MSFT) announced it has entered an agreement to purchase the company Mojang AB, the creators of the Minecraft videogame, in a deal valued at $2.5B. The Mojang team will join Microsoft but its founders will not, as they will leave to start on new projects. Co-founder Markus Persson remarked that it was never their plan to grow Minecraft to the size it has become and that the game has forced them to focus on that game, preventing them from working on other projects. The acquisition is expected to close before the end of the year and the small company, which only has 40 employees, will be able to integrate with Microsoft. Mojang only has three shareholders and executives, enabling them to enjoy a significant payday with which they can help fuel their next venture.

Heineken turns down SABMiller’s offer

Heineken Holding NV (HKHHF) announced it has declined the offer made by SABMiller PLC ORD (SBMRF) to take over the company, stating that the Heineken company will remain an independent brewer. Heineken is distributed in over 100 countries, penetrating more markets that have previously been held by local brands. SABMiller, which owns the Miller, Foster’s, and other brands, has not been able to achieve the same degree of penetration as Heineken and would like to more directly compete with other companies like Anheuser-Busch InBev. Heineken, which has been family-owned since 1864, still is under control by the Heineken family, which owns 50% of the company. In a released statement the company said SABMiller’s proposal is unacceptable and that Heineken seeks to preserve its heritage and identity.

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