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(環球新聞社) - nortech systems公司(納斯達克代碼: NSYS) ("Nortech"或"公司"), 一家領先的爲醫療、工業和國防市場提供工程和製造解決方案的公司，報告了截至2024年9月30日的第三季度財務業績。
2024 Q3 Highlights:
2024年第三季度亮點:
| • | 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 |
| • | 淨銷售額3140萬美元 | |
| • | 淨損失爲($739)千美元，每股攤薄虧損爲($0.27) | |
| • | 調整後利息、稅項、折舊及攤銷前利潤（"EBITDA"）爲14.3萬美元 | |
| • | 2024年9月30日的90天積壓訂單爲2960萬美元 |
Management Commentary
管理評論
"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."
「第三季度的淨銷售額受到了客戶延遲產品購買的持續模式，以及客戶希望減少庫存量並縮短採購訂單至履行時間之間的時間表的影響，這兩者也在過去幾個季度內對製造業-半導體產生了負面影響，」 nortech systems的總裁兼首席執行官Jay D. Miller說。「我們將這看作進一步加強客戶關係的機會，這對實現公司的長期戰略目標至關重要。2024年是一個面臨重大逆風的困難年份。然而，我們正在通過整合設施並將大量項目轉移到成本更低、利潤更高的地點來迎接這些挑戰，同時投資於重要的新能力。總體而言，我們正繼續爲nortech systems在短期挑戰面前實現持續的長期健康和增長而定位。」
"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."
「我們剛剛完成了對後勤和工廠運營的重組，以更好地爲客戶提供高質量的產品和及時交付的服務，並縮短交付週期，」 米勒指出。「我們對2024年第三季度在整合公司北美業務版圖並將客戶項目轉移到更符合客戶需求的製造地點方面取得的進展感到非常滿意。這些都是戰略舉措，以更好地擴展業務規模、提高效率並降低持續成本結構。我們對我們的客戶業務管道和nortech systems的未來充滿信心。」
Summary Financial Information
摘要財務信息
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")財務業績與2023年同期("Q3 2023")以及截至2024年9月30日的九個月("YTD 24")信息與2023年同期("YTD 2023")的對比摘要財務信息。
| ($ 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)% | ||||||||||||||
| （單位：千美元） | Q3 24 | 第三季度23 | 變更百分比 | 年初至今 24 | 年初至今 23 | 變更百分比 | ||||||||||||||||||
| 淨銷售額 | $ | 31,407 | $ | 33,369 | (5.9)% | $ | 99,513 | $ | 103,278 | (3.6)% | ||||||||||||||
| 毛利潤 | $ | 3,835 | $ | 5,318 | (27.9)% | $ | 13,900 | $ | 16,277 | （14.6）% | ||||||||||||||
| 運營費用 | $ | 4,518 | $ | 4,325 | 4.5% | $ | 13,416 | $ | 13,365 | (0.38)% | ||||||||||||||
| 淨利潤 | $ | (739) | $ | 1,206 | (161.3)% | $ | 183 | $ | 2,523 | (92.8)% | ||||||||||||||
| EBITDA | $ | (33) | $ | 1,637 | (102.0)% | $ | 2,432 | $ | 4,815 | (49.5)% | ||||||||||||||
| 調整後的EBITDA | $ | 143 | $ | 1,637 | (91.1)% | $ | 2,699 | $ | 4,815 | (44.6)% | ||||||||||||||
Conference Call
電話會議
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: .
公司將於2024年11月7日（星期四）中部時間上午7:30召開一次現場電話會議和網絡直播，討論公司2024年第三季度的業績。此次電話會議將由首席執行官兼總裁傑伊·D·米勒和首席財務官安德魯·D·C·拉弗朗斯主持。美國參與者可撥打888-506-0062，國際參與者可撥打973-528-0011接入現場電話會議。參與者接入代碼爲：277848。參與者也可通過以下網絡直播鏈接進入電話會議： .
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About Nortech Systems Incorporated
關於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是爲複雜的電磁醫療設備、電磁系統、裝配和元件提供設計和製造解決方案的領先提供商。Nortech主要服務於醫療、航空航天和國防以及工業市場。其設計服務從概念開發到商業設計，包括醫療設備、軟件、電氣、機械和生物醫學工程。其製造和供應鏈能力在電線/電纜/互連組件裝配、印刷電路板裝配以及系統級集成和終端測試方面具有垂直整合性。總部位於明尼阿波利斯沃城, 美國，Nortech目前在美國、拉丁美洲和亞洲擁有七個製造和設計中心。Nortech Systems在納斯達克股票市場上交易，股票代碼爲nsys。Nortech's網站地址爲 .
Forward-Looking Statements
前瞻性聲明
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.
本新聞稿包含根據1995年《私人證券訴訟改革法》安全港規定作出的前瞻性聲明，包括但不限於關於未來財務業績、加強客戶關係、縮短產品交付週期、實現長期戰略目標、重組和整合製造設施的影響、投資新能力的影響、持續的長期健康增長、擴大業務規模的能力、降低成本結構以及對客戶渠道的樂觀看法等聲明。儘管本新聞稿基於管理層的最佳判斷和當前預期，但實際結果可能與明示或暗示的結果存在重大差異，並涉及多個風險和不確定性。可能導致實際結果與前瞻性聲明存在重大差異的重要因素包括但不限於：（1）商品成本上漲以及提高價格的挑戰和/或客戶要求降低價格；（2）供應鏈中斷導致關鍵元件短缺；（3）市場條件的波動可能影響公司產品的需求；（4）競爭加劇和/或需求減少；（5）運營設施或第三方設施的可靠性和效率變化；（6）與勞動力供應的風險相關；（7）高級管理層任何關鍵成員意外流失；（8）地緣政治、經濟、金融和商業狀況；（9）公司不斷改善製造產量和產品質量的能力或（10）全球健康流行對我們的客戶、員工、製造設施、供應商、資本市場和財務狀況的影響。上述因素中的一些在我們的年度和季度報告中有更詳細描述，適用時。您應假設本文件中出現的信息僅截至本日期爲準，或另有規定，因爲我們的業務、財務狀況、運營結果和前景自該日期以來可能已發生變化。除適用的法律，包括美國證券法和美國證券交易委員會規則和法規要求外，我們不承擔公開更新或修訂任何前瞻性聲明的義務，無論是因新信息、未來事件或其他原因，以反映實際結果或影響此類前瞻性聲明的因素或假設的變化。
Reconciliation of Generally Accepted Accounting Principles ("GAAP") Measures to Non-GAAP Financial Measure
GAAP措施與非GAAP財務措施的調節
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是管理人員使用的非GAAP財務指標，我們認爲這提供了有用信息給投資者，因爲它反映了不包括在可比期間某些非經常性項目的持續業績，並促進了同行公司之間的比較，因爲利息、稅收、折舊和攤銷可能因不同組織的資本結構和稅收策略不同而有很大差異。 EBITDA被定義爲淨利潤（虧損）加上利息費用，加上所得稅費用，加上折舊費用和攤銷費用。 EBITDA應被視爲對基於GAAP計算的財務指標的補充，而不是替代或優於。經調整的EBITDA反映了重組和非經常性項目的影響。 EBITDA和調整後的EBITDA不是根據GAAP計算的我們的財務業績的度量標準，並不應被視爲淨銷售額或淨利潤的替代，視情況而定，或任何其他根據GAAP導出的績效指標的替代，並且可能與其他類似命名的其他企業度量標準不可比。 EBITDA和調整後的EBITDA作爲分析指標有侷限性，您不應單獨考慮它或作爲分析我們根據GAAP報告的運營結果的替代。
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
綜合收益及損失的壓縮綜合報表（以千爲單位）
(未經審計)
(以千計，除股票數據外)
| 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 | ||||||||
| 三個月的期間結束 | 九個月的期間結束 | |||||||||||||||
| 九月三十日, | 九月三十日, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 淨銷售額 | $ | 31,407 | $ | 33,369 | $ | 99,513 | $ | 103,278 | ||||||||
| 銷售成本 | 27,572 | 28,050 | 85,613 | 87,001 | ||||||||||||
| 毛利潤 | 3,835 | 5,319 | 13,900 | 16,277 | ||||||||||||
| 運營費用： | ||||||||||||||||
| 銷售 | 891 | 923 | 2,605 | 2,766 | ||||||||||||
| 一般和行政 | 2,951 | 2,958 | $90.47 | 9,328 | ||||||||||||
| 研發 | 284 | 314 | 893 | 907 | ||||||||||||
| 重組費用 | 176 | - | 267 | - | ||||||||||||
| 總營業費用 | 4,302 | 4,195 | 12,868 | 13,001 | ||||||||||||
| （損失）營業利潤 | (467) | 1,124 | 1,032 | 3,276 | ||||||||||||
| 其他支出: | ||||||||||||||||
| 利息支出 | （216） | （130） | (548) | (365) | ||||||||||||
| 稅前(損失)收入 | (683) | 994 | 484 | 2,911 | ||||||||||||
| 所得稅費用（利益） | 56 | (213) | 301 | 389 | ||||||||||||
| 淨利潤（虧損） | $ | (739) | $ | 1,207 | $ | 183 | $ | 2,522 | ||||||||
| 每股普通股淨（虧損）收益： | ||||||||||||||||
| 基本（每股美元） | $ | (0.27) | $ | 0.44 | $ | 0.07 | $ | 0.93 | ||||||||
| 普通股平均權重-基本（股數） | 2,760,438 | 2,737,895 | 2,754,389 | 2,716,166 | ||||||||||||
| 攤薄（每股美元） | $ | (0.27) | $ | 0.42 | $ | 0.06 | $ | 0.87 | ||||||||
| 普通股加權平均每股攤薄數（以股爲單位） | 2,760,438 | 2,888,679 | 2,931,343 | 2,887,889 | ||||||||||||
| 其他綜合收益（損失） | ||||||||||||||||
| 外匯翻譯 | 223 | (77) | (135) | (318) | ||||||||||||
| 綜合收益（損失）、淨額 | $ | (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公司及其子公司
簡明合併資產負債表
截至2024年9月30日和2023年12月31日
(以千計，除股票數據外)
| 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 | |||||||
| 資產 | ||||||||
| 流動資產： | ||||||||
| 現金 | $ | 1,239 | $ | 960 | ||||
| 受限現金 | - | 715 | ||||||
| 應收賬款，減少各自的準備金分別爲$286和$358 | 16584 | 19,279 | ||||||
| 淨存貨 | 22,332 | 21,660 | ||||||
| 合同資產 | 15,058 | 14,481 | ||||||
| 預付資產和其他資產 | 5,065 | 1,698 | ||||||
| 總流動資產 | 60,278 | 58,793 | ||||||
| 物業和設備，淨值 | 5,834 | 6,513 | ||||||
| 運營租賃資產淨額 | 8,034 | 6,917 | ||||||
| 遞延稅款資產 | 2,641 | 2,641 | ||||||
| 其他無形資產，淨額 | 179 | 263 | ||||||
| 總資產 | $ | 76,966 | $ | 75,127 | ||||
| 負債和股東權益 | ||||||||
| 流動負債: | ||||||||
| 融資租賃負債的流動部分 | $ | 492 | $ | 356 | ||||
| 經營租賃償還的當前部分 | 1,174 | 1,033 | ||||||
| 應付賬款 | 12,315 | 15,924 | ||||||
| 應付工資和佣金 | 2,940 | 4,138 | ||||||
| 客戶存款 | 5,263 | 4,068 | ||||||
| 其他應計負債 | 1,134 | 1.20 | ||||||
| 總流動負債 | 23,318 | 26,582 | ||||||
| 長期負債： | ||||||||
| 長期貸款額，扣除發行成本 | 9,508 | 5,815 | ||||||
| 開多期長租金負債，減：流動部分 | 340 | 209 | ||||||
| 開多期限較長的經營租賃負債，減去當前部分 | 7,689 | 6,763 | ||||||
| 其他長期負債 | 421 | 414 | ||||||
| 長期負債總額 | 17,958 | 13,201 | ||||||
| 總負債 | 41,276 | 39,783 | ||||||
| 股東權益： | ||||||||
| 優先股，面值1美元；授權1,000,000股；已發行並流通250,000股 | 250 | 250 | ||||||
| 普通股-每股面值$0.01；已授權9,000,000股，分別發行和流通2,762,177股和2,740,178股 | 28 | 27 | ||||||
| 追加實收資本 | 17,226 | 16,929 | ||||||
| 累計其他綜合損失 | (667) | （532） | ||||||
| 留存收益 | 18,853 | 18,670 | ||||||
| 股東權益合計 | 35,690 | 35,344 | ||||||
| 負債和股東權益合計 | $ | 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
現金流量表簡明綜合報表
(未經審計)
(以千爲單位)
| 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 | ||||||||||||||
| 九月三十日, | ||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||
| 經營活動產生的現金流量 | ||||||||||||||||||||||
| 淨利潤 | $ | 183 | $ | 2,522 | ||||||||||||||||||
| 調整淨利潤以將淨現金（流出）提供給營運活動： | ||||||||||||||||||||||
| 折舊和攤銷 | 1,400 | 1,539 | ||||||||||||||||||||
| 股票激勵獎勵的補償金額 | 334 | 299 | ||||||||||||||||||||
| 存貨減值準備的變動 | 194 | (8) | ||||||||||||||||||||
| 應收賬款減值變動額 | (72) | - | ||||||||||||||||||||
| 其他，淨數 | 9 | 119 | ||||||||||||||||||||
| 流動經營資產和負債的變動情況: | ||||||||||||||||||||||
| 應收賬款 | 2,727 | (162) | ||||||||||||||||||||
| 僱員保留稅收抵免 | - | 2,650 | ||||||||||||||||||||
| 存貨 | (922) | 899 | ||||||||||||||||||||
| 合同資產 | (5,212) | (1,780) | ||||||||||||||||||||
| 預付費用及其他流動資產 | (2,888) | (976) | ||||||||||||||||||||
| 應付賬款 | (3,609) | (1,636) | ||||||||||||||||||||
| 應付工資和佣金 | (1,198) | (810) | ||||||||||||||||||||
| 客戶存款 | 1,195 | 345 | ||||||||||||||||||||
| 其他應計負債 | 181 | (820) | ||||||||||||||||||||
| 經營活動中提供的淨現金流量（流出） | (3,043) | 2,181 | ||||||||||||||||||||
| 投資活動產生的現金流量 | ||||||||||||||||||||||
| 出售房產和設備的收益 | 9 | - | ||||||||||||||||||||
| 購買物業和設備 | （980） | (1,121) | ||||||||||||||||||||
| 投資活動中使用的淨現金 | (971) | (1,121) | ||||||||||||||||||||
| 籌資活動產生的現金流量 | ||||||||||||||||||||||
| 信貸額度收到的款項 | 99,888 | 95,783 | ||||||||||||||||||||
| 償還信貸額度 | (96,184) | (98,035) | ||||||||||||||||||||
| Proceeds from financing leases | 198 | - | ||||||||||||||||||||
| 融資租賃的本金償還 | (304) | (291) | ||||||||||||||||||||
| 股票回購 | (67) | - | ||||||||||||||||||||
| 股票期權行權所得款項 | 30 | 155 | ||||||||||||||||||||
| 籌集資金的淨現金流量 | 3,561 | (2,388) | ||||||||||||||||||||
| 匯率變動對現金的影響 | 17 | (32) | ||||||||||||||||||||
| 現金及現金等價物淨變動額 | (436) | （1,360） | ||||||||||||||||||||
| 現金及現金等價物-期初餘額 | 1,675 | 2,481 | ||||||||||||||||||||
| 現金及現金等價物 - 期末餘額 | $ | 1,239 | $ | 1,121 | ||||||||||||||||||
| 在壓縮綜合資產負債表中所報告的現金和受限制的現金的調節: | ||||||||||||||||||||||
| 現金 | $ | 1,239 | $ | 699 | ||||||||||||||||||
| 受限現金 | - | 422 | ||||||||||||||||||||
| 現金和受限制的現金總額，報告於壓縮綜合現金流量表中 | $ | 1,239 | $ | 1,121 | ||||||||||||||||||
| 三個月的期間結束 9月30日, |
九個月的期間結束 9月30日, |
|||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| 淨收入(損失)與EBITDA的調節 | ||||||||||||||||||||||
| （單位：千美元） | ||||||||||||||||||||||
| 淨（損失）收益 | $ | (739) | $ | 1,206 | $ | 183 | $ | 2,523 | ||||||||||||||
| 利息 | 216 | 131 | 548 | 365 | ||||||||||||||||||
| 稅收 | 56 | (213) | 301 | 389 | ||||||||||||||||||
| 折舊費 | 430 | 473 | 1,316 | 1,420 | ||||||||||||||||||
| 攤銷 | 4 | 39 | 84 | 119 | ||||||||||||||||||
| EBITDA | (33) | 1,637 | 2,432 | 4,815 | ||||||||||||||||||
| 重組費用 | 176 | - | 267 | - | ||||||||||||||||||
| 調整後的EBITDA | $ | 143 | $ | 1,637 | $ | 2,699 | $ | 4,815 | ||||||||||||||
There were no material adjustments to EBITDA in 2023.
2023年EBITDA未經實質調整。
Adjustment to EBITDA in 2024 includes ($ in thousands):
2024年的EBITDA調整包括（以千美元爲單位）：
| • | 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 $267 thousand of retention bonus and other expenses in the nine-months ended September 30, 2024, which expense amount is not included in Adjusted EBITDA. |
| • | 2024年第二季度，我們宣佈將於2024年底關閉位於明尼蘇達州布魯艾斯的設施。與此行動相關，我們在截至2024年9月30日的九個月內計提了26.7萬美元的留任獎金和其他費用，該費用金額未包含在調整後的EBITDA中。 |
| ($ 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 | ||||||||||||||||||||||||||
| ($ in millions) | 過去十二個月（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 | Q3 2023 | Q4 2023 | 2024年第一季度 | 2024年第二季度 | 2024年第三季度 | ||||||||||||||||||||||||||||||||||||||||
| 淨銷售額 | $ | 105.5 | $ | 119. 委任代理代表時必須遵守公司規定。如果執行，必須在規定的時間內送達，否則應解釋說明原因；如果否則就被視爲無效。 | $ | 123.8。 | $ | 126.1 | $ | 132.0 | $ | 134.1 | $ | 138.3 | $ | 140.8 | $ | 138.9 | $ | 139.3 | $ | 138.7 | $ | 137.5 | $ | 135.6 | ||||||||||||||||||||||||||
| 毛利潤-調整後 | 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-調整後 | 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% | |||||||||||||||||||||||||||||||||||||||
| 調整後的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
聯繫方式
Andrew D. C. LaFrence
Chief Financial Officer and Senior Vice President of Finance
alafrence@nortechsys.com
952-345-2243
Andrew D. C. LaFrence（安德魯·拉夫倫斯）
首席財務官和負責財務的高級副總裁
alafrence@nortechsys.com
952-345-2243
