| Nortech Flies Higher in Q3 |
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| Written by Mike Buetow | |||
| Thursday, 06 November 2008 05:57 | |||
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MINNEAPOLIS -- Nortech Systems today said third-quarter net sales rose 7% from a year ago to $31.7 million, boosted by strength in the aerospace sector. For the period ended Sept. 30, net income was $499,261, jumping 19% year-over-year. Year-to-date net sales are up 7% to $94.9 million, while operating income is 31% higher ($3.3 million), and net income has increased 56% to $1.7 million. “We’re pleased with our third-quarter results in the face of the overall macroeconomic conditions and pricing pressures with select commodities,” said Mike Degen, Nortech’s president and CEO. Aerospace Systems product line finished the quarter strong, ramping some new customer programs and changing over others.
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