secwatch.observer — SEC 8-K summary
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Issuer:     NORTECH SYSTEMS INC (NSYS)
CIK:        0000722313
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001437749-24-017204
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.02, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722313/000143774924017204/0001437749-24-017204-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722313/000143774924017204/nsys20240515_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-017204

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer