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.
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