Nortech Systems Inc. (NSYS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Nortech Systems Inc. has a market cap of $10.7 million; its shares were traded at around $3.9 with and P/S ratio of 0.1.
Income from operations for the first quarter of 2010 totaled $0.3 million, compared to loss from operations of $2.1 million reported in the first quarter of 2009. Net income for the first quarter of 2010 totaled $0.1 million or $0.03 per diluted common share, compared to net loss of $1.3 million, or $0.47 per diluted common share, reported in the first quarter of 2009.
Cash flow provided by operating activities for the quarter ended March 31, 2010 was $589,671 despite adding $1.7 million of inventories. This is compared to cash used in operations of $3,083,293 for the same period in 2009.
Our 90-day order backlog as of March 31, 2010 was approximately $19.0 million, compared to approximately $17.7 million at the beginning of the quarter and $15.2 million at March 31, 2009. During the quarter we continued to see increased customer orderings and scheduling activity along with increased levels of quoting from both new and existing customers. Backlog by industry market is shown below.
Our working capital of $13.5 million as of March 31, 2010 increased from $13.2 million at December 31, 2009 partially due to the increase in inventories of $1.7 million during the first quarter of 2010, which was offset by higher accounts payable of $1.5 million and a higher payroll accrual of $0.4 million.
Net cash provided by operations for the three months ended March 31, 2010 was $589,671. The cash flow provided by operations for the three months ended March 31, 2010 is the result of net income of $0.1 million, adjusted for noncash adjustments including depreciation, amortization, and stock-based compensation expense which combined totaled $0.4 million in positive adjustments. In addition, the increases in inventories of $1.7 million were fully offset by increases in accounts payable and accruals of $1.6 million and a decrease in accounts receivable and income taxes receivable of $0.2 million. The inventory increases relate to increased customer orders in the first quarter of 2010.
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Nortech Systems Inc. has a market cap of $10.7 million; its shares were traded at around $3.9 with and P/S ratio of 0.1.
Highlight of Business Operations:
The first quarter of 2010 saw our net sales improve sequentially from the previous four quarters and we made good progress in returning to profitability. For the quarter ended March 31, 2010, we reported net sales of $21.7 million compared to $21.6 million reported in the same quarter of 2009. Net sales in the first quarter of 2010 have increased 10% over the $19.8 million of net sales reported in the fourth quarter of 2009. We continue to see increased confidence by our customers to place orders as the 90-day backlog increased 25% to $19.0 million as of March 31, 2010 compared to $15.2 million for the same period last year. Our cost controls and continuous improvement programs increased our gross margin to 12.1% from single digits throughout most of the last year.Income from operations for the first quarter of 2010 totaled $0.3 million, compared to loss from operations of $2.1 million reported in the first quarter of 2009. Net income for the first quarter of 2010 totaled $0.1 million or $0.03 per diluted common share, compared to net loss of $1.3 million, or $0.47 per diluted common share, reported in the first quarter of 2009.
Cash flow provided by operating activities for the quarter ended March 31, 2010 was $589,671 despite adding $1.7 million of inventories. This is compared to cash used in operations of $3,083,293 for the same period in 2009.
Our 90-day order backlog as of March 31, 2010 was approximately $19.0 million, compared to approximately $17.7 million at the beginning of the quarter and $15.2 million at March 31, 2009. During the quarter we continued to see increased customer orderings and scheduling activity along with increased levels of quoting from both new and existing customers. Backlog by industry market is shown below.
Our working capital of $13.5 million as of March 31, 2010 increased from $13.2 million at December 31, 2009 partially due to the increase in inventories of $1.7 million during the first quarter of 2010, which was offset by higher accounts payable of $1.5 million and a higher payroll accrual of $0.4 million.
Net cash provided by operations for the three months ended March 31, 2010 was $589,671. The cash flow provided by operations for the three months ended March 31, 2010 is the result of net income of $0.1 million, adjusted for noncash adjustments including depreciation, amortization, and stock-based compensation expense which combined totaled $0.4 million in positive adjustments. In addition, the increases in inventories of $1.7 million were fully offset by increases in accounts payable and accruals of $1.6 million and a decrease in accounts receivable and income taxes receivable of $0.2 million. The inventory increases relate to increased customer orders in the first quarter of 2010.
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