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Nortech Systems Reports First Quarter Results [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Nortech Systems Inc. reported net sales of $25.9 million for the first quarter ended March 31, compared with $25.0 million in the prior quarter and $28.4 million in the first quarter of 2012. In a release on May 8, the Company noted that income from operations for the first quarter of 2013 was $224,000 after an impairment charge of $74,000 on a building being held for sale. This compares with $328,000 for the same period in 2012. Net income for the first quarter of 2013 was $141,000, or $0.05 per diluted common share, and was favorably impacted by the reinstatement of the research and development tax credits. This compares with $123,000, or $0.04 per diluted common share, reported for the same period in 2012. "Our ongoing productivity improvements, including initiatives in automation and lean manufacturing, helped drive our profitability in the quarter as we saw our gross profit percentage increase 190 basis points versus the first quarter of 2012," said Mike Degen, Nortech Systems' chief executive officer. "We're continuing to watch costs and manage expenses carefully while waiting for further strengthening in the domestic and global economies," Degen added. He noted that the company's 90-day backlog increased 11 percent during the quarter, led by defense and medical customers. He considers this positive indicator - the first double- digit backlog increase in more than 18 months - as a reason for optimism for fiscal 2013. "Our continued investments in business development and operations position us to deliver stronger results when demand improves and we can fully utilize our capacity," Degen concluded. Nortech Systems Inc. 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 range of industries. More Information: www.nortechsys.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |