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Nortech Systems Incorporated reported net sales of $113.4 million for the year ended December 31, 2018, compared with $112.3 million for fiscal 2017.
Operating income for fiscal 2018 was $1.2 million, which compares with an operating loss of $1.3 million for fiscal 2017, which included a year-end goodwill impairment charge of $0.9 million. Net income for fiscal 2018 was $0.2 million, or $0.06 per diluted common share. This compares with a net loss for fiscal 2017 of $2.4 million, or $0.89 per diluted common share, which included $1.4 million of unfavorable impact from tax reform and discrete tax-related adjustments.
For the fourth quarter of 2018, net sales were $28.8 million, compared with $25.6 million for the prior-year period. The fourth quarter operating loss was $14,000; this compares with an operating loss of $1.8 million in the prior-year period, which included the $0.9 goodwill write-off cited earlier.
The fourth quarter net loss of $0.2 million, or $0.07 per diluted common share, compares with a net loss of $2.5 million, or $0.90 per diluted common share, for the fourth quarter of 2017, which included the significant year-end, non-cash charges.
Nortech will no longer be hosting quarterly conference calls due to the low attendance. Nortech will continue its investor communications by issuing relevant news releases and SEC disclosures and responding to direct investor inquiries.
Nortech’s mission is to be the most trusted, innovative and nimble engineering and manufacturing services and solutions company in its chosen markets and to take great care of its employees, customers and supplier partners.
About Nortech Systems Incorporated
Nortech Systems, based in Maple Grove, Minn., is a full-service engineering and electronics manufacturing services (EMS) provider of complex interconnect solutions, printed circuit board assemblies, higher-level assemblies and box builds. Markets served include medical device, industrial and commercial equipment, aerospace and defense. Nortech has a range of specialized, high-tech facilities in the U.S., Latin America and Asia used for customized design, manufacture, testing and repair of its solutions. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS.