Nortech Systems Q3 revenue $29.5M (+11.7%), net income $3.6M on $5.2M ERC

NORTECH SYSTEMS INC

2021-Q3 EPS reported $0.78 revenue$81,706,000

Net sales $29.5M, up 11.7% YoY from $26.4M; net income $3.6M ($1.24 diluted) vs $2.0M ($0.73) a year ago.
Record backlog of $79M, up 72% vs September 2020; monthly bookings remain strong.
Q3 results include $5.2M Employee Retention Credit reduction to payroll tax expense; cash not yet received.
CEO expects improved Q4 results; backlog supports growth through 2022.
Operating results in Q3 2020 included $3.8M gain from sale-leaseback of two Minnesota facilities.

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