Business
Nortech Systems Reports First Quarter 2023 Results
Revenue Up 13.6% from Prior Year; Gross Margin Expansion of 2.5 Percentage Points from the First Quarter 2022 MINNEAPOLIS--(BUSINESS WIRE)-- Nortech Systems
About this update from Nortech Systems Incorporated
[{"type":"text","content":"\nRevenue Up 13.6% from Prior Year;\nGross Margin Expansion of 2.5 Percentage Points from the First Quarter 2022\n\n\n 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, industrial and defense markets, reported 2023 first quarter results for the period ended March 31, 2023.\n\n\n2023 First Quarter Highlights:\n\n\n\nRevenue of $34.9 million, up 13.6% from the first quarter of 2022.\n\n\n\nGAAP net income of $0.7 million, or $0.23 per diluted share, compared to GAAP net income of $0.1 million, or $0.05 per diluted share, in the first quarter of 2022.\n\n\n\nGross margin of 15.7%, up 2.5 percentage points from gross margin of 13.2% in the first quarter of 2022.\n\n\n\nAdjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.5 million, up from adjusted EBITDA of $0.6 million in the first quarter of 2022.\n\n\n\nLast Twelve Months (LTM) revenue $138 million and adjusted EBITDA $6.7 million\n\n\n\nManagement Commentary\n\n\n“We are pleased with the strong year-over-year growth we saw in the first quarter of 2023,” said Jay D. Miller, President & CEO of Nortech Systems. “For the past eight quarters, on an adjusted basis, we posted year-over-year quarterly growth in four key metrics: sales, gross profit, gross margin and EBITDA. Delivering these impressive results only happens through the skill and dedication of all our team members. Their invaluable contributions deserve the utmost appreciation and respect.”\n\n\n“Everyone at Nortech is focused on delivering high-quality products and solutions for our customers, frequently under tight deadlines,” explained Miller. “Our strategic plan is built on four key drivers: taking great care of our employees; delivering quality products on time to our customers; supporting our customers with continual innovation; and driving shareholder value through profitable growth. Guided by these principles, we are successfully evolving to better serve a wide range of medical, industrial and defense firms, from Fortune 100 multinationals to regional U.S. manufacturers. To effectively partner with the customers of today and the future, Nortech is making strategic investments in developing next-generation technolog...