Business
Nortech Systems Reports 2019 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 electromechanical products serving the medical, industrial and aerospace and defense markets, reported net sales of $116.3 million for the year ended December 31, 2019, an increase of 3%, compared to $113.4 million for fiscal 2018. \n\n\nOperating income for fiscal 2019 was $224,000, compared to $1.3 million for fiscal 2018. Net loss for fiscal 2019 was $1.2 million, or $0.45 per diluted common share. Fiscal 2018 had net income of $166,000, or $0.06 per diluted common share. \n\n\nFor the fourth quarter of 2019, net sales were $30.8 million, an increase of 7%, compared with $28.8 million for the prior-year period. The fourth quarter operating income was $805,000 compared to the prior-year period operating loss of $14,000. The fourth quarter net income of $271,000, or $0.10 per diluted common share, compares with a net loss of $197,000, or $0.07 per diluted common share, for the fourth quarter of 2018. December 31, 2019 backlog was $49.7 million vs. $45.0 million at December 31, 2018.\n\n\n\"We are pleased with our improvements in margin and operating income for the last half of the year. Revenue for 2019 met our expectations and backlog remains strong,\" said Jay D. Miller, president and CEO.\n\n\nNortech uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions in partnership with our medical, industrial and defense customers, enabling them to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities. \n\n\nEfforts to Address COVID-19\n\n\nNortech recognizes the seriousness of the current pandemic and is determined to play its role in addressing the outbreak and in minimizing the impact of the coronavirus disease (COVID-19). Nortech’s highest priority is the safety and well-being of its employees and other members in the Nortech community. In all of Nortech’s locations, teams have been working diligently to take precautions to ensure a clean and safe environment. Nortech is opting for virtual meetings, minimizing travel, and when possible, asking its team members to work remotely.\n\n\nNorte...