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NORTECH SYSTEMS REPORTS FIRST QUARTER RESULTS

 NORTECH SYSTEMS REPORTS FIRST QUARTER RESULTS
 Company Posts Ninth Consecutive Profitable Quarter
 MINNEAPOLIS, April 20 /PRNewswire/ -- Nortech Systems Incorporated (OTC Bulletin Board: NSYS) reported net sales of $1,601,171 for the first quarter ended March 31, 1992, compared with sales of $1,637,243 for the same period last year. Net sales for the quarter grew 15 percent over net sales for the fourth quarter of 1991.
 Nortech Systems also reported net income of $145,968, or $.07 per share, for the first quarter ended March 31, 1992, compared with $145,101, or $.06 per share, for the same period last year. This was the ninth consecutive profitable quarter for Nortech Systems.
 "Our first quarter results were about what we expected," said Quent Finkelson, president and CEO of Nortech Systems. "Sales and net income were comparable with the first quarter of last year. We continue to expect solid revenue growth in 1992, beginning in the second quarter, as we predicted in February. With the addition of several new major customers this year, including Unisys, our order backlog is at an all- time high. All in all, in a difficult economic climate, we believe that Nortech Systems has done extremely well."
 In March, Nortech Systems announced that it had been awarded a contract to produce wire harness and cable assemblies for Unisys Corporation. Also in March, Nortech Systems announced a dividend of $.06 per share on each issued and outstanding share of the corporation's preferred stock for the six-month period ended Dec. 31, 1991.
 Nortech Systems Incorporated is a contract manufacturer of wire harnesses, cable assemblies and electromechanical assemblies. Based in Wayzata, Minn., with manufacturing facilities in Bemidji, Minn., Nortech Systems supplies a wide spectrum of high technology and medical products manufacturers, including GE Medical Systems, Rosemount Inc. Control Systems Division, Cray Research, Control Data, Seagate Technologies, 3M, Comtrol, OTC and Unisys.
 Nortech's subsidiary, SMR Medical Systems Incorporated, provides information management and maintenance for the health care industry.
 Nortech Systems Incorporated is traded through the OTC Bulletin Board and on the local over-the-counter market.
 NORTECH SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Quarter Ended
 3/31/92 3/31/91
 Net sales $1,601,171 $1,637,243
 Net income $145,968 $145,101
 Income per share $.07 $.06
 Weighted average number
 of shares 2,240,794 2,240,794
 CONDENSED BALANCE SHEETS
 3/31/92 12/31/91
 (Unaudited) (Audited)
 Cash and cash equivalents $632,468 $883,487
 Accounts receivable, net 927,428 636,599
 Inventories 755,318 473,668
 Other current assets 60,869 49,198
 Property and other assets 1,295,321 931,854
 Total assets $3,671,404 $2,974,806
 Current liabilities $1,174,990 $794,965
 Long-term debt 1,198,491 1,012,942
 Shareholders' equity 1,297,923 1,166,899
 Total liabilities and
 shareholders' equity $3,671,404 $2,974,806
 -0- 4/20/92
 /CONTACT: Quent Finkelson of Nortech Systems Incorporated, 612-473-4102; or Perry Ketchum of Ketchum & Metz, Inc., 612-349-2727/
 (NSYS) CO: Nortech Systems Incorporated ST: Minnesota IN: CPR SU: ERN


KH -- MN002 -- 0015 04/20/92 11:37 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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