This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

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