Nortech Reports Q2 Sales Up 13% to $27.8M
MINNEAPOLIS – Electronics manufacturing services provider Nortech Systems reported net sales of $27.8 million for the second quarter, up 13% year-over-year.
Net income was $146,000, down slightly from $147,000 in the second quarter of 2010.
For the six months ended June 30, Nortech reported net sales of $56.8 million, up 22% year-over-year.
Net income for the same six-month period was $772,000, up 219% year-over-year.
“Our two newest acquisitions led the sales growth for industrial and medical customers,” said Mike Degen, president and CEO.
For Nortech’s defense customers, Degen said the second quarter saw federal funding emerge on several key programs that had been originally scheduled for earlier in the year. During the second quarter, the company’s 90-day backlog for defense customers increased 44% to $4 million.
Nortech’s overall 90-day backlog on June 30 was $22.8 million, up 14% from the start of the quarter.
Degen said the company’s core, non-acquisition revenue decreased slightly during the quarter, resulting in part from some softening in the long-term outlook for semiconductor capital equipment spending.
