Business
Nortech Systems Announces 2022 First Quarter Results
MINNEAPOLIS--(BUSINESS WIRE)-- Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex
About this update from Nortech Systems Incorporated
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nNortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, defense and industrial markets, reported results for the first quarter ended March 31, 2022.\n\n2022 First Quarter Highlights\n\n\nRevenue up 39%, or $8.6 million, compared to the first quarter of 2021.\n\n\nTrailing twelve-month revenue as of March 31, 2022 of $124 million, up more than 25% from trailing twelve-month revenue as of March 31, 2021.\n\n\nGross margin of 13.2%, up 6.1 percentage points compared to the first quarter of 2021.\n\n\nTotal backlog of $97.6 million, up over 55% compared to backlog as of March 31, 2021.\n\n\nManagement Commentary\n\n“We were pleased to begin 2022 with continuing positive momentum from last year and we are optimistic about the remainder of this year,” said Jay D. Miller, Chief Executive Officer and President. “In partnership with our customers and suppliers, everyone at Nortech worked diligently to help mitigate ongoing supply chain challenges, inflationary pressures, and lingering pandemic impacts.\n\n“Our team made significant progress in several key performance areas during the quarter, including revenue growth, pricing adjustments, operating cash flow, and new product development,” noted Mr. Miller. Launched last month, Nortech’s Active Optical Xtreme (AOX) cable technologies target challenging data-dependent applications – including factory automation, machine vision and robotics – and complement the Company’s Intercon 1 product line. Mr. Miller added, “Developing select proprietary technologies complements our global manufacturing operations and engineering services.”\n\n2022 First Quarter Results (in thousands)\n\n\n\n \n\n\n\nQ1 2022\n\n\n\nQ1 2021\n\n\n\nYoY change\n\n\n\n\n\nRevenue\n\n\n\n$ 30,711\n\n\n\n$22,072\n\n\n\n+39%\n\n\n\n\n\nGross Profit $\n\n\n\n$4,044\n\n\n\n$1,561\n\n\n\n+159%\n\n\n\n\n\nGross Margin %\n\n\n\n13.2%\n\n\n\n7.1%\n\n\n\n+6.1 percentage points\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$640\n\n\n\n($1,479)\n\n\n\n+$2,119\n\n\n\n\nIn the first quarter of 2022, revenue totaled $30.7 million. This represents a 39.1% increase from revenue of $22.1 million in the first quarter of 2021. Net income totaled $138,000, or $0.05 per basic and diluted share, ...