Nortech Systems reports FY2023 net sales $139.3M, net income $6.9M, EBITDA up 38.2% to $8.0M

NORTECH SYSTEMS INC

Net sales $139.3M, up 3.9% YoY; net income $6.9M ($2.38 diluted EPS), up from $2.0M ($0.70) in 2022.
Gross margin 16.6%, up 130 bps from 15.3% prior year; EBITDA $8.0M (+38.2% YoY).
Q4 net income includes $2.6M non-cash tax benefit from reversal of valuation allowance.
Year-end backlog $35.1M, consistent with prior year; management sees normalization in supply chain.
Restructured credit agreement with Bank of America to increase borrowing capacity.

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 fourth quarter ended December 31, 2023 results: revenue $36,054, net income $4,352.

Period: fourth quarter ended December 31, 2023
Revenue: $36,054
Net income: $4,352
Result: reported results

Exact text from the filing

our customers’ changing needs is a key competitive advantage.” 2023 Fourth Quarter and Full Year Results ($ in thousands) Q4 23 Q4 22 % Full Year 2023 Full Year 2022 % Net sales $36,054 $35,618 1.2 % $139,332 $134,123 3.9% Gross Profit $6,827 $5,104 33.8 % $23,104 $20,480 12.8% Operating Expenses $4,151 $4,255 2.4% $17,151 $16,592 (3.4%) Net Income $4,352 $(381)

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTECH SYSTEMS INC reported year ended December 31, 2023 results: revenue $139.3 million, net income $6.9 million, or $2.38 per diluted share, EPS $2.38 per diluted share.

Period: year ended December 31, 2023
Revenue: $139.3 million
Net income: $6.9 million, or $2.38 per diluted share
EPS: $2.38 per diluted share
Result: reported results

Exact text from the filing

serving the medical, industrial and defense markets, reported 2023 fourth quarter and full year results for the period ended December 31, 2023. 2023 Highlights: ● Net sales of $139.3 million, up 3.9% from the prior year. ● Net income of $6.9 million, or $2.38 per diluted share, compared with net income of $2.0 million, or $0.70 per diluted share, in 2022. Fourth

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Source: SEC EDGAR

accession 0001437749-24-008695

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