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 (NASDAQ: NSYS) reported its Q2 2024 financial results, showing a 3.2% decrease in net sales to $33.9 million compared to Q2 2023. The company's net income fell by 75.2% to $157,000, or $0.06 per diluted share. Adjusted EBITDA was $919,000, down 43.3% from the previous year. Despite these declines, Nortech maintains a 90-day backlog of $30.1 million as of June 30, 2024.
CEO Jay D. Miller highlighted efforts to optimize post-Covid supply chain strategies and near-shoring activities. The company is implementing facility optimization in Minnesota, which is expected to reduce costs by at least $1.6 million in 2025 and beyond, positioning Nortech for improved growth despite short-term financial impacts.
Nortech Systems Incorporated (NASDAQ: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products, has announced it will report its second quarter 2024 financial results on August 8, 2024. The company will hold a live conference call and webcast at 7:30 a.m. Central Time to discuss the results.
The call will be hosted by Jay D. Miller, CEO and President, and Andrew D. C. LaFrence, CFO. Participants can access the call via phone or webcast. Nortech Systems serves the medical, aerospace & defense, and industrial markets, offering design services and vertically integrated manufacturing capabilities.
Nortech Systems, a leading provider of engineering and manufacturing solutions for electromedical and electromechanical products, has announced the addition of Debarati Sen to its Board of Directors. Sen, an accomplished global business leader, brings extensive experience in driving transformative business performance through her roles at HMTX Industries and 3M. She has led divisions with annual sales totaling $2.8 billion, managed strategic M&A, and contributed to industrial automation. Nortech Systems expects her leadership and expertise to positively impact the company's growth and strategic direction.
Nortech Systems announced a $100,000 stock buy-back plan approved by its Board of Directors.
As a leading engineering and manufacturing solutions provider, Nortech serves medical, aerospace & defense, and industrial markets.
The company's capabilities include design and manufacturing of complex electromedical and electromechanical products, with services ranging from concept development to final testing.
Nortech operates seven manufacturing locations and design centers in the U.S., Latin America, and Asia, and is traded on NASDAQ under the symbol NSYS.
Nortech Systems (NASDAQ: NSYS) has announced a new patent for its Active Optical Xtreme (AOX) technology. AOX integrates transceivers, receivers, and optical fiber within non-magnetic cable assemblies, enhancing data transmission in magnetically sensitive environments. Target applications include medical imaging, avionics, wireless communications, and more.
The Bemidji facility will centralize all wire and cable production for Aerospace and Defense customers, following significant R&D investments to enhance fiber optic manufacturing. This move aims to boost efficiency, product quality, and innovation. AOX offers increased data transfer speeds, EMI immunity, and durability, aligning with Nortech's commitment to sustainability.
Although AOX adoption is expected to increase, it will not materially impact Nortech's financial results for 2024 or 2025.
Nortech Systems (NASDAQ: NSYS) reported its financial results for Q1 2024, with net sales of $34.2 million, a 1.9% decrease from the previous year. However, net income rose to $765,000, or $0.26 per diluted share, a 12.3% increase from Q1 2023. Gross margin improved slightly to 15.9%, and EBITDA was $1.637 million, up 5.1% year-over-year. Operational expenses saw a 3.1% decline, totaling $4.3 million. Notably, the company secured a new $15 million cash flow line of credit and maintained a backlog of $35.2 million. To optimize costs, Nortech plans to consolidate its facilities in Minnesota, closing the Blue Earth location and reducing the Maple Grove headquarters by 30%.
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