Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of full-service electronics manufacturing services (EMS), today reported net sales of $29.3 million for the fourth quarter ended December 31, 2013, a 17 percent increase compared with net sales of $25.0 million for the fourth quarter of 2012. Net sales for the 2013 fiscal year ended December 31 rose four percent to $111.1 million, compared with $106.9 million reported for fiscal 2012.
For the fourth quarter of 2013, operating income was $482,000, compared with $485,000 for the fourth quarter of 2012. Fourth quarter net income of $241,000, or $0.09 per diluted common share, compares with $276,000, or $0.10 per diluted common share, in the fourth quarter of 2012. For both fiscal 2013 and fiscal 2012, Nortech Systems reported $1.5 million in operating income. Net income for fiscal 2013 was $787,000, or $0.29 per diluted common share. This compares with $629,000 million, or $0.23 per diluted common share, for fiscal 2012.
“We made progress during 2013 – posting annual increases in sales and net income,” said Rich Wasielewski, Nortech Systems’ president and CEO. “Our strong fourth quarter sales were due to a significant number of new programs and product launches with both new and existing customers across all the markets we serve.
“We’re encouraged by these ramp-up activities as we ended 2013, although absorbing the related launch costs impacted our operating profits,” Wasielewski noted. He added that the company is carefully monitoring its pipeline and order backlog. Field intelligence is reporting customers are adjusting their inventory levels to their current demand and business as they start 2014. Nortech’s operations are taking the necessary steps to align production schedules and costs with changing customer demand.
“Our 2013 results continued to build on our long-term strategies and add to our company’s value,” Wasielewski concluded. “We are committed to being our customers’ preferred supplier and helping them succeed.”