Nortech Systems Reports Third Quarter Results
Nortech Systems Reports Third Quarter Results
"Third quarter net sales were impacted by a continuing pattern of customers' delaying product purchases, as well as customers' desire to reduce their inventory and to shorten purchase order to fulfillment timelines, both of which have also negatively impacted many in the contract manufacturing industry over the last several quarters," said Jay D. Miller, President and CEO of Nortech. "We see this as an opportunity to further strengthen customer relationships which are key to achieving the Company's long-term strategic objectives. 2024 has been a difficult year with significant headwinds. However, we are meeting these challenges by consolidating facilities and moving a significant number of programs to lower-cost, higher-MINNEAPOLIS, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Nortech Systems Incorporated (Nasdaq: NSYS) ("Nortech" or the "Company"), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported financial results for the third quarter ended September 30, 2024.
明尼阿波利斯，2024年11月07日(环球新闻社) - nortech systems公司(纳斯达克代码: NSYS) ("Nortech"或"公司"), 一家领先的为医疗、工业和国防市场提供工程和制造解决方案的公司，报告了截至2024年9月30日的第三季度财务业绩。
2024 Q3 Highlights:
2024年第三季度亮点:
| • | Net sales of $31.4 million | |
| • | Net loss of ($739) thousand, or ($0.27) per diluted share | |
| • | Adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $143 thousand | |
| • | 90-day backlog of $29.6 million as of September 30, 2024 |
| • | 净销售额3140万美元 | |
| • | 净损失为($739)千美元，每股摊薄亏损为($0.27) | |
| • | 调整后利息、税项、折旧及摊销前利润（"EBITDA"）为14.3万美元 | |
| • | 2024年9月30日的90天积压订单为2960万美元 |
Management Commentary
管理评论
"Third quarter net sales were impacted by a continuing pattern of customers' delaying product purchases, as well as customers' desire to reduce their inventory and to shorten purchase order to fulfillment timelines, both of which have also negatively impacted many in the contract manufacturing industry over the last several quarters," said Jay D. Miller, President and CEO of Nortech. "We see this as an opportunity to further strengthen customer relationships which are key to achieving the Company's long-term strategic objectives. 2024 has been a difficult year with significant headwinds. However, we are meeting these challenges by consolidating facilities and moving a significant number of programs to lower-cost, higher-margin locations, while investing in important new capabilities. In general, we are continuing to position Nortech for sustained long-term health and growth in the face of short-term challenges."
“第三季度的净销售额受到了客户延迟产品购买的持续模式，以及客户希望减少库存量并缩短采购订单至履行时间之间的时间表的影响，这两者也在过去几个季度内对制造业-半导体产生了负面影响，” nortech systems的总裁兼首席执行官Jay D. Miller说。“我们将这看作进一步加强客户关系的机会，这对实现公司的长期战略目标至关重要。2024年是一个面临重大逆风的困难年份。然而，我们正在通过整合设施并将大量项目转移到成本更低、利润更高的地点来迎接这些挑战，同时投资于重要的新能力。总体而言，我们正继续为nortech systems在短期挑战面前实现持续的长期健康和增长而定位。”
"We have just completed a restructuring of our back office and plant operations to better serve our customers by delivering high-quality products and services on-time with shorter lead times," Miller noted. "We are very pleased with the progress in the third quarter of 2024 to consolidate the Company's North American footprint and to move customer programs to manufacturing locations that better fit our customers' needs. These are strategic moves to better scale the business, improve efficiency and reduce our ongoing cost structure. We are very bullish about our customer pipeline and the future of Nortech Systems."
“我们刚刚完成了对后勤和工厂运营的重组，以更好地为客户提供高质量的产品和及时交付的服务，并缩短交付周期，” 米勒指出。“我们对2024年第三季度在整合公司北美业务版图并将客户项目转移到更符合客户需求的制造地点方面取得的进展感到非常满意。这些都是战略举措，以更好地扩展业务规模、提高效率并降低持续成本结构。我们对我们的客户业务管道和nortech systems的未来充满信心。”
Summary Financial Information
摘要财务信息
The following table provides summary financial information comparing the third quarter 2024 ("Q3 2024") financial results to the same quarter in 2023 ("Q3 2023") as well as the nine-month ended September 30, 2024 ("YTD 24") information to the same period in 2023 ("YTD 2023").
以下表格提供了2024年第三季度("Q3 2024")财务业绩与2023年同期("Q3 2023")以及截至2024年9月30日的九个月("YTD 24")信息与2023年同期("YTD 2023")的对比摘要财务信息。
| ($ in thousands) | Q3 24 | Q3 23 | % Change | YTD 24 | YTD 23 | % Change | ||||||||||||||||||
| Net sales | $ | 31,407 | $ | 33,369 | (5.9)% | $ | 99,513 | $ | 103,278 | (3.6)% | ||||||||||||||
| Gross profit | $ | 3,835 | $ | 5,318 | (27.9)% | $ | 13,900 | $ | 16,277 | (14.6)% | ||||||||||||||
| Operating expenses | $ | 4,518 | $ | 4,325 | 4.5% | $ | 13,416 | $ | 13,365 | (0.38)% | ||||||||||||||
| Net income | $ | (739) | $ | 1,206 | (161.3)% | $ | 183 | $ | 2,523 | (92.8)% | ||||||||||||||
| EBITDA | $ | (33) | $ | 1,637 | (102.0)% | $ | 2,432 | $ | 4,815 | (49.5)% | ||||||||||||||
| Adjusted EBITDA | $ | 143 | $ | 1,637 | (91.1)% | $ | 2,699 | $ | 4,815 | (44.6)% | ||||||||||||||
| （以千美元为单位） | Q3 24 | 第三季度23 | 变动比例 | 年初至今 24 | 年初至今 23 | % Change | ||||||||||||||||||
| 净销售额 | $ | 31,407 | $ | 33,369 | (5.9)% | $ | 99,513 | $ | 103,278 | (3.6)% | ||||||||||||||
| 毛利润 | $ | 3,835 | $ | 5,318 | (27.9)% | $ | 13,900 | $ | 16,277 | （14.6）% | ||||||||||||||
| Operating expenses | $ | 4,518 | $ | 4,325 | 4.5% | $ | 13,416 | $ | 13,365 | (0.38)% | ||||||||||||||
| 净利润 | $ | (739) | $ | 1,206 | (161.3)% | $ | 183 | $ | 2,523 | (92.8)% | ||||||||||||||
| EBITDA | $ | (33) | $ | 1,637 | (102.0)% | $ | 2,432 | $ | 4,815 | (49.5)% | ||||||||||||||
| 调整后的EBITDA | $ | 143 | $ | 1,637 | (91.1)% | $ | 2,699 | $ | 4,815 | (44.6)% | ||||||||||||||
Conference Call
电话会议
The Company will hold a live conference call and webcast at 7:30 a.m. central time on Thursday, November 7, 2024, to discuss the Company's 2024 third quarter results. The call will be hosted by Jay D. Miller, Chief Executive Officer and President and Andrew D. C. LaFrence, Chief Financial Officer. To access the live audio conference call, US participants may call 888-506-0062 and international participants may call 973-528-0011. Participant Access Code: 277848. Participants may also access the call via webcast at: .
公司将于2024年11月7日（星期四）中部时间上午7:30召开一次现场电话会议和网络直播，讨论公司2024年第三季度的业绩。此次电话会议将由首席执行官兼总裁杰伊·D·米勒和首席财务官安德鲁·D·C·拉弗朗斯主持。美国参与者可拨打888-506-0062，国际参与者可拨打973-528-0011接入现场电话会议。参与者接入代码为：277848。参与者也可通过以下网络直播链接进入电话会议： .
###
###
About Nortech Systems Incorporated
关于Nortech Systems Incorporated
Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech's website is .
Nortech Systems是为复杂的电磁医疗设备、电磁系统、装配和元件提供设计和制造解决方案的领先提供商。Nortech主要服务于医疗、航空航天和国防以及工业市场。其设计服务从概念开发到商业设计，包括医疗设备、软件、电气、机械和生物医学工程。其制造和供应链能力在电线/电缆/互连组件装配、印刷电路板装配以及系统级集成和终端测试方面具有垂直整合性。总部位于明尼阿波利斯沃城, 美国，Nortech目前在美国、拉丁美洲和亚洲拥有七个制造和设计中心。Nortech Systems在纳斯达克股票市场上交易，股票代码为nsys。Nortech's网站地址为 .
Forward-Looking Statements
前瞻性声明
This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding future financial results, strengthening of customer relationships, , shortening product lead times, achieving long-term strategic goals, effects of restructuring and consolidating manufacturing facilities, effects of investing in new capabilities, sustained long-term health and growth, ability to scale our business, reducing cost structure and optimism about customer pipeline. While this release is based on management's best judgment and current expectations, actual results may differ materially from those expressed or implied and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) commodity cost increases coupled with challenges in raising prices and/or customer pressure to reduce prices; (2) supply chain disruptions leading to shortages of critical components; (3) volatility in market conditions which may affect demand for the Company's products; (4) increased competition and/or reduced demand; (5) changes in the reliability and efficiency of operating facilities or those of third parties; (6) risks related to the availability of labor; (7) the unanticipated loss of any key member of senior management; (8) geopolitical, economic, financial and business conditions; (9) the Company's ability to steadily improve manufacturing output and product quality or (10) the impact of global health epidemics on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition. Some of the above-mentioned factors are described in further detail in the section entitled "Risk Factors" in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
本新闻稿包含根据1995年《私人证券诉讼改革法》安全港规定作出的前瞻性声明，包括但不限于关于未来财务业绩、加强客户关系、缩短产品交付周期、实现长期战略目标、重组和整合制造设施的影响、投资新能力的影响、持续的长期健康增长、扩大业务规模的能力、降低成本结构以及对客户渠道的乐观看法等声明。尽管本新闻稿基于管理层的最佳判断和当前预期，但实际结果可能与明示或暗示的结果存在重大差异，并涉及多个风险和不确定性。可能导致实际结果与前瞻性声明存在重大差异的重要因素包括但不限于：（1）商品成本上涨以及提高价格的挑战和/或客户要求降低价格；（2）供应链中断导致关键元件短缺；（3）市场条件的波动可能影响公司产品的需求；（4）竞争加剧和/或需求减少；（5）运营设施或第三方设施的可靠性和效率变化；（6）与劳动力供应的风险相关；（7）高级管理层任何关键成员意外流失；（8）地缘政治、经济、金融和商业状况；（9）公司不断改善制造产量和产品质量的能力或（10）全球健康流行对我们的客户、员工、制造设施、供应商、资本市场和财务状况的影响。上述因素中的一些在我们的年度和季度报告中有更详细描述，适用时。您应假设本文件中出现的信息仅截至本日期为准，或另有规定，因为我们的业务、财务状况、运营结果和前景自该日期以来可能已发生变化。除适用的法律，包括美国证券法和美国证券交易委员会规则和法规要求外，我们不承担公开更新或修订任何前瞻性声明的义务，无论是因新信息、未来事件或其他原因，以反映实际结果或影响此类前瞻性声明的因素或假设的变化。
Reconciliation of Generally Accepted Accounting Principles ("GAAP") Measures to Non-GAAP Financial Measure
GAAP措施与非GAAP财务措施的调节
EBITDA is a non-GAAP financial measure used by management that we believe provides useful information to investors because it reflects ongoing performance excluding certain non-recurring items during comparable periods and facilitates comparisons between peer companies since interest, taxes, depreciation, and amortization can differ greatly between different organizations as a result of differing capital structures and tax strategies. EBITDA is defined as net income (loss) plus interest expense, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA reflects the impact of restructuring and non-recurring items. EBITDA and Adjusted EBITDA are not a measurement of our financial performance under GAAP and should not be considered an alternative to net sales or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA and Adjusted EBITDA have limitations as an analytical metric, and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP.
EBITDA是管理人员使用的非GAAP财务指标，我们认为这提供了有用信息给投资者，因为它反映了不包括在可比期间某些非经常性项目的持续业绩，并促进了同行公司之间的比较，因为利息、税收、折旧和摊销可能因不同组织的资本结构和税收策略不同而有很大差异。 EBITDA被定义为净利润（亏损）加上利息费用，加上所得税费用，加上折旧费用和摊销费用。 EBITDA应被视为对基于GAAP计算的财务指标的补充，而不是替代或优于。经调整的EBITDA反映了重组和非经常性项目的影响。 EBITDA和调整后的EBITDA不是根据GAAP计算的我们的财务业绩的度量标准，并不应被视为净销售额或净利润的替代，视情况而定，或任何其他根据GAAP导出的绩效指标的替代，并且可能与其他类似命名的其他企业度量标准不可比。 EBITDA和调整后的EBITDA作为分析指标有局限性，您不应单独考虑它或作为分析我们根据GAAP报告的运营结果的替代。
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
nortech systems公司及其子公司
综合收益及损失的压缩综合报表（以千为单位）
（未经审计）
（以千为单位，除份额数据外）
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
| SEPTEMBER 30, | SEPTEMBER 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 31,407 | $ | 33,369 | $ | 99,513 | $ | 103,278 | ||||||||
| Cost of goods sold | 27,572 | 28,050 | 85,613 | 87,001 | ||||||||||||
| Gross profit | 3,835 | 5,319 | 13,900 | 16,277 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling | 891 | 923 | 2,605 | 2,766 | ||||||||||||
| General and administrative | 2,951 | 2,958 | 9,103 | 9,328 | ||||||||||||
| Research and development | 284 | 314 | 893 | 907 | ||||||||||||
| Restructuring charges | 176 | - | 267 | - | ||||||||||||
| Total operating expenses | 4,302 | 4,195 | 12,868 | 13,001 | ||||||||||||
| (Loss) income from operations | (467) | 1,124 | 1,032 | 3,276 | ||||||||||||
| Other expense: | ||||||||||||||||
| Interest expense | (216) | (130) | (548) | (365) | ||||||||||||
| (Loss) income before income taxes | (683) | 994 | 484 | 2,911 | ||||||||||||
| Income tax expense (benefit) | 56 | (213) | 301 | 389 | ||||||||||||
| Net (loss) income | $ | (739) | $ | 1,207 | $ | 183 | $ | 2,522 | ||||||||
| Net (loss) income per common share: | ||||||||||||||||
| Basic (in dollars per share) | $ | (0.27) | $ | 0.44 | $ | 0.07 | $ | 0.93 | ||||||||
| Weighted average number of common shares outstanding - basic (in shares) | 2,760,438 | 2,737,895 | 2,754,389 | 2,716,166 | ||||||||||||
| Diluted (in dollars per share) | $ | (0.27) | $ | 0.42 | $ | 0.06 | $ | 0.87 | ||||||||
| Weighted average number of common shares outstanding - diluted (in shares) | 2,760,438 | 2,888,679 | 2,931,343 | 2,887,889 | ||||||||||||
| Other comprehensive income (loss) | ||||||||||||||||
| Foreign currency translation | 223 | (77) | (135) | (318) | ||||||||||||
| Comprehensive income (loss), net of tax | $ | (516) | $ | 1,130 | $ | 48 | $ | 2,204 | ||||||||
| 截至三个月结束 | 截至2023年9月30日的九个月 | |||||||||||||||
| 9月30日 | 9月30日, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 净销售额 | $ | 31,407 | $ | 33,369 | $ | 99,513 | $ | 103,278 | ||||||||
| 营业成本 | 27,572 | 28,050 | 85,613 | 87,001 | ||||||||||||
| 毛利润 | 3,835 | 5,319 | 13,900 | 16,277 | ||||||||||||
| 营业费用： | ||||||||||||||||
| 销售 | 891 | 923 | 2,605 | 2,766 | ||||||||||||
| 一般及行政 | 2,951 | 2,958 | $90.47 | 9,328 | ||||||||||||
| 研发 | 284 | 314 | 893 | 907 | ||||||||||||
| 重组费用 | 176 | - | 267 | - | ||||||||||||
| 总营业费用 | 4,302 | 4,195 | 12,868 | 13,001 | ||||||||||||
| （损失）营业利润 | (467) | 1,124 | 1,032 | 3,276 | ||||||||||||
| 其他支出: | ||||||||||||||||
| Interest expense | （216） | （130） | (548) | (365) | ||||||||||||
| 税前(损失)收入 | (683) | 994 | 484 | 2,911 | ||||||||||||
| 所得税费用（收益） | 56 | (213) | 301 | 389 | ||||||||||||
| 净（损失）收入 | $ | (739) | $ | 1,207 | $ | 183 | $ | 2,522 | ||||||||
| 每股普通股净（亏损）收益： | ||||||||||||||||
| 基本（每股美元） | $ | (0.27) | $ | 0.44 | $ | 0.07 | $ | 0.93 | ||||||||
| 普通股平均权重-基本（股数） | 2,760,438 | 2,737,895 | 2,754,389 | 2,716,166 | ||||||||||||
| 摊薄（每股美元） | $ | (0.27) | $ | 0.42 | $ | 0.06 | $ | 0.87 | ||||||||
| 普通股加权平均每股摊薄数（以股为单位） | 2,760,438 | 2,888,679 | 2,931,343 | 2,887,889 | ||||||||||||
| 其他全面收益（损失） | ||||||||||||||||
| 外汇翻译 | 223 | (77) | (135) | (318) | ||||||||||||
| 综合收益（损失）、净额 | $ | (516) | $ | 1,130 | $ | 48 | $ | 2,204 | ||||||||
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2024 AND DECMEBER 31, 2023
(IN THOUSANDS, EXCEPT SHARE DATA)
nortech systems及其子公司
简明合并资产负债表
截至2024年9月30日和2023年12月31日
（以千为单位，除份额数据外）
| SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 1,239 | $ | 960 | ||||
| Restricted cash | - | 715 | ||||||
| Accounts receivable, less allowances of $286 and $358, respectively | 16,584 | 19,279 | ||||||
| Inventories, net | 22,332 | 21,660 | ||||||
| Contract assets | 15,058 | 14,481 | ||||||
| Prepaid assets and other assets | 5,065 | 1,698 | ||||||
| Total current assets | 60,278 | 58,793 | ||||||
| Property and equipment, net | 5,834 | 6,513 | ||||||
| Operating lease assets, net | 8,034 | 6,917 | ||||||
| Deferred tax assets | 2,641 | 2,641 | ||||||
| Other intangible assets, net | 179 | 263 | ||||||
| Total assets | $ | 76,966 | $ | 75,127 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of finance lease obligations | $ | 492 | $ | 356 | ||||
| Current portion of operating lease obligations | 1,174 | 1,033 | ||||||
| Accounts payable | 12,315 | 15,924 | ||||||
| Accrued payroll and commissions | 2,940 | 4,138 | ||||||
| Customer deposits | 5,263 | 4,068 | ||||||
| Other accrued liabilities | 1,134 | 1,063 | ||||||
| Total current liabilities | 23,318 | 26,582 | ||||||
| Long-term liabilities: | ||||||||
| Long-term line of credit, net of issuance costs | 9,508 | 5,815 | ||||||
| Long-term finance lease obligations, net of current portion | 340 | 209 | ||||||
| Long-term operating lease obligations, net of current portion | 7,689 | 6,763 | ||||||
| Other long-term liabilities | 421 | 414 | ||||||
| Total long-term liabilities | 17,958 | 13,201 | ||||||
| Total liabilities | 41,276 | 39,783 | ||||||
| Shareholders' equity: | ||||||||
| Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding | 250 | 250 | ||||||
| Common stock - $0.01 par value; 9,000,000 shares authorized; 2,762,177 and 2,740,178 shares issued and outstanding, respectively | 28 | 27 | ||||||
| Additional paid-in capital | 17,226 | 16,929 | ||||||
| Accumulated other comprehensive loss | (667) | (532) | ||||||
| Retained earnings | 18,853 | 18,670 | ||||||
| Total shareholders' equity | 35,690 | 35,344 | ||||||
| Total liabilities and shareholders' equity | $ | 76,966 | $ | 75,127 | ||||
| 2024年9月30日 | 2023年12月31日 | |||||||
| 资产 | ||||||||
| 流动资产： | ||||||||
| 现金 | $ | 1,239 | $ | 960 | ||||
| 限制性现金 | - | 715 | ||||||
| 应收账款，减少各自的准备金分别为$286和$358 | 16584 | 19,279 | ||||||
| 净存货 | 22,332 | 21,660 | ||||||
| 合同资产 | 15,058 | 14,481 | ||||||
| 预付资产和其他资产 | 5,065 | 1,698 | ||||||
| 总流动资产 | 60,278 | 58,793 | ||||||
| 房地产和设备，净额 | 5,834 | 6,513 | ||||||
| 运营租赁资产净额 | 8,034 | 6,917 | ||||||
| 递延所得税资产 | 2,641 | 2,641 | ||||||
| 其他无形资产，净额 | 179 | 263 | ||||||
| 总资产 | $ | 76,966 | $ | 75,127 | ||||
| 负债和股东权益 | ||||||||
| 流动负债: | ||||||||
| 融资租赁负债的流动部分 | $ | 492 | $ | 356 | ||||
| 经营租赁偿还的当前部分 | 1,174 | 1,033 | ||||||
| 应付账款 | 12,315 | 15,924 | ||||||
| 应付工资和佣金 | 2,940 | 4,138 | ||||||
| 客户存款 | 5,263 | 4,068 | ||||||
| 其他应计负债 | 1,134 | 1.20 | ||||||
| 流动负债合计 | 23,318 | 26,582 | ||||||
| 长期负债： | ||||||||
| 长期贷款额，扣除发行成本 | 9,508 | 5,815 | ||||||
| 开多期长租金负债，减：流动部分 | 340 | 209 | ||||||
| 开多期限较长的经营租赁负债，减去当前部分 | 7,689 | 6,763 | ||||||
| 其他长期负债 | 421 | 414 | ||||||
| 长期负债总额 | 17,958 | 13,201 | ||||||
| 总负债 | 41,276 | 39,783 | ||||||
| 股东权益： | ||||||||
| 优先股，面值1美元；授权1,000,000股；已发行并流通250,000股 | 250 | 250 | ||||||
| 普通股-每股面值$0.01；已授权9,000,000股，分别发行和流通2,762,177股和2,740,178股 | 28 | 27 | ||||||
| 额外实收资本 | 17,226 | 16,929 | ||||||
| 累计其他综合损失 | (667) | （532） | ||||||
| 保留盈余 | 18,853 | 18,670 | ||||||
| 股东权益合计 | 35,690 | 35,344 | ||||||
| 负债和股东权益合计 | $ | 76,966 | $ | 75,127 | ||||
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
nortech systems公司及其子公司
现金流量表简明综合报表
（未经审计）
(以千为单位)
| SEPTEMBER 30, | ||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||
| Net income | $ | 183 | $ | 2,522 | ||||||||||||||||||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||||||||
| Depreciation and amortization | 1,400 | 1,539 | ||||||||||||||||||||
| Compensation on stock-based awards | 334 | 299 | ||||||||||||||||||||
| Change in inventory reserves | 194 | (8) | ||||||||||||||||||||
| Change in accounts receivable allowances | (72) | - | ||||||||||||||||||||
| Other, net | 9 | 119 | ||||||||||||||||||||
| Changes in current operating assets and liabilities: | ||||||||||||||||||||||
| Accounts receivable | 2,727 | (162) | ||||||||||||||||||||
| Employee Retention Credit Receivable | - | 2,650 | ||||||||||||||||||||
| Inventories | (922) | 899 | ||||||||||||||||||||
| Contract assets | (577) | (1,780) | ||||||||||||||||||||
| Prepaid expenses and other current assets | (2,888) | (976) | ||||||||||||||||||||
| Accounts payable | (3,609) | (1,636) | ||||||||||||||||||||
| Accrued payroll and commissions | (1,198) | (810) | ||||||||||||||||||||
| Customer deposits | 1,195 | 345 | ||||||||||||||||||||
| Other accrued liabilities | 181 | (820) | ||||||||||||||||||||
| Net cash (used in) provided by operating activities | (3,043) | 2,181 | ||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||
| Proceeds from sale of property and equipment | 9 | - | ||||||||||||||||||||
| Purchases of property and equipment | (980) | (1,121) | ||||||||||||||||||||
| Net cash used in investing activities | (971) | (1,121) | ||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||
| Proceeds from line of credit | 99,888 | 95,783 | ||||||||||||||||||||
| Payments to line of credit | (96,184) | (98,035) | ||||||||||||||||||||
| Proceeds from financing leases | 198 | - | ||||||||||||||||||||
| Principal payments on financing leases | (304) | (291) | ||||||||||||||||||||
| Share repurchases | (67) | - | ||||||||||||||||||||
| Proceeds from stock option exercises | 30 | 155 | ||||||||||||||||||||
| Net cash provided by (used in) financing activities | 3,561 | (2,388) | ||||||||||||||||||||
| Effect of exchange rate changes on cash | 17 | (32) | ||||||||||||||||||||
| Net change in cash and cash equivalents | (436) | (1,360) | ||||||||||||||||||||
| Cash and cash equivalents - beginning of period | 1,675 | 2,481 | ||||||||||||||||||||
| Cash and cash equivalents - end of period | $ | 1,239 | $ | 1,121 | ||||||||||||||||||
| Reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets: | ||||||||||||||||||||||
| Cash | $ | 1,239 | $ | 699 | ||||||||||||||||||
| Restricted cash | - | 422 | ||||||||||||||||||||
| Total cash and restricted cash reported in the condensed consolidated statements of cash flows | $ | 1,239 | $ | 1,121 | ||||||||||||||||||
|
THREE MONTHS ENDED September 30, |
NINE MONTHS ENDED September 30, |
|||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| RECONCILIATION OF NET (LOSS) INCOME TO EBITDA | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Net (Loss) Income | $ | (739) | $ | 1,206 | $ | 183 | $ | 2,523 | ||||||||||||||
| Interest | 216 | 131 | 548 | 365 | ||||||||||||||||||
| Taxes | 56 | (213) | 301 | 389 | ||||||||||||||||||
| Depreciation | 430 | 473 | 1,316 | 1,420 | ||||||||||||||||||
| Amortization | 4 | 39 | 84 | 119 | ||||||||||||||||||
| EBITDA | (33) | 1,637 | 2,432 | 4,815 | ||||||||||||||||||
| Restructuring Charges | 176 | - | 267 | - | ||||||||||||||||||
| ADJUSTED EBITDA | $ | 143 | $ | 1,637 | $ | 2,699 | $ | 4,815 | ||||||||||||||
| 9月30日 | ||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||
| 经营活动产生的现金流量 | ||||||||||||||||||||||
| 净利润 | $ | 183 | $ | 2,522 | ||||||||||||||||||
| 调整净利润以将净现金（流出）提供给营运活动： | ||||||||||||||||||||||
| 折旧和摊销费用 | 1,400 | 1,539 | ||||||||||||||||||||
| 股票激励奖励的补偿金额 | 334 | 299 | ||||||||||||||||||||
| 存货减值准备的变动 | 194 | (8) | ||||||||||||||||||||
| 应收账款减值变动额 | (72) | - | ||||||||||||||||||||
| 其他，净额 | 9 | 119 | ||||||||||||||||||||
| 流动经营资产和负债的变动情况: | ||||||||||||||||||||||
| 应收账款 | 2,727 | (162) | ||||||||||||||||||||
| 雇员保留税收抵免 | - | 2,650 | ||||||||||||||||||||
| 存货 | (922) | 899 | ||||||||||||||||||||
| 合同资产 | (5,212) | (1,780) | ||||||||||||||||||||
| 预付费用和其他流动资产 | (2,888) | (976) | ||||||||||||||||||||
| 应付账款 | (3,609) | (1,636) | ||||||||||||||||||||
| 应付工资和佣金 | (1,198) | (810) | ||||||||||||||||||||
| 客户存款 | 1,195 | 345 | ||||||||||||||||||||
| 其他应计负债 | 181 | (820) | ||||||||||||||||||||
| 经营活动中提供的净现金流量（流出） | (3,043) | 2,181 | ||||||||||||||||||||
| 投资活动产生的现金流量 | ||||||||||||||||||||||
| 出售固定资产的收益 | 9 | - | ||||||||||||||||||||
| 购买固定资产 | （980） | (1,121) | ||||||||||||||||||||
| 投资活动产生的净现金流出 | (971) | (1,121) | ||||||||||||||||||||
| 筹资活动产生的现金流量 | ||||||||||||||||||||||
| 信贷额度收到的款项 | 99,888 | 95,783 | ||||||||||||||||||||
| 偿还信贷额度 | (96,184) | (98,035) | ||||||||||||||||||||
| Proceeds from financing leases | 198 | - | ||||||||||||||||||||
| 融资租赁的本金偿还 | (304) | (291) | ||||||||||||||||||||
| 股份回购 | (67) | - | ||||||||||||||||||||
| 股票期权行权所得款项 | 30 | 155 | ||||||||||||||||||||
| 筹集资金的净现金流量 | 3,561 | (2,388) | ||||||||||||||||||||
| 汇率变动对现金的影响 | 17 | (32) | ||||||||||||||||||||
| 现金及现金等价物净变动额 | (436) | （1,360） | ||||||||||||||||||||
| 现金及现金等价物-期初余额 | 1,675 | 2,481 | ||||||||||||||||||||
| 现金及现金等价物 - 期末余额 | $ | 1,239 | $ | 1,121 | ||||||||||||||||||
| 在压缩综合资产负债表中所报告的现金和受限制的现金的调节: | ||||||||||||||||||||||
| 现金 | $ | 1,239 | $ | 699 | ||||||||||||||||||
| 限制性现金 | - | 422 | ||||||||||||||||||||
| 现金和受限制的现金总额，报告于压缩综合现金流量表中 | $ | 1,239 | $ | 1,121 | ||||||||||||||||||
| 截至三个月结束 九月三十日， |
截至2023年9月30日的九个月 9月30日 |
|||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| 净收入(损失)与EBITDA的调节 | ||||||||||||||||||||||
| （以千美元为单位） | ||||||||||||||||||||||
| 净（亏损）收入 | $ | (739) | $ | 1,206 | $ | 183 | $ | 2,523 | ||||||||||||||
| 利息 | 216 | 131 | 548 | 365 | ||||||||||||||||||
| 税收 | 56 | (213) | 301 | 389 | ||||||||||||||||||
| 折旧 | 430 | 473 | 1,316 | 1,420 | ||||||||||||||||||
| 摊销 | 4 | 39 | 84 | 119 | ||||||||||||||||||
| EBITDA | (33) | 1,637 | 2,432 | 4,815 | ||||||||||||||||||
| 重组费用 | 176 | - | 267 | - | ||||||||||||||||||
| 调整后的EBITDA | $ | 143 | $ | 1,637 | $ | 2,699 | $ | 4,815 | ||||||||||||||
There were no material adjustments to EBITDA in 2023.
2023年EBITDA未经实质调整。
Adjustment to EBITDA in 2024 includes ($ in thousands):
2024年的EBITDA调整包括（以千美元为单位）：
| • | In the second quarter of 2024, we announced the closure of our Blue Earth, Minnesota facility by the end of 2024. In connection with this action, we accrued $267 thousand of retention bonus and other expenses in the nine-months ended September 30, 2024, which expense amount is not included in Adjusted EBITDA. |
| • | 2024年第二季度，我们宣布将于2024年底关闭位于明尼苏达州布鲁艾斯的设施。与此行动相关，我们在截至2024年9月30日的九个月内计提了26.7万美元的留任奖金和其他费用，该费用金额未包含在调整后的EBITDA中。 |
| ($ in millions) | Last Twelve Months (LTM) Ended in Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | ||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 105.5 | $ | 115.2 | $ | 123.8 | $ | 126.1 | $ | 132.0 | $ | 134.1 | $ | 138.3 | $ | 140.8 | $ | 138.9 | $ | 139.3 | $ | 138.7 | $ | 137.5 | $ | 135.6 | ||||||||||||||||||||||||||
| Gross Profit $ - Adjusted | 10.3 | 11.2 | 13.7 | 15.1 | 18.1 | 20.5 | 21.9 | 22.4 | 21.4 | 23.1 | 23.1 | 22.2 | 20.27 | |||||||||||||||||||||||||||||||||||||||
| Gross Margin % - Adjusted | 9.7% | 9.7% | 11.0% | 12.0% | 13.7% | 15.3% | 15.8% | 15.9% | 15.4% | 16.6% | 16.6% | 16.1% | 14.9% | |||||||||||||||||||||||||||||||||||||||
| EBITDA - Adjusted | $ | (0.7) | $ | (0.2) | $ | 1.9 | $ | 2.5 | $ | 4.2 | $ | 5.8 | $ | 6.7 | $ | 6.8 | $ | 6.0 | $ | 8.0 | $ | 8.1 | $ | 7.3 | $ | 5.9 | ||||||||||||||||||||||||||
| （金额单位：百万美元） | 过去十二个月（LTM）截止季度 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Q3 2021 | 2021年第四季度 | 2022年第一季度 | 2022年第二季度 | 第三季度2022 | 2022年第四季度 | 2023年第一季度 | 2023年第二季度 | 2023年第三季度 | 2023年第四季度 | Q1 2024 | 2024年第二季度 | 2024年第三季度 | ||||||||||||||||||||||||||||||||||||||||
| 净销售额 | $ | 105.5 | $ | 119. 委任代理代表时必须遵守公司规定。如果执行，必须在规定的时间内送达，否则应解释说明原因；如果否则就被视为无效。 | $ | 123.8。 | $ | 126.1 | $ | 132.0 | $ | 134.1 | $ | 138.3 | $ | 140.8 | $ | 138.9 | $ | 139.3 | $ | 138.7 | $ | 137.5 | $ | 135.6 | ||||||||||||||||||||||||||
| 毛利润-调整后 | 10.3 | 11.2 | 13.7 | 15.1 | 18.1 | 20.5 | 21.9 | 22.4 | 21.4 | 23.1 | 23.1 | 22.2 | 20.27 | |||||||||||||||||||||||||||||||||||||||
| 毛利率-调整后 | 9.7% | 9.7% | 11.0% | 12.0% | 13.7% | 15.3% | 15.8% | 15.9% | 15.4% | 16.6% | 16.6% | 16.1% | 14.9% | |||||||||||||||||||||||||||||||||||||||
| 调整后的EBITDA | $ | (0.7) | $ | (0.2) | $ | 1.9 | $ | 2.5 | $ | 4.2 | $ | 5.8 | $ | 6.7 | $ | 6.8 | $ | 6.0 | $ | 8.0 | $ | 8.1 | $ | 7.3 | $ | 5.9 | ||||||||||||||||||||||||||
Contact
联系方式
Andrew D. C. LaFrence
Chief Financial Officer and Senior Vice President of Finance
alafrence@nortechsys.com
952-345-2243
Andrew D. C. LaFrence（安德鲁·拉夫伦斯）
首席财务官和负责财务的高级副总裁
alafrence@nortechsys.com
952-345-2243
