This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nortech Systems Reports Second Quarter Results

Nortech Systems Incorporated (NASDAQ: NSYS) today reported net sales of $24.7 million for the second quarter ended June 30, 2010, a 24 percent improvement over net sales of $19.9 million for the second quarter of 2009. Operating income for the second quarter of 2010 was $485,000, compared with an operating loss of $2.2 million for the second quarter of 2009, which included one-time restructuring and impairment charges of $645,000.

The company reported net income of $147,000, or $0.05 per diluted common share for the second quarter of 2010, compared with a net loss of $1.5 million, or $0.56 per diluted common share, for the second quarter of 2009.

For the six months ended June 30, 2010, Nortech Systems reported net sales of $46.4 million, compared with $41.4 million for the same period in 2009, an increase of 12 percent. Operating income for the first six months of 2010 was $811,000, compared with an operating loss of $4.3 million reported for the same period in 2009, which included one-time restructuring and impairment charges of $645,000.

Net income for the six-month period ended June 30, 2010, was $242,000, or $0.09 per diluted common share. This compares with a net loss of $2.8 million, or $1.04 per diluted common share, reported for the same period in 2009.

“At the halfway point in our fiscal year, we’re continuing our positive momentum,” said Mike Degen, Nortech Systems’ president and CEO. “Customers are displaying more confidence, evidenced by our increases in quoting activity, sales, backlog levels and new business.” The company’s 90-day backlog position was $21.3 million on June 30, 2010, up 12 percent from the start of the quarter and over 50 percent from the second quarter of 2009.

“We’re successfully leveraging the increased volume, eliminating waste and reducing costs through our lean manufacturing initiatives,” noted Degen, adding that the restructuring activities undertaken last year are also making the company stronger and more competitive.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs