Reading time ( words)
Nortech Systems Incorporated, a leading provider of full-service electronics manufacturing services (EMS), today reported net sales of $31.4 million for the fourth quarter ended December 31, 2015, a three percent increase over net sales of $30.4 million for the fourth quarter of 2014. Net sales for the 2015 fiscal year ended December 31 rose three percent, to $115.2 million, compared with $112.0 million reported for fiscal 2014.
For the fourth quarter of 2015, operating income was $329,000, compared with $318,000 for the fourth quarter of 2014. Fourth quarter net income of $123,000, or $0.04 per diluted common share, compares with $214,000, or $0.08 per diluted common share, in the fourth quarter of 2014. For fiscal 2015, the net loss was $571,000, or $0.21 per diluted common share. This compares with net income of $880,000, or $0.32 per diluted common share, for fiscal 2014.
“Our performance rebounded in the fourth quarter, finishing an eventful and challenging fiscal 2015,” said Rich Wasielewski, Nortech Systems’ president and CEO. “The increased revenue, ongoing cost-containment initiatives and reduced ramp-up costs led to profit improvements in the quarter.
“We’re pleased with the progress on our strategic initiatives and our business-development efforts,” he continued. “Our medical device engineering acquisition has been accretive and also fosters early-engagement opportunities targeted for this growth market.
“Business conditions in 2016 are looking similar to last year, with mixed performance continuing among our global customers and markets,” Wasielewski noted. “Our leading indicators – pipeline, backlog and engineering project activities – are in better condition than a year ago with some quarterly volatility expected.” He added, “With several key investments moving into the execution stage, we’re focusing on growth in the medical market and profit improvements from operational efficiency and asset utilization.”
About Nortech Systems Incorporated
Nortech Systems Incorporated, based in Maple Grove, Minn., 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 wide range of industries. Markets served include industrial equipment, aerospace/defense and medical.
