Nortech Systems reports Q3 results
Nov 03, 2005
Net income rises 10% for Quarter, 30% for nine months
Nortech Systems Incorporated (Nasdaq:NSYS) reported record net sales of $20.9 million for the third quarter ended Sept. 30, 2005, up nine percent over net sales of $19.2 million for the comparable period in 2004. Operating income totaled $590,613, up nine percent from $541,576 reported for the third quarter of 2004. Net income totaled $260,357, or $0.10 per diluted common share, up 10 percent versus $236,439, or $0.09 per diluted common share, for the third quarter of 2004.
For the nine months ended Sept. 30, 2005, the company reported net sales of $60.5 million, compared with $52.3 million for the same period in 2004, an increase of 16 percent. Operating income for the period was $1.3 million, a 37 percent increase over operating income of $935,494 for the same period in 2004. Net income for the nine-month period was $498,210, or $0.19 per diluted common share, up 30 percent versus $384,472, or $0.15 per diluted common share, for the same period last year.
"We're pleased with these results," says Mike Degen, Nortech's president and CEO. "In three of the past four quarters - including this third quarter - Nortech has reported record sales levels in excess of $20 million. Net income was up 87 percent over the previous quarter, on the same level of revenue, reflecting the operating leverage we're building into the business."