NORTECH SYSTEMS INC

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 7, 2024

NSYS$10.54-5.9%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

(IN THOUSANDS, EXCEPT SHARE DATA)

	SEPTEMBER 30, 2024	DECEMBER 31, 2023(1)
ASSETS
Current assets:
Cash	$1,239	$960
Restricted cash	-	715
Accounts receivable, less allowances of $286 and $358, respectively	16,584	19,279
Inventories, net	22,332	21,660
Contract assets	15,058	14,481
Prepaid assets and other assets	5,065	1,698
Total current assets	60,278	58,793
Property and equipment, net	5,834	6,513
Operating lease assets, net	8,034	6,917
Deferred tax assets	2,641	2,641
Other intangible assets, net	179	263
Total assets	$76,966	$75,127
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of finance lease obligations	$175	$356
Current portion of operating lease obligations	1,174	1,033
Accounts payable	12,315	15,924
Accrued payroll and commissions	2,940	4,138
Customer deposits	5,263	4,068
Other accrued liabilities	1,451	1,063
Total current liabilities	23,318	26,582
Long-term liabilities:
Long-term line of credit, net of issuance costs	9,508	5,815
Long-term finance lease obligations, net of current portion	340	209
Long-term operating lease obligations, net of current portion	7,689	6,763
Other long-term liabilities	421	414
Total long-term liabilities	17,958	13,201
Total liabilities	41,276	39,783
Shareholders’ equity:
Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding	250	250
Common stock - $0.01 par value; 9,000,000 shares authorized; 2,756,367 and 2,740,178 shares issued and outstanding, respectively	28	27
Additional paid-in capital	17,226	16,929
Accumulated other comprehensive loss	(667)	(532)
Retained earnings	18,853	18,670
Total shareholders’ equity	35,690	35,344
Total liabilities and shareholders’ equity	$76,966	$75,127

(1)	The balance sheet as of December 31, 2023 has been derived from the consolidated audited financial statements at that date.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.