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NORTECH SYSTEMS REPORTS THIRD QUARTER RESULTS; THIRD QUARTER SALES INCREASE 46 PCT.; PROFITS RISE 76 PCT. FROM 1992

 MINNEAPOLIS, Oct. 21 /PRNewswire/ -- Nortech Systems, Inc. (NASDAQ: NSYS) reported net sales of $2,583,638 for the third quarter ended Sept. 30, 1993, compared with net sales of $1,771,252 for the same period last year. This represents an increase of 46 percent.
 Nortech Systems also reported net income of $200,056, or $.09 per share, for the third quarter ended Sept. 30, 1993, compared with $113,615, or $.05 per share, for the same period last year. This represents an increase of 76 percent.
 For the nine months ended Sept. 30, 1993, Nortech Systems reported net sales of $7,866,210, compared with $4,906,917 for the same period in 1992. Net income for the nine-month period ended Sept. 30 was $673,304, or $.31 per share, compared with net income of $319,214, or $.14 per share, for the first nine months of 1992.
 "Our third quarter results demonstrate continued strong growth in both sales and earnings," said Quent Finkelson, president and CEO of Nortech Systems. "We're very pleased that our nine-month results -- both sales and earnings -- exceed our figures for all 12 months of 1992. We anticipate finishing this year with a very solid fourth quarter, as we did last year," added Finkelson.
 During the third quarter, 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 June 30, 1993.
 Nortech Systems, Inc., is a manufacturer of wire harnesses, cable assemblies and electromechanical assemblies. The company is based in Wayzata, Minn., with a primary 60,000-square-foot manufacturing facility in Bemidji, Minn., and a second manufacturing facility in Augusta, Wis. 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 Systems, Seagate Technologies, 3M, Comtrol, OTC, Unisys and Ceridian Corporation.
 Nortech Systems' subsidiary, Nortech Medical Services, Inc., provides information management and maintenance for the health care industry.
 Nortech Systems is traded on the Nasdaq Stock Market under the symbol NSYS.
 NORTECH SYSTEMS
 CONDENSED STATEMENTS OF OPERATIONS - UNAUDITED
 Third Quarter Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $2,583,638 $1,771,252 $7,866,210 $4,906,917
 Net income $200,056 $113,615 $673,304 $319,214(a)
 Income per share $.09 $.05 $.31 $.14(a)
 Weighted average number
 of shares 2,193,737 2,240,794 2,193,737 2,240,794
 (a) 1992 net income figures exclude the positive net effect of a change in accounting methods totalling $884,741, or $.40 per share. Nortech Systems adopted SFAS No. 109 in June 1992.
 CONDENSED BALANCE SHEETS
 9/30/93 12/31/92
 (Unaudited) (Audited)
 Cash and cash equivalents $535,897 $633,631
 Accounts receivable, net 1,359,919 1,151,598
 Inventories 1,594,194 1,212,292
 Other current assets 338,932 335,342
 Property and other assets 2,103,985 1,951,138
 Total assets $5,932,927 $5,284,001
 Current liabilities 1,933,195 1,687,690
 Long-term debt 823,387 977,635
 Shareholders' equity 3,176,345 2,618,676
 Total liabilities and
 shareholders' equity $5,932,927 $5,284,001
 -0- 10/21/93
 /CONTACT: Quent Finkelson of Nortech Systems, 612-473-4102; or Perry Ketchum of Ketchum Metz McCauley, Inc., 612-349-2727, for Nortech Systems/
 (NSYS)


CO: Nortech Systems, Inc. ST: Minnesota IN: MTC SU: ERN

DS-AL -- MN006 -- 5143 10/21/93 11:32 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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