secwatch / observer
8-K filed May 16, 2024, 7:59 PM ET ticker NSYS CIK 0000722313
earnings confidence high sentiment positive materiality 0.70

Nortech Systems Q1 net income up 12% to $765K; announces Blue Earth plant closure and lease reduction

NORTECH SYSTEMS INC

2024-Q1 EPS reported $0.26 revenue$34,215,000
item 1.01item 2.02item 2.05item 9.01

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JSON Markdown Plain text

Source-grounded claims

63b0311197176f7555a634e417ca2714819723cf

NORTECH SYSTEMS INC reported first quarter ended March 31, 2024 results: revenue $34.2 million, net income $765 thousand, or $0.26 per diluted share, EPS $0.26 per diluted share.

electromechanical products serving the medical, industrial and defense markets, reported first quarter ended March 31, 2024 financial results. 2024 Q1 Highlights: ● Net sales of $34.2 million, down 1.9% from Q1 2023. ● Net income increased to $765 thousand, or $0.26 per diluted share, compared with net income of $681 thousand or $0.23 per diluted share, in Q1 2023. ●

SEC 8-K Item 2.02 confidence 0.95 SEC evidence

fd6a6d26f3d0b62b9539e1c2fd1d2c4c39ffeb2b

NORTECH SYSTEMS INC announced a restructuring with charges of approximately $1.0 million to $1.1 million affecting Blue Earth, Minnesota manufacturing plant.

On May 16, 2024, the Registrant issued a press release, attached hereto as Exhibit 99.1, announcing that the Registrant will close its manufacturing plant located in Blue Earth, Minnesota and relocate the production of products made in that facility to its facility in Bemidji, Minnesota. The registrant further announced that it expects this closure to result in out-of-pocket expenses for employee severance and other plant closure expenses of approximately $1.0 million to $1.1 million, including asset write-offs of about $0.4 million.

SEC 8-K Item 2.05/2.06 confidence 0.9 SEC evidence

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