Nortech Systems Q1 revenue $34.9M (+13.6%); EPS $0.23 vs $0.05; gross margin 15.7%

NORTECH SYSTEMS INC

2023-Q1 EPS reported $0.23 revenue$34,888,000

Revenue $34.9M, up 13.6% YoY; gross margin 15.7%, up 2.5 percentage points.
GAAP net income $0.7M ($0.23 diluted EPS) vs $0.1M ($0.05) in Q1 2022.
Adjusted EBITDA $1.5M, up 143% from $0.6M in prior-year quarter.
LTM revenue $138M and adjusted EBITDA $6.7M.
Eight consecutive quarters of YoY growth in sales, gross profit, gross margin and EBITDA.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTECH SYSTEMS INC reported the first quarter ended March 31, 2023 results: revenue Revenue of $34.9 million, net income GAAP net income of $0.7 million, or $0.23 per diluted share, EPS $0.23 per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: Revenue of $34.9 million
Net income: GAAP net income of $0.7 million, or $0.23 per diluted share
EPS: $0.23 per diluted share
Result: reported results

Exact text from the filing

Nortech Systems Reports First Quarter 2023 Results Revenue Up 13.6% from Prior Year; Gross Margin Expansion of 2.5 Percentage Points from the First Quarter 2022 MINNEAPOLIS – May 10, 2023 -- Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported 2023 first quarter results for the period ended March 31, 2023. 2023 First Quarter Highlights: ● Revenue of $34.9 million, up 13.6% from the first quarter of 2022. ● GAAP net income of $0.7 million, or $0.23 per diluted share, compared to GAAP net income of $0.1 million, or $0.05 per diluted share, in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001437749-23-013542

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