Nortech Systems (NSYS) has reported 20.76 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $0.10 million, or $0.04 a share in the quarter, compared with $0.12 million, or $0.04 a share for the same period last year. Revenue during the quarter dropped 7.74 percent to $29.01 million from $31.44 million in the previous year period. Total expenses were 98.87 percent of quarterly revenues, down from 98.96 percent for the same period last year. This has led to an improvement of 9 basis points in operating margin to 1.13 percent.
Operating income for the quarter was $0.33 million, compared with $0.33 million in the previous year period.
"Were pleased with our progress transitioning into a more global value-added and medical-focused EMS company," said Rich Wasielewski, Nortech Systems president and chief executive officer. "Our strategy of early engagement, engineering expertise and solutions selling is also gaining traction with our industrial and defense customers."
Debt comes down
Nortech Systems has recorded a decline in total debt over the last one year. It stood at $12.90 million as on Dec. 31, 2016, down 11.80 percent or $1.73 million from $14.62 million on Dec. 31, 2015. Total debt was 23.23 percent of total assets as on Dec. 31, 2016, compared with 25.85 percent on Dec. 31, 2015. Debt to equity ratio was at 0.58 as on Dec. 31, 2016, down from 0.66 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.35 for the quarter from 2.64 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
