Welcome to our dedicated page for Nortech Systems news (Ticker: NSYS), a resource for investors and traders seeking the latest updates and insights on Nortech Systems stock.
Nortech Systems Inc. (NSYS) is a leading provider of electronics manufacturing services (EMS). The company specializes in producing wire and cable assemblies, printed circuit board assemblies, and diagnostic repair and integration services. Their expertise extends to higher-level assemblies and box builds tailored for a diverse range of industries. Markets served by Nortech Systems include medical, automotive, aerospace, computer peripherals, commercial, telecom, government, and consumer sectors.
Nortech Systems Inc, headquartered in the United States, is renowned for its full-service approach, offering value-added engineering, technical, and manufacturing services. Their comprehensive service spectrum encompasses project management, design, testing, prototyping, manufacturing, supply chain management, and post-market services. This broad range enables them to provide complete solutions for their clients, from initial concept through final production and beyond.
The company operates state-of-the-art facilities equipped with advanced technology suited for customized design, manufacturing, testing, and repair processes. These high-tech facilities are pivotal in delivering quality products and services that meet the stringent demands of their clients.
Nortech Systems' core business segments include:
- Medical Devices: Manufacturing and engineering services for complete medical devices, crucial for delivering innovative healthcare solutions.
- Aerospace and Defense: Providing essential components and assemblies for aerospace and defense applications, ensuring reliability and performance in critical environments.
- Industrial Markets: Offering complex electro-mechanical assemblies for various industrial applications, enhancing operational efficiency and productivity.
- Telecom and Commercial: Supplying high-quality assemblies and components to support telecom and commercial infrastructure.
Recent achievements highlight Nortech Systems' commitment to innovation and excellence. The company continues to strengthen its market position through strategic partnerships and continuous improvements in their service delivery.
Financially, Nortech Systems maintains a robust performance track, driven by steady revenue streams primarily from their medical device and product manufacturing services. With a customer-centric approach, advanced technical capabilities, and a focus on quality, Nortech Systems Inc. remains a vital player in the EMS industry, committed to delivering exceptional value to their clients.
Nortech Systems Incorporated (NASDAQ: NSYS), a provider of engineering and manufacturing solutions for complex electromagnetic products, will hold a conference call on August 10, 2022, at 4:00 p.m. CT to discuss its second quarter financial results. The call will feature CEO Jay Miller and CFO Chris Jones. Participants can join via phone or webcast. Nortech operates in the medical, aerospace, and industrial sectors, offering design and manufacturing capabilities across multiple locations in the U.S., Latin America, and Asia.
Nortech Systems (NASDAQ: NSYS) announced the election of David Graff to its board of directors, bringing extensive financial leadership and strategic expertise. Graff's background includes roles in digital services and manufacturing, having retired from Deluxe Corporation in 2019. The board's chairman and CEO expressed confidence in Graff's contributions towards achieving the company's growth objectives. With its focus on engineering and manufacturing solutions for the medical, aerospace, defense, and industrial sectors, Nortech aims to strengthen its operational capabilities.
Nortech Systems Incorporated (Nasdaq: NSYS) reported a remarkable 39% increase in revenue for Q1 2022, reaching $30.7 million compared to $22.1 million in Q1 2021. Gross profit soared by 159% to $4.0 million, with a gross margin of 13.2%. The company achieved positive net income of $138,000, recovering from a $1.6 million loss in the prior year. Nortech's total backlog increased to $97.6 million, up over 55% year-over-year. The launch of the new AOX cable technology aims to meet growing demands in automation and robotics.
Nortech Systems Incorporated (NSYS) has launched its new platform, Active Optical Xtreme (AOX), which integrates power, control, and data transmission in a compact hybrid solution. AOX utilizes a combination of fiber optic and copper technology, improving bandwidth efficiency for machine vision systems and factory automation. CEO Jay D. Miller emphasized its customization and sustainability benefits, addressing the growing demands of edge computing. The product adoption is expected to ramp up in 2022, but it will not materially affect the company's financial results for that year.
Nortech Systems Incorporated (NSYS), a prominent provider of engineering and manufacturing solutions, will host a live conference call on May 11, 2022, at 4:00 p.m. CT to discuss first-quarter financial results. The call will feature CEO Jay Miller and CFO Chris Jones. Participants can join via phone or webcast. Nortech serves various sectors, including medical and aerospace, and operates multiple manufacturing and design centers worldwide. For more details, visit www.nortechsys.com.
Nortech Systems Incorporated (NASDAQ: NSYS) reported strong financial results for Q4 and full year 2021. Q4 revenue surged over 40%, totaling $33.5 million, while full year revenue reached $115.2 million, an 11% increase from 2020. The company achieved a net income of $7.2 million, rebounding from a prior year loss. Year-end backlog rose more than 50% to $95 million. The company extended its $16 million credit facility with Bank of America, improving its financial stability. However, rising material and labor costs pose challenges ahead.
Nortech Systems Incorporated (NASDAQ: NSYS) will host a live conference call on March 21, 2022, at 4:00 p.m. CT to discuss its fourth-quarter financial results. The call will feature CEO Jay Miller and CFO Chris Jones, with U.S. participants calling 888-506-0062 and international callers reaching 973-528-0011. Access to the call via webcast is also available. Nortech specializes in engineering and manufacturing solutions for the medical, aerospace & defense, and industrial markets, with operations across the U.S., Latin America, and Asia.
Nortech Systems Incorporated (NASDAQ: NSYS) has announced a sixth amendment to its Credit Facility with Bank of America on December 31, 2021. The original agreement, established on June 15, 2017, was set to expire on June 15, 2022, but has now been extended by four years to June 15, 2026. The company utilizes a $16 million asset-based lending facility to finance working capital, supporting its operations in manufacturing and engineering for medical, industrial, and defense sectors.
Nortech Systems Incorporated (NASDAQ: NSYS) updated investors regarding its Paycheck Protection Program (PPP) loan forgiveness application with the U.S. Small Business Administration (SBA). On April 21, 2020, the company executed a promissory note for a $6.1 million PPP loan through Bank of America. The SBA fully forgiven the loan and accrued interest as of November 29, 2021, with the forgiveness payment date set for November 3, 2021. The financial impact will be included in the company's results for Q4 2021, ending December 31, 2021.
Nortech Systems reported net sales of $29.5 million for Q3 2021, marking an 11.7% increase from Q3 2020. The net income rose to $3.6 million, helped by a $5.2 million Employee Retention Credit, though the funds have not yet been received. The company boasts a backlog of $79 million, a substantial 72% increase year-over-year. CEO Jay D. Miller expressed optimism for continued growth and mentioned ongoing improvements in supply chain efficiency and innovative technology development.
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