Defense Speak Interpreted: If CHIPS Cuts Back, What Happens to Electronics Packaging Funds?
American Made Advocacy: Where’s the Budget for a Modern Military Run on Microelectronics?
Beyond the Board: Orbital High Ground—Why Space Superiority Is Slipping Away
Nortech Systems Announces Q3 2021 Results
November 11, 2021 | Nortech SystemsEstimated reading time: 1 minute
Nortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, reported net sales of $29.5 million for the quarter ended September 30, 2021, an increase of 11.7% compared to $26.4 million for the third quarter of 2020. The revenue improvement was primarily due to higher production volume resulting from actions to scale the direct labor workforce and strengthen the supply chain for parts. Net income for third quarter 2021 was $3.6 million and $1.24 per diluted share compared to a net income of $2.0 million and $0.73 per diluted share for the third quarter of 2020.
In May 2021 Nortech announced that it planned to apply for the Employee Retention Credit (ERC) to support ongoing investment in Nortech's frontline workforce to drive increased manufacturing output to meet our customers' rising demand. The Company has filed an application for the ERC with the IRS and recognized $5.2 million reduction to payroll tax expense in the fiscal third quarter of 2021. The Company has not received funds as of the date of this press release.
Operating results from the third quarter of 2020 included a $3.8 million gain on the sale and leaseback transaction for its Bemidji and Mankato, Minnesota manufacturing facilities. Proceeds from the sale-leaseback in August 2020 were used to pay down bank debt.
"Nortech's bookings continue to be strong resulting in another record backlog. Meanwhile, our operations team has been improving the supply chain to deliver high quality parts to our customers while optimizing our investment in working capital," said Jay D. Miller, Chief Executive Officer and President. "We expect improved results in the fourth quarter and our $79 million backlog represents an encouraging vote of confidence from our customers that bodes well for growth throughout 2022. Finally, I'm very enthusiastic about the innovative new technologies Nortech has been developing that will help our customers compete better and stay on the cutting edge of new digital data opportunities in 2023 and beyond."
Share on:
Testimonial
"The I-Connect007 team is outstanding—kind, responsive, and a true marketing partner. Their design team created fresh, eye-catching ads, and their editorial support polished our content to let our brand shine. Thank you all! "
Sweeney Ng - CEE PCBSuggested Items
Elephantech Selected for NEDO’s Deep-Tech Startups Support Program in the Green Transformation field
09/09/2025 | ElephantechElephantech is pleased to announce its selection for the Demonstration development for Mass Production (DMP) phase of the 4th round of the Deep-Tech Startups Support Program in the Green Transformation field (GX) by NEDO, the New Energy and Industrial Technology Development Organization of Japan.
Ynvisible Celebrates Inauguration of New Production Facility in Norrköping, Sweden
09/09/2025 | Ynvisible Interactive Inc.Ynvisible Interactive Inc., a pioneer in sustainable and scalable e-paper display technology and printed electronics, is pleased to announce the successful inauguration of its new roll-to-roll production facility in Norrköping, Sweden – a city globally recognized as a center of excellence for Printed and Organic Electronics.
Sypris Wins Contract for Classified Missile Avionics Program
09/09/2025 | Sypris Solutions Inc.Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc., announced that it has received a follow-on contract award to manufacture and test advanced electronic power supply modules for integration into the avionics suite of a classified, mission-critical missile program. Production is scheduled to begin in 2026.
Safran, PGZ Reinforce Defense Partnership Through Innovation and Local Industrial Cooperation
09/08/2025 | SafranSafran Electronics & Defense, a leading European high-technology company in aerospace and defense, and Polska Grupa Zbrojeniowa S.A. (PGZ), Poland’s primary defense industry leader, have signed two Memorandums of Understanding (MoU) to further expand their collaboration in support of European security and industrial cooperation during the International Defense Industry Exhibition (MSPO) held in Kielce.
Electra’s ElectraJet EMJ110 Inkjet Soldermask Now in Black & Blue at Sunrise Electronics
09/08/2025 | Electra Polymers LtdFollowing the successful deployment of Electra’s Green EMJ110 Inkjet Soldermask on KLA’s Orbotech Neos™ platform at Sunrise Electronics in Elk Grove Village, Illinois, production has now moved beyond green.