Welcome to our dedicated page for Nortech Sys news (Ticker: NSYS), a resource for investors and traders seeking the latest updates and insights on Nortech Sys stock.
Nortech Systems Inc (NSYS) delivers specialized electronics manufacturing services for mission-critical industries. This news hub provides investors and industry professionals with essential updates on corporate developments, technical innovations, and market positioning.
Access timely announcements including quarterly financial results, manufacturing advancements, and strategic partnerships across medical, aerospace, and industrial sectors. Our curated collection simplifies tracking of operational milestones and regulatory compliance achievements.
Discover comprehensive coverage of NSYS's engineering initiatives, supply chain developments, and quality assurance enhancements. The repository serves as a vital resource for understanding the company's role in complex electronics manufacturing ecosystems.
Bookmark this page for streamlined access to Nortech Systems' official communications and expert analysis. Stay informed about evolving capabilities in printed circuit board manufacturing and integrated assembly solutions through verified updates.
Nortech Systems (NSYS) announced a cooperation and project funding agreement with Marpé Technologies and the BIRD Foundation to develop a total-body tele-dermatology scanning system. This system aims to enhance early skin cancer detection using advanced scanning and AI technology. The agreement includes a conditional grant from the BIRD Foundation to support this initiative. Jay D. Miller, CEO of Nortech, emphasized their commitment to accelerating the commercialization of Marpé's innovative skin cancer detection technology.
Nortech Systems (NASDAQ: NSYS), a provider of engineering and manufacturing solutions for electromedical and electromechanical products, announced that CEO Jay D. Miller and CFO Chris Jones have adopted trading plans under Rule 10b5-1 to purchase shares of the company's common stock. These transactions will be documented via SEC Form 4 filings. Nortech aims to enhance digital connectivity and data management for its medical, industrial, and defense customers while fostering strong workplace relationships.
Nortech Systems (NASDAQ: NSYS) announced its application for the Employee Retention Credit (ERC), projecting an estimated $5 million in funding for fiscal 2021. This initiative aims to bolster its investment in frontline workforce and increase production to meet rising customer demand for critical components. Nortech serves the medical, aerospace, defense, and industrial sectors, providing comprehensive engineering and manufacturing solutions.
Nortech Systems Incorporated (NASDAQ: NSYS) has appointed Stacy Kruse to its board of directors, enhancing its strategic focus on growth and profitability. Kruse, currently the COO and CFO of Portico Benefit Services, brings a robust financial and operational background, previously serving as CFO at Wilsons Leather and holding key positions at US Bank and Carlson Marketing Group. Her leadership is expected to strengthen the company as it pursues future objectives. The board also acknowledged the departure of Kathleen Iverson, credited for her valuable contributions during her tenure.
Nortech Systems Incorporated (Nasdaq: NSYS) reported net sales of $22.1 million for Q1 2021, a 19.6% decline from $27.4 million in Q1 2020. This drop was largely attributed to COVID-related supply chain disruptions and labor challenges. The gross margin decreased to 7.1% from 11.0% in the previous year, with a net loss of $1.6 million or $0.58 per share, compared to a net income of $0.1 million in Q1 2020. Adjusted EBITDA also showed a loss of $1.5 million, down from net income of $1.0 million. CEO Jay D. Miller expressed optimism for recovery as operations improve throughout 2021.
Nortech Systems Incorporated (Nasdaq: NSYS) will release its fiscal 2021 first quarter financial results for the period ending March 31, 2021, on May 13, before market opening. Known for providing engineering and manufacturing solutions to medical, aerospace & defense, and industrial sectors, Nortech Systems operates seven manufacturing locations and design centers globally. The company's offerings include complex electromedical devices and electromechanical systems, supporting a vertically integrated supply chain for engineered solutions.
Nortech Systems reported net sales of $104.1 million for 2020, a 10.5% decline from 2019's $116.3 million, primarily due to reduced demand amid COVID-19. Gross margin fell to 8.1% from 10.8%, with a fourth-quarter operating loss of ($3.8 million) including a $2.4 million goodwill impairment. The company focused on consolidating production facilities and improving operational capabilities, ending the year with a backlog of $48.7 million. Adjusted EBITDA decreased to $0.1 million from $2.4 million in 2019, reflecting the pandemic's impact on business.
Nortech Systems Incorporated (Nasdaq: NSYS) announced that Chairman David Kunin and CFO Christopher Jones adopted prearranged trading plans under Rule 10b5-1. Kunin plans to purchase up to $250,000 in shares of Nortech common stock until January 2022, while Jones intends to buy 25,000 shares through March 31, 2021. Nortech specializes in engineering and manufacturing solutions for the medical, aerospace and defense, and industrial markets, focusing on complex cable harnesses and printed circuit board assemblies.
Nortech Systems Incorporated (Nasdaq: NSYS) announced the appointment of Phil Smith and Dan Sachs to its board of directors. Smith brings 25 years of healthcare experience, specializing in investment banking and executive management. He currently serves as Managing Director at Duff & Phelps. Sachs, a medical professional and entrepreneur, has significant expertise in medical device technology as a founder of several startups. These appointments are expected to enhance Nortech's strategic direction and operational efficiency as the company aims for future growth and profitability.
Nortech Systems Incorporated (NASDAQ: NSYS) reported third-quarter net sales of $26.3 million for the period ended September 30, 2020, down from $30.1 million in 2019. Despite the sales decline, operating income increased significantly to $2.7 million, boosted by a $3.8 million gain from property sales. Net income rose to $2.0 million or $0.73 per diluted share, compared to $0.4 million or $0.16 a year earlier. The backlog stood at $45.8 million, and the company is consolidating operations to enhance efficiency.
