-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueTechnology Roadmaps
In this issue of PCB007 Magazine, we discuss technology roadmaps and what they mean for our businesses, providing context to the all-important question: What is my company’s technology roadmap?
Wet Process Control
In this issue, we examine wet processes and how to obtain a better degree of control that allows usable data to guide our decisions and produce consistently higher-quality products.
Don’t Just Survive, Thrive
If we are to be relevant and prosper during these next critical decades in electronics, we must do more than survive. As an industry, we can and must thrive. In this issue, our contributors explore these concepts meant to help you take your business to the next level.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Nortech Systems Reports Q2 Results
August 9, 2024 | Globe NewswireEstimated reading time: 1 minute
Nortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported second quarter ended June 30, 2024 financial results.
2024 Q2 Highlights:
- Net sales of $33.9 million
- Net income of $157 thousand, or $0.06 per diluted share
- Adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of $919 thousand
- 90-day backlog of $30.1 million as of June 30, 2024
Management Commentary
“We are working closely with our customers to optimize post Covid supply chain strategies which includes continued near-shoring activities and the development of customer specific collaborations to further reduce lead times,” said Jay D. Miller, President and CEO of Nortech. “We believe that these actions will further strengthen our customer relationships which are key to our achieving our long-term strategic objectives.”
“We continue to effectively manage operating expenses while focusing on long-term growth,” Miller noted. “During the quarter we have rapidly implemented the announced optimization of our Minnesota facilities by the end of 2024. While having a short-term negative impact on our financials, we anticipate these actions will significantly improve our efficiency and reduce our cost structure by at least $1.6 million in 2025 and beyond and position Nortech for improved top and bottom-line growth.”
Summary Financial Information
The following table provides summary financial information comparing the second quarter 2024 (“Q2 2024”) financial results to the same quarter in 2023 (“Q2 2023”) as well as the six-month ended June 30, 2024 (“YTD 24”) information to the same period in 2023 (“YTD 2023”).
Suggested Items
Vuzix Receives $10 Million First Tranche Investment from Quanta Computer
09/16/2024 | PRNewswireVuzix® Corporation, a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce that it has completed the closing of the first investment tranche, for the sale of $10 million in common stock at $1.30 per share, under its previously announced September 3, 2024 purchase agreement with Quanta Computer Inc.
Infineon Pioneers World’s First 300 mm Power Gallium Nitride (GaN) Technology
09/16/2024 | InfineonInfineon Technologies AG announced that the company has succeeded in developing the world’s first 300 mm power gallium nitride (GaN) wafer technology.
Indonesia PC Market Grew 17.9% YoY and 6.1% QoQ in 2Q 2024
09/16/2024 | IDCAccording to the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker, Indonesia's PC market recorded 953k units of combined desktops, notebooks, and workstations shipped in Q2 2024, growing 17.9% over the year and 6.1% over the quarter.
ZESTRON to Exhibit & Present at Upcoming SMTA International 2024
09/13/2024 | ZESTRONZESTRON, the global leader in high-precision cleaning products, services, and training solutions for the electronics manufacturing industry, is excited to announce its participation in the upcoming SMTA International (SMTAI) (SMTAI) 2024.
SigmaTron Regains Compliance with Nasdaq Listing Rule 5250
09/13/2024 | Globe NewswireSigmaTron International, Inc., an electronic manufacturing services company), announced today that on September 10, 2024, it received notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC.