NORTECH SYSTEMS INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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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$10.69+1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| SEPTEMBER 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $183 | $2,522 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 1,400 | 1,539 |
| Compensation on stock-based awards | 334 | 299 |
| Change in inventory reserves | 194 | (8) |
| Change in accounts receivable allowances | (72) | (18) |
| Other, net | 9 | 137 |
| Changes in current operating assets and liabilities: | ||
| Accounts receivable | 2,727 | (162) |
| Employee Retention Credit Receivable | - | 2,650 |
| Inventories | (922) | 899 |
| Contract assets | (577) | (1,780) |
| Prepaid expenses and other current assets | (2,888) | (976) |
| Accounts payable | (3,609) | (1,636) |
| Accrued payroll and commissions | (1,198) | (810) |
| Customer deposits | 1,195 | 345 |
| Other accrued liabilities | 181 | (820) |
| Net cash (used in) provided by operating activities | (3,043) | 2,181 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Proceeds from sale of property and equipment | 9 | - |
| Purchases of property and equipment | (980) | (1,121) |
| Net cash used in investing activities | (971) | (1,121) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from line of credit | 99,888 | 95,783 |
| Payments to line of credit | (96,185) | (98,035) |
| Proceeds from financing leases | 198 | - |
| Principal payments on financing leases | (304) | (291) |
| Share repurchases | (67) | - |
| Proceeds from stock option exercises | 31 | 155 |
| Net cash provided by (used in) financing activities | 3,561 | (2,388) |
| Effect of exchange rate changes on cash | 17 | (32) |
| Net change in cash and cash equivalents | (436) | (1,360) |
| Cash - beginning of period | 1,675 | 2,481 |
| Cash - end of period | $1,239 | $1,121 |
| Reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets: | ||
| Cash | $1,239 | $699 |
| Restricted cash | - | 422 |
| Total cash and restricted cash reported in the condensed consolidated statements of cash flows | $1,239 | $1,121 |
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| NINE MONTHS ENDED | |||
|---|---|---|---|
| SEPTEMBER 30, | |||
| 2024 · 2023 | |||
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $531 | $388 | |
| Cash paid for income taxes | $374 | $1,242 | |
| Supplemental noncash investing and financing activities: | |||
| Property and equipment purchases in accounts payable | $107 | $23 | |
| Operating lease assets acquired under operating leases | $1,923 | $ | - |
| Equipment acquired under finance lease | $256 | $ | - |
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