secwatch.observer — SEC 8-K summary
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Issuer:     NORTECH SYSTEMS INC (NSYS)
CIK:        0000722313
Form:       8-K
Filed at:   2024-03-20T23:59:59+00:00
Accession:  0001437749-24-008695
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722313/000143774924008695/0001437749-24-008695-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722313/000143774924008695/nsys20240319_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-008695

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