EarningsAnalyst's estimates for fiscal years 2025 and 2026 are being lowered, reflecting more conservatism in the Locking business.
Financial PerformanceEquipment revenue declined 6% year-over-year, reflecting declines in Locking sales and Intrusion & Access Alarm Products.
Legal IssuesThe lawsuit alleges that the restatements - which did lead to reduced net income - were the result of management having directed employees to delay shipment of sold goods in order to record lower cost of goods sold and thus higher income.