MINNEAPOLIS -- Nortech Systems today reported net sales of $29.3 million for the fourth quarter ended Dec. 31, up 17% over 2012. Net income slipped 12.7% to $241,000.

Operating income was $482,000, down slightly from $485,000 in 2012.

The EMS company said net sales for fiscal 2013 rose 4% to $111.1 million, while operating income was flat at $1.5 million. Net income rose 25% to $787,000.

“We made progress during 2013 – posting annual increases in sales and net income,” said Rich Wasielewski, 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 added that the company is carefully monitoring its pipeline and order backlog. Field intelligence is reporting customers are adjusting inventory levels to current demand as they start 2014, and Nortech is taking the "necessary steps" to align production schedules and costs with customer demand.

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