Blog - Nortech https://www.nortechsys.com Complex Electromechanical Solutions Fri, 01 Apr 2022 20:09:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.2 https://www.nortechsys.com/wp-content/uploads/2022/03/cropped-Untitled-design-39-32x32.png Blog - Nortech https://www.nortechsys.com 32 32 How Is Active Optical Changing Fiber Optic Design? https://www.nortechsys.com/active-optical-changing-fiber-optic-design/ https://www.nortechsys.com/active-optical-changing-fiber-optic-design/#respond Fri, 01 Apr 2022 20:09:42 +0000 https://www.nortechsys.com/?p=7371 Every year, more businesses are turning to fiber optic solutions. As more applications require faster transmission rates with higher accuracy across longer distances, more design engineers, data managers, and industry SMEs question how new fiber optic applications such as Active Optical Cables differ from conventional fiber optic cables.  Nortech Systems’ Active Optical Xtreme (AOXTM)is the […]

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]]> Every year, more businesses are turning to fiber optic solutions. As more applications require faster transmission rates with higher accuracy across longer distances, more design engineers, data managers, and industry SMEs question how new fiber optic applications such as Active Optical Cables differ from conventional fiber optic cables. 

Nortech Systems’ Active Optical Xtreme (AOXTM)is the newest small form-factor hybrid solution in the family of Active Optical Cable assemblies. 

Read on as this article seeks to outline the differences and benefits, then contact Nortech Systems to solve your next generation fiber optic design challenges now.

twisted copper wire bundles with ends stripped

What are the Challenges of Conventional Copper Wiring

Copper cable technology is being pushed to its limitations as InfiniBand data speeds climb and data center clusters expand in size. The InfiniBand Double Data Rate (DDR) of 20 Gigabits per second (Gbps) limits the span of traditional copper cable to 8 to 10 meters.

Because of the bandwidth-distance limits of copper cable installations, engineers frequently incorporate amplifiers, signal regenerators, frame grabbers, signal redrivers, retimers, and other similar devices inside the system assembly.

Copper passive cables are bulky and numerous, making physical data center management challenging and susceptible to electromagnetic interference (EMI), restricting copper’s performance and dependability.

IT specialist connecting new fiber optic design cables to network equipment

What is Active Optical?

Active Optical Cable (AOC) is a single hybrid design technique that employs optical fiber “between the connectors” to accommodate the same electrical signals as a far larger number of copper cables. Active optical cable (AOC) is primarily deployed for short-range multi-lane data transfer and interconnection. Ordinarily, optical communication data transmission belongs to the passive component, but AOC is an exception. An AOC consists of multimode optical fibers, control chips, optical transceivers and receivers, and modules.

 AOC utilizes electrical-to-optical exchange on the cable ends to increase the cable’s speed and distance performance while maintaining compatibility with a conventional electrical system design.

Users now expect more information at their fingertips; thus, our communications infrastructure will have to be faster, and AOC is one of the best ways to tackle this problem.

AOC has several benefits over direct attach copper cable for data transfer. These benefits include reduced weight, higher bandwidth, lower power consumption, lower connectivity loss, EMI immunity, and flexibility. AOC is becoming widely employed in various applications, including long-reach devices and data-hungry systems.

Active optical cables have the same effect as passive cables, but they transcend some of the constraints of passive cables by incorporating optics or electronics into the connections. Whereas passive cables are typically copper-based, active cables can employ copper wire and fiber optics to connect the cable ends. It is feasible to have a common electrical port with appropriately built network equipment that can receive either a passive copper cable or active optical cable, enabling you to choose the proper framework and cost with easy reconfiguration.

male doctor studying results of MRI brain scan with multiple computer generated image display as backdrop

Why Use Active Optical?

Active optical cables were originally developed to replace copper in data centers and high-performance computing (HPC) operations. Despite the numerous drawbacks, copper wire has been the standard for decades, and the concept of AOC cables seemed almost too fantastic. 

The advantages of AOC cables, on the other hand, make their predecessor appear archaic and unsophisticated, and they break through the limitations of copper passive cables while also playing a pivotal role in high-speed data transfer.

In AOCs, Vertical-cavity Surface Emitting Laser (VCSEL) technology is combined with Transceiver and Receiver capabilities inside the cable assembly to accomplish Electrical-to-Optical and Optical-to-Electrical (E-O/O-E) data translation across tactical fiber-optic channels with very minimal data loss.

AOCs include copper power and control lines designed to optimize power supply across distance, decrease voltage drop, and provide a very flexible and resilient cable. The embedded electronics are protected by tough and resilient connector and back shell arrangements.

Power Up With the Latest Interconnect Technology

Active optical cables provide optimal value for machine vision and other intelligent sensing devices. With higher bandwidth, reduced weight and system footprint, extremely low data latency, and near immunity to electromagnetic interference, your organization gains a lot more, including simplifying your inventory due to needing fewer cabling components and reducing supply chain risk. Reach out to Nortech Systems today for more information on AOC design and applications for your organization.

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]]> https://www.nortechsys.com/active-optical-changing-fiber-optic-design/feed/ 0 Nortech Systems Announces Third Quarter 2021 Results https://www.nortechsys.com/nortech-systems-announces-third-quarter-2021-results/ Thu, 11 Nov 2021 14:16:16 +0000 https://nortech.wpengine.com/nortech-systems-announces-third-quarter-2021-results/ Revenue at $29.5 million in Fiscal Third Quarter of 2021; + 11.7% from Fiscal Third Quarter of 2020 Net Income $3.6 million for the Fiscal Third Quarter of 2021 including the Employee Retention Credit of $5.2 million Monthly Bookings Trends Remain Strong. Solid Backlog of $79 million, an increase of $33 million or +72% vs […]

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  • Revenue at $29.5 million in Fiscal Third Quarter of 2021; + 11.7% from Fiscal Third Quarter of 2020
  • Net Income $3.6 million for the Fiscal Third Quarter of 2021 including the Employee Retention Credit of $5.2 million
  • Monthly Bookings Trends Remain Strong. Solid Backlog of $79 million, an increase of $33 million or +72% vs September 2020

MINNEAPOLIS –
Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, reported net sales of $29.5 million for the quarter ended September 30, 2021, an increase of 11.7% compared to $26.4 million for the third quarter of 2020. The revenue improvement was primarily due to higher production volume resulting from actions to scale the direct labor workforce and strengthen the supply chain for parts. Net income for third quarter 2021 was $3.6 million and $1.24 per diluted share compared to a net income of $2.0 million and $0.73 per diluted share for the third quarter of 2020.

In May 2021 Nortech announced that it planned to apply for the Employee Retention Credit (“ERC”) to support ongoing investment in Nortech’s frontline workforce to drive increased manufacturing output to meet our customers’ rising demand. The Company has filed an application for the ERC with the IRS and recognized $5.2 million reduction to payroll tax expense in the fiscal third quarter of 2021. The Company has not received funds as of the date of this press release.

Operating results from the third quarter of 2020 included a $3.8 million gain on the sale and leaseback transaction for its Bemidji and Mankato, Minnesota manufacturing facilities. Proceeds from the sale-leaseback in August 2020 were used to pay down bank debt.

“Nortech’s bookings continue to be strong resulting in another record backlog. Meanwhile, our operations team has been improving the supply chain to deliver high quality parts to our customers while optimizing our investment in working capital,” said Jay D. Miller, Chief Executive Officer and President. “We expect improved results in the fourth quarter and our $79 million backlog represents an encouraging vote of confidence from our customers that bodes well for growth throughout 2022. Finally, I’m very enthusiastic about the innovative new technologies Nortech has been developing that will help our customers compete better and stay on the cutting edge of new digital data opportunities in 2023 and beyond.”

The Company will hold a live conference call and webcast at 4:00 p.m. central time on Thursday, November 11, 2021 to discuss third quarter financial results. The call will be hosted by Jay Miller, Chief Executive Officer and Chris Jones, Chief Financial Officer. To access the live audio conference call, US participants may call 844-602-0380 and international participants may call 862-298-0970. Participants may also access the call via webcast at: https://www.webcaster4.com/Webcast/Page/2814/43639

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding future financial results, improving supply chain management, the impact of new products and innovations on our customers’ and our results, and forgiveness of our PPP loan, monthly sales booking and backlog trends, customer demand, the ability of our supply chain to supply materials on a timely basis, our ability to hire and retain sufficient direct labor to produce our products, the steady improvement in production output, receiving Employee Retention Credit funds and forgiveness of our PPP loan. While this release is based on management’s best judgment and current expectations, actual results may differ materially from those expressed or implied and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) the impact of the COVID-19 pandemic on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition (2) supply chain disruptions leading to parts shortages for critical components; (3) volatility in market conditions which may affect market supply of and demand for the company’s products; (4) increased competition; (5) changes in the reliability and efficiency of operating facilities or those of third parties; (6) risks related to the availability of labor; (7) commodity cost increases coupled with our inability to raise prices charged to our customers; (8) the unanticipated loss of key members of senior management and the transition of new members of our management teams to their new roles; (9) general economic, financial and business conditions that could affect the company’s financial condition and results of operations; (10) the Company’s ability to steadily improve manufacturing output throughout the remainder of 2021 and into 2022 (11) the Company obtaining ERC funds of approximately $5 million; and (12) the Company receiving SBA approval for forgiveness of its PPP loan. Some of the above-mentioned factors are described in further detail in the section entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Condensed Consolidated Statements of Operations

(in thousands, except for share data)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30,
INCOME STATEMENT Unaudited Unaudited Unaudited Unaudited

2021

2020

2021

2020
Net Sales $

29,452

$

26,362

$

81,706

$

80,263

Cost of Goods Sold

21,411

24,400

68,519

72,336

Gross Profit

8,041

1,962

13,187

7,926

27.3

%

7.4

%

16.1

%

9.9

%
Operating Expenses
Selling Expenses

449

594

1,741

1,945

General and Administrative Expenses

2,046

2,480

7,247

6,654

R&D Expenses

141

–

348

–

Restructuring Expenses

23

–

319

–

Loss on Abandonment of Intangible Asset

560

–

560

–

Gain on Sale of Assets

(93

)

(3,821

)

(176

)

(3,821

)
Total Operating Expenses

3,125

(747

)

10,039

4,778

Income from Operations

4,916

2,709

3,148

3,148

Interest Expense

(112

)

(126

)

(314

)

(526

)
Income Before Income Taxes

4,804

2,583

2,834

2,623

Income Tax Expense

1,247

612

646

638

Net Income $

3,557

$

1,971

$

2,188

$

1,985

Income Per Common Share – Basic $

1.33

$

0.74

$

0.82

$

0.75

Weighted Average Number of Common Shares Outstanding – Basic

2,665,682

2,657,530

2,662,066

2,657,530

Income Per Common Share – Diluted $

1.24

$

0.73

$

0.78

$

0.74

Weighted Average Number of Common Shares Outstanding – Diluted

2,880,073

2,703,029

2,806,958

2,670,984

Condensed Consolidated Balance Sheets

(in thousands)
BALANCE SHEET September 30, 2021 December 31, 2020
Unaudited Audited
Cash $

444

 $

352
Restricted Cash

999

3,212
Accounts Receivable

13,931

15,625
Employee Retention Credit Receivable

5,209

–
Inventories

20,643

13,917
Contract Assets

8,145

5,899
Prepaid Expenses and Other Current Assets

1,763

2,032
Property and Equipment, Net

5,803

6,426
Operating Lease Assets

9,052

8,998
Other Intangible Assets, Net

524

1,173
Total Assets $

66,513

 $

57,634
Accounts Payable $

14,140

 $

11,239
Lease Obligations, Finance & Operating, Net

11,086

11,389
All Other Liabilities

8,004

5,891
Line of Credit

6,009

3,328
Long-term Debt, Net

6,236

7,069
Shareholders’ Equity

21,036

18,718
Total Liabilities and Shareholders’ Equity $

66,513

 $

57,634

Condensed Consolidated Statements of Cash Flows

(in thousands)
CASH FLOW STATEMENT September 30, 2021 September 30, 2020
Cash Flows from Operating Activities Unaudited Unaudited
Net Income

$

2,188

$

1,985

Depreciation and Amortization

1,506

1,703

Compensation on Stock-Based Awards

201

111

Change in Accounts Receivable Allowance

18

158

Change in Inventory Reserves

(959

)

398

Loss on Abandonment of Intangible Asset

560

–

Gain on Disposal of Assets

(176

)

(3,821

)
Changes in Current Operating Items
Accounts Receivable

1,686

2,429

Employee Retention Credit Receivable

(5,209

)

–

Inventories

(5,755

)

(567

)
Contract Assets

(2,246

)

325

Prepaid Expenses and Other Assets

(276

)

858

Accounts Payable

2,901

(2,807

)
Accrued Payroll and Commissions

1,537

(581

)
All Other Operating Items

1,172

(289

)
Net Cash Used in Operating Activities

(2,852

)

(98

)
Cash Flows from Investing Activities
Proceeds from Sale of Property and Equipment

626

6,019

Purchase of Intangible Asset

(49

)

(25

)
Purchase of Property and Equipment

(1,198

)

(397

)
Net Cash (Used In) Provided By Investing Activities

(621

)

5,597

Cash Flows from Financing Activities
Net Change in Line of Credit

2,681

(7,542

)
Proceeds from Notes Payable

–

6,077

Payments on Long-Term Debt

(873

)

(2,567

)
Payments on Capital Lease

(492

)

(432

)
Stock Option Exercises

36

–

Net Cash Provided by (Used in) Financing Activities

1,352

(4,464

)
Net Change in Cash

(2,121

)

1,035

Cash – Beginning of Period

3,564

660

Cash – Ending of Period

$

1,443

$

1,694

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

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]]> Nortech Systems to Hold Third Quarter Conference Call on November 11 https://www.nortechsys.com/nortech-systems-to-hold-third-quarter-conference-call-on-november-11/ Fri, 05 Nov 2021 22:44:38 +0000 https://nortech.wpengine.com/nortech-systems-to-hold-third-quarter-conference-call-on-november-11/ MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, will hold a live conference call and webcast at 4:00 p.m. central time on Thursday, November 11, 2021 to discuss the company’s third quarter financial […]

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]]>

MINNEAPOLIS –
Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, will hold a live conference call and webcast at 4:00 p.m. central time on Thursday, November 11, 2021 to discuss the company’s third quarter financial results. The call will be hosted by Jay Miller, Chief Executive Officer and Chris Jones, Chief Financial Officer. To access the live audio conference call, US participants may call 844-602-0380 and international participants may call 862-298-0970. Participants may also access the call via webcast at: https://www.webcaster4.com/Webcast/Page/2814/43639

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems to Hold Third Quarter Conference Call on November 11 appeared first on Nortech.

]]> Nortech Systems to Report Fiscal 2021 Third Quarter Financial Results on November 11, 2021 https://www.nortechsys.com/nortech-systems-to-report-fiscal-2021-third-quarter-financial-results-on-november-11-2021/ Mon, 18 Oct 2021 15:04:12 +0000 https://nortech.wpengine.com/nortech-systems-to-report-fiscal-2021-third-quarter-financial-results-on-november-11-2021/ MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, announced today it will release its fiscal 2021 third quarter financial results for the period ended September 30, 2021 before the markets open on Thursday, […]

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]]>

MINNEAPOLIS –
Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, announced today it will release its fiscal 2021 third quarter financial results for the period ended September 30, 2021 before the markets open on Thursday, November 11, 2021.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems to Report Fiscal 2021 Third Quarter Financial Results on November 11, 2021 appeared first on Nortech.

]]> Nortech Systems Announces Second Quarter 2021 Results https://www.nortechsys.com/nortech-systems-announces-second-quarter-2021-results/ Thu, 12 Aug 2021 13:10:26 +0000 https://nortech.wpengine.com/nortech-systems-announces-second-quarter-2021-results/ Revenue at $30.2 million in Fiscal Second Quarter of 2021; + 37% from Fiscal First Quarter of 2021 US GAAP Net Income $0.2 million for the Fiscal Second Quarter of 2021; Adjusted EBITDA $1.0 million Monthly Bookings Trends Remain Strong. Solid Backlog of $72 million, an increase of +$23 million or +47% vs 12/31/20 MINNEAPOLIS […]

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  • Revenue at $30.2 million in Fiscal Second Quarter of 2021; + 37% from Fiscal First Quarter of 2021
  • US GAAP Net Income $0.2 million for the Fiscal Second Quarter of 2021; Adjusted EBITDA $1.0 million
  • Monthly Bookings Trends Remain Strong. Solid Backlog of $72 million, an increase of +$23 million or +47% vs 12/31/20

MINNEAPOLIS –
Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, reported net sales of $30.2 million for the quarter ended June 30, 2021, an increase of 36.7% compared to $22.1 for the first quarter of 2021 and an increase of 14.0% compared to $26.5 million for the second quarter of 2020. The revenue improvement was primarily due to higher production volume resulting from actions to scale the direct labor workforce and strengthen the supply chain for parts. Gross margin for the second quarter of 2021 was 11.9% compared to 7.1% in the first quarter of 2021, an improvement of 4.8 percentage points. Higher margin was primarily due to greater production output from the Company’s global manufacturing operations. Net income for second quarter 2021 was $0.2 million and $0.06 per diluted share compared to a net loss of ($1.5) million and ($0.58) per diluted share for the first quarter of 2021. Adjusted EBITDA was $1.0 million for the second quarter 2021 compared to adjusted EBITDA loss of ($1.5) for the first quarter 2021. Adjusted EBITDA excludes one-time restructuring expenses related to relocating manufacturing operations from its plant in Merrifield, Minnesota to its printed circuit board (PCB) center of excellence in Mankato, Minnesota. The Company incurred $77 thousand in restructuring expenses in the second quarter of 2021 and $296 thousand for the year-to-date fiscal 2021.

“Nortech rebounded significantly in the second quarter of 2021. We have been taking aggressive action to overcome COVID-related obstacles. We’re continuing to address supply chain bottlenecks to find creative ways to build and ship mission critical parts to our medical, military, and industrial customers. We have a large $72 million customer backlog and we’re 100% focused on operations execution to increase production output throughout the remainder of 2021 and into 2022.” stated Jay D. Miller, Chief Executive Officer and President.

In May 2021 Nortech announced that it planned to apply for the Employee Retention Credit (“ERC”) to support ongoing investment in Nortech’s frontline workforce to drive increased manufacturing output to meet our customers’ rising demand. If this action is successful, the Company estimates the ERC will total approximately $5 million in fiscal 2021. As of July 2021, the Company has filed for half of the ERC and expects to file for the second half in Q3 2021. The Company has not received funds as of the date of this press release.

As previously disclosed, in April 2020 Nortech participated in the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). In July 2021 Nortech submitted its application for PPP loan forgiveness to the Small Business Administration (“SBA”).

“The PPP and ERC programs were key factors in helping us retain our workforce during the COVID-19 downturn. As demand recovered in early 2021, we were better prepared to return the Company to profitability in Q2 2021.” stated Jay D. Miller, Chief Executive Officer and President.

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding the Company returning to profitable growth, monthly sales booking and backlog trends, customer demand, the ability of our supply chain to supply materials on a timely basis, our ability to hire and retain sufficient direct labor to produce our products, the steady improvement in production output, receiving Employee Retention Credit funds and forgiveness of our PPP loan. While this release is based on management’s best judgment and current expectations, actual results may differ materially from those expressed or implied and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) the impact of the COVID-19 pandemic on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition (2) supply chain disruptions leading to parts shortages for critical components; (3) volatility in market conditions which may affect market supply of and demand for the company’s products; (4) increased competition; (5) changes in the reliability and efficiency of operating facilities or those of third parties; (6) risks related to the availability of labor; (7) commodity cost increases coupled with our inability to raise prices charged to our customers; (8) the unanticipated loss of key members of senior management and the transition of new members of our management teams to their new roles; (9) general economic, financial and business conditions that could affect the company’s financial condition and results of operations; (10) the Company’s ability to steadily improve manufacturing output throughout the remainder of 2021 and into 2022 (11) the Company obtaining ERC funds of approximately $5 million in 2021; and (12) the Company receiving SBA approval for forgiveness of its PPP loan. Some of the above-mentioned factors are described in further detail in the section entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Non-GAAP Measurements Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. Adjusted EBITDA is a metric used by management to evaluate performance. Adjusted EBITDA is also used by the financial community to facilitate comparisons between peer companies since interest, taxes, depreciation, and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA excludes certain items that are unusual in nature or not comparable from period to period. The Company provides this information to investors to assist in comparisons of past, present, and future operating results and to assist in highlighting the results of on-going operations. While the Company’s management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company’s GAAP financial results and should be read in conjunction with those GAAP results. Other supplemental information has been provided to demonstrate reconciliation of non-GAAP measurements discussed above to most relevant GAAP financial measurements.

Condensed Consolidated Statements of Operations

(in thousands, except for share data)

THREE MONTHS ENDED

SIX MONTHS ENDED

June 30,

June 30,

Unaudited

Unaudited

Unaudited

Unaudited

2021

2020

2021

2020

Net Sales $

30,182

$

26,461

$

52,254

$

53,901

Cost of Goods Sold

26,597

23,736

47,108

47,936

Gross Profit

3,585

2,725

5,146

5,965

11.9

%

10.3

%

9.8

%

11.1

%
Operating Expenses
Selling Expenses

571

730

1,292

1,351

General and Administrative Expenses

2,418

1,946

5,214

4,174

R&D Expenses

207

207

Restructuring Expenses

77

296

(Gain) on Sale of Assets

(94

)

(94

)
Total Operating Expenses

3,179

2,676

6,914

5,525

Income (Loss) from Operations

406

49

(1,769

)

440

Interest Expense

(116

)

(176

)

(202

)

(400

)
Income (Loss) Before Income Taxes

290

(127

)

(1,971

)

40

Income Tax (Benefit) Expense

111

(4

)

(596

)

26

Net Income (Loss) $

179

$

(123

)

 $

(1,375

)

 $

14

Income (Loss) Per Common Share – Basic $

0.07

$

(0.05

)

 $

(0.52

)

 $

0.01

Weighted Average Number of Common Shares Outstanding – Basic

2,658,926

2,657,530

2,659,028

2,657,530

Income (Loss) Per Common Share – Diluted $

0.06

$

(0.05

)

 $

(0.52

)

 $

0.01

Weighted Average Number of Common Shares Outstanding – Diluted

2,767,991

2,657,530

2,659,028

2,666,532

Condensed Consolidated Balance Sheets

(in thousands)

June 30, 2021

December 31, 2020

Unaudited

Audited
Cash $

661

 $

352
Restricted Cash

592

3,212
Accounts Receivable

16,670

15,625
Inventories

18,301

13,917
Contract Assets

6,918

5,899
Prepaid Expenses and Other Current Assets

3,030

2,032
Property and Equipment, Net

5,744

6,426
Assets Held for Sale

430
Operating Lease Assets

9,336

8,998
Other Intangible Assets, Net

1,130

1,173
Total Assets $

62,812

 $

57,634
Accounts Payable $

12,815

 $

11,239
Lease Obligations, Finance & Operating, Net

11,494

11,389
All Other Liabilities

6,575

5,891
Line of Credit

7,667

3,328
Long-term Debt, Net

6,847

7,069
Shareholders’ Equity

17,413

18,718
Total Liabilities and Shareholders’ Equity $

62,812

 $

57,634

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in thousands)

THREE MONTHS ENDED

SIX MONTHS ENDED

June 30,

June 30,

2021

2020

2021

2020
Net Income (Loss) $

179

 $

(123

)

 $

(1,375

)

 $

14
Add Income Tax (Benefit) Expense

111

(4

)

(596

)

26
Add Interest Expense

116

176

202

400
Add Depreciation and Amortization

490

564

967

1,131
EBITDA

896

613

(801

)

1,571
Add Restructuring Expenses

77

296

Adjusted EBITDA $

973

 $

613

$

(505

)

 $

1,571

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems Announces Second Quarter 2021 Results appeared first on Nortech.

]]> Nortech Systems to Report Fiscal 2021 Second Quarter Financial Results on August 12, 2021 https://www.nortechsys.com/nortech-systems-to-report-fiscal-2021-second-quarter-financial-results-on-august-12-2021/ Fri, 16 Jul 2021 01:00:52 +0000 https://nortech.wpengine.com/nortech-systems-to-report-fiscal-2021-second-quarter-financial-results-on-august-12-2021/ MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, announced today it will release its fiscal 2021 second quarter financial results for the period ended June 30, 2021 before the markets open on Thursday, […]

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MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, announced today it will release its fiscal 2021 second quarter financial results for the period ended June 30, 2021 before the markets open on Thursday, August 12.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems to Report Fiscal 2021 Second Quarter Financial Results on August 12, 2021 appeared first on Nortech.

]]> Nortech Systems announces Cooperation and Project Funding Agreement with Marpé Technologies and the BIRD Foundation https://www.nortechsys.com/nortech-systems-announces-cooperation-and-project-funding-agreement-with-marp-technologies-and-the-bird-foundation/ Wed, 02 Jun 2021 21:00:31 +0000 https://nortech.wpengine.com/nortech-systems-announces-cooperation-and-project-funding-agreement-with-marp-technologies-and-the-bird-foundation/ MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), today announced it has reached a bilateral Cooperation and Project Funding Agreement by and among Nortech Systems, Inc, Marpé Technologies (Marpé), and the BIRD (Israel-U.S. Binational Industrial Research and Development) Foundation. The agreement provides a conditional grant to Marpé Technologies and Nortech Systems to develop a […]

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MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), today announced it has reached a bilateral Cooperation and Project Funding Agreement by and among Nortech Systems, Inc, Marpé Technologies (Marpé), and the BIRD (Israel-U.S. Binational Industrial Research and Development) Foundation. The agreement provides a conditional grant to Marpé Technologies and Nortech Systems to develop a total-body tele-dermatology scanning system. By using advanced scanning, sophisticated image processing algorithms, and state of the art AI, the system will save lives by reaching more patients through early detection.

Marpé Technologies, an Israel company, and Nortech Systems, a Minnesota company, are working together to bring a diagnostic platform to dermatology with remote AI capabilities. “We are excited to assist Marpé in bringing their prototype skin cancer detection technology to market” said Jay D. Miller, CEO Nortech Systems, “Our unique ability to provide engineering services, supply chain management and manufacturing services will accelerate commercialization of the product.”

The BIRD Foundation works to encourage and facilitate cooperation between U.S. and Israeli companies in a wide range of technology sectors and offers funding to selected projects. The Foundation supports projects without receiving any equity or intellectual property rights in the participating companies or in the projects.

Marpé Technologies, based in Haifa, Israel, is a science-based company developing innovative scanners for early detection of skin cancer. Marpé has developed a prototype screening system that will provide full body remote diagnosis and prevention into dermatology, using a Marpé invention – TAD (Technology Aided Dermatology) and AI-CAD (Artificial Intelligence – Computer-Aided Design) based system.

Tovi Bachar, CEO Marpé Technologies, stated, “The project will leverage the expertise of both companies working hand in hand in all aspects of the development and commercialization of the Marpé platform.” David Kunin, Chairman of the Board Nortech Systems added, “We are happy to bring two of the leading med device development communities, Israel and Minnesota, together in a joint project.”

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements. This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding the receipt of the conditional grant funds from the BIRD Foundation, the effectiveness of Marpé’s technology, the ability of Marpé to successfully commercialize its product, and the ability of Nortech to accelerate such commercialization. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) the impact of the COVID-19 pandemic on our employees, manufacturing facilities, and suppliers (2) supply chain disruptions leading to parts shortages for critical components; (3) volatility in market conditions which may affect market supply and demand; (4) challenges recruiting and retaining advanced engineering talent (5) unanticipated costs or other issues relating to the design or re-design of Marpé’s products. Some of the above-mentioned factors are described in further detail in the section entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems announces Cooperation and Project Funding Agreement with Marpé Technologies and the BIRD Foundation appeared first on Nortech.

]]> Nortech Systems Announces Establishment of Two 10b5-1 Trading Plans https://www.nortechsys.com/nortech-systems-announces-establishment-of-two-10b5-1-trading-plans-2/ Tue, 01 Jun 2021 21:02:44 +0000 https://nortech.wpengine.com/nortech-systems-announces-establishment-of-two-10b5-1-trading-plans-2/ MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, announced today that Chief Executive Officer Jay D. Miller and Chief Financial Officer Chris Jones have each adopted a prearranged trading plan under Rule 10b5-1 […]

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MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, announced today that Chief Executive Officer Jay D. Miller and Chief Financial Officer Chris Jones have each adopted a prearranged trading plan under Rule 10b5-1 of the Securities exchange Act of 1934 to purchase shares of Nortech’s common stock on the open market. Rule 10b5-1 permits officers and directors of public companies to adopt predetermined plans for purchasing or selling specified amounts or value of stock. Mr. Miller and Mr. Jones’ purchase transactions will be reported via SEC Form 4 filings.

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems Announces Establishment of Two 10b5-1 Trading Plans appeared first on Nortech.

]]> Nortech Systems to Apply for the Employee Retention Credit (ERC) https://www.nortechsys.com/nortech-systems-to-apply-for-the-employee-retention-credit-erc/ Thu, 20 May 2021 15:06:22 +0000 https://nortech.wpengine.com/nortech-systems-to-apply-for-the-employee-retention-credit-erc/ MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets today announced that it is applying for the Employee Retention Credit (“ERC”) to support ongoing investment in Nortech’s frontline workforce and to drive […]

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MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets today announced that it is applying for the Employee Retention Credit (“ERC”) to support ongoing investment in Nortech’s frontline workforce and to drive increased manufacturing output to meet customers’ rising demand for mission critical parts. The Company estimates the ERC will, if the application is successful, total $5 million in fiscal 2021.

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding the Company obtaining 2021 Employee Retention Credit (ERC) funds of approximately $5 million and with respect to customers’ increasing demand. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) the impact of the COVID-19 pandemic on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition (2) supply chain disruptions leading to parts shortages for critical components; (3) volatility in market conditions which may affect market supply of and demand for the company’s products; (4) increased competition; (5) changes in the reliability and efficiency of operating facilities or those of third parties; (6) risks related to the availability of labor; (7) commodity cost increases coupled with our inability to raise prices charged to our customers; (8) the unanticipated loss of key members of senior management and the transition of new members of our management teams to their new roles; and (9) and general economic, financial and business conditions that could affect the company’s financial condition and results of operations. Some of the above-mentioned factors are described in further detail in the section entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

The post Nortech Systems to Apply for the Employee Retention Credit (ERC) appeared first on Nortech.

]]> Nortech Systems Announces the Addition of Stacy Kruse to its Board of Directors https://www.nortechsys.com/nortech-systems-announces-the-addition-of-stacy-kruse-to-its-board-of-directors/ Thu, 13 May 2021 22:30:00 +0000 https://nortech.wpengine.com/?p=7163 MINNEAPOLIS – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, today announced the addition of Stacy Kruse to its board of directors. Ms. Kruse will contribute strategic capabilities in finance and operations to support Nortech’s […]

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MINNEAPOLIS –
Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, today announced the addition of Stacy Kruse to its board of directors.

Ms. Kruse will contribute strategic capabilities in finance and operations to support Nortech’s growth initiatives and profitability objectives. Ms. Kruse currently serves as Chief Operating Officer and Chief Financial Officer of Portico Benefit Services (Portico). She has led innovation oriented and transformational growth strategies, while staying true to the Portico’s mission. Ms. Kruse leverages a strong financial and marketing background, previously serving as CFO & Treasurer at Wilsons Leather, Director of Finance at US Bank and Director of Operations at Carlson Marketing Group. Ms. Kruse served on the Washburn Center for Children Board of Directors. In 2018, she was recognized as a Twin Cities CFO of the Year by the Minneapolis St. Paul Business Journal. Ms. Kruse is an independent director and qualified as an “audit committee financial expert.” She will serve as Chair of the Audit Committee.

David Kunin, Chairman of the Board stated, “Stacy joins a strong board and I am confidentshe will be a valuable partner with management.”Jay Miller, Nortech System’s president and CEO, added, “We are delighted to welcome Ms. Kruse to our board of directors. She comes to Nortech not only with a strong financial background but with impressive strategic skills and experience that will help Nortech face future challenges that come with our growth objectives.”

In March of 2021, Kathleen (Kitty) Iverson notified the Board that for personal reasons, she would not stand for reelection. Ms. Iverson’s term as a director ended at the conclusion of the annual meeting of shareholders of the Company on May 13, 2021.

“Kitty has been a critical member of the Nortech board for six years,” noted David Kunin, “She has not only been the chair of the Audit committee but also a steady and very knowledgeable voice in the boardroom.”Jay D. Miller, added, “She has overseen a great number of significant positive changes during her tenure on Nortech’s board, but notably will be leaving Nortech with a much stronger balance sheet that positions the company well for future growth.”

Nortech uses intelligence, innovation, speed, and global expertise to provide high-quality, high performance engineering and manufacturing solutions to resolve our customers’ most important challenges to be leaders in secure, reliable digital connectivity & data management. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding the Company’s growth and profitability objectives and initiatives. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Chris Jones, CFO

cjones@nortechsys.com

952-345-2244

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