Global Citizenship: Together for a Perfect PCB Solution
Smart Automation: Odd-form Assembly—Dedicated Insertion Equipment Matters
Nolan’s Notes: Everyone Has Their Eye on India
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
"We’re proud to call I-Connect007 a trusted partner. Their innovative approach and industry insight made our podcast collaboration a success by connecting us with the right audience and delivering real results."
Julia McCaffrey - NCAB GroupSuggested Items
TTCI and The Training Connection Strengthen Electronics Manufacturing with Test Services and Training at PCB West 2025
09/16/2025 | The Test Connection Inc.The Test Connection Inc. (TTCI), a trusted provider of electronic test and manufacturing solutions, and The Training Connection LLC (TTC-LLC) will exhibit at PCB West 2025, taking place Wednesday, October 1, 2025, at the Santa Clara Convention Center in California. Visitors are invited to Booth 113 to explore the companies’ complementary expertise in test engineering services and workforce development for the electronics industry.
Beyond the Board: What Companies Need to Know Before Entering the MilAero PCB Market
09/16/2025 | Jesse Vaughan -- Column: Beyond the BoardThe MilAero electronics supply chain offers opportunities for manufacturers that are both prestigious and strategically important. Serving prime contractors and Tier-1 suppliers can mean long-term program stability and the satisfaction of contributing to national security. At the same time, this sector is unlike commercial electronics in almost every respect. Success requires more than technical capabilities, it requires patience, preparation, attention to detail, and a clear understanding of how the business model differs.
India’s Aerospace and Defence Engineered for Power, Driven by Electronics
09/16/2025 | Gaurab Majumdar, Global Electronics AssociationWith a defence budget of $82.05 billion (2025–26) and a massive $223 billion earmarked for aerospace and defence spending over the next decade, India is rapidly positioning itself as a major player in the global defence and aerospace market.
I-Connect007 Launches Advanced Electronics Packaging Digest
09/15/2025 | I-Connect007I-Connect007 is pleased to announce the launch of Advanced Electronics Packaging Digest (AEPD), a new monthly digital newsletter dedicated to one of the most critical and rapidly evolving areas of electronics manufacturing: advanced packaging at the interconnect level.
Global Interposer Market to Surge Nearly Fivefold by 2034
09/15/2025 | I-Connect007 Editorial TeamRevenue for the global interposer market is projected to climb from $471 million in 2025 to more than $2.3 billion by 2034, according to a new report from Business Research Insights. The growth represents a CAGR of nearly 20 percent over the forecast period.