Nortech Systems Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net sales of $18.7 million compared to net sales of $31.7 million for the third quarter of 2008. After restructuring costs, the operating loss for the third quarter was $1.1 million, compared to operating income of $946,000 for the third quarter of 2008. For the third quarter of 2009, Nortech Systems reported a net loss of $854,000, or $0.31 per diluted common share, compared with net income of $499,000, or $0.18 per diluted common share, for the third quarter of 2008. The net loss in the second quarter of 2009 was $1.5 million or $0.56 per diluted common share. During the third quarter of 2009, operating profits improved sequentially by 49% before restructuring costs. Loss before income taxes was $1,376,694 against income before income taxes of $830,261 a year ago. For the nine months, the company reported net sales of $60,092,430 and loss from operations was $5,492,441 against net sales of $94,880,658 and income from operations of $3,296,211n a year ago. Loss before income taxes was $5,998,694 against income before income taxes of $2,767,879 a year ago. Net loss was $3,689,694 or $1.35 per diluted share against net income of $1,676,879 or $0.62 per diluted share a year ago Nortech Systems reported restructuring and impairment charges in the third quarter of $353,000 or $0.08 per diluted common share.

Nortech Systems Inc., Q3 2009 Earnings Call, Nov-05 2009

Nortech Systems Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2009. The company reported net sales of $19.9 million for the second quarter ended June 30, 2009, compared with net sales of $32.0 million for the second quarter of 2008. After restructuring costs, the operating loss for the second quarter was $2.2 million, compared with operating income of $1.1 million for the second quarter of 2008. The company reported a net loss of $1.5 million, or $0.56 per diluted common share, compared with net income of $552,000, or $0.20 per diluted common share, for the second quarter of 2008. Loss before income taxes was $2.4 million against income before income taxes of $0.918 million a year ago. During the second quarter of 2009, operating profits improved sequentially by 26% before restructuring costs. Nortech Systems reported restructuring and impairment charges in the second quarter of $645,000, or $0.14 per diluted common share. Excluding these costs, the quarterly net loss would have been $0.42 per diluted common share, a sequential improvement over the $0.47 loss per diluted common share reported in the first quarter of 2009, on lower revenue. The company generated $1.3 million of positive cash flow from operations during the second quarter of 2009 after using $3.1 million in the first quarter. For the six months, the company reported net sales of $41.4 million and loss from operations was $4.3 million against net sales of $63.2 million and income from operations of $2.3 million a year ago. Loss before income taxes was $4.6 million against income before income taxes of $1.9 million a year ago. Net loss was $2.8 million or $1.04 per diluted share against net income of $1.1 million or $0.43 per diluted share a year ago.