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Nortech Systems Reports Q2 Results
August 15, 2019 | Business WireEstimated reading time: 1 minute
Nortech Systems Incorporated reported net sales of $27.3 million for the second quarter ended June 30, 2019, compared with $28.5 million for the second quarter of 2018.
Operating loss for the second quarter of 2019 was $1.2 million, which compares with an operating income of $0.7 million for the second quarter of 2018. Net loss for the second quarter of 2019 was $1.6 million, or $0.58 per diluted common share. This compares with a net income for second quarter of 2018 of $0.4 million, or $0.14 per diluted common share. June 30, 2019 backlog was $58.7 million vs. $40.1 million on June 30, 2018.
“While our second quarter revenue met our expectations, our margins were negatively impacted by a higher mix of customer shipments with low margins and operational inefficiencies incurred managing component shortages, “ said Jay D. Miller, president and CEO. “We are working closely with our customers and our supplier partners to mitigate lower margin shipments and the effects of component shortages. We expect to deliver on our backlog for the remainder of the year, which is the highest backlog we have had in recent history. Our operating expenses increased compared to prior year while we completed the implementation of our global ERP. Now that our new ERP is in place, we have begun to experience operational efficiencies that we believe will positively impact future periods. We will also no longer expect to invest in our ERP as the same level.”
The mission of Nortech Systems is to be the most trusted, innovative, and nimble design and manufacturing services and solutions provider, while taking great care of its employees, customers, and supplier partners.
About Nortech Systems Incorporated
Nortech Systems is a leading provider of design and manufacturing solutions for complex electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.
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