Nortech Systems Inc. Files Q3 2024 10-Q Report
Ticker: NSYS · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 722313
| Field | Detail |
|---|---|
| Company | Nortech Systems Inc (NSYS) |
| Form Type | 10-Q |
| Filed Date | Nov 7, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Nortech Systems filed its Q3 2024 10-Q. Financials are in. Check it out.
AI Summary
Nortech Systems Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance and financial position.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Nortech Systems Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — As a public company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.
Key Numbers
- 2024-09-30 — Reporting Period End Date (This is the end date for the financial data presented in the 10-Q.)
- 2024-11-07 — Filing Date (This is the date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- NORTECH SYSTEMS INC (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241107 (date) — Filing date of the report
- MAPLE GROVE, MN (location) — Company's business and mailing address
FAQ
What is the primary business of Nortech Systems Inc.?
Nortech Systems Inc. operates in the Electronic Components, NEC sector, SIC code 3679.
What fiscal period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024, which includes the third quarter and the first nine months of the fiscal year.
When was this 10-Q report filed with the SEC?
This 10-Q report was filed on November 7, 2024.
Where is Nortech Systems Inc. located?
Nortech Systems Inc. is located in Maple Grove, Minnesota.
Has Nortech Systems Inc. operated under different names previously?
Yes, the company was formerly known as DSC NORTECH INC until December 17, 1990, and prior to that, as DIGIGRAPHIC SYSTEMS CORP until November 13, 1988.
Filing Stats: 4,721 words · 19 min read · ~16 pages · Grade level 19.1 · Accepted 2024-11-07 08:00:44
Filing Documents
- form10-q.htm (10-Q) — 1069KB
- ex31-1.htm (EX-31.1) — 19KB
- ex31-2.htm (EX-31.2) — 20KB
- ex32.htm (EX-32) — 12KB
- 0001493152-24-043920.txt ( ) — 5298KB
- nsys-20240930.xsd (EX-101.SCH) — 36KB
- nsys-20240930_cal.xml (EX-101.CAL) — 60KB
- nsys-20240930_def.xml (EX-101.DEF) — 101KB
- nsys-20240930_lab.xml (EX-101.LAB) — 334KB
- nsys-20240930_pre.xml (EX-101.PRE) — 242KB
- form10-q_htm.xml (XML) — 902KB
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 8-16
- Management's Discussion and Analysis of Financial Condition And Results of Operations
Item 2 - Management's Discussion and Analysis of Financial Condition And Results of Operations 17
- Quantitative and Qualitative Disclosures About Market Risk
Item 3 - Quantitative and Qualitative Disclosures About Market Risk 21
- Controls and Procedures
Item 4 - Controls and Procedures 21
– OTHER INFORMATION
PART II – OTHER INFORMATION
- Legal Proceedings
Item 1 - Legal Proceedings 22
- Risk Factors
Item 1A. - Risk Factors 22
- Unregistered Sales of Equity Securities, Use of Proceeds
Item 2 - Unregistered Sales of Equity Securities, Use of Proceeds 22
- Defaults on Senior Securities
Item 3 - Defaults on Senior Securities 22
- Mine Safety Disclosures
Item 4 - Mine Safety Disclosures 22
- Other Information
Item 5 - Other Information 22
- Exhibits
Item 6 - Exhibits 22
SIGNATURES
SIGNATURES 23 2 PART I ITEM 1. FINANCIAL STATEMENTS NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE DATA) 2024 2023 2024 2023 THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2024 2023 2024 2023 Net sales $ 31,407 $ 33,369 $ 99,513 $ 103,278 Cost of goods sold 27,572 28,050 85,613 87,001 Gross profit 3,835 5,319 13,900 16,277 Operating expenses: Selling 891 923 2,605 2,766 General and administrative 2,951 2,958 9,103 9,328 Research and development 284 314 893 907 Restructuring charges 176 - 267 - Total operating expenses 4,302 4,195 12,868 13,001 (Loss) income from operations ( 467 ) 1,124 1,032 3,276 Other expense: Interest expense ( 216 ) ( 130 ) ( 548 ) ( 365 ) (Loss) income before income taxes ( 683 ) 994 484 2,911 Income tax expense (benefit) 56 ( 213 ) 301 389 Net (loss) income $ ( 739 ) $ 1,207 $ 183 $ 2,522 Net (loss) income per common share: Basic (in dollars per share) $ ( 0.27 ) $ 0.44 $ 0.07 $ 0.93 Weighted average number of common shares outstanding - basic (in shares) 2,760,438 2,737,895 2,754,399 2,716,166 Diluted (in dollars per share) $ ( 0.27 ) $ 0.42 $ 0.06 $ 0.87 Weighted average number of common shares outstanding - diluted (in shares) 2,760,438 2,888,679 2,931,343 2,887,889 Other comprehensive (loss) income Foreign currency translation 223 ( 77 ) ( 135 ) ( 318 ) Comprehensive (loss) income, net of tax $ ( 516 ) $ 1,130 $ 48 $ 2,204 See Accompanying Condensed Notes to Condensed Consolidated Financial Statements. 3 NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) SEPTEMBER 30, 2024 DECEMBER 31, 2023 (1) ASSETS Current assets: Cash $ 1,239 $ 960 Restricted cash - 715 Acc