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Nortech Systems Reports Second Quarter 2023 Results
Revenue Up Nearly 8% from Prior Year and Up 11% Year-to-Date MINNEAPOLIS--(BUSINESS WIRE)-- Nortech Systems Incorporated (Nasdaq: NSYS) (the "Company"), a
About this update from Nortech Systems Incorporated
[{"type":"text","content":"\nRevenue Up Nearly 8% from Prior Year and Up 11% Year-to-Date\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nNortech Systems Incorporated (Nasdaq: NSYS) (the \"Company\"), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported 2023 second quarter results for the period ended June 30, 2023.\n\n\n2023 Second Quarter Highlights:\n\n\n\nRevenue of $35.0 million, up 7.7% from the prior-year period. First half revenue $69.9 million up 10.6% from prior-year period.\n\n\n\nGenerally Accepted Accounting Principles (GAAP) net income of $0.6 million, or $0.22 per diluted share, compared to net income of $0.7 million, or $0.25 per diluted share, in the same period in 2022.\n\n\n\nGross margin of 15.6%, up 20 basis points from gross margin of 15.4% in the second quarter of 2022.\n\n\n\nEarnings before interest, taxes, depreciation and amortization (EBITDA) of $1.6 million, up from EBITDA of $1.5 million in the prior-year period.\n\n\n\nSecond quarter bookings of $37 million, the highest level in last 4 quarters.\n\n\n\nQuarter-end backlog of $101 million as of June 30, 2023, up $2 million from the prior quarter end.\n\n\n\nManagement Commentary\n\n\n“Nortech Systems demonstrated continued strong performance in the second quarter, underpinned by strong revenue, solid EBITDA levels, near-record bookings and a healthy backlog,” says Jay D. Miller, President & CEO of Nortech Systems.\n\n\n“Our sustained momentum in operational performance and profitability is shown in the quarterly improvements we delivered across key metrics, both year-over-year and on a trailing twelve-month basis. These consistent results are a testament to the commitment of our Nortech team members to deliver mission-critical quality and performance to our medical, industrial and defense customers,” Miller stated. “We also appreciate our many supplier partners for their vital contributions to our success.”\n\n\n2023 Second Quarter and Year-to-Date Results\n\n\n\n\nIn Thousands except EBITDA\n\n\n\n\n\n\nQ2 23\n\n\n\n\n\n\nQ2 22\n\n\n\n\n\n\n%\n\n\n\n\n\n\nYTD\n\n\n\n\n2023\n\n\n\n\n\n\nYTD\n\n\n\n\n2022\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$35,021\n\n\n\n\n\n\n$32,518\n\n\n\n\n\n\n7.7\n\n\n\n\n\n\n%\n\n\n\n\n\n\n$69,909\n\n\n\n\n\n\n$63,229\n...