-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Nortech Systems Reports 13% Sales Increase in Q2
August 11, 2011 | Business WireEstimated reading time: 2 minutes
Nortech Systems Incorporated today reported net sales of $27.8 million for the second quarter ended June 30, 2011, a 13% increase over net sales of $24.7 million for the second quarter of 2010.
The company reported net income of $146,000, or $0.05 per diluted common share for the second quarter of 2011, compared with $147,000, or $0.05 per diluted common share, for the second quarter of 2010.
For the six months ended June 30, 2011, Nortech Systems reported net sales of $56.8 million, compared with $46.4 million for the same period in 2010, an increase of 22%.
Net income for the six-month period ended June 30, 2011, was $772,000, or $0.28 per diluted common share. This compares with net income of $242,000, or $0.09 per diluted common share, reported for the same period in 2010.
“Our two newest acquisitions led the sales growth for industrial and medical customers,” said Mike Degen, Nortech Systems’ President and CEO. “Along with the immediate sales increase, these acquisitions strengthened our expertise and capabilities for the future by better positioning us to help our customers improve their products and manage their supply chains.”
For Nortech’s defense customers, Degen said the second quarter saw federal funding emerge on several key programs that had been originally scheduled for earlier in the year. During the second quarter, the company’s 90-day backlog for defense customers increased 44%, to $4.0 million.
Nortech’s overall 90-day backlog on June 30, 2011, was $22.8 million, up 14% from the start of the quarter.
Degen said the company’s core, non-acquisition revenue decreased slightly during the quarter, resulting in part from some softening in the long-term outlook for semiconductor capital equipment spending. He added that many of Nortech’s customers, across all industries, remain cautious in light of lingering economic uncertainty.
“Integrating our two recent acquisitions will continue as a significant focus the remainder of this year,” explained Degen. “Our lean manufacturing initiatives, including training and joint activities with other Nortech facilities, are helping lead the integration efforts.
“In the second quarter we again funded additional working capital and absorbed acquisition-related costs that impacted our financial results,” concluded Degen. “We are making progress with our integration activities and remain committed to achieving our long-term goals.”
About Nortech Systems Incorporated
Nortech Systems Incorporated, based in Wayzata, Minnesota, is a full-service EMS provider of wire and cable assemblies, PCB assemblies and higher-level complete box build assemblies for a wide range of industries. Markets served include industrial equipment, aerospace/defense and medical. The company has manufacturing capabilities and operating partners in the U.S., Asia and Latin America. Nortech Systems, Inc. is traded on the NASDAQ Stock Market under the symbol NSYS. For more information, visit www.nortechsys.com.