Nortech Systems Reports 2018 Results

Reading time ( words)

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.



Suggested Items

Zentech's Mission-critical Tips for Program Success

05/03/2019 | Nolan Johnson, I-Connect007
Nolan Johnson and John Vaughan, I-Connect007 columnist and VP of sales and marketing at Zentech Manufacturing, discuss how to make customer programs successful through early communication, complete design packages, and more from a company servicing mission- and life-critical industries, including military, aerospace, and medical.

A Young Engineer’s Perspective

04/15/2019 | Barry Matties, I-Connect007
Jeffrey Diament, a recent Princeton University graduate and an engineering associate from sensor manufacturer Instrumems, talks about the company’s nanowire sensing platform that can measure velocity, temperature, and humidity. Being his first career job out of college, Diament discusses his experience on the hardware and manufacturing side of things and offers advice to other young professionals.

IPC Working to Revive Lead-Free R&D in High-Reliability Sectors

04/10/2019 | Chris Mitchell, IPC VP, Global Government Relations
Ask yourself the following question: Why is it that the aerospace, defense and high performance (ADHP) electronics sectors remain reliant on lead solders and components even as the commercial sector has largely phased out their use?

Copyright © 2019 I-Connect007. All rights reserved.