---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-017204"
form_type: "8-K"
ticker: "NSYS"
cik: "0000722313"
company_name: "NORTECH SYSTEMS INC"
filed_at: "2024-05-16T23:59:59+00:00"
generated_at: "2026-06-01T22:06:19.866131+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- Q1 net sales $34.2M (down 1.9% YoY); net income $765K ($0.26 EPS) vs $681K ($0.23).
- Gross margin improved 20 bps to 15.9%; EBITDA rose 5.1% to $1.637M.
- Signed new $15M credit line; 90-day backlog $35.2M, consistent with year-end.
- Closing Blue Earth, MN plant; relocating to Bemidji, expecting $1.0-1.1M closure costs including $0.4M asset write-offs by Dec 2024.
- Amended Maple Grove, MN lease through Aug 2033, reducing space ~30%.

## SEC filing metadata
- accession: 0001437749-24-017204
- form_type: 8-K
- ticker: NSYS
- cik: 0000722313
- company_name: NORTECH SYSTEMS INC
- filed_at: 2024-05-16T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.02, 2.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/722313/000143774924017204/0001437749-24-017204-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/722313/000143774924017204/nsys20240515_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-017204
- JSON: https://secwatch.observer/filing/0001437749-24-017204.json
- Plain text: https://secwatch.observer/filing/0001437749-24-017204.txt

## Source-grounded claims
- claim_id: 63b0311197176f7555a634e417ca2714819723cf
  claim: 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.
  evidence_excerpt: 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. ●
  evidence_url: https://www.sec.gov/Archives/edgar/data/722313/000143774924017204/0001437749-24-017204-index.htm
- claim_id: fd6a6d26f3d0b62b9539e1c2fd1d2c4c39ffeb2b
  claim: NORTECH SYSTEMS INC announced a restructuring with charges of approximately $1.0 million to $1.1 million affecting Blue Earth, Minnesota manufacturing plant.
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/722313/000143774924017204/0001437749-24-017204-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.