Nortech Systems (NSYS) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.06 million, or $ 0.02 a share in the quarter, against a net loss of $0.12 million, or $0.05 a share in the last year period.
Revenue during the quarter went down marginally by 2.27 percent to $29.72 million from $30.41 million in the previous year period. Operating margin for the quarter period stood at positive 0.64 percent as compared to a negative 0.22 percent for the previous year period.
Operating income for the quarter was $0.19 million, compared with an operating loss of $0.07 million in the previous year period.
"Our medical sales continued their strong momentum in the third quarter, up 9 percent sequentially and 27 percent year over year with backlog growing 35 percent over the prior year," said Rich Wasielewski, Nortech Systems’ president and chief executive officer. "We're successfully leveraging our cross-selling opportunities and early engagement design engineering capabilities to gain traction in the higher-growth medical market."
Debt remains almost stableNortech Systems has recorded a decline in total debt over the last one year. It stood at $14.31 million as on Sep. 30, 2016, down 0.58 percent or $0.08 million from $14.40 million on Sep. 30, 2015. Total debt was 25.02 percent of total assets as on Sep. 30, 2016, compared with 24.70 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.64 as on Sep. 30, 2016, when compared with the 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
