Nortech Systems Reports Q1 Net Sales Down 20%
WAYZATA, MN – Nortech Systems reported first quarter net sales of $22.1 million, down 19.6% year-over-year.
The decline was primarily due to Covid-related factors, including supply chain disruptions and short-term challenges scaling the company’s direct labor workforce.
Net loss was $1.6 million, compared to net income of $100,000 in first quarter of 2020. Adjusted EBITDA was a loss of $1.5 million, compared to income of $1 million in the same period last year.
"The first quarter of 2021 was a significant challenge for Nortech, especially in January and February,” said Jay D. Miller, CEO, Nortech. “In response, we took aggressive action to overcome Covid-related obstacles and enable higher production volume. Our manufacturing plants are regaining strength, and we’re confident we’ll see steady improvement throughout the remainder of 2021."
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