Nortech's Q3 Sales, Profits Slow PDF Print E-mail
Written by Mike Buetow   
Friday, 16 November 2012 10:09

MINNEAPOLIS -- Nortech Systems' third-quarter net income and sales slowed on mixed demand from certain end-markets.

For the period ended Sept. 30, net sales were $25.5 million, down from $28.3 million in 2011. Operating income fell $101,000 to $329,000. Net income dropped 43% to $105,000.

“Our diverse customer base is a definite strength because each customer is experiencing the current economic situation differently,” said Mike Degen, president and CEO of the electronics manufacturing services (EMS) firm. “Some appear to be gaining momentum, while others are still making inventory adjustments or delaying orders.

“We started the year sharing optimism with our customers about a second-half recovery that is unfortunately not materializing,” Degen noted. “This is particularly true for many industrial customers -- our largest segment.

“Lower overall sales volume in the quarter impacted our plant utilization and profitability,” added Degen, explaining that cost reductions and cost-avoidance initiatives were implemented to better match demand.



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