Nortech Sys Inc - NSYS STOCK NEWS

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.

Nortech Systems Incorporated (NASDAQ: NSYS) will host a live conference call on November 11, 2021, at 4:00 p.m. CT to discuss its third quarter financial results. The call will feature CEO Jay Miller and CFO Chris Jones. Participants can join via phone or webcast. Nortech Systems specializes in engineering and manufacturing solutions for complex electromedical and electromechanical products, serving industries such as medical, aerospace & defense, and industrial markets.

Nortech Systems Incorporated (NASDAQ: NSYS) announced it will release its fiscal 2021 third quarter financial results on November 11, 2021, before market opening. The report will cover the period ending September 30, 2021. Nortech Systems specializes in engineering and manufacturing solutions for complex electromedical and electromechanical products, catering to the medical, aerospace & defense, and industrial sectors. The company operates seven manufacturing locations and design centers across the U.S., Latin America, and Asia.

Nortech Systems Incorporated (NASDAQ: NSYS) reported net sales of $30.2 million for Q2 2021, a 36.7% increase from Q1 2021 and 14.0% compared to Q2 2020. This revenue growth is attributed to higher production volumes and enhanced supply chain operations. The gross margin improved to 11.9%, up from 7.1% in Q1 2021. The company achieved a net income of $0.2 million compared to a net loss of $1.5 million in the previous quarter. Nortech holds a customer backlog of $72 million and is targeting approximately $5 million from the Employee Retention Credit.