Resideo, ADI Report Record 2022 Net Revenues

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Resideo Technologies, Inc. (NYSE: REZI) and its distribution division ADI have both reported positive revenues for their Q4 2022 and full fiscal year 2022, despite suffering from supply chain woes. Citing economic uncertainty ahead, the company has announced it will make a 5% workforce reduction.

For the full year 2022 ended on December 31, 2022, Resideo had record net revenue of $6.37 billion, up 9% from $5.85 billion in 2021. Resideo’s products and solutions side of its business represented $2.78 billion of the total revenue (up 13%), while the global distribution side of its business (ADI) accounted for $3.59 billion (up 6%) of the full-year revenue. Narrowing it down to just Q4, the company had net revenue of $1.56 billion, up 7%. The company’s gross profit margin was 27.6%.

“Across the organization the team continued to deliver for customers in the face of the dynamic supply chain environment and challenging macro-economic backdrop,” commented Jay Geldmacher, Resideo’s President and CEO. “Feedback from customers and our data indicate our competitive positioning remains strong across the majority of our key markets. This is evident in the results both ADI and Products and Solutions delivered in 2022, with record revenue and expanding profitability even as residential market growth began to slow in the second half of the year. We remain focused on executing on the substantial long-term opportunity to improve margins and drive higher profitability through product innovation, cost optimization, and manufacturing efficiency initiatives.”

Resideo Cost Reduction Actions Underway

“Given elevated near-term uncertainty around the macro-economic environment and the residential market outlook, we have taken action to reduce costs,” says Geldmacher. “This includes headcount reductions, scaling back certain investment initiatives, and further rationalizing corporate spending. We have also begun the manufacturing optimization work delayed due to supply chain challenges. These actions will position us to better respond to market fluctuations while continuing to support our customers and invest in key innovation and profit enhancement initiatives.”

Resideo has initiated cost reduction actions that are expected to result in an approximate 5% decrease in its global workforce and approximately $70 million of annualized savings once fully implemented, which is expected to be within the next 12 to 24 months.

According to the company, the key initiatives will include right-sizing the business, simplifying the organizational structure, optimizing manufacturing, and rationalizing corporate spending. These cost reduction measures are expected to improve the focus of operational resources on advancing strategic initiatives and better position Resideo to scale with future growth.

The restructuring is already underway, with the company incurring $35 million in restructuring and impairment expenses related to these costs reduction actions in the fourth quarter of 2022. Cash costs associated with these actions are expected to be approximately $25 million and paid throughout 2023.

Interface Systems Unveils New Brand Identity

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Interface Systems has unveiled a new brand identity reflecting the company’s evolution. With a new logo and a brand new website, the rebrand builds upon the company’s 27+ years of strength, stability and growth, and underscores Interface’s mission to simplify operations, maximize ROI and deliver relentless customer support for the nation’s top multi-location brands.

“Offering differentiated managed services using best-of-breed technologies has always been our strength. We pioneered the interactive remote video monitoring service that gives our customers an unprecedented advantage in securing people and assets. In the last few years, Interface has completely reimagined business security solutions by adding on business intelligence and strengthening our network offerings. Our suite of managed services are game changers for customers and we feel this is the right time to refresh our brand identity,” says Sunita Mani, SVP of Marketing at Interface.

The new brand identity includes a brand new logo that depicts the evolution of managed services using a series of vertical lines and a new set of brand colors that reflects Interface’s bold approach to deploying impactful solutions for customers.

“Business security is no longer just about cameras and alarms operating in silos. We have transitioned to a vertically integrated business security solution stack that’s designed to proactively address threats before they arise, leverage visual data streams and AI from cameras to measure customer experience, and deploy purpose-built connectivity solutions to enable digital transformation. Our refreshed brand identity captures the essence of what we are now offering to multi-location enterprises and franchise operators,” says Brent Duncan, CEO of Interface.

The brand refresh goes beyond just the brand identity. Interface is also streamlining its customer support processes, and is actively developing a new comprehensive customer portal for its extensive suite of services, highlighting its emphasis on delivering relentless support at every customer touchpoint.

DMP Launches its XV-24 with AlarmVision

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DMP’s new AlarmVision creates video analytics zones on connected cameras that integrate into XR Series panels like any other zone. Deter intruders by instantly triggering any output or action following detection of a person, animal or vehicle. AlarmVision can also use these analytics to trigger alarms directly on the panel, creating an instantly verified alarm sent to the monitoring center.

AlarmVision Benefits

  • Actively deters intruders and instantly triggers verified alarms through its integration directly into an XR Series panel.
  • Program your customer’s system for automation following object detection within an area.
  • Reduces false alarms and potentially costly fines.

All video and recorded clips are available in Virtual Keypad™.

DMP Promotes Sean Cleary

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Digital Monitoring Products (DMP) announces the promotion of Sean Cleary to Executive Director of Strategic Accounts. Cleary began his new role February 20th.

Cleary joined DMP in 2019 as Director of Financial Solutions where he’s served dealers and financial industry customers for nearly four years. In this role, he has created incremental revenue in pull through sales exceeding each year’s goals in the financials vertical and worked with both consumers and integrators to develop a pipeline of future revenue opportunities.

The focus of Cleary’s new position is to lead the sales efforts of vertical markets comprised of government, retail, and banking, along with strategic accounts including ADT Commercial, Convergint Technologies, Johnson Controls and Securitas Technology. Reporting to Cleary will be Pat Tobin, Executive Director Financials, Jamie Brennan, National Account Director for ADT Commercial, Jonathan Patton, National Account Director for Securitas Technology, Jim Hawthorne, Director of Retail Solutions, and Chad Hall, Director of Government Solutions.

Prior to DMP, Cleary led Bank of America’s Security Operations Team where he established, trained, and developed a multi-disciplined organization responsible for the tandem operations of two 24-hour command centers, complex security technology solutions, response and engagement strategies for security and continuity-related events, false alarm mitigations, access control administration, and intrusion alarm response. In this role, he excelled in leadership, strategy, operations and engagement with complex processes and security solutions.

Mark NeSmith, Vice President of Sales at DMP had this to say about Cleary, “Sean is a consummate professional – attentive, knowledgeable, and committed to serving our customers with excellence. I look forward to seeing him step into this new leadership capacity.”

COPS Monitoring Welcomes K9 Assistant to Workforce

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COPS Monitoring is proud to welcome its first K9 assistant to its workforce.

Throughout history from ancient Rome to Europe and China, there has been evidence of canines aiding humans. However, service dogs were not legally recognized by the United States until the Americans with Disabilities Act (ADA) was passed in 1990. Today, there are roughly a half a million service dogs in the United States alone.

While ADA Title I applies to private employers with 15 or more employees, state and local governments, employment agencies, and labor unions, not every work environment is safe or hospitable to a service animal.

“I can’t tell you just how pleased I am that COPS Monitoring is the perfect atmosphere for employees and their service animals,” said COPS’ founder and president Jim McMullen. “I’ll be honest, in our 45 years, it was only recently that we were approached with the idea of accommodating a K9 companion.  There are talented people with service animals that may not know about us, and we are working to change that. We are fortunate that our monitoring centers are the perfect place for people with service animals who are inspired to help others through the work that we do.”

“It’s surprisingly difficult finding companies that have the right atmosphere for service animals,” explained Rebekkah, Kovu’s companion. “Kovu and I feel so fortunate to find a place like COPS Monitoring. We both feel at home here and are proud to be productive members of the team.”

“When he’s working, he’s very vigilant and has his eye on me at all times,” shared Rebekkah. “When he’s off the clock, Kovu is a goofy, fun-loving boy who can usually be found at home playing with his tennis ball.  He also enjoys tagging along at the farm to help keep me in good company,” she concluded.

Though Kovu is considered a service animal, and not a pet, everyone at COPS loves having him around. Studies have also shown that the presence of dogs in the workplace can improve morale and lower stress levels which are both vital to concentrating on critical tasks and an overall healthy workplace environment.

The Monitoring Association Appoints New Government Relations Committee Chair

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The Monitoring Association (TMA) is pleased to announce the recent appointment of James Marcella to the chairmanship of its Government Relations Committee. In this important role, Marcella will lead TMA’s state and local advocacy efforts and often partner with the Alarm Industry Communications Committee (AICC) on legislative initiatives. A longtime TMA member and volunteer contributor, Marcella is currently the director, Industry Associations, for Massachusetts-based Axis Communications.

“James has been a valued member and volunteer within the TMA community for more than a decade. He possesses quite a broad spectrum of knowledge relative to security industry technology, best practices, and business trends, which make him ideally suited for this important role within TMA,” stated Morgan Hertel, president, TMA. “His unique insights into key legislative issues impacting security industry businesses, as well as the state and local legislative process, are especially valuable to the TMA community at this time.”

Learn more about TMA’s Government Relations Committee at http://tma.us/about/our-committees/#toggle-id-11.

YourSix, Acadian Monitoring Services Partner

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TMA members YourSix Inc. and Acadian Monitoring Services are partnering to bring a true device-to-cloud physical security solution to their dealers. Combining the YourSixOS platform with Acadian’s world-class central station team allows their customers and partners to fully benefit from the shift to cloud and video monitoring.

“We’re thrilled to expand our offerings with the help of YourSix to better serve our customers’ needs by providing this leading software-defined visual intelligence platform,” said Acadian Monitoring Services Senior Director Brandon Niles.

Eric Styles, CEO of YourSix, added, “We are excited to arm Acadian Monitoring Services, and their dealers, with a pure cloud Physical Security as a Service solution built for video monitoring.”

Nationally recognized and awarded, Acadian operates fully redundant UL-listed monitoring centers that are in operation 24/7/365, ensuring seamless and continuous monitoring for customers. The centers are staffed by expert alarm and video monitoring analysts. Acadian Monitoring Services is a division of Acadian Ambulance Service, the largest privately owned ambulance company in the nation. With over 50 years of emergency response experience, each of Acadian’s seven divisions is centered on improving the lives of their patients, customers, and employees.

YourSix is an award-winning PSaaS provider founded by veterans, fueled by visionaries, and fixated on security. They equip users to more intelligently safeguard their most important assets, eliminate blind spots, and leverage visual intelligence in operational success.

Now More Real-Time Integration Choices for NAPCO’s Alarm Lock Wireless Trilogy Networx & ArchiTech Access Locks with 3 Leading Security Platforms: Lenel OnGuard 8.0/8.1, Continental Access CA4K Enterprise and AirAccess Cloud/Cell-Based Systems

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NAPCO Security Technologies announced that its increasingly popular Alarm Lock Trilogy Networx® Wireless PIN and Prox Access Locks are newly certified with Lenel Version 8.0/8.1 OnGuard® Integrated Access Control & Video Security Platform. As a Lenel Open Access Alliance Program Partner (OAAP), Alarm Lock Networx Access Lock products (PL, PDL, and DL-Series) were fully tested and certified by Lenel’s Quality Assurance Department for use with OnGuard. With this update, integrators and VARs have a choice of security management platforms, seamlessly integrated with the Company’s award-winning locks, now including Lenel, Continental Enterprise, and new AirAccess Cellular Hosted ACaaS systems, the latter two, from sister divisions of Alarm Lock’s parent company, NAPCO Security Technologies.

Award-winning Alarm Lock Networx, and its customizable counterparts, the designer ArchiTech Series, are the networked wireless versions of Alarm Lock’s Trilogy Series, the #1 selling standalone lock in their class, popular for durability, years of battery life, advanced options, and installation ease. Upgrading to any of these three platforms, from the standard Alarm Lock DL-WINDOWs database software, enables real-time lockdown, global operations, scheduled server-based programming, etc, offering a far more powerful and flexible real-time wireless access control solution within Lenel’s OnGuard Platform, Continental Access’ CA4K Enterprise Security Management Systems or AirAccess Cellular/Cloud-Based Hosted Access System, uniquely featuring easier cell-based networking.

 

Alarm Lock’s Trilogy Networx Series and ArchiTech’s locks, offer businesses and facilities, controlled access, and real-time lockdown security and server-based management, for a few doors or users, to thousands, while creating a commonality of function and ease of use, on any door type, using cylindrical, mortise, narrow stile, and exit trim models. These platform integration options, with Lenel OnGuard 8.0/8.1, Continental Access CA4K Enterprise, and AirAccess Cloud/Cell-Based Systems, offer security- and locking-professionals even more access to the strongest vertical market sectors today, i.e., education, healthcare, government, retail and transportation/airports, etc.

 

For more information or availability, please visit www.alarmlock.com , contact your local Alarm Lock Sales Representative, Distributor, or call the Alarm Lock Division of NAPCO Security Technologies at 1.800.ALA.LOCK. Also, stop by and ask for a demonstration at the ISC West Show in Vegas March 29-31st, NAPCO Security Technologies Booth 12031.

TMA Welcomes Zeus Fire and Security CEO to its Board of Directors

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The Monitoring Association (TMA) is pleased to announce the recent appointment of Scott R. Elkins, CEO, Zeus Fire and Security, to its Board of Directors. An accomplished and highly respected security industry executive, Elkins was appointed by TMA President Morgan Hertel to fill in a vacancy in the Board of Directors.

TMA President Morgan Hertel shared, “Scott brings more than three decades of security industry knowledge and experience to his new role within TMA. He is a passionate leader and is deeply committed to excellence in all aspects of his work. His unique insights to business and technology will assuredly be an asset to our Board and to our membership community as we evolve to meet the changing landscape of our industry.”

“It is an honor to be appointed to the TMA Board of Directors.  I have dedicated my entire professional career to this industry and TMA has been an invaluable resource to me and companies along the way. Every industry needs a strong governing association, and we are so fortunate to have TMA serve that role for the Monitoring Industry,” stated Elkins. “The opportunity to give back is appreciated and one I do not take lightly.  It is a privilege to serve with so many dedicated industry professionals, many of whom who have been long-term friends and colleagues.  I believe that TMA’s best days are ahead of it as we continue to support this amazing industry in these new, challenging, and exciting times.”

Per Mar Security Services Named Top Regional Channel Partner

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Per Mar Security Services was named 2022 Top Regional Channel Partner by Axis Communications. Chris Edwards, president of the electronic security division for Per Mar, accepted the award saying, “We are honored to be recognized by Axis for this award. Video, and specifically live video monitoring, has been increasingly popular with our customers and has been a significant driver of growth for us.”

Axis Communications’ regional and area sales managers selected Per Mar for the award based on the company’s continue growth, revenue, loyal partnership, and drive to offer customers the best and most secure video solutions.

“Axis Communications is proud to recognize Per Mar Security Services of Iowa as our 2022 Top Regional Channel Partner” said Karl Radke, Midwest Business Area Director for Axis Communications. “Per Mar Security Services strives to provide their end customers with the best designs and security solutions available today. Their quality services coupled with their collaborative partnership approach to business puts them at the forefront of our Iowa partners.”