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Nortech Systems Reports Fourth Quarter, Fiscal 2011 Year-End Results

Stocks in this article: NSYS

Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of full-service electronics manufacturing services (EMS), today reported net sales of $29.1 million for the fourth quarter ended December 31, 2011, a six percent increase over net sales of $27.4 million for the fourth quarter of 2010. Operating income for the fourth quarter of 2011 was $466,432, compared with $253,248 for the fourth quarter of 2010. The company reported quarterly net income of $234,783, or $0.09 per diluted common share, in the fourth quarter of 2011, compared with $137,051, or $0.05 per diluted common share, for the same period of 2010.

For the fiscal year ended December 31, 2011, the company reported net sales of $114.2 million, up 14 percent from $99.8 million reported for the 2010 fiscal year. Nortech Systems reported operating income of $1.5 million for fiscal 2011, compared with $1.2 million for the 2010 fiscal year. Net income for fiscal 2011 was $1.2 million, or $0.43 per diluted common share. This includes a non-operating gain, net of tax, of $528,007, or $0.19 per diluted common share, from the January 2011 acquisition of certain assets associated with the EMS operations of Winland Electronics, Inc. For fiscal 2010, net income was $506,766, or $0.18 per diluted common share.

“Our 2011 fiscal year finished with solid momentum,” said Mike Degen, Nortech Systems’ president and CEO. “Fourth quarter results, in particular, benefited from sales attributed to our Winland acquisition, a favorable product mix and continued cost improvements in our manufacturing operations and supply chain.

“We’re pleased with the progress made in the second half of the year on the continued integration of our two most recent acquisitions,” continued Degen. “The life sciences/medical products facility is beginning to gain traction while our newest EMS contract manufacturing facility retained and expanded its customer base.”

Degen said Nortech’s organic business had mixed results in 2011. Industrial customers were impacted by softness in the semiconductor market and the sluggish economy. Medical OEM customers showed more resilience to economic pressures and Nortech’s defense-sector demand stabilized.

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