Nortech Systems Reports Third Quarter Results

Nortech Systems Incorporated (NASDAQ: NSYS), a prominent provider of engineering and manufacturing solutions for intricate electromedical and electromechanical products catering to medical, industrial, and defense sectors, disclosed its financial outcomes for the third quarter concluding September 30, 2024.

In the third quarter of 2024, the key financial highlights were as follows:
– Net sales reached $31.4 million
– Net loss amounted to ($739) thousand, or ($0.27) per diluted share
– Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at $143 thousand
– The 90-day backlog as of September 30, 2024, was $29.6 million

Jay D. Miller, President and CEO of Nortech Systems, commented on the impact of customer trends affecting net sales, highlighting efforts to reinforce customer relationships amidst industry challenges and strategic moves to enhance efficiency and reduce costs.

Nortech Systems recently completed a restructuring of back-office and plant operations to offer better-quality products with shorter lead times. The company remains optimistic about its customer pipeline and future prospects, emphasizing strategic initiatives to enhance business scalability and operational efficiency.

Financial data comparisons for the third quarter of 2024 and previous periods were provided, demonstrating changes in net sales, gross profit, operating expenses, net income, EBITDA, and adjusted EBITDA.

The company also announced a live conference call and webcast to discuss the third quarter results on November 7, 2024, at 7:30 a.m. central time, hosted by CEO Jay D. Miller and CFO Andrew D. C. LaFrence. Interested participants can access the call at the provided webcast link.

Nortech Systems Incorporated, headquartered in Maple Grove, Minnesota, operates across seven manufacturing facilities and design centers in the U.S., Latin America, and Asia. The company’s shares are traded on the NASDAQ Stock Market under the symbol NSYS.

Please note that the information in this article is sourced directly from the 8-K SEC filing by Nortech Systems Incorporated and is presented objectively without alteration.

It should be noted that forward-looking statements in the provided text are speculative and subject to inherent risks and uncertainties. These statements are based on current expectations and may differ from actual results due to various factors and conditions.

For more information and detailed financial statements, individuals are encouraged to directly refer to the official sources as mentioned in the report.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Nortech Systems’s 8K filing here.

Nortech Systems Company Profile

Nortech Systems Incorporated provides design and manufacturing solutions for electromedical devices, electromechanical systems, assemblies, and components in the United States, Mexico, and China. It offers a range of technical and manufacturing, and support services, including project management, designing, testing, prototyping, manufacturing, supply chain management, and post-market services.