Printer Friendly

NORTECH SYSTEMS REPORTS SECOND QUARTER RESULTS

 NORTECH SYSTEMS REPORTS SECOND QUARTER RESULTS
 Company Posts 10th Consecutive Profitable Quarter
 MINNEAPOLIS, Aug. 18 /PRNewswire/ -- Nortech Systems Incorporated (OTC Bulletin Board: NSYS) reported net sales of $1,534,494 for the second quarter ended June 30, 1992, compared with sales of $1,598,399 for the same period last year.
 Nortech Systems also reported net income of $944,374, or $.42 per share, for the second quarter ended June 30, 1992, compared with $166,365, or $.08 per share, for the same period last year. This represents the 10th consecutive profitable quarter for Nortech Systems.
 For the six months ended June 30, 1992, Nortech Systems reported net sales of $3,135,665, compared with $3,235,642, for the same period in 1991. Net income for the six-month period ended June 30 was $1,090,342, or $.49 per share, compared with $311,466, or $.14 per share, for the first six months of 1991.
 Net income for the second quarter and first half includes the cumulative net effect of a change in accounting methods totaling $884,741. Effective June 30, 1992, Nortech Systems Incorporated adopted SFAS No. 109, the recently issued financial accounting standard for deferred tax accounting from the Financial Accounting Standards Board.
 "Second quarter results were essentially on target with our predictions," said Quent Finkelson, president and CEO of Nortech Systems. "Our current order backlog is at $2.4 million, which we believe substantiates our optimism for solid revenue growth for the balance of the year."
 During the second quarter, Nortech Systems completed an agreement to open a second manufacturing facility, in Augusta, Wis. This new facility will help Nortech Systems expand its business into new industries. Finkelson reported that the hiring process has begun, and operations are expected to begin by the end of the third quarter.
 In other developments, Corporate Report Minnesota, in its August 1992 issue, included Nortech Systems in a ranking of Minnesota's 200 largest publicly held companies. Nortech Systems ranked second overall in return on shareholders' equity and 167th in revenues. "We're very pleased with the Corporate Report ranking," said Finkelson.
 Nortech Systems Incorporated is a contract manufacturer of wire harnesses, cable assemblies and electromechanical assemblies. Nortech Systems is based in Wayzata, Minn., with a primary 60,000-square-foot manufacturing facility in Bemidji, Minn., and a second manufacturing facility in Augusta. 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
 Condensed Statements of Operations
 (Unaudited)
 Second Quarter Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net sales $1,534,494 $1,598,399 $3,135,665 $3,235,642
 Net income (a) 944,374 166,365 1,090,342 311,466
 Income per share (a) $.42 $.08 $.49 $.14
 Weighted average
 number of shares 2,240,794 2,240,794 2,240,794 2,240,794
 (a) Includes cumulative net effect of a change in accounting methods totaling $884,741. Nortech Systems Incorporated adopted SFAS No. 109, effective June 30, 1992.
 CONDENSED BALANCE SHEETS
 6/30/92 12/31/91
 (unaudited) (audited)
 Cash and cash equivalents $574,594 $883,487
 Accounts receivable, net 701,541 636,599
 Inventories 985,669 473,668
 Other current assets 290,613 49,198
 Property and other assets 1,965,648 931,854
 Total assets $4,518,065 $2,974,806
 Current liabilities 1,132,471 794,965
 Long-term debt 1,143,300 1,012,942
 Shareholders' equity 2,242,294 1,166,899
 Total liabilities &
 shareholders' equity 4,518,065 2,974,806
 -0- 8/18/92
 /CONTACT: Quent Finkelson of Nortech Systems, 612-473-4102, or Perry Ketchum of Ketchum & Metz, 612-349-2727, for Nortech Systems/
 (NSYS) CO: Nortech Systems Incorporated ST: Minnesota IN: CPR SU: ERN


AL -- MN001 -- 0869 08/18/92 10:18 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1992
Words:685
Previous Article:MOODY'S RAISES RATING ON LINCOLN ELECTRIC NEBRASKA POWER SUPPLY AND DISTRIBUTION REVENUE BONDS; STRONG MANAGEMENT AND LINCOLN ECONOMY CITED
Next Article:WARNER INSURANCE SERVICES ANNOUNCES RESULTS FOR THREE MONTHS ENDED JULY 31, 1992
Topics:


Related Articles
NORTECH SYSTEMS REPORTS RECORD EARNINGS IN FISCAL 1991
NORTECH SYSTEMS REPORTS FIRST QUARTER RESULTS
SOYRING NAMED ENGINEERING MANAGER OF NORTECH SYSTEMS
NORTECH SYSTEMS SELECTED FOR STATE-SPONSORED TRAINING PROGRAM
NORTECH SYSTEMS REPORTS RECORD EARNINGS IN FISCAL 1992; FOURTH QUARTER SHOWS STRONG GAINS
NORTECH SYSTEMS REPORTS FIRST QUARTER RESULTS COMPANY CONTINUES MOMENTUM; PROFITS AND SALES UP FROM 1992
NORTECH SYSTEMS SHARES NOW TRADE IN NASDAQ MARKET
NORTECH SYSTEMS REPORTS SECOND QUARTER RESULTS; 2ND QTR. SALES INCREASE 81 PERCENT FROM 1992; SIX-MONTH SALES RISE 68 PERCENT
NORTECH SYSTEMS REPORTS THIRD QUARTER RESULTS; THIRD QUARTER SALES INCREASE 46 PCT.; PROFITS RISE 76 PCT. FROM 1992
NORTECH SYSTEMS REPORTS RECORD EARNINGS IN FISCAL 1993; PROFITS INCREASE 64%; SALES RISE 60% FROM FISCAL 1992

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters