Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
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.
- Period
- first quarter ended March 31, 2024
- Revenue
- $34.2 million
- Net income
- $765 thousand, or $0.26 per diluted share
- EPS
- $0.26 per diluted share
- Result
- reported results
Exact text from the filing
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. ●
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
NORTECH SYSTEMS INC announced a restructuring with charges of approximately $1.0 million to $1.1 million affecting Blue Earth, Minnesota manufacturing plant.
- Type
- restructuring
- Charge
- approximately $1.0 million to $1.1 million
- Affected area
- Blue Earth, Minnesota manufacturing plant
Exact text from the filing
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.
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