Nortech Systems Incorporated (NSYS) Financial Statements (2023 and Earlier)

Company Profile

Business Address 7550 MERIDIAN CIRCLE N
MAPLE GROVE, MN 55369
State of Incorp. MN
Fiscal Year End December 31
Industry (SIC) 3679 - Electronic Components, Not Elsewhere Classified (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments6433523514804732681
Cash and cash equivalents6433523514804732681
Restricted cash and investments1,5823,212309467306  
Receivables14,54815,62518,55820,09317,64717,51918,734
Inventory, net of allowances, customer advances and progress billings19,43413,91714,27917,00418,52720,65420,185
Inventory19,43413,91714,27917,00418,52720,65420,185
Prepaid expense    8151,0481,453
Contract with customer, asset8,6985,8997,659 
Other undisclosed current assets6,8692,0322,1287,812   
Total current assets:51,77441,03743,28445,85637,76739,49040,373
Noncurrent Assets
Finance lease, right-of-use asset 2,330 
Operating lease, right-of-use asset8,9838,9984,827
Property, plant and equipment5,8336,4269,58110,17810,17610,33110,508
Intangible assets, net (including goodwill)501(2,110)3,7183,8984,1145,1455,336
Goodwill (3,283)2,3752,3752,3753,2833,283
Intangible assets, net (excluding goodwill)5011,1731,3431,5231,7391,8622,052
Other noncurrent assets   28888
Deferred tax assets, net 21543 
Other undisclosed noncurrent assets 953    341
Total noncurrent assets:15,31716,59718,12614,10414,31816,02716,192
TOTAL ASSETS:67,09157,63461,41059,96052,08555,51756,565
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities20,66216,98420,37323,77516,74718,74018,176
Accounts payable12,71011,23914,01418,14211,69913,82613,041
Accrued liabilities3,9072,8752,8662,8862,1081,6031,988
Employee-related liabilities4,0452,8703,4932,7472,9003,3123,140
Taxes payable    40 7
Debt6011,8641,8591,1171,2981,5651,496
Other undisclosed current liabilities1,043688     
Total current liabilities:22,30619,53622,23224,89218,04520,30619,672
Noncurrent Liabilities
Long-term debt and lease obligation18,57015,9068,9964,5755,5754,8925,955
Long-term debt, excluding current maturities8,9595,8653,1793,6244,3534,8925,955
Finance lease, liability9161,1521,451
Capital lease obligations9511,222  
Operating lease, liability8,6958,8894,366
Liabilities, other than long-term debt104146118139138689976
Other liabilities104146118139138689976
Other undisclosed noncurrent liabilities 3,32810,0889,2648,5037,3157,691
Total noncurrent liabilities:18,67419,38019,20213,97814,21512,89614,622
Total liabilities:40,98038,91641,43438,87032,26033,20234,293
Stockholders' equity
Stockholders' equity attributable to parent26,11118,71819,97621,09019,82622,31522,272
Preferred stock250250250250250250250
Common stock27272727272727
Additional paid in capital15,96215,81615,74815,61015,76015,74715,766
Accumulated other comprehensive income (loss)56(37)(257)(233)(101)(44)(63)
Retained earnings9,8162,6624,2085,4363,8896,3356,291
Total stockholders' equity:26,11118,71819,97621,09019,82622,31522,272
TOTAL LIABILITIES AND EQUITY:67,09157,63461,41059,96052,08555,51756,565

Income Statement (P&L) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues115,168104,106116,333113,370112,335116,622115,192
Revenue, net112,335116,622115,192
Cost of revenue
(Cost of Goods and Services Sold)
(99,304)(95,651)(103,757)(100,059)(100,217)(102,781)(103,133)
Gross profit:15,8648,45512,57613,31112,11813,84012,059
Operating expenses(13,592)(9,071)(12,352)(12,062)(13,386)(13,211)(12,481)
Operating income (loss):2,272(616)2241,249(1,268)629(422)
Nonoperating income5,741      
Interest and debt expense6,171(620)(1,043)(757)(802)(550)(465)
Income (loss) from continuing operations before equity method investments, income taxes:14,184(1,236)(819)492(2,071)79(887)
Other undisclosed loss from continuing operations before income taxes(6,171)      
Income (loss) from continuing operations before income taxes:8,013(1,236)(819)492(2,071)79(887)
Income tax expense (benefit)(859)(310)(409)(326)(375)(35)316
Net income (loss) available to common stockholders, diluted:7,154(1,546)(1,228)166(2,446)44(571)

Comprehensive Income ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income (loss):7,154(1,546)(1,228)166(2,446)44(571)
Comprehensive income (loss):7,154(1,546)(1,228)166(2,446)44(571)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent93220(24)(132)   
Comprehensive income (loss), net of tax, attributable to parent:7,247(1,326)(1,252)34(2,446)44(571)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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