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May 5, 2016 | Business WireEstimated reading time: 1 minute
Nortech Systems Incorporated, a leading provider of full-service electronics manufacturing services (EMS), today reported net sales of $29.0 million for the first quarter ended March 31, 2016, a nine percent increase over net sales of $26.5 million for the first quarter of 2015.
For the first quarter of 2016, operating income was $221,000, compared with an operating loss of $202,000 for the first quarter of 2015. First quarter net income of $63,000, or $0.02 per diluted common share, compares with a net loss of $193,000, or $0.07 per diluted common share, in the prior year.
“Our revenue improvement was aided by last year’s acquisition,” said Rich Wasielewski, Nortech Systems’ president and CEO. “Our new medical device engineering services accounted for more than half of the increase.” The acquisition was made in the third quarter of 2015.
“Performance was mixed across customers and markets, with medical and defense showing revenue and backlog growth,” he continued. “The industrial market faced the most headwinds, especially the transportation, semiconductor and energy sectors.”
The overall revenue increase, higher gross margin and fixed-cost leveraging accounted for the quarterly profit improvement, according to Wasielewski. In addition, Nortech generated $1.3 million in operating cash flow.
“We’re encouraged by our first quarter results,” he concluded. “We expect volatility to continue through the first half of the year, but our order pipeline and early engagement opportunities give us optimism for the remainder of 2016.”
About Nortech Systems Incorporated
Nortech Systems Incorporated, based in Maple Grove, Minn., is a full-service electronics manufacturing services (EMS) provider of wire and cable assemblies, printed circuit board 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 operations in the U.S., Latin America and Asia. Nortech Systems Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS.
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