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Nortech Systems Incorporated (NSYS-0.62%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $31,407,000 from $33,369,000 in the same quarter the previous year. The decrease is attributed to reduced sales in the industrial market.
Cost of goods sold for the quarter was $27,572,000, resulting in a gross profit of $3,835,000, compared to $5,319,000 in the previous year.
Operating expenses for the quarter included selling expenses of $891,000, general and administrative expenses of $2,950,000, and restructuring charges of $176,000 related to the closure of the Blue Earth facility.
The company reported an operating loss of $467,000 for the quarter, compared to an operating income of $1,124,000 in the previous year.
Interest expense increased to $216,000 from $130,000 due to higher borrowings under the line of credit.
Net loss for the quarter was $739,000, compared to a net income of $1,207,000 in the previous year.
Cash used in operating activities was $3,043,000 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $2,181,000 in the previous year.
The company replaced its asset-backed line of credit with a $15,000,000 Senior Secured Revolving Line of Credit with Bank of America (BAC-1.22%), expiring on February 28, 2027.
Nortech Systems does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its operations in the Medical, Aerospace & Defense, and Industrial markets, while managing the closure of its Blue Earth facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nortech Systems Incorporated quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.