Nortech’s Q2 Net Sales Up 8%
MINNEAPOLIS – Nortech Systems reported net sales of $28.9 million for the second quarter ended June 30, up 8% year-over-year.
The company’s net loss for the quarter was $180,000, compared to a net loss of $378,000 for the same period last year. Nortech posted an operating loss of $110,000, an improvement of $373,000 compared to the prior-year period.
“The revenue improvement in the second quarter was led by medical sales, up 40% year-over-year,” said Rich Wasielewski, Nortech Systems’ president and CEO.
“Our strategic investment in engineering services helped our medical backlog increase 28% during the second quarter, which bodes well for continued future growth.
“Our overall backlog increased 12% during the second quarter, and we’re beginning to see early signs that our growth and cost initiatives are taking hold.”
For the six months ended June 30, the firm’s net sales increased 9% to $57.9 million, compared to the same period in 2015. Net loss was $117,000, compared to a net loss of $571,000 for the first six months of 2015. Operating income was $111,000, an improvement of $796,000 over the same period last year.
This week Nortech Systems announced the closing of its facility in Augusta, WI, by year-end.
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