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Nortech Systems Reports Fourth Quarter And Full Year 2012 Results

From the third quarter to the fourth quarter of 2012, backlog numbers rose sequentially across all three of Nortech’s key markets – medical, industrial and defense. Degen concluded, “Despite headwinds from the economy, we’re pleased with our positive momentum and strong cash management position heading into 2013.”

Conference Call Nortech Systems announces a conference call to be held at 10:00 a.m. (CST) on Thursday, March 7, 2013, to discuss the company’s fourth quarter and fiscal year results. Anyone interested in participating in the conference can access the call by dialing 877-407-8031 from within the United States, or 201-689-8031 if calling internationally. An audio webcast and replay of this conference call can be accessed at the investor relations portion of Nortech Systems’ website at www.nortechsys.com or at www.investorcalendar.com. A podcast (MP3 download) will also be available. The telephone replay will be available through March 21, 2013, by dialing 877-660-6853 (from U.S.) or 201-612-7415 (International). To access the replay, the conference ID 409924 is required.

About Nortech Systems Incorporated Nortech Systems Incorporated ( www.nortechsys.com), based in Wayzata, Minn., is a full-service electronics manufacturing services (EMS) provider of wire and cable assemblies, printed circuit board assemblies, and higher-level complete box build assemblies for a wide range of industries. Markets served include industrial equipment, aerospace/defense and medical. The company has manufacturing capabilities and operating partners in the U.S., Asia and Latin America. Nortech Systems Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. While this release is based on management’s best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: volatility in market conditions which may affect market supply of and demand for the company’s products; increased competition; changes in the reliability and efficiency of operating facilities or those of third parties; risks related to availability of labor; commodity and energy cost instability; general economic, financial and business conditions that could affect the company’s financial condition and results of operations; as well as risk factors listed from time to time in the company’s filings with the SEC.
 
 

Condensed Statements of Operations
    Three months ended Dec. 31,     Twelve months ended Dec. 31,
Unaudited     Audited
2012     2011     2012     2011
Net Sales $25,022,165     $29,123,480 $106,937,387     $114,236,411
Income from Operations 484,910

466,432

1,460,598
1,512,366

Income before Income Taxes
381,542

360,783
927,438 1,750,930
 

Income Tax Expense

106,000

126,000

298,000

561,000
 

Net Income

275,542

234,783
629,438

1,189,930
 

Net Income Per Basic Common Share

$0.10

$0.09

$0.23

$0.43
 

Weighted Average Number of Common Shares – Basic

2,742,992

2,742,992

2,742,992

2,742,392

Net Income Per Diluted Common Share

$0.10

$0.09

$0.23

$0.43
 

Weighted Average Number of Common Shares – Diluted

2,742,992

2,742,992

2,742,992

2,742,992
 
       

Condensed Balance Sheets – Audited
Dec. 31, 2012 Dec. 31, 2011
           
Current Assets $ 32,691,371 $ 37,297,487
Property and Other Long-Term Assets   11,823,528   9,484,656
Total Assets $ 44,514,899 $ 46,782,143
 
Current Liabilities $ 20,131,441 $ 25,012,055
Long-Term Liabilities 3,248,227 1,264,295
Shareholders’ Equity   21,135,231   20,505,793

Total Liabilities and Shareholders’ Equity

$

44,514,899

$

46,782,143
 

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