Business
Nortech Systems Reports First Quarter 2020 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 $27.4 million for the three months ended March 31, 2020, a decrease of 3%, compared to $28.2 million for three months ended March 31, 2019. \n\n\nOperating income for the first quarter of 2020 was $391,000, compared to a loss of $104,000 for the year-ago period. Net income for the first quarter 2020 was $137,000, or $0.05 per diluted common share. First quarter of 2019 had net loss of $363,000, or ($0.14) per diluted common share. Nortech’s backlog at the end of the first quarter 2020 was $53.0 million.\n\n\nLike many other companies, COVID-19 continues to significantly challenge Nortech causing supply chain disruptions and workforce issues. Parts deliveries to Nortech have been widely delayed, resulting in slower end-product delivery and delayed customer payments as they carefully manage their cash. \n\n\n\"I want to express my admiration and sincere gratitude to our employees who are managing through this crisis with ingenuity and professionalism. I commend your work ethic and dedication to serving Nortech's customers during this difficult time\" stated Jay D. Miller, Chief Executive Officer and President.\n\n\nNortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers 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 ...